Electricity prices across southeastern Europe increased sharply for delivery on 15 October, with Hungary and Serbia trading above €250/MWh. The move followed a reversal in Romania’s electricity balance, stronger regional demand and lower forecast wind generation. Cross-border trading markets saw upward pressure as the regional supply-demand picture tightened.
On HUPX, the Hungarian day-ahead baseload price rose by €28.9/MWh to €252.81/MWh. Serbia’s SEEPEX gained €18.1/MWh to €252.74/MWh, leaving the two markets closely aligned. Romania’s OPCOM advanced €26.8/MWh to €248.44/MWh, while Bulgaria’s IBEX increased €18.8/MWh to €233.29/MWh.
Albania recorded the largest daily change, with ALPEX jumping €113.6/MWh to €249.56/MWh. Montenegro’s BELEN rose €14/MWh to €223.17/MWh, and North Macedonia reached €222.30/MWh. The session also showed a wider spread between higher-priced central and eastern markets and the comparatively cheaper Greek market.
Romania reverses from net exports to net imports
Romania recorded one of the most significant changes in regional trading flows on 15 October. The country moved from a scheduled net export position of 749 MW on 14 October to net imports of 629 MW. This represented a 1,378 MW reversal in its daily average electricity balance.
Romanian electricity consumption increased from 5,724 MW to 6,096 MW. Forecast domestic generation fell from 6,473 MW to 5,467 MW. With higher demand and lower domestic output, Romania relied more on electricity supplied through neighbouring systems, particularly Bulgaria.
Scheduled commercial flows from Bulgaria into Romania rose to approximately 1,278 MW, up from 657 MW the previous day. Romanian exports towards Hungary declined from 1,213 MW to 121 MW. The revised flow pattern changed supply available to central European markets and supported a closer price relationship between Romania and Hungary.
Regional import levels rise across Hungary and the wider SEE area
Across Hungary and the wider SEE region, net electricity imports increased by 565 MW to 2,267 MW. This was measured against forecast consumption of 32,017 MW, up by 749 MW day on day. Imports from Austria and Slovakia towards Hungary and Slovenia rose to 2,661 MW, an increase of 890 MW.
The figures indicate continued reliance on northern and western supply corridors for meeting demand in the region. The shift in import volumes coincided with higher day-ahead prices in multiple markets outside Greece.
Serbia maintains high prices despite reduced import needs
Serbia continued to operate with a substantial electricity deficit while higher domestic generation reduced scheduled imports. Forecast consumption increased to 3,975 MW, from 3,820 MW. Domestic generation rose from 2,628 MW to 2,948 MW, lowering net imports from 1,192 MW to 1,027 MW.
Schedules showed Serbia importing average volumes of approximately 370 MW from Bulgaria and 354 MW from North Macedonia. Serbia also imported about 293 MW from Bosnia and Herzegovina, 214 MW from Romania and 183 MW from Montenegro.
At the same time, Serbia was scheduled to export 476 MW towards Hungary. Despite stronger domestic generation, SEEPEX remained among the highest prices in the region, reaching an hourly maximum of €368.6/MWh at hour 20 compared with a minimum of €189.9/MWh at hour 14.
BELEN price discount persists as Montenegro reduces exports
Montenegro maintained a smaller net export position as both demand and generation declined. Average demand fell from 420 MW to 362 MW, while generation decreased from 456 MW to 378 MW. Scheduled net exports were approximately 16 MW, down from 36 MW.
BELEN’s baseload price was €223.17/MWh, representing a discount of about €29.57/MWh versus Serbia and about €29.64/MWh versus Hungary. Montenegro’s cross-border schedules indicated average imports of approximately 192 MW from Italy alongside exports of 183 MW towards Serbia.
Northern-southern spreads widen with Greece as low-price market
Northern-southern spreads widen with Greece as low-price market
Northern-southern spreads widen with Greece as low-price market (continued)
The Greek market remained the region’s principal low-price area for day-ahead trading. HENEX averaged €160.54/MWh for baseload despite increasing by €21.6/MWh versus the previous session. The Hungarian premium over Greece widened to €92.28/MWh.
The Hungarian-German spread increased to €65.51/MWh compared with approximately €44.9/MWh a day earlier. German baseload prices rose more moderately to €187.30/MWh, reinforcing divergence between Germany and higher-priced southeastern markets.
Around hour 14, Greek electricity prices reached zero before recovering to an evening maximum of €296.5/MWh. The Greek peak-period average was €97.3/MWh versus an off-peak average of €223.7/MWh.
Bulgaria shifts toward exports as solar rises while wind falls
The session included scheduled net exports from Greece of approximately 1,700 MW, including substantial flows towards Bulgaria and North Macedonia.