Electricity.Trade’s May 2026 market review points to higher activity on the HUPX exchange and an increase in the day-ahead benchmark. The average day-ahead price reached €106.51/MWh, up 10.31% from April and 31.67% higher than in May 2025. Exchange volumes rose to 2,591.57 GWh, up 6.35% month-on-month and 4.15% year-on-year.
Import dependence and cross-border trading flows
Hungary relied heavily on imported electricity during the month covered by the review. Net imports totaled 1,076.31 GWh, increasing by 38.70 GWh compared with April. Imports came from Austria, Croatia, Romania, Serbia and Slovakia.
Exports were directed solely to Ukraine. The pattern of imports from multiple neighboring markets alongside exports to Ukraine reflects Hungary’s role in both balancing supply and facilitating regional power flows across price zones and supply chains.
Generation mix and demand changes in May
In May, Hungary’s electricity supply composition included 29.97% net imports and 29.65% renewables. Nuclear generation accounted for 28.92% of supply, while coal and lignite contributed 2.54%. Hydropower represented 0.19%, with other smaller sources making up the remainder.
Renewable generation increased by 9.56% while electricity demand declined by 7.51%. The review links the change in wholesale prices to regional market conditions and import costs alongside domestic consumption levels.
Regional market connections and HUPX role
Hungary’s position connects core Central European markets with Romania, Serbia and Croatia, as well as Ukraine through cross-border flows. This connectivity supports regional price formation through electricity movements between multiple neighboring systems.
Within Southeast Europe, HUPX is described as a benchmark used for spread trading, congestion analysis and forward hedging strategies. Price developments are reported to reflect both Central European supply conditions and Balkan import demand.
Liquidity trends tied to interconnections
The May 2026 figures highlight Hungary’s role as a regional flexibility and liquidity hub in Southeast Europe. The review describes a system combining stable nuclear generation, expanding renewable capacity and substantial electricity imports.
It also notes that efficient balancing resources, storage capacity, strong interconnections and responsive trading strategies are relevant for such a configuration. Continued growth in HUPX volumes is presented alongside Hungary’s central role in regional electricity flows, with cross-border capacity and supply security remaining key factors in regional price formation.