Day-ahead electricity prices in Southeast Europe for Wednesday delivery fell sharply as wind and solar output improved, domestic generation increased and import requirements eased. The changes removed much of the scarcity premium that had lifted regional prices above western European benchmarks on Tuesday. Serbia saw the largest correction, with SEEPEX baseload dropping to €211.42/MWh.
The most pronounced move was recorded in Serbia, where SEEPEX baseload plunged by €105.7/MWh to €211.42/MWh. That level made Serbia the cheapest market in the region and brought it close to Germany at €211.94/MWh. Hungary’s HUPX fell by €74.1/MWh to €252.42/MWh, while Romania declined to €246.11/MWh and Bulgaria to €245.14/MWh.
Regional demand rose alongside the price retreat, with electricity consumption forecast at 31,756 MW, up 527 MW day on day. Total net imports were still expected to decline by 152 MW to 3,479 MW. The forecast renewable recovery included solar generation rising by 388 MW to 5,552 MW and wind output increasing by 510 MW to 1,772 MW.
Serbia’s balance shifts reduce import pressure
Serbia’s market move was linked to a change in its generation and import requirement. Consumption was indicated rising to 3,956 MW from 3,841 MW, while generation increased more sharply to 3,403 MW from 2,862 MW. The average net import requirement fell to around 553 MW from 979 MW a day earlier.
The reduction of roughly 426 MW in Serbia’s import requirement coincided with a shift in regional pricing. SEEPEX moved from being among the more expensive markets on Tuesday at €317.1/MWh to a €41/MWh discount versus Hungary on Wednesday. Serbia’s hourly pattern also changed, with its maximum falling from €450/MWh to €317.6/MWh and its minimum dropping to €130/MWh around H14.
Germany’s level rose as Serbia corrected lower, narrowing the spread between the two markets. Germany increased by €16.3/MWh to €211.94/MWh while Hungary fell sharply, compressing the HU-DE spread to €40.49/MWh from about €131/MWh. The convergence followed Tuesday’s higher Central and Southeast European premium.
Central and Southeast Europe prices compress; Greece and Albania diverge
Other interconnected SEE markets joined the downward move after Tuesday’s tightness. Romanian OPCOM fell by €61.1/MWh to €246.11/MWh and Bulgarian IBEX declined by €54.8/MWh to €245.14/MWh. Croatian CROPEX dropped by €32.7/MWh to €238.59/MWh, Slovenia fell to €235.76/MWh and Montenegro’s BELEN declined by €40.5/MWh to €254.27/MWh.
Italy settled at €252.40/MWh, close to Hungary’s level and erasing the baseload Hungary-Italy differential on Wednesday delivery. Across the region, Slovenia, Croatia, Greece, Bulgaria, Romania, Hungary and Italy clustered between roughly €236 and €254/MWh compared with Tuesday’s wider corridor.
Some markets remained outside that convergence range. North Macedonia stayed at €267.45/MWh while Albania increased by €30.6/MWh to €285.56/MWh, the highest baseload price among the covered markets. Albania’s physical balance showed consumption rising to 876 MW from 839 MW as generation fell to 511 MW from 545 MW.
Albania’s average import requirement increased to around 366 MW from 294 MW a day earlier, leaving ALPEX trading about €33/MWh above Hungary and about €74/MWh above Serbia on Wednesday delivery.
Greek hourly structure changes; forward contracts remain higher
Greece also reflected a change in hourly pricing structure even as its baseload moved less than some other markets. HENEX baseload slipped by €7.3/MWh to €240.56/MWh, but its minimum hourly price rose to €156.6/MWh compared with €32.9/MWh on Tuesday and zero prices during several previous sessions.
The Greek maximum fell from €396.1/MWh to €312/MWh, narrowing the hourly range compared with Tuesday’s profile.
The spot correction did not translate into an equivalent fall in forward trading levels for Hungary-linked contracts cited for Week 44 and Week 45 delivery periods. Hungarian Week 44 remained at €267/MWh down by €3, while Week 45 increased by €7 to €259/MWh; November eased by €6 to €244/MWh and Calendar-2026 declined by €4 to €166/MWh.
Fuel prices provided mixed signals in the same forward snapshot: November gas fell by €3.5 to €86.50/MWh and Q1-2027 gas declined slightly to €85.50/MWh, while November coal slipped by €4 to €150.5/tonne. EUA carbon allowances edged up by €0.3 to reach €85.65/tonne.