Electricity.Trade’s May 2026 assessment points to Croatia as one of Southeast Europe’s most significant electricity import-dependent markets. The average day-ahead price on the CROPEX exchange reached €103.58/MWh. That level was up 14.55% versus April and 23.48% compared with May 2025, placing Croatia above Bulgaria and Serbia. Prices remained close to Hungary’s €106.51/MWh.
The higher price level did not coincide with stronger trading activity on the exchange. Monthly traded volume fell to 877.24 GWh, down 3.97% month on month. Despite the monthly decline, volume was still 19.79% higher than in May 2025.
Import dependence and supply mix in May
Croatia’s import reliance increased in May, according to the same market analysis. Net imports totaled 583.90 GWh, rising 20.59% from April. Imports accounted for 43.78% of Croatia’s electricity mix in May.
Domestic generation comprised 33.19% renewables, including hydropower at 22.83%. Natural gas contributed only 0.19%, leaving Croatia with limited thermal flexibility compared with systems that rely more heavily on dispatchable capacity. With imports providing the largest share of supply, Croatian price formation became more dependent on regional availability and cross-border capacity conditions.
Cross-border trading links with Hungary, Slovenia and the Balkans
Croatia’s cross-border flows in May reflected its position between Central Europe and the Western Balkans. The country imported electricity from Hungary and Slovenia while exporting to Bosnia and Herzegovina and Serbia.
This pattern places Croatia between more liquid Central European markets and Balkan power systems, while also increasing exposure to transmission constraints and weather-driven generation changes across the region. It also ties market outcomes to the availability of surplus electricity in neighbouring systems.
Hydropower output declines alongside stable renewables
Hydropower conditions contributed to tighter supply conditions in Croatia during May. Hydro generation decreased by 21.17% compared with April, reducing a key source of flexibility for the system.
Renewable output remained nearly unchanged, rising by only 0.13%. The analysis notes that this meant Croatia did not see the renewable generation growth recorded in markets such as Bulgaria, Romania and Greece during the same period.
Implications for liquidity and cross-border spreads
For market participants, Croatia’s import requirements and cross-border spreads were highlighted as factors that need to be assessed alongside liquidity conditions. The monthly drop in CROPEX activity occurred despite elevated day-ahead prices.
Electricity.Trade characterises Croatia as a premium-risk electricity market, citing strong regional connections alongside heightened exposure when neighbouring supply tightens. The analysis also frames Croatia’s role as increasingly relevant for monitoring the Hungary–Slovenia–Western Balkans trading corridor.