Electricity.Trade’s May 2026 trading review highlights Bulgaria’s growing importance as a regional electricity exporter, supported by a balanced generation mix combining nuclear baseload, expanding renewable capacity and stronger hydropower availability. The country’s average spot price increased to €101.07/MWh, rising 11.08% from April and 18.40% compared with May 2025. Although prices moved above those in Serbia and Greece, Bulgaria remained competitive enough to maintain its role as a key electricity supplier to neighbouring markets.
Bulgaria recorded 258.65 GWh of net electricity exports in May, sending power to Romania and Serbia while importing from North Macedonia, Türkiye and Greece. This trading pattern demonstrates Bulgaria’s position as a regional balancing hub, both absorbing available lower-cost electricity from neighbouring systems and supplying markets facing tighter domestic conditions. The country effectively operated as a connection point between the Greek and Turkish markets and the northern Balkan systems of Romania and Serbia.
The structure of Bulgaria’s generation mix was central to its market performance. Electricity production consisted of 32.59% nuclear, 29.35% renewables, 17.58% hydropower, 15.51% coal and lignite, and 4.97% natural gas. Renewable generation increased by 34.19% compared with April, marking the strongest monthly growth among the analysed Southeast European markets. Hydropower output also improved by 7.30%, while coal and lignite generation declined by 17.81% and gas-fired production fell by 28.10%. The combination shows that Bulgaria was able to support exports even with lower thermal generation, relying instead on nuclear, renewable and hydro resources.
Liquidity on the IBEX exchange also continued to strengthen. Monthly traded volume reached 2,675.87 GWh, increasing 3.51% month on month and 15.99% year on year. Higher exchange activity alongside stronger export performance reinforces Bulgaria’s importance as both a physical electricity flow market and a regional price reference point. Growing liquidity improves market transparency and provides traders with better tools for managing Balkan electricity exposures.
Overall, Bulgaria’s May 2026 performance reflects the strength of a diversified electricity system. Nuclear generation provides a stable foundation, renewables deliver increasing volumes of low-marginal-cost electricity, hydropower improves flexibility, and lower reliance on gas reduces exposure to fuel price volatility. Electricity.Trade’s analysis positions Bulgaria as one of Southeast Europe’s most strategically important power markets — a country with strong interconnections, a balanced generation portfolio and sufficient market liquidity to influence regional electricity trading dynamics.