During Week 26 (22–28 June 2026), Hungary and Romania recorded the highest weekly average wholesale electricity prices in Southeast Europe, both close to €150/MWh. Hungary averaged €149.92/MWh, up 37.3% from the previous week. Romania followed at €148.78/MWh, an increase of 41.9%.
The price levels reflected a broader regional rally alongside tighter system conditions. Stronger electricity demand, higher import dependence, and reduced system flexibility were cited as contributing factors. The same week also saw Hungary maintain its role as a key reference market within Central European and Balkan trading flows.
Hungary’s role as a reference market during rising summer demand
Hungary’s market influence is linked to its strategic position in electricity trading between Central Europe and the Balkans. With temperatures rising and evening electricity consumption increasing, Hungary served as a reference point for neighboring markets. The monitored countries included Serbia, Croatia, Romania, Austria and Slovakia.
Wholesale prices in Hungary rose sharply as conditions tightened across interconnected systems. The country recorded the highest weekly average price among the Southeast European exchanges covered in the monitoring. The shift was associated with stronger demand during the cooling season and tighter availability of flexible resources.
Romania’s demand and import-driven market shift
Romania saw a similarly large move in weekly pricing, attributed to robust demand and increased electricity imports. While Romania’s generation mix includes hydroelectric, nuclear, thermal and renewable power, the week’s higher import volumes indicated domestic supply was not sufficient for rising consumption. The change pointed to greater exposure during periods of elevated temperatures and reduced hydro availability.
The week also coincided with stronger price convergence across the region. Romania’s import activity contributed to the market shift alongside demand growth. This combination aligned Romania’s pricing outcome with the regional pattern seen in Hungary.
Evening peak pricing tightens flexibility and drives hourly spikes
Market dynamics during Week 26 highlighted the role of evening peak pricing as cooling demand remained elevated. Solar generation continued to moderate prices during daylight hours, but its impact declined rapidly in the late afternoon. As evening demand increased, flexible capacity became more important for balancing supply and load.
Gas-fired generation, coal and lignite output, hydropower flexibility and cross-border imports were described as key contributors to meeting evening requirements. This tightening of available flexibility coincided with the strongest hourly price spikes during the evening trading period. Hungary recorded particularly pronounced price strength during those hours.
Implications for Serbia and Western Balkans procurement costs
For Serbia and the wider Western Balkans, the Hungary-Romania price levels carry commercial implications for regional electricity sourcing. The pricing corridor formed by these two markets increasingly functions as a benchmark for import costs and procurement strategies. It also affects merchant renewable energy revenues across the region.
When wholesale prices in Hungary and Romania approach €150/MWh, neighboring markets face higher import costs. The same conditions increase exposure to cross-border congestion for regional buyers. Interconnection capacity and regional market integration were identified as important factors for balancing supply and demand under tighter conditions.
Northern Southeast Europe becomes main source of price pressure
The Week 26 results indicated that northern parts of Southeast Europe became the primary source of wholesale price pressure as summer demand intensified. The pattern was linked to cooling-driven load growth affecting system balance across interconnected markets. Continued heat would keep pressure on prices through subsequent weeks.
If high temperatures persist through July while hydro generation remains constrained or fuel costs rise further, Hungary and Romania are expected to remain at the top of the regional pricing curve. Tighter market conditions would continue to influence electricity prices across neighboring SEE markets beyond Week 26.
Elevated by Virtu.Energy