The 26 June 2026 SEE day-ahead session showed lower absolute spot pricing across much of South-East Europe, while the regional structure stayed tight. A divergence persisted between a high-priced northern corridor covering Hungary, Romania and Italy and a lower-priced southern Balkan block led by Greece and Bulgaria. Regional demand rose to 33,208 MW, up 1,127 MW day-on-day. The system moved into a net import position of around 444 MW, versus about 25 MW in the prior session.
Renewable output supported softer midday pricing, but evening conditions kept a risk premium in place across northern and central hubs. The price picture was reflected in the main market benchmarks across the region. Hungary’s HUPX remained the reference point at €158.12/MWh, down €17.6/MWh. Romania’s OPCOM settled at €155.80/MWh, while Italy closed at €155.46/MWh.
Northern corridor benchmarks converge while southern prices correct
The clustering of prices around Hungary, Romania and Italy pointed to continued convergence along the northern and western corridor. The same pattern also aligned with constraints that keep marginal pricing elevated despite easing fuel costs. Congestion and evening ramp limitations were cited as factors supporting higher prices across the central European-SEE interface.
Southern markets moved lower more sharply than the north. Greece fell to €87.69/MWh, down €33.6/MWh, while Bulgaria dropped to €96.53/MWh, down €25.0/MWh. The spread between Hungary and Greece widened to €70.43/MWh, and the gap between Hungary and Bulgaria reached €61.59/MWh. The difference was linked to strong daytime solar output in the south combined with limited transmission flexibility for surplus flows northwards.
Serbia pricing holds amid importer role in Balkan system
Serbia showed relative resilience compared with other parts of the region. SEEPEX settled at €127.53/MWh, only marginally lower day-on-day, keeping Serbia below Hungary but above Greece and Bulgaria. The market was described as reflecting Serbia’s position as a structural importer within the Balkan system.
Average net imports were around 750 MW, with peaks exceeding 1,100 MW. Domestic generation was roughly 3,076 MW against consumption of 3,826 MW. Coal remained central to supply, supported by hydro and minimal wind output.
Intraday volatility shows evening spikes across central hubs
The intraday profile reinforced a volatility pattern rather than a uniform direction of prices throughout the day. Hungary and Romania recorded extreme evening spikes, with prices approaching €500/MWh in Hungary and €477.5/MWh in Romania at H21. Midday lows fell to around €44–45/MWh.
Serbia followed a similar structure but with less intensity, peaking at €265/MWh. Greece and Bulgaria displayed flatter curves, including instances of near-zero pricing in Greece and very low midday levels in Bulgaria.
Cross-border flows split supply between south exports and central/northern demand
Cross-border movements shaped the session structure across SEE. The wider region imported heavily from the Austria/Slovakia corridor while exporting strongly toward Italy. Greece was the largest net exporter at 1,665 MW, followed by Bulgaria at 965 MW, and Bosnia and Herzegovina at 299 MW.
Croatia, Serbia, Romania and Hungary absorbed significant imports on the deficit side. This reinforced a split between a low-price renewable-exporting south and higher-demand central or northern load centres.
Greece export capacity supports low daytime pricing; Bulgaria acts as transit node
The weak pricing in Greece was associated with strong renewable availability and export capacity during the session. With consumption of 6,858 MW and generation of 8,523 MW, Greece exported 1,665 MW. Solar output exceeded 2,500 MW, while wind contributed nearly 1,200 MW, alongside gas and hydro generation.
Bulgaria maintained an export profile while still absorbing Greek inflows. Its role as both transit corridor and balancing node was linked to managing south-to-north flows toward Romania and Serbia. Limited northbound capacity was noted as restricting full arbitrage of low southern prices into higher-priced central markets.