On July 23, 2026, Southeast Europe’s day-ahead power market split sharply, with Hungary and northern interconnected markets moving higher while eastern and southern Balkan zones declined. HUPX increased by €7.80/MWh to €130.13/MWh. Prices in Romania, Bulgaria, Greece, Serbia, Montenegro and North Macedonia fell on stronger renewable forecasts, cooler weather and lower consumption.
The divergence was not linked to a region-wide electricity shortage. Forecast net imports into Hungary and Southeast Europe dropped from 1,715 MW to 438 MW, while regional consumption declined by 620 MW to 32,096 MW. Solar output was expected to rise by 1,671 MW to 8,085 MW, with wind generation increasing by a further 488 MW to 3,123 MW. The added renewable output more than offset demand reductions, but produced different outcomes across bidding zones.
Hungary and Austria remain highest in the monitored corridor
Hungary stayed as the principal high-price market east of Austria. At €130.13/MWh, HUPX traded €12.48/MWh above Germany, €10.95/MWh above Romania, €18.41/MWh above Bulgaria and Greece, and €44.19/MWh above Serbia. Austria’s day-ahead price was higher at €138.21/MWh, leaving Hungary at an €8.07/MWh discount. Italy recorded the largest regional premium at €181.08/MWh, or €50.95/MWh above HUPX.
The Hungarian price increase was concentrated outside the conventional daytime peak block. HUPX peakload averaged only €99.00/MWh, compared with an off-peak average of €161.30/MWh. The market bottomed at €40.50/MWh in hour 11, then climbed to a maximum of €190.00/MWh in hour 22. This produced an intraday high-low spread of €149.50/MWh.
A similar structure appeared in Germany’s day-ahead market. Its base price rose by €17.20/MWh to €117.65/MWh, even though peakload averaged just €78.20/MWh. German off-peak power cleared at €157.10/MWh, while the daily maximum also reached €190.00/MWh in hour 22. The synchronized evening peak across Germany, Austria, Hungary, Romania, Bulgaria, Greece, Slovenia and Croatia pointed to a scarcity signal once solar production declines.
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
Softer eastern Balkan pricing coincides with higher exports from Romania and Bulgaria
The Romanian market moved opposite to Hungary’s direction. OPCOM declined by €2.50/MWh to €119.18/MWh, despite a shift in net position from an import requirement of 849 MW on the previous day to an export position of 265 MW . Forecast Romanian generation increased to 5,832 MW , against consumption of 5,567 MW .
Moldova deliveries continued as Romania exported into multiple neighbours
An average of 618 MW flowed from Romania to Hungary, alongside transfers of 355 MW to Serbia and 862 MW to Bulgaria. Romania also continued delivering 178 MW to Moldova. Romania’s average day-ahead price fell even as it became a major source of regional supply.
Bulgaria and Greece converged while both saw low daytime capture
Bulgaria’s price fell alongside Greece’s move lower, converging exactly at €111.72/MWh. Bulgarian prices dropped by €2.80/MWh. Greece declined by €4.20/MWh. Both markets recorded a minimum of €9.20/MWh in hour 11 and a maximum of €190.00/MWh in hour 22. Peakload averaged only €70.40/MWh, >>>>>>>>>>>>>>>>>>>>>>>>>>>>.