Serbia’s SEEPEX day-ahead benchmark fell €58.94/MWh to €181.02/MWh for Saturday delivery as weekend demand eased. Romania, Bulgaria and Montenegro, however, remained above €230/MWh, keeping price levels split across Southeast Europe. The gap between Serbia and Romania widened to almost €53/MWh.
Day-ahead price moves across SEE markets
Romania’s OPCOM price declined €21.32/MWh to €233.88/MWh. Bulgaria stayed near €233.40/MWh, while Montenegro increased to €232.04/MWh. North Macedonia fell to €192.91/MWh, and Slovenia averaged around €203.22/MWh.
The difference between Serbia and Romania increased despite both markets benefiting from lower weekend consumption. The divergence was linked to supply constraints rather than demand alone. Serbia’s hourly range also remained wide, from approximately €132/MWh to €300/MWh.
Nuclear and maintenance constraints affecting firm generation
Romania continued operating without output from its two Cernavodă nuclear reactors, removing approximately 1.36 GW of firm generation. In Bulgaria, Kozloduy unit 6, rated at about 1 GW, entered scheduled maintenance on October 8. Bulgaria’s unit 5 remained exposed to low Danube water levels.
The resulting reduction in dispatchable generation coincided with unreliable hydro availability and wind output across the region. Hourly pricing reflected the same divide, with Bulgaria and Montenegro reaching around €336/MWh and €330/MWh, respectively.
Solar output changes Romania’s daily balance but not scarcity
Romanian operational data showed consumption falling to approximately 4.14 GW around midday, while domestic generation reached 3.73 GW. Solar output contributed roughly 2.05 GW, reducing net imports to about 405 MW. Earlier in the morning, before photovoltaic production increased, Romanian imports exceeded 1.5 GW.
Romanian day-ahead prices still ranged from around €138/MWh to €342/MWh, indicating that reduced midday import needs did not remove evening scarcity. Serbia also showed a similarly broad hourly spread, while weekend conditions lowered average prices.
Turkey lower prices and cross-border transfer limits
Tukey’s day-ahead electricity averaged approximately €56/MWh, leaving it around €177/MWh below Bulgaria. The gap reflected limitations of existing cross-border transmission capacity, despite additional low-cost electricity being available close to Southeast Europe.
Italy remained near €220/MWh, while Austria increased to about €207/MWh. For market participants, the session highlighted the role of country-specific hedging when transmission constraints prevent price convergence between neighboring markets.
Bidding exposure for suppliers and value for dispatchable capacity projects
A supplier hedged against Serbian or German power prices could still face substantial procurement exposure in Romania or Bulgaria when transmission limits restrict convergence. For lenders, the same conditions increase the value of projects offering dispatchable capacity, storage and secure grid access.
The Saturday correction showed that lower demand can quickly reduce prices where supply is adequate, while Romania and Bulgaria remained exposed to the loss of firm generation that neighboring markets cannot fully replace.