In 2025 industrial electricity prices across South-East Europe have stabilised into a narrower and more predictable corridor than during the crisis years, but they remain structurally higher than the pre-2021 baseline. For most South-East European markets, large industrial buyers are paying all-in electricity prices generally in the 95 to 130 euros per MWh band, depending on contract type, consumption profile, country rules and the degree of state price moderation, while medium-size consumers that cannot access special corporate supply contracts often face 120 to 170 euros per MWh all-in.
The country picture in 2025 is differentiated, but the trend is cohesive.
In Serbia, EPS offers major industrial buyers structured corporate contracts in the vicinity of 100 to 115 euros per MWh, with some strategic and high-volume users positioned closer to 100 to 105 euros per MWh. Medium-scale industrial users pay materially more, often 130 to 160 euros per MWh depending on grid tariffs and consumption stability. Serbia benefits from domestic coal and hydro, but balancing, import exposure in winter peaks and transitional policy costs keep prices above pre-crisis levels.
In Croatia, industrial prices generally sit in the 110 to 140 euros per MWh range for most contracted users, with very large consumers accessing pricing slightly below that corridor in favourable months. Hydro conditions still strongly influence underlying wholesale dynamics, but grid charges, balancing costs and risk premiums keep effective tariffs elevated compared with historic averages.
In Hungary, which is structurally import-dependent and often gas-linked in marginal pricing, industrial tariffs remain on the higher side of the regional spectrum. Large buyers see prices broadly around 110 to 140 euros per MWh, while smaller and mid-industrial customers frequently experience 140 to 180 euros per MWh when they are insufficiently hedged. Hungary’s status as a price benchmark for the region means its price curve is closely watched by neighbouring industrial producers.
In Romania, diversified generation anchored by nuclear, hydro, wind and solar has improved price stability. Large industrial consumers with negotiated or market-linked contracts are commonly paying in the 95 to 120 euros per MWh corridor in 2025, while mid-range consumers sit closer to 120 to 150 euros per MWh. Romania’s advantage is reduced exposure to gas for price-setting in many hours, though volatility remains in winter and low-renewable periods.
In Bulgaria, the presence of nuclear and strong export capability has translated into relatively resilient industrial pricing. Many large industrial users operate around 95 to 115 euros per MWh, with broader industrial users ranging 115 to 145 euros per MWh, depending on contract structure. Bulgaria remains one of the more competitive price environments in the region in 2025.
In Greece, reliance on gas generation during critical price-setting hours keeps industrial electricity prices higher than most of the Balkans. Large users with long-term power purchase arrangements or strong negotiation leverage typically pay 120 to 150 euros per MWh, while less-protected industries can see 150 to 190 euros per MWh, particularly when wholesale spikes occur. Expanding wind and solar capacity continues to gradually improve conditions, but Greek industry still lives with premium pricing compared to northern Balkan peers.
Among the Western Balkan power-tight systems, North Macedonia remains one of the more expensive industrial electricity environments, with many users experiencing 135 to 180 euros per MWh depending on exposure to imports and supply structures. Montenegro typically sits around 130 to 170 euros per MWh, shaped by hydrological volatility and dependence on imports when Pljevlja is offline or constrained. Bosnia and Herzegovina, thanks to coal and hydro, has some of the more favourable industrial conditions, commonly 100 to 130 euros per MWh, though volatility appears in dry or stressed system periods. Albania remains highly sensitive to hydro conditions; in normal hydrology years industrial users can see 110 to 140 euros per MWh, but in dry years reliance on imports pushes effective costs higher.
Across the region, the underlying 2025 market structure can be summarised as follows. Wholesale baseload market prices frequently hover in the 70 to 95 euros per MWh zone, with intraday volatility creating peaks well above that during winter stress or renewable underperformance. When grid tariffs, balancing charges, trader margins and risk premia are layered on top, the industrial all-in price environment shifts into the 100 to 160 euros per MWh corridor. This level is materially lower than crisis peaks, far above 2018–2020 normality, and stable enough for industry to plan but uncomfortable for highly electricity-intensive operations such as metals, chemicals, cement components, electro-manufacturing and heavy fabrication unless efficiency and sourcing strategies are upgraded.
Looking ahead to 2026, the directional expectation is moderate downward pressure combined with persistent volatility risk rather than a return to cheap energy. If regional hydrology is average, European gas markets avoid major shocks, renewables continue expanding and nuclear availability in anchor countries remains stable, realistic 2026 average industrial bands for most SEE economies could shift slightly lower into the 90 to 120 euros per MWh range for large industrials and 115 to 150 euros per MWh for mid-tier consumers. In this scenario, Bulgaria and Romania would likely remain among the most cost-competitive electricity environments, Serbia and Bosnia broadly in the mid-competitive group, Croatia and Montenegro moderately higher, North Macedonia structurally high, and Greece and Hungary at the upper end due to system structure and price-setting fundamentals.
However, this 2026 forecast depends on factors that can shift quickly. A harsher winter, a structural gas market shock, prolonged nuclear outages, drought-driven hydro deficits or renewable underperformance would immediately push average prices back up, with large industry potentially moving again toward 120 to 150 euros per MWh and unprotected users higher. Conversely, accelerated renewable deployment combined with more storage, stronger interconnection effects and market reforms could place downward competitive pressure, especially in countries with strong baseload anchors and export-capable systems.
For investors, boards and industrial strategists, the industrial electricity price message for South-East Europe is clear. 2025 is a year of stabilisation, not relief. Prices are predictable enough to sustain investment planning but high enough to force efficiency improvements, power sourcing optimisation, onsite generation, corporate PPAs and energy management upgrades. The 2026 trajectory leans cautiously positive, but the region has structurally entered an era where electricity is a strategic cost driver, not a background input, and competitive industrial strategy in SEE now increasingly depends on how intelligently companies manage that reality.
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