Electricity prices in Serbia and Montenegro increased for Tuesday delivery, while Hungary and Romania recorded declines. The regional shift was linked to a higher net import requirement despite stronger solar output. The latest day-ahead and benchmark moves show divergent pricing across southeastern Europe.
Serbia and Montenegro day-ahead benchmarks
Serbia’s SEEPEX day-ahead price rose €26.8/MWh to €196.49/MWh. Montenegro’s BELEN increased €22.1/MWh to €232.03/MWh. Montenegro’s premium over Serbia widened to €35.54/MWh, reflecting different supply conditions in the two markets.
Hungary’s HUPX fell €7.9/MWh to €224.81/MWh, while Romania’s OPCOM declined €5.7/MWh to €222.73/MWh. Serbia traded at €28.32/MWh below Hungary, and Montenegro was €7.22/MWh above it. The comparison indicates that the Serbian and Montenegrin increases did not align with the direction of prices in Hungary and Romania.
Germany drives the biggest benchmark relationship change
The sharpest change in the regional benchmark relationship came from Germany. Its day-ahead price increased €45.1/MWh to €201.70/MWh, affecting relative spreads across the region. Hungary’s premium over Germany narrowed by about €53/MWh to €23.11/MWh.
The narrowing reflected the German price increase rather than a broad easing across southeastern European markets. With Germany rising more than neighbouring benchmarks, the relative gap between Hungary and Germany tightened even as other markets moved differently.
Southern market price moves across the SEE group
Across southern markets, prices moved in different directions. Albania fell €37.6/MWh to €239.50/MWh but remained the most expensive market in the reported SEE group.
North Macedonia rose €36.9/MWh to €182.32/MWh, while Greece gained €17.9/MWh to €167.42/MWh, keeping the lowest daily average among those listed. The spread between Albania and Greece stood at €72.08/MWh.
Bulgaria increased €3.6/MWh to €207.38/MWh, while Slovenia and Croatia posted smaller gains to reach €220.09/MWh and €221.06/MWh, respectively. Italy rose €23.2/MWh to €233.27/MWh, leaving Montenegro just €1.24/MWh below the Italian benchmark.
Import dependence rises despite higher solar output
The regional supply balance showed limited change in demand but greater reliance on imports. Forecast consumption across the Hungary and SEE aggregate edged up 33 MW to 29,143 MW, while net imports increased by about 309 MW to 2,049 MW, equivalent to roughly 7% of demand.
Forecast solar generation rose 857 MW to 6,719 MW, while wind output fell 587 MW to 1,288 MW. The combined renewable increase of roughly 270 MW coincided with a higher import requirement, indicating stronger solar output did not eliminate the need for additional external supply.
Austria–Slovakia corridor flows and country balances
Average net inflows through the Austria and Slovakia corridor eased by 20 MW to 1,455 MW. Country balances showed Romania importing 1,514 MW, Croatia importing 1,091 MW and Serbia importing 773 MW.
Bulgaria exported 1,498 MW and Greece exported 655 MW based on the reported balances. These figures describe power flows rather than exchange trading volumes.
Forward prices keep a Hungarian premium; gas and carbon stay elevated
Forward prices indicated a persistent Hungarian premium despite a narrower spot spread. Hungarian week-42 power eased €2/MWh to €201/MWh, but its premium over Germany widened by €11/MWh to €56.50/MWh.
The November Hungarian contract increased €1/MWh to €209/MWh, with the corresponding German spread widening to €40/MWh. Gas prices remained elevated at €75.51/MWh for Austrian CEGH and €67.50/MWh for Greece.
Carbon allowances were quoted at €83.87/t, keeping a substantial cost burden for fossil-fuel generation.
Implications for procurement in Serbia and Montenegro
The immediate signal for buyers in Serbia and Montenegro was higher procurement costs despite stable regional demand and improving solar output.
Hungary’s falling benchmark provided limited relief as local prices rose, imports increased and forward spreads continued to price a sizeable regional premium.