Day-ahead electricity prices for delivery on Sept. 24 diverged across Southeast Europe, with Hungary and Romania recording the largest increases as regional net imports moved above 2.3 GW. Hungary’s HUPX base-load price rose €40.30/MWh to €239.27/MWh, the highest level in the region. Romania followed at €232.50/MWh, up €34.60, while Bulgaria increased by €30.00 to €214.98.
Croatia settled at €212.24/MWh, Albania at €210.96, and Slovenia at €207.33. Montenegro closed at €196.29/MWh, while Serbia posted €187.73/MWh and North Macedonia ended at €187.35/MWh.
The regional move contrasted with Germany, where the day-ahead price fell to €138.12/MWh. The Hungary-Germany spread widened to €101.15/MWh, and Hungary traded €63.68/MWh above Greece. The gap reflected transmission constraints and a more fragmented pricing pattern across the region.
Renewables shift and higher cross-border flows
Despite stronger solar output, the physical balance tightened across the combined Hungary and Southeast Europe system. Combined consumption was forecast at 29,381 MW, about 305 MW higher than a day earlier, while regional net imports increased by 806 MW to 2,378 MW. Imports from core Central European markets rose to 2,157 MW, up 464 MW.
Solar generation increased by around 1.3 GW, but wind output fell by more than 2.2 GW. That left the system more reliant on imports even during periods of strong daytime photovoltaic production. The wind reduction was particularly relevant outside the midday solar window when demand remained elevated.
Aggregate generation in the region stayed below consumption, requiring a larger share of demand to be met through cross-border flows. This contributed to tighter balances in multiple markets during hours when renewable availability declined.
Hungary’s hourly scarcity outside solar hours
Hungary remained among the region’s largest net importers, averaging 1,372 MW, compared with 1,206 MW a day earlier. Domestic consumption rose to 4,711 MW, while generation eased to around 3,339 MW. Hungary imported from surrounding markets while continuing exports toward Croatia and Slovenia.
The hourly profile on HUPX showed scarcity concentrated outside the solar window. Hungary’s minimum hourly price stayed high at €151.10/MWh, while the evening maximum reached €403.90/MWh at hour 19. The peak-period average increased to €223.20/MWh, and off-peak power averaged €255.40/MWh.
The contrast with Germany was pronounced because cheaper German daytime electricity did not translate into lower Hungarian prices in full terms. Transmission limitations and the timing of regional demand were cited as factors behind that divergence.
Serbia trades lower while still importing
Serbia was the main exception to the broader upward movement in prices across Southeast Europe day-ahead markets. SEEPEX fell by €8.30/MWh to €187.73/MWh, leaving Serbia more than €51/MWh below Hungary.
North Macedonia traded at a similar level of €187.35/MWh, while Montenegro rose by almost €30 to €196.29/MWh. Serbia nevertheless remained a net importer during the session.
Serbia continued drawing electricity from Bosnia and Herzegovina, Croatia, Bulgaria and North Macedonia while also sending power north toward Hungary. Serbian hourly prices remained volatile, with SEEPEX around €80/MWh during daytime before rising to roughly €350/MWh in the evening.
Bulgaria-Romania corridor tightens; Greece stays cheap
Bulgaria strengthened its role as an exporter as net exports increased to around 1,453 MW. Substantial volumes moved toward Romania as Romania moved deeper into deficit.
This helped push OPCOM to €232.50/MWh, only around €6.77/MWh below Hungary’s HUPX level on Sept. 24. The Bulgaria-Romania-Hungary trading corridor became more central during periods when both markets tightened simultaneously.
Bulgaria’s mix of nuclear, coal and renewables continued to provide exportable surplus, with higher regional demand reflected in higher Bulgarian prices as well.
Greece remained the cheapest major market despite staying a net electricity exporter on the day-ahead delivery period. HENEX settled at €175.59/MWh, around €64/MWh below Hungary.
The hourly structure drove much of that difference: Greek prices fell to zero during the midday solar window before recovering outside solar hours. The peak-period average remained substantially below Hungary’s equivalent level.
Forward contracts show a sustained Hungary premium
Tighter conditions in Hungary also appeared in nearby forward trading for week-40 and week-41 deliveries on Sept. 24 coverage dates referenced in the market report context. Hungary’s week-40 contract rose to €190/MWh, while week 41 reached €199/MWh. The Hungary-Germany forward spread widened as well.
The forward pricing indicated expectations that Central European price separation would persist beyond the immediate day-ahead session for location-related factors and hourly flexibility constraints between markets.
The report also linked value shifts to solar timing during midday hours in southern markets and higher-priced deficit conditions later in the day in markets such as Hungary referenced in the same context.
Batteries, flexible generation and cross-border capacity were highlighted as increasingly relevant for traders managing spreads between low midday solar hours and higher evening demand across the region.