Electricity prices in Serbia and Montenegro increased for Tuesday delivery as southeastern Europe’s net import requirement rose despite stronger solar output. Serbia’s SEEPEX day-ahead price climbed €26.8/MWh to €196.49/MWh, while Montenegro’s BELEN rose €22.1/MWh to €232.03/MWh. The changes widened Montenegro’s premium over Serbia to €35.54/MWh.
In Hungary, the HUPX day-ahead benchmark fell €7.9/MWh to €224.81/MWh, while Romania’s OPCOM declined €5.7/MWh to €222.73/MWh. Serbia traded €28.32/MWh below Hungary, and Montenegro was €7.22/MWh above it. The regional comparison also shifted most sharply with Germany, where the day-ahead price increased €45.1/MWh to €201.70/MWh.
With Germany higher, Hungary’s premium over Germany narrowed by about €53/MWh to €23.11/MWh. The convergence was linked to the German price increase rather than a broad easing across southeastern European markets. Prices across the southern group moved in different directions, with Albania down €37.6/MWh to €239.50/MWh, North Macedonia up €36.9/MWh to €182.32/MWh, and Greece up €17.9/MWh to €167.42/MWh.
The spread between Albania and Greece stood at €72.08/MWh, reflecting the range of daily average levels in the reported SEE group. Bulgaria increased €3.6/MWh to €207.38/MWh, while Slovenia and Croatia rose to €220.09/MWh and €221.06/MWh, respectively. Italy climbed €23.2/MWh to €233.27/MWh, leaving Montenegro only €1.24/MWh below the Italian benchmark.
Import dependence rises alongside higher solar output
Forecast demand showed limited change across the Hungary and SEE aggregate, with consumption edging up 33 MW to 29,143 MW. Net imports increased by approximately 309 MW to 2,049 MW, equivalent to about 7% of demand. Forecast solar generation rose 857 MW to 6,719 MW, while wind output fell 587 MW to 1,288 MW.
The combined renewable increase of roughly 270 MW coincided with a higher import requirement, indicating that stronger solar output did not remove the need for additional external supply. Average net inflows through the Austria and Slovakia corridor eased 20 MW to 1,455 MW. Country balances showed Romania importing 1,514 MW, Croatia importing 1,091 MW and Serbia importing 773 MW.
Bulgaria exported 1,498 MW and Greece exported 655 MW in the same set of balances. These figures describe power flows rather than exchange trading volumes between markets.
Forward spreads keep a Hungarian premium; gas and carbon remain elevated
Forward prices pointed to a persistent Hungarian premium despite the narrowing spot spread versus Germany. Hungarian week-42 power eased €2/MWh to €201/MWh, but its premium over Germany widened by €11/MWh to €56.50/MWh. The November Hungarian contract increased €1/MWh to €209/MWh, with the corresponding German spread widening to €40/MWh.
Gas prices remained elevated, with the Austrian CEGH quotation at €75.51/MWh and the Greek quotation at €67.50/MWh. Carbon allowances were at €83.87/t, maintaining a substantial cost burden for fossil-fuel generation.
For buyers in Serbia and Montenegro, procurement costs were higher despite stable regional demand and improving solar output signals in forecasts. Hungary’s falling benchmark offered limited relief as local prices rose, imports increased and forward spreads continued to price a sizeable regional premium.