Day-ahead electricity prices in Southeast Europe diverged on Thursday, September 17, with stronger solar output pushing prices lower across parts of the central Balkans. At the same time, tighter conditions and cross-border constraints kept Hungary, Slovenia and Austria at higher levels. The regional pattern was reflected in spreads between neighboring markets.
Serbia and western Balkans see broad price declines
Serbia’s SEEPEX recorded the region’s lowest baseload price at €109.08/MWh, down €42.80 from the previous session. The Serbian contract settled almost €69/MWh below Hungary, creating one of the widest spreads in the region. Prices also fell across several interconnected western Balkan markets.
Albania dropped €22.40 to €147.53/MWh, while Montenegro fell €26.90 to €143.02/MWh. North Macedonia lost €12.30 to €141.67/MWh. These moves contrasted with higher pricing levels in Hungary and parts of the north.
Hungary, Slovenia and Austria trade at premiums
Southern markets remained cheaper than Hungary even as prices rose in Bulgaria and Greece. Bulgaria increased €18.80 to €159.11/MWh, and Greece advanced €18.90 to €142.30/MWh. Romania was unchanged at €169.19/MWh.
Hungarian HUPX moved higher, gaining €9.70 to €177.76/MWh, while Slovenia rose €21.10 to €191.57/MWh. Austria increased to €189.48/MWh as conditions tightened in those zones. The spread structure pointed to limited ability for lower-cost supply to flow into the higher-priced areas.
Cross-border flows rise into the Hungary-Slovenia area
Hungary traded at a premium of €18.65/MWh to Bulgaria, €35.46/MWh to Greece and €34.73/MWh to Montenegro. Germany’s price fell €39.40 to €142.89/MWh, reversing the previous Hungarian discount and creating a €34.87/MWh Hungarian premium to Germany. The HU-DE spread swing exceeded €49/MWh within a single session.
Imports from Austria and Slovakia into the Hungary-Slovenia area climbed by 719 MW to an average 1,302 MW. Combined net imports across Hungary and Southeast Europe increased by 833 MW to 939 MW, indicating greater reliance on external supply for higher-priced central markets.
Demand outlook and renewable generation shape intraday pricing
Regional electricity demand was forecast at 29,745 MW, up 844 MW day on day. Hungary accounted for 4,749 MW, Greece for 5,687 MW, and Romania plus Bulgaria together for 9,097 MW. Slovenia plus Croatia totaled 8,922 MW.
Renewable generation showed a mixed picture: forecast solar output rose by 1,815 MW to 7,730 MW, while wind output fell by 826 MW to 2,115 MW. The stronger solar forecast supported lower daytime prices in Serbia, Montenegro, Albania and North Macedonia but did not remove scarcity premiums farther north.
Italy remains highest; Hungarian forward curve stays firm
Italy remained the most expensive market at €222.81/MWh despite a daily decline of €4.90. It traded €45.05/MWh above Hungary and more than €113/MWh above Serbia, keeping incentives for exports where transmission capacity was available.
Hungarian forward prices indicated continued tightness: week-39 eased to €179.50/MWh while week-40 rose to €185.50/MWh. October stayed higher at €195/MWh and the calendar-2026 contract stood at €149.50/MWh.
The September 17 market was not limited to a simple surplus-versus-deficit split across countries; Serbia’s price drop coincided with rising Hungarian imports into the region’s higher-priced areas.