Trading on the HUPX day-ahead market reached 2.52 TWh in July 2026, while the monthly baseload price fell to €122.35/MWh. Day-ahead volume increased by 8.6% from 2.38 TWh in June. The July figure was still 7% lower than the 2.71 TWh recorded in July 2025.
The average baseload price declined by 1.9% from €124.67/MWh, and the average peak price dropped by 0.8% to €89.51/MWh. The gap between peak and baseload prices aligns with the expanding role of solar generation in Hungary’s hourly pricing pattern. Prices during traditional daytime peak hours were pushed lower as photovoltaic output increased, while evening and overnight periods increasingly reflected higher marginal costs tied to imports, gas-fired generation and system balancing.
Intraday trading expands alongside changing delivery conditions
Intraday continuous trading totaled 1.294 TWh, up 13.1% compared with June. Growth in intraday activity is linked to adjustments made closer to delivery by traders, suppliers and renewable generators. These position changes respond to shifting solar forecasts, unplanned outages and cross-border capacity availability.
HUPX recorded 130 day-ahead members, which was six more than in June, and it counted 125 intraday participants. A larger membership base supports competition and reinforces the exchange’s function as a price reference for Hungary and parts of Southeast Europe.
Import dependence shapes spreads with Germany and Austria
Hungary continues to rely on imported electricity for a significant share of demand. On 7 August, forecast domestic generation covered only 2,549 MW of consumption out of 5,229 MW, leaving average net imports of 2,680 MW. More than half of national demand was therefore supplied from neighbouring systems.
This dependence affects how prices form when cross-border flows change. Low-cost electricity from Germany and Austria can depress Hungarian prices when capacity allows imports, while congestion can quickly restore a premium. The Hungary-Germany day-ahead spread stood at €35.85/MWh, with forward spreads of €43/MWh for Week 33 and €39.50/MWh for Week 34.
Troughs and ramps increase the value of flexibility products
The July volume data indicate that liquidity is rising as Hungary’s hourly price profile becomes more volatile. The market shows a pronounced midday trough alongside an evening ramp pattern. These conditions create stronger incentives for battery storage, demand response and flexible gas generation.
The shift is also reflected in how market value is distributed across time periods rather than only through monthly averages. The central value moves away from undifferentiated baseload energy toward hourly flexibility, congestion management and the ability to shift electricity between solar-rich daytime hours and import-constrained evening periods.