South-East European day-ahead power prices dropped sharply on 23 April, with most regional markets losing between EUR 18/MWh and EUR 32/MWh day on day, as lower import requirements and a more balanced regional system weighed on spot pricing despite persistent evening tightness.
Hungary’s HUPX cleared at EUR 93.14/MWh, down EUR 18.2/MWh, while Romania’s OPCOM fell to EUR 88.31/MWh (down EUR 27.9/MWh) and Bulgaria’s IBEX to EUR 87.71/MWh (down EUR 24.6/MWh). Greece’s HENEX dropped to EUR 88.12/MWh, while Slovenia’s BSP declined to EUR 74.61/MWh and Croatia’s CROPEX to EUR 77.35/MWh. In the Western Balkans, Serbia’s SEEPEX fell to EUR 65.99/MWh, Montenegro’s BELEN to EUR 73.75/MWh, North Macedonia’s MEMO to EUR 69.60/MWh, and Albania’s ALPEX to EUR 70.95/MWh.
The coordinated price decline across the region reflects a clear easing in system tightness, with net imports into SEE falling to 1,662 MW, down 869 MW day on day. Core imports from Austria and Slovakia into Hungary and Slovenia also dropped to 2,760 MW, down 497 MW, indicating reduced reliance on external supply to meet demand.
At the same time, the Hungary–Germany day-ahead spread narrowed to EUR 28.9/MWh, down around EUR 4/MWh, suggesting that while Hungary remains structurally priced above Western Europe, the premium is moderating as regional fundamentals improve.
Regional consumption remained broadly stable at 30,640 MW, only slightly below the previous day, while total generation reached 28,265 MW. The generation mix continued to provide sufficient coverage, with hydro output at 7,067 MW, coal at 4,954 MW, gas at 3,579 MW, nuclear at 5,811 MW, solar at 3,715 MW, and wind at 1,883 MW.
Despite the softer headline prices, intraday volatility remained pronounced across all markets. Hungary recorded a daily minimum of EUR -64.2/MWh and a maximum of EUR 277.0/MWh, underlining the continued impact of strong midday solar generation followed by steep evening ramping requirements.
Similar patterns were observed in neighboring markets. Slovenia’s prices ranged from EUR -44.3/MWh to EUR 152.0/MWh, while Romania traded between EUR -3.2/MWh and EUR 196.5/MWh. In contrast, Serbia and Montenegro avoided negative pricing, with minimum levels holding at or near EUR 0/MWh, although both markets still saw peak prices above EUR 150/MWh, reflecting continued evening scarcity.
Market participants pointed to a combination of improving weather conditions and lower system stress as key drivers. Temperatures across SEE and Hungary are trending higher over the coming days, reducing demand pressure, while solar output continues to weigh on midday prices.
Flows across the region also indicate a more balanced system. Hungary and Greece remained the largest net importers, while Romania and Bulgaria continued to export into neighboring markets. Serbia and other Western Balkan systems operated closer to balance, contributing to the overall reduction in regional price pressure.
On the fuel side, forward indicators remained broadly stable. Austrian gas prices were assessed at EUR 44.89/MWh, while EU carbon allowances stood at EUR 74.41/t, suggesting that the sharp drop in spot power prices was driven primarily by short-term fundamentals rather than structural changes in fuel costs.
Looking ahead, traders expect continued pressure on daytime prices as solar generation increases and temperatures rise further. However, the persistence of steep evening ramps and limited flexibility in the system is likely to maintain strong price spikes during peak hours, keeping intraday volatility elevated across SEE markets.