Electricity.Trade analysis points to gas forward pricing as the marginal factor shaping power prices across much of South-East Europe, especially during peak hours. On 24 February, Austrian gas forward prices were near 33.83 EUR/MWh while Hungarian power prices exceeded 115 EUR/MWh. The same assessment links the move to the way gas costs are amplified through efficiency losses, carbon pricing and scarcity premiums.
Gas pricing link to Hungary power prices
The 24 February pricing alignment between Austrian gas forwards and Hungarian electricity prices is presented as evidence of gas setting the level for market stress. Hungarian power prices were reported above 115 EUR/MWh at the time Austrian gas forwards were around 33.83 EUR/MWh. Electricity.Trade attributes the transmission to multiple cost components affecting gas-to-power economics.
Romania’s rising gas imports and market exposure
Romania’s gas import profile is cited as reinforcing the gas-power relationship in the region. Imports increased by 75% in 2025, reaching nearly 3.2 million tons of oil equivalent. Electricity.Trade says that during high-demand periods, this dependence feeds directly into power market pricing.
Cross-border effects from Greece and Bulgaria to Italy and Turkey
Gas-power coupling is also described as influencing cross-border electricity flows. Rising gas prices in Greece or Bulgaria are said to change export patterns toward Italy and Turkey. The resulting redistribution is described as shifting stress northward into the wider SEE region.
Traders are also reported to be integrating gas hedging into power portfolios. This is linked to managing interconnected risk created by changes in gas prices across multiple markets. The approach is described in the context of how regional gas movements affect electricity pricing and flows.
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