Southeast European day-ahead electricity prices eased across most markets for Wednesday delivery, with SEEPEX and BELEN showing contrasting moves. Serbia’s price increased while Montenegro’s fell, narrowing the gap between the two. The regional divergence also affected spreads involving Hungary and Germany.
On Wednesday delivery, Serbia’s SEEPEX added €1.50 to reach €197.97/MWh. Montenegro’s BELEN dropped €34.60 to €197.41/MWh, the largest daily reduction among the markets tracked. The two prices moved to within €0.56/MWh of each other.
As a result, Serbia’s discount to Hungary narrowed to €12.85/MWh. Serbia’s reported net import position averaged 840 MW, indicating continued reliance on external supply. Serbia’s day-ahead level remained below those in Hungary, Romania and Croatia.
Hungary and Romania track lower day-ahead prices
Hungary’s HUPX fell €14 to €210.81/MWh, while Romania declined by the same amount to €208.70/MWh. The spread between the two markets was €2.11/MWh. Hungary’s premium to Germany narrowed to €18.79/MWh.
The premium compared with roughly €23.10/MWh a day earlier and €76.10/MWh on Monday. Imports through the Austria–Slovakia corridor into Hungary and Slovenia increased by approximately 529 MW to 1,954 MW. The higher flow coincided with stronger western supply compressing the price differential.
Across the wider Hungary–SEE area, net imports rose 216 MW to 2,325 MW. Forecast consumption increased by 49 MW to 29,669 MW, leaving imports covering nearly 8% of expected demand. Renewable forecasts pointed to higher solar output alongside lower wind generation.
Average solar output was expected to rise 527 MW to 6,501 MW, while wind generation was forecast to fall 243 MW to 1,064 MW. The combined change of about 284 MW supported a more supply-favourable backdrop for lower day-ahead prices. Demand was described as broadly stable in the same forecast set.
Regional spreads widen while forward prices firm
Despite the easing in many markets, price differences remained substantial across Southeast Europe. North Macedonia recorded the lowest daily average at €162.35/MWh, followed closely by Greece at €162.46/MWh. Both traded around €48/MWh below Hungary.
Bulgaria fell €8.80 to €198.60/MWh and recorded net exports averaging 1,503 MW. Romania remained a net importer at 1,411 MW, while Hungary imported 986 MW and Croatia imported 851 MW. Slovenia declined €17.90 to €202.19/MWh and Croatia fell €16.70 to €204.32/MWh.
Albania dropped €27.40 to €212.13/MWh but stayed slightly above Hungary’s level for the day-ahead session. Italy retained the highest price among the tracked markets at €220.27/MWh.
The forward market moved differently from spot prices for Wednesday delivery. Hungarian power for week 42 rose €1 to €202/MWh, while week 43 gained €3 to €204.50/MWh. November delivery increased by €3.50 to reach €212.50/MWh.
Fuel and emissions costs supported the firmer forward curve, with Austrian CEGH gas rising to €77.86/MWh and November gas gaining €2 to €77/MWh. EU carbon allowances increased by €0.90 to €84.78/tonne.
For buyers, Wednesday’s decline reduced immediate procurement costs relative to prior levels in several markets tracked for day-ahead delivery.