South-east Europe’s power trading opened the 18 June 2026 session with a regional split in day-ahead prices. Hungary, Slovenia, Croatia, Romania and Italy cleared at the upper end of the European spectrum, while Greece, Bulgaria, Serbia, Montenegro, Albania and North Macedonia priced significantly lower. The pattern reflected the role of grid constraints, interconnector limits, dispatch structure and cross-border risk in shaping price formation.
The Hungarian benchmark HUPX settled at €133.60/MWh, up €9.80/MWh from the previous day. Hungary traded slightly below Germany at €139.92/MWh and Italy at €139.58/MWh, while Austria cleared at €131.78/MWh. Romania posted €124.26/MWh, Slovenia €129.30/MWh and Croatia €127.27/MWh, remaining closely aligned with central European and Italian pricing.
Southern Balkan day-ahead prices fall versus northern SEE
In the southern Balkan group, Greece cleared at €76.83/MWh and Bulgaria at €84.09/MWh. Serbia settled at €79.14/MWh, Montenegro at €81.29/MWh, Albania at €79.81/MWh and North Macedonia at €82.80/MWh. The gap between Hungary and Greece widened to €56.78/MWh, with Hungary more than €50/MWh above several Western Balkan markets.
Regional demand increased to 29,836 MW, up 887 MW day on day, as average temperatures across SEE and Hungary rose to 23.4°C. The demand forecast stood at 4,538 MW for Hungary and 6,173 MW for Greece, while the Romania–Bulgaria block was forecast at 8,900 MW. Despite higher consumption levels, the system remained in a net export position of around 1,121 MW.
The export balance reversed the previous day’s import position, with Greece exporting about 1,630 MW and Bulgaria around 1,167 MW. Serbia imported 533 MW, Croatia 1,191 MW, and Hungary 377 MW. The flow pattern corresponded with a lack of full price convergence despite lower southern prices.
Generation mix and intraday volatility shape pricing peaks
Total generation reached 28,313 MW, down 608 MW day on day. Hydro held steady at 6,138 MW, coal fell to 4,728 MW, and gas increased to 4,804 MW. Nuclear rose modestly to 4,942 MW, while wind increased to 1,551 MW, up 830 MW.
Solar output fell sharply to 5,565 MW, down 1,671 MW, but still influenced midday pricing conditions. Intraday pricing showed a shift toward evening scarcity events after solar-heavy hours. On HUPX, the peak reached €389.60/MWh at hour 22 and a minimum of €18.60/MWh occurred at hour 15.
Similar intraday ranges appeared across other markets: Slovenia peaked at €369.80/MWh; Croatia at €374.20/MWh; Austria at €381.70/MWh; and Romania at €386.80/MWh. The same structure was reported for southern markets with lower levels overall.
Southeast Europe’s lower-price markets still show scarcity ranges
Southeast Europe’s lower-price markets still show scarcity ranges
The SEEPEX market cleared at €79.14/MWh with a peak of €140/MWh and a minimum of €8.10/MWh. Montenegro and Albania were reported to show similar ranges in the same session structure.
Gas prices steady while forward curves keep Hungary premium signals
Fuel and carbon signals provided limited direction in the session data provided. CEGH gas fell to €42.74/MWh and Greek gas to €41.51/MWh, while EUAs were broadly flat at €79.78/t. Coal forwards showed only marginal strength.
The forward curve reinforced a structural premium in Hungary: Week 26 traded at €129.50/MWh and Week 27 at €123.50/MWh; July 2026 was quoted at €119.50/MWh; Cal-26 settled at €111.50/MWh. The HU–DE spread reflected expectations of continued import dependency during tight hours alongside exposure to SEE flow volatility and interconnector constraints.
Renewables build-out includes solar expansion and hybrid storage-linked contracting
The regional investment backdrop included expected wind additions across Europe from 2026 to 2030 of around 151 GW, including 117 GW onshore and 34 GW offshore, bringing total capacity toward 439 GW. For South-east Europe specifically, the reported effect was an increase in hourly volatility alongside congestion pressure and balancing-market importance.
A project-level update cited Montenegro’s Kapino Polje B1 solar expansion adding 11.43 MW. In Romania, hybrid PPA structures combining wind, solar and battery storage were referenced as moving toward dispatch-aware renewable financing models where value depends on timing, flexibility and contractual shaping.
Nuclear availability and regional fuel-security developments remain key references
Bulgaria’s proposed gas price increase was cited alongside Croatia’s extended offshore production rights and Serbia’s evolving ownership and licensing structure as inputs into fuel-security assumptions across SEE markets.
Nuclear generation was also highlighted through Slovenia’s Krško plant as a baseload anchor for regional supply, with high availability and planned output increases into 2026 supporting its role for Slovenia and Croatia.
Tight-hour scarcity continues across coupled zones on 18 June 2026
A Turkey-related reference point was included via its growing renewable and storage financing pipeline for scale considerations even outside the direct SEE price coupling zone.
The trading picture for 18 June indicated that South-east Europe is simultaneously more interconnected and more fragmented in how prices form across borders during tight periods.