Day-ahead electricity prices across South East Europe (SEE) climbed sharply for delivery on 14 April, driven by higher demand, reduced solar generation and tighter regional supply conditions.
Hungary’s HUPX led the rally, settling at €144.19/MWh, up €46.2/MWh day on day, marking the highest level across the region. Prices in neighbouring markets followed suit, with Slovenia’s BSP clearing at €142.07/MWh, Croatia’s CROPEX at €141.76/MWh, and Romania’s OPCOM at €139.77/MWh. Bulgaria’s IBEX and Greece’s HENEX both settled at €132.81/MWh, underscoring the strong bullish momentum across Central and Eastern Europe.
Western Balkan markets, however, remained comparatively weaker. Serbia’s SEEPEX cleared at €97.85/MWh, Montenegro’s BELEN at €118.87/MWh, and North Macedonia’s MEMO at €111.98/MWh, while Albania’s ALPEX recorded the lowest price in the region at €78.61/MWh. The divergence highlighted persistent structural imbalances and varying levels of hydropower availability and import dependence.
The price surge was primarily supported by stronger demand. Regional electricity consumption rose to 30,365 MW, increasing by 3,287 MW compared with the previous day. At the same time, solar output dropped to 3,779 MW, down 788 MW, tightening supply during peak hours. Wind generation partially offset the decline, rising to 1,980 MW, but not sufficiently to curb upward price pressure.
Hydropower and thermal generation stepped in to stabilize the system, with hydro output reaching 7,001 MW, coal 4,200 MW, gas 3,112 MW, and nuclear 5,841 MW. Total generation climbed to 27,574 MW, reflecting the system’s reliance on conventional sources amid fluctuating renewable output.
Cross-border flows also played a decisive role. Net imports into the SEE-Hungary region reached 333 MW, up 829 MW from the previous day, while core imports into the Hungarian-Slovenian area surged to 1,770 MW. The widening Hungary-Germany spread of €6.11/MWh encouraged imports and reinforced Hungary’s position as the regional price setter.
Western European benchmarks remained elevated, providing additional support. German day-ahead prices stood at €138.09/MWh, Austrian prices at €141.49/MWh, and Italian prices at €150.62/MWh, aligning closely with Central European markets and limiting arbitrage opportunities.
Fuel and carbon markets were broadly supportive. The CEGH gas benchmark rose to €49.28/MWh, while EU carbon allowances (EUA) traded at €72.59/t, maintaining upward pressure on thermal generation costs and reinforcing bullish sentiment in power markets.
Intraday price patterns showed pronounced evening peaks across regional exchanges, reflecting tighter supply during ramping hours as solar production faded. Hungary recorded intraday highs exceeding €240/MWh, with similar spikes observed in Romania and Slovenia, highlighting persistent volatility across the interconnected SEE markets.
Looking ahead, forecasts indicate moderately rising temperatures across the region, which are expected to sustain demand but not significantly alter market fundamentals. Price direction will remain closely tied to renewable output, cross-border flows and fuel market developments.
The latest trading session underscores the sensitivity of SEE power markets to shifts in renewable generation and demand, with Hungary continuing to act as the primary price driver and liquidity hub for the wider region.