Across Southeast Europe, day-ahead electricity prices eased from Thursday’s extreme levels on 30 October. Prices in the eastern part of the region nevertheless remained close to €300/MWh, as weaker renewable output increased reliance on imports.
Regional net imports rose by 1,316 MW day on day to an average of 4,995 MW. Forecast consumption edged down by 88 MW to 34,209 MW, while forecast solar generation fell by 696 MW to 2,342 MW. Wind output dropped by almost 2 GW to 3,301 MW, leaving combined wind and solar availability around 2.68 GW below the previous day.
Lower renewable availability increased reliance on imports from Central Europe. Average flows from Austria and Slovakia into the Hungary-SEE region climbed by 1,045 MW to 4,438 MW, while imports from Italy rose by 88 MW to 580 MW. The greater dependence on cross-border supply came despite broadly unchanged regional demand, with supply rather than consumption driving Friday’s tightness.
Day-ahead prices across the region
Hungary’s HUPX day-ahead baseload price fell by €18.5/MWh to €306.05/MWh. It remained above Germany at €268.62/MWh, Austria at €275.23/MWh and Italy at €274.04/MWh. The HUPX-Germany spread widened by €27.7/MWh to €37.43/MWh as German prices declined much faster than Hungarian prices.
Prices remained closely grouped across the eastern SEE markets: Romania settled at €303.56/MWh, Bulgaria at €302.20/MWh, Serbia at €303.29/MWh and Albania at €302.02/MWh. Serbia’s price was down €26.8/MWh from Thursday. Albania recorded the largest correction, falling by €64.8/MWh.
North Macedonia remained the region’s most expensive market at €321.66/MWh, followed by Montenegro at €313.98/MWh. Montenegro was among the few markets to rise on the day, gaining €1.2/MWh.
Greece moved against the broader regional trend, with HEnEx rising by €49/MWh to €287.75/MWh. Hungary’s premium over Greece narrowed to €18.30/MWh, compared with a spread almost €68/MWh wider a day earlier. Greece remained materially cheaper than the eastern Balkan group.
Hourly prices showed that scarcity persisted during the evening. On SEEPEX, Serbia’s €303.3/MWh baseload price included a peak average of €331.3/MWh and a daily maximum of €416.3/MWh at H18. Montenegro reached €407.2/MWh at H18, while North Macedonia peaked at €460/MWh at the same hour.
Hungary’s own supply-demand balance remained tight despite lower consumption. Average demand declined to 5,169 MW from 5,418 MW, but domestic generation also fell, to 3,141 MW from 3,504 MW. Net imports consequently averaged about 2,028 MW, with Hungary exporting significant volumes to Romania while importing power from Austria, Slovakia and other neighbouring markets.
Fuel costs and forward prices
Fuel markets continued to set a high underlying price floor. CEGH gas stood at €100.23/MWh, down €1.8/MWh on the day, while EU carbon allowances traded at €89.2/t. November gas was priced at €99.50/MWh and Q1 2027 at €98.50/MWh, keeping gas-fired generation expensive across the region.
Forward prices indicated that traders did not expect the regional premium to disappear quickly. Hungarian Week 45 power stood at €313/MWh, Week 46 at €310/MWh and November at €293/MWh. The HU-DE forward spread reached €63.5/MWh for Week 45 and €84/MWh for Week 46.
The end-of-October trading pattern showed SEE remaining structurally short when renewable production weakens. Falling demand alone was not enough to materially reduce prices as wind and solar output declined, leaving Hungary and the Balkans competing for Central European imports. Eastern SEE prices consequently clustered around €300/MWh, with premiums to Germany, Austria and Italy and particularly strong scarcity pricing during evening peak hours.