For delivery on Sept. 24, Southeast European day-ahead electricity prices diverged, with Hungary and Romania posting the strongest increases as regional net imports rose above 2.3 GW. Serbia moved lower, while Greece remained the cheapest major market in the region.
On HUPX, Hungary’s base-load day-ahead price increased by €40.30/MWh to €239.27/MWh, the highest level reported across the markets listed. Romania followed at €232.50/MWh, up €34.60/MWh, while Bulgaria gained €30.00/MWh to reach €214.98/MWh. Croatia settled at €212.24/MWh, Albania at €210.96/MWh, and Slovenia at €207.33/MWh.
Montenegro closed at €196.29/MWh, while Serbia posted €187.73/MWh and North Macedonia traded at €187.35/MWh. Germany’s day-ahead price fell to €138.12/MWh, widening the Hungary–Germany spread to €101.15/MWh. Hungary also traded €63.68/MWh above Greece.
Wind drop and higher imports tighten the physical balance
Despite stronger solar production, the physical balance tightened across Hungary and the wider SEE region. Combined electricity consumption was forecast at 29,381 MW, about 305 MW higher than a day earlier, while regional net imports rose by 806 MW to 2,378 MW.
Imports from core Central European markets increased to 2,157 MW, up 464 MW from the previous day’s level. Regional solar output rose by around 1.3 GW, but wind production dropped by more than 2.2 GW, increasing reliance on cross-border supply during periods of elevated demand.
The wind decline mattered most outside the midday solar window, when available renewable generation fell while electricity demand remained high. With aggregate regional generation below consumption, a larger share of demand was covered through cross-border flows.
Hungary concentrates scarcity as hourly prices spike
Hungary remained among the region’s largest net importers, taking an average 1,372 MW compared with 1,206 MW a day earlier. Domestic consumption rose to 4,711 MW while generation eased to around 3,339 MW.
Hungary imported electricity from surrounding markets while continuing exports toward Croatia and Slovenia, supporting its role as both a transit hub and a price-setting market in the region. The hourly HUPX profile showed scarcity concentrated outside the solar window.
Hungary’s minimum hourly price stayed 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.
The Germany comparison remained pronounced because cheaper German daytime electricity did not translate into lower Hungarian prices due to transmission limitations and timing of regional demand.
Serbia falls lower while Bulgaria supplies Romania
Serbia was the main exception to the broader upward move in SEE prices. SEEPEX decreased 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, while Serbia still remained a net importer. Serbia continued drawing power from Bosnia and Herzegovina, Croatia, Bulgaria and North Macedonia while also sending electricity north toward Hungary.
This positioning placed Serbia between lower-priced southern and western supply and a more expensive Hungarian market for commercial flows into the northbound corridor. Serbian hourly prices were volatile, with SEEPEX around €80/MWh during daytime before rising to roughly €350/MWh in the evening.
Bulgaria strengthened its role as an exporter as net exports increased to around 1,453 MW with substantial volumes moving toward Romania. Romania moved deeper into deficit as OPCOM reached €232.50/MWh, only around €6.77/MWh below Hungary.
The Bulgaria–Romania–Hungary corridor became more prominent during periods when Romanian and Hungarian balances tightened simultaneously. Bulgaria’s exportable surplus reflected nuclear, coal and renewable generation alongside strong regional demand reflected in higher Bulgarian prices.
Greece stays cheap on zero midday prices
Greece remained the cheapest major market in the set of day-ahead outcomes reported for Sept. 24 delivery. HENEX settled at €175.59/MWh, around €64/MWh below Hungary even though Greece remained a net electricity exporter.
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 stayed substantially below the Hungarian equivalent.
The same structure was reflected in other markets’ pricing profiles across hours rather than only through daily settlement levels.
Forward contracts keep Hungary premium elevated
Tighter conditions in Hungary also appeared in nearby forward trading levels for week-40 and week-41 contracts on HUPX-linked terms reported for this period. The week-40 contract rose to €190/MWh and week 41 reached €199/MWh.
Hungary–Germany forward spreads widened as traders priced continued Central European separation beyond the immediate day-ahead session for Sept. 24 delivery.
The shift in value timing was also linked to solar availability during middle-of-day hours compared with higher-priced deficit periods later in the day in markets such as Hungary.
Batteries, flexible generation and cross-border capacity were highlighted as relevant for trading across these hour-to-hour spreads between low solar hours and expensive evening demand.