Southeast European day-ahead power prices moved back toward a tighter regional range on 1 September, with the session led by a sharp rebound in Serbia. Stronger consumption increased import requirements across the region even as generation from renewables and thermal sources rose. The shift reflected changes in both demand and cross-border flows.
On the SEEPEX market, Serbian baseload increased by €34.04/MWh day on day to €166.25/MWh. This reduced the discount versus Hungarian HUPX to €10.49/MWh. In the previous session, Serbia traded more than €41/MWh below Hungary.
Hungary settled at €176.74/MWh, up €3.33/MWh, while Romania finished at €177.28/MWh. Bulgaria and Greece were close at €174.59/MWh and €174.68/MWh, respectively. Together, the eastern markets formed a cluster around €174-177/MWh, with Serbia moving closer to that band.
Regional price spreads across eastern and western SEE markets
Outside the eastern cluster, discounts remained more pronounced in several markets. Croatia eased to €170.05/MWh and Slovenia to €168.53/MWh. Montenegro fell to €158.50/MWh, while North Macedonia remained the lowest monitored market at €148.46/MWh.
The spread between Hungary and North Macedonia widened to more than €28/MWh. Montenegro traded around €18/MWh below HUPX, supported by northbound trading economics where cross-border capacity was available. The price gaps therefore persisted even as Serbia’s correction narrowed part of the regional divergence.
Demand and import flows rise despite higher generation
The main support for the session came from demand conditions. Regional electricity consumption increased by around 2.4 GW day on day to 33.27 GW. Total imports rose by approximately 614 MW to 2.87 GW, while imports from the Central European core increased by around 708 MW to 3.58 GW.
Total regional generation also rose, increasing by roughly 1.1 GW to 28.61 GW. Solar output climbed by almost 1 GW to 5.86 GW, and hydro generation increased by 309 MW to 4.80 GW. Gas-fired generation rose to 4.49 GW, coal output reached 6.33 GW, and nuclear generation increased to 4.37 GW, while wind production slipped slightly to around 1.10 GW.
The higher import needs were recorded alongside the generation increase, indicating that demand absorbed much of the additional domestic output. This tightened the regional balance and increased reliance on imports during the session window.
Evolving spreads versus Germany and strengthening forward prices
The Hungary-Germany spread narrowed sharply to around €32.94/MWh, down from more than €61/MWh in the previous session after German prices climbed to €143.80/MWh. The contraction reduced extreme east-west divergence seen at the end of August, although Hungary continued to show a premium versus Germany.
Ahead of delivery, forward prices strengthened across Hungary.