Most Southeast European day-ahead electricity prices fell for Wednesday delivery, while Serbia and Montenegro moved differently. The shift narrowed Hungary’s premium to Germany as gas and carbon costs supported firmer forward power pricing. SEEPEX rose to €197.97/MWh, while BELEN fell to €197.41/MWh.
Serbia bucked the regional decline, with SEEPEX gaining €1.50 to €197.97/MWh. Montenegro’s BELEN dropped €34.60 to €197.41/MWh, the largest daily reduction among the tracked markets. The two countries’ prices ended within €0.56/MWh.
This divergence narrowed Serbia’s discount to Hungary to €12.85/MWh. Serbia’s reported net import position averaged 840 MW, indicating continued reliance on external supply despite lower pricing versus Hungary, Romania and Croatia. The gap between those markets remained reflected in the day-ahead spreads.
Hungary, Romania and cross-border flows
Hungary’s HUPX fell by €14 to €210.81/MWh, while Romania declined by the same amount to €208.70/MWh. Their spread narrowed to €2.11/MWh, indicating close alignment between the two day-ahead prices. Hungary’s premium to Germany also eased to €18.79/MWh.
The premium compared with roughly €23.10/MWh a day earlier and €76.10/MWh on Monday. Imports into Hungary and Slovenia through the Austria–Slovakia corridor increased by approximately 529 MW to 1,954 MW. The higher western inflow was associated with a compressed price differential.
Across the wider Hungary–SEE area, net imports rose by 216 MW to 2,325 MW. Forecast consumption increased by just 49 MW to 29,669 MW. Imports therefore covered nearly 8% of expected demand.
Renewables, regional price levels and trading positions
Renewable forecasts pointed to more solar output, with average solar generation expected to rise by 527 MW to 6,501 MW. Wind generation was forecast to fall by 243 MW to 1,064 MW. The combined change of about 284 MW, alongside higher imports and broadly stable demand, supported a more favourable supply backdrop for lower day-ahead prices.
Northern Macedonia recorded the lowest daily average at €162.35/MWh, followed closely by Greece at €162.46/MWh. Both traded around €48/MWh below Hungary. Bulgaria fell by €8.80 to €198.60/MWh, with net exports averaging 1,503 MW.
Bulgaria’s move contrasted with Romania remaining a net importer at 1,411 MW. Hungary imported 986 MW, while Croatia imported 851 MW. Slovenia declined by €17.90 to €202.19/MWh, and Croatia fell by €16.70 to €204.32/MWh.
The western Balkans also saw declines: Albania dropped by €27.40 to €212.13/MWh, though it stayed slightly above Hungary. Italy retained the highest price among the tracked markets at €220.27/MWh. Cross-border capacity remained a key factor in shifting electricity between surplus and deficit areas based on these positions.
Tighter day-ahead spreads but firmer forward pricing on gas and carbon costs
The forward market moved in the opposite direction from day-ahead prices. Hungarian power for week 42 rose by