Power prices across Southeast Europe moved lower on 22/4 delivery, with most markets posting double-digit declines as stronger hydro generation and a surge in cross-border imports pushed the regional system into oversupply.
Hungary’s day-ahead baseload on HUPX settled at €111.37/MWh, down €11.2/MWh from the previous session, while steeper losses were recorded further south. Serbia’s SEEPEX dropped to €88.65/MWh (-€25.1) and Croatia’s CROPEX to €96.48/MWh (-€13.2). Slovenia’s BSP cleared at €92.91/MWh (-€15.4), while Albania’s ALPEX saw the sharpest fall to €75.06/MWh (-€39.3).
Romania’s OPCOM was comparatively stable at €116.18/MWh (-€1.3), while Greece’s HENEX diverged from the regional trend, rising to €114.50/MWh (+€31.4) amid tighter local fundamentals.
The bearish price movement was driven primarily by a sharp increase in available supply. Total generation across the SEE-Hungary system rose by 612 MW day on day, supported by a 530 MW increase in hydro output, alongside higher gas and coal generation. Solar output, however, declined by 676 MW, partially offsetting the overall supply growth.
At the same time, cross-border flows intensified, with net imports into the region climbing to 2,419 MW, up 833 MW compared with the previous day. Core flows from Central Europe, particularly from Austria and Slovakia into Hungary and onward into SEE markets, remained elevated at 3,116 MW, reinforcing downward pressure on prices.
The Hungary–Germany price spread narrowed to €32.7/MWh, down €7/MWh day on day, signalling improved coupling with Central European markets and stronger arbitrage flows into the region.
Demand offered limited support, with consumption rising modestly to 31,016 MW (+333 MW), as temperatures edged higher. However, the increase in load lagged the growth in supply, leaving the system structurally long.
Intraday price profiles indicated continued volatility, with several markets experiencing near-zero or negative prices during off-peak hours, while evening peaks remained elevated, with hourly prices in Hungary reaching above €270/MWh. This reflects ongoing intra-day balancing challenges driven by variable renewable output and cross-border flows.
Fuel markets provided a broadly neutral backdrop. Austrian gas hub prices (CEGH) edged up to €43.52/MWh, while carbon prices remained stable around €75–76/t, suggesting that short-term power price movements were primarily driven by system fundamentals rather than input cost changes.
The regional market continues to transition into a spring oversupply phase, characterised by stronger hydro inflows, increased import dependency and tighter integration with Central European price formation.