Day-ahead electricity prices for delivery on Sept. 24 diverged across Southeast Europe, with Hungary and Romania recording the strongest increases as regional net imports moved above 2.3 GW. Hungary’s HUPX base-load price rose by €40.30/MWh to €239.27/MWh, the highest level in the region. Romania followed at €232.50/MWh, up €34.60/MWh, while Bulgaria gained €30.00/MWh to €214.98/MWh.
Croatia settled at €212.24/MWh, Albania at €210.96/MWh, and Slovenia at €207.33/MWh. Montenegro posted €196.29/MWh, Serbia settled at €187.73/MWh, and North Macedonia closed at €187.35/MWh. The regional move contrasted with Germany, where the day-ahead price fell to €138.12/MWh.
The Germany reference pushed the Hungary-Germany spread to €101.15/MWh, while Hungary traded €63.68/MWh above Greece. The gap reflected transmission constraints alongside a more fragmented pricing pattern across the region’s delivery hours.
Wind decline tightens physical balance despite higher solar
Combined Hungary and SEE electricity consumption was forecast at 29,381 MW, about 305 MW higher than a day earlier. Regional net imports increased by 806 MW to 2,378 MW, while imports from core Central European markets rose to 2,157 MW, up 464 MW.
Renewables drove the shift in generation availability: regional solar output increased by around 1.3 GW but wind production fell by more than 2.2 GW. Despite stronger daytime photovoltaic output, lower wind left the system more reliant on cross-border flows.
The wind loss mattered most outside the midday solar window, when renewable availability declined while demand remained elevated. Aggregate regional generation stayed below consumption, increasing the share of demand covered through imports.
Hungary concentrates scarcity outside solar hours
Hungary remained among the region’s largest net importers, averaging 1,372 MW versus 1,206 MW a day earlier. Domestic consumption rose to 4,711 MW while generation eased to around 3,339 MW.
Hourly HUPX pricing showed scarcity concentrated beyond the solar period: Hungary’s minimum hourly price held at €151.10/MWh and the evening maximum reached €403.90/MWh at hour 19. The peak-period average increased to €223.20/MWh and off-peak power averaged €255.40/MWh.
Hungary imported from surrounding markets while continuing exports toward Croatia and Slovenia, reinforcing its role as both a transit hub and a key price-setting market within the region.
Serbia decouples lower while remaining a net importer
Serbia was the main exception to the broader upward move in prices across Southeast Europe. SEEPEX fell by €8.30/MWh to €187.73/MWh, leaving Serbia more than €51/MWh below Hungary.
North Macedonia traded at €187.35/MWh and Montenegro rose by almost €30 to €196.29/MWh. Serbia still posted net imports as it drew power from Bosnia and Herzegovina, Croatia, Bulgaria and North Macedonia while sending electricity north toward Hungary.
Serbian hourly prices remained volatile, with SEEPEX dropping to around €80/MWh during daytime before rising to roughly €350/MWh in the evening.
Bulgaria exports toward Romania as OPCOM rises
Bulgaria strengthened its position as one of Southeast Europe’s principal exporters as net exports increased to around 1,453 MW with substantial volumes moving toward Romania. Romania moved deeper into deficit, supporting OPCOM at €232.50/MWh.
This placed OPCOM only around €6.77/MWh below Hungary’s HUPX base-load level of €239.27/MWh on Sept. 24 delivery trading. The Bulgaria-Romania-Hungary corridor became more prominent when Romanian and Hungarian balances tightened together.
Bulgaria’s exportable supply reflected a mix of nuclear, coal and renewable generation alongside strong regional demand for that output.
Greece stays cheapest as midday prices fall to zero
Greece remained the cheapest major market in the region despite staying a net electricity exporter on Sept. 24 delivery day. HENEX settled at €175.59/MWh, around €64/MWh below Hungary.
The hourly pattern differed from daily averages: Greek electricity prices fell to zero during the midday solar window before recovering sharply outside solar hours. The peak-period average remained substantially below Hungary’s equivalent level.
Forward contracts keep Hungary premium elevated
Tighter conditions also appeared in nearby forward trading for Hungary’s balance outlook on Sept. 24 delivery week contracts. The week-40 contract rose to €190/MWh and week 41 reached €199/MWh.
Hungary-Germany forward spreads widened, indicating expectations that Central European price separation would persist beyond the immediate day-ahead session for location, transmission capacity and hourly flexibility.