Day-ahead electricity prices across Southeast Europe moved in different directions on Thursday, with Serbia and Montenegro recording double-digit increases while Hungary remained among the region’s most expensive markets. Hungary’s HUPX day-ahead price fell by €9.5/MWh to €196.57/MWh. Romania settled slightly higher at €196.82/MWh.
Bulgaria and Greece cleared at €192.88/MWh, while Slovenia reached €191.46/MWh and Croatia settled at €190.55/MWh. Serbia’s SEEPEX rose by €11.9/MWh to €184.92/MWh, and Montenegro’s BELEN increased by €12.7/MWh to €184.47/MWh. Albania moved sharply lower, falling by €30.2/MWh to €173.67/MWh, close to North Macedonia at €173.49/MWh.
Germany drop widens Hungary premium despite stronger regional flows
The regional spread widened as Germany’s price dropped by €30.1/MWh to €133.62/MWh, leaving Hungary nearly €63/MWh above the German market. Italy remained the highest-priced market in the regional data set at €212.46/MWh. The German-Hungarian gap widened even with stronger electricity flows from Central Europe into the region.
Total imports into the Hungary-Slovenia area rose by around 795 MW to 3,832 MW, while total regional net imports edged up to 2,730 MW. Average regional demand increased by 226 MW to 33,443 MW, while generation fell.
Generation mix shifts as hydro and wind rise, solar and gas fall
Hydro output increased to 5,212 MW, and wind generation rose to 1,360 MW. Solar generation declined to 6,642 MW, and gas-fired output fell to 4,960 MW. Coal generation was broadly stable at 6,989 MW.
The price separation on Thursday was linked less to an outright regional supply shortage than to cross-border flows and congestion between markets. Serbia remained a net importer, with average generation of about 3,174 MW versus consumption of 3,676 MW, leaving a deficit of around 502 MW.
Serbia-to-Hungary commercial flows support SEEPEX as demand softens
Selling power from Serbia towards Hungary increased sharply in commercial schedules. Base-load Serbia-to-Hungary flows reached around 371 MW, compared with 56 MW a day earlier, while off-peak flows averaged about 744 MW. Serbia also imported electricity from Bosnia and Herzegovina, Croatia and Bulgaria while sending power north toward the higher-priced Hungarian market.
This trading pattern supported SEEPEX even as Serbian electricity demand fell from the previous day. Montenegro showed similar exposure to a higher-priced neighbouring market.
BELEN rises as Montenegro exports toward Italy and imports from neighbours
Montenegro remained a net importer of around 106 MW, but commercial schedules indicated exports of about 345 MW towards Italy, where prices were almost