Hungary’s HUPX day-ahead power price for Tuesday delivery reached €326.57/MWh, up €34.20/MWh. Serbia’s SEEPEX rose €16.90/MWh to €317.08/MWh, while Montenegro’s BELEN increased €18.50/MWh to €294.77/MWh. All three markets recorded their highest daily averages in the seven-day comparison period ending October 20.
German day-ahead prices moved in the opposite direction, falling €12.80/MWh to €195.66/MWh. Hungary’s premium versus Germany widened by €47/MWh to €130.91/MWh. The widening occurred alongside additional electricity scheduled into the region, reflecting continued separation between Hungarian and Southeast European prices and the lower German benchmark.
Southeast European day-ahead prices rise while western markets ease
Romania’s day-ahead price increased to €307.24/MWh, with North Macedonia at €306.44/MWh and Bulgaria at €299.98/MWh. Croatia and Slovenia were lower at €271.33/MWh and €260.99/MWh, respectively. Greece rose to €247.82/MWh, while Albania declined by about 9.1% to €255/MWh.
The regional supply outlook shifted mainly due to a sharp fall in wind generation. Average wind output across Hungary and Southeast Europe was forecast at 1,067 MW, down 1,847 MW, or about 63%, from the previous day. Solar generation was expected to rise by 411 MW to 5,534 MW, replacing less than a quarter of the lost wind output.
Demand increases as wind drops; imports scheduled higher
Average electricity demand was forecast to increase by 963 MW, or 3.1%, to 31,849 MW. With higher consumption and lower combined wind and solar output, requirements for other generation and imports increased by about 2,399 MW. Demand remaining after wind and solar rose from 22,849 MW to 25,248 MW, an increase of roughly 10.5%.
The forecast also pointed to higher net imports for the delivery day. Regional net imports were scheduled to rise by 571 MW to 3,794 MW, equivalent to nearly 12% of forecast demand. Imports through the Austrian and Slovak interfaces increased by 173 MW to 3,571 MW, while net imports from Italy rose by 305 MW to 422 MW. A reduction of exports towards Ukraine and Moldova by
A reduction in exports towards Ukraine and Moldova of
A reduction in exports towards Ukraine and Moldova by 93 MW accounted for the remaining improvement in the external balance.
Romania turns from net exports to imports; Hungary’s flows rise
The largest deterioration among major national markets was in Romania’s position. Its balance shifted from Monday net exports of
The change moved from Monday net exports of
The balance shifted from Monday net exports of 213 MW to Tuesday projected net imports of 1,183 MW, a swing of 1,396 MW. Forecast generation fell to 4,874 MW from 6,250 MW while demand increased by only 20 MW to 6,057 MW.
The weaker supply position translated into higher import coverage for Romania, with imports expected to cover about 19.5% of consumption. Scheduled Hungarian deliveries to Romania increased to 1,030 MW from 406 MW, while Bulgarian deliveries rose to 643 MW from 72 MW. Romania also reduced scheduled exports to Serbia to 168 MW compared with 278 MW the previous day.
The regional wind forecast provided context for Romania’s weaker generation balance, though it did not isolate Tuesday’s output by fuel closely enough to attribute the full decline solely to wind. Hungary faced stronger needs for onward deliveries while remaining dependent on imports itself. Its projected net imports increased by 113 MW to 1,549 MW, covering about 31% of forecast domestic demand.
Northern Balkan trading: Greece offsets; Serbia sees higher prices despite smaller deficit
Southeast Europe’s south provided partial counterweight through Greece’s export position. Greece projected a net export surplus of 1,011 MW versus 723 MW previously, with scheduled deliveries toward Bulgaria, North Macedonia and Albania totaling 1,170 MW combined. Even so, the Hungarian premium versus Greece widened to €78.75/MWh.
The market separation persisted in daily average pricing alongside commercial schedules, without identifying which transmission constraints were binding during specific hours. Serbia showed that an improving national balance can coincide with higher wholesale prices on SEEPEX. Serbia projected net imports falling by 217 MW to 1,009 MW as generation improved to 2,820 MW and demand rose modestly to 3,829 MW.
SERBIA’s imports still represented about 26% of expected consumption even as its deficit narrowed. Despite that improvement, SEEPEX rose about 5.6%, leaving Serbia as the second-most expensive market behind Hungary in the daily comparison. Serbia also changed relative pricing versus Hungary: it traded roughly €7.80/MWh above Hungary on Monday but moved to a €9.49/MWh discount on Tuesday.
Bilateral flows into Serbia and Montenegro; Italian supply reaches BELEN via interconnection
Tender schedules showed Serbia receiving electricity from multiple neighbouring markets while sending an average of 601 MW toward Hungary. Deliveries into Serbia included 421 MW from Bosnia and Herzegovina, 387 MW from Bulgaria, 355 MW from North Macedonia and 209 MW from Montenegro.
This pattern reflected Serbia’s role in regional trading where cross-border flows can coexist with a national net import position that leaves domestic prices sensitive to neighbouring market changes. Montenegro had a similar combination of import needs and cross-border exchanges: projected net imports increased to 42 MW while scheduled imports from Italy rose to 399 MW from 316 MW. Montenegro also continued scheduling 209 MW toward Serbia on Tuesday.
BELEN’s daily average remained €22.31/MWh below Serbia even as it rose by roughly 6.7%. That increase indicated that access to Italian supply did not prevent Montenegro from tracking the broader regional price rise.
>Serbia showed a similar split at €326/MWh off-peak against €308.20/MWh peak.
The difference was larger in Greece at €318.50/MWh off-peak compared with €177.20/MWh during the standard peak block; Greece’s hourly minimum was €32.90/MWh while its maximum reached €396.10/MWh.
Tighter baseload headline limits; Albania sees highest hourly price at €490/MWh
(Albania) moved against the regional trend on daily average pricing even as its intraday range widened.>Its daily average fell while its highest hourly price increased to €490/MWh, the highest among the markets listed.>Albania’s daily range stretched from €100/MWh up to €490/MWh.
Tighter near-term forward spreads; gas and carbon costs support replacement generation pricing pressure
The forward market showed stronger Hungarian pricing relative to Germany for nearby delivery periods dated October 19.>Hungarian week 44 power increased by €7.50/MWh to €270/MWh while the corresponding German contract fell by €10/MWh to €174.50/MWh.>The Hungarian premium widened by €17.50/MWh to €95.50/MWh.
That left a spread of €58.50/MWh.>For later delivery periods on the curve, Hungarian first-quarter 2027 baseload eased by €1.50/MWh to €222/MWh while calendar 2027 remained unchanged at €170/MWh.
Austrian CEGH gas was quoted at €90.70/MWh up by €1.10/MWh while EU carbon allowances were around €85.40 per tonne.>These levels left gas-fired replacement generation exposed to fuel and emissions costs.>Romanian nuclear availability remained another supply risk: latest generation figures showed no Romanian nuclear output.
Nuclearelectrica assumes Cernavoda return; Romania shifts toward imports approaching one-fifth of demand
Nuclearelectrica’s revised financial plan assumed both Cernavoda reactors would return on November 1 as a planning assumption.>Romania’s move from a modest export surplus toward imports approaching one-fifth of demand reflected how quickly changes in generation affect regional market balances.>Tuesday’s higher import schedules helped cover the shortfall even as buyers faced a Hungarian premium versus Germany of more than €130/MWh.