Southeast European power markets rebounded sharply on Tuesday, with day-ahead prices rising across nearly all trading hubs as stronger weekday demand, higher thermal generation and renewed import requirements pushed regional benchmarks back above the €100/MWh threshold.
Hungary’s HUPX market led the region, settling at €127.73/MWh, up €11.5/MWh day-on-day, while Romania’s OPCOM rose to €124.02/MWh and Croatia’s CROPEX climbed to €121.76/MWh. Slovenia’s BSP market closed at €121.10/MWh, while Serbia’s SEEPEX posted one of the strongest gains in the region, jumping €30/MWh to €118.15/MWh. Bulgaria’s IBEX reached €117.40/MWh, with Greece’s HENEX ending at €114.46/MWh. Albania remained the lowest-priced market at €78.86/MWh, despite recording a substantial daily increase.
The rally came as regional electricity consumption increased to 29.2 GW, up more than 1.1 GW from Monday levels, reflecting a return of industrial and commercial demand following the weekend period. Total generation expanded even faster, rising by approximately 5.6 GW to 28.6 GW, supported by gains across nearly every major generation technology.
Solar output recovered strongly to 6.6 GW, while hydro generation increased to 6.5 GW. Gas-fired production recorded one of the largest increases, rising above 4 GW, while wind generation more than doubled compared with the previous day. Nuclear generation remained stable at around 4.1 GW. Despite the significant increase in renewable and thermal output, prices remained elevated, underlining persistent structural tightness across the Central and Southeast European power complex.
Market participants pointed to the continued premium of Southeast European markets over Western Europe as evidence that regional fundamentals remain driven by transmission constraints and cross-border import requirements. The Hungarian-German day-ahead spread widened to almost €31/MWh, highlighting ongoing congestion and scarcity across Central Europe.
Cross-border flows reinforced that picture. Net imports into the wider SEE region increased to around 767 MW, while imports through the core Central European corridors exceeded 1.8 GW. Strong inflows from Austria and Slovakia continued to support Hungarian and regional balances, while Italy remained an important sink for electricity exports due to its premium pricing environment.
Forward markets also moved higher, reflecting expectations of tighter summer fundamentals. Hungarian week-ahead contracts traded around €114.5/MWh, while July products climbed to €122.5/MWh. The upward movement in prompt contracts suggests traders continue to price in stronger cooling demand, higher evening ramp requirements and sustained reliance on thermal generation during periods of weaker renewable output.
Fuel markets offered little relief. Austrian CEGH gas contracts strengthened above €51/MWh, while EU carbon allowances remained close to €77/t, maintaining elevated marginal generation costs for gas-fired plants throughout the region. Coal futures also edged higher, further supporting the price floor across thermal generation assets.
For Serbia, the latest market session arrived against the backdrop of continuing structural changes in the domestic power sector. Authorities approved the environmental assessment framework for the planned Bistrica pumped-storage hydropower project, a development expected to become one of the country’s most important flexibility assets as renewable penetration increases. At the same time, industry data showed that more than 60 renewable energy facilities have exited Serbia’s historic feed-in tariff scheme since 2022, gradually increasing exposure of generators to wholesale market dynamics.
Across the wider region, several investment announcements highlighted the accelerating energy transition. The European Bank for Reconstruction and Development approved a €175 million financing package supporting approximately 400 MW of new renewable projects by PPC across Greece, Bulgaria and Romania. Slovenia launched a €10 million battery storage incentive programme, while Romania confirmed that the 1.7 GW Mintia gas-fired power plant has reached more than 80% completion, with first generation expected later this year.
The combination of rising demand, stronger thermal dispatch and continuing import dependence suggests Southeast European markets remain fundamentally tight despite improving renewable production. With temperatures expected to remain seasonally warm and forward curves continuing to strengthen, traders are likely to maintain a bullish near-term view of regional power prices as the market moves deeper into the summer demand period.