Electricity.Trade’s May 2026 trading review points to Bulgaria’s expanding role as a regional electricity exporter. The country’s average spot price increased to €101.07/MWh, up 11.08% from April and 18.40% versus May 2025. Prices moved above those in Serbia and Greece, while Bulgaria maintained its supply position for neighbouring markets.
Cross-border flows and net export volumes
Bulgaria posted 258.65 GWh of net electricity exports in May. Power flows went to Romania and Serbia, while imports were recorded from North Macedonia, Türkiye and Greece. The pattern reflects Bulgaria’s function as a balancing hub within the region.
The review describes Bulgaria as operating as a connection point between the Greek and Turkish markets and the northern Balkan systems of Romania and Serbia. It also notes that the country both absorbed lower-cost electricity available from neighbouring systems and supplied markets with tighter domestic conditions.
Generation mix supporting market performance
Bulgaria’s generation structure was central to its market outcomes in May. Electricity production comprised 32.59% nuclear, 29.35% renewables, 17.58% hydropower, 15.51% coal and lignite, and 4.97% natural gas.
Renewable generation rose by 34.19% compared with April, the strongest monthly growth among the analysed Southeast European markets. Hydropower output increased by 7.30%, while coal and lignite generation fell by 17.81%. Gas-fired production declined by 28.10%.
IBEX liquidity and trading activity
Liquidity on the IBEX exchange continued to increase during May. Monthly traded volume reached 2,675.87 GWh, up 3.51% month on month and 15.99% year on year.
The review links higher exchange activity with stronger export performance, describing Bulgaria as both a physical electricity flow market and a regional price reference point. It adds that rising liquidity supports market transparency and provides traders with tools for managing Balkan electricity exposures.
Diversified system profile in May 2026
The trading review characterises Bulgaria’s May 2026 performance as consistent with a diversified generation system. Nuclear generation provided a stable foundation alongside increasing renewable output.
The same analysis highlights improved hydropower availability for flexibility, alongside reduced reliance on gas compared with other generation sources. Electricity.Trade presents Bulgaria as one of Southeast Europe’s most strategically important power markets based on interconnections, a balanced generation portfolio and sufficient market liquidity.