Day-ahead electricity prices across Southeast Europe rose on Monday after the market moved from weekend conditions into a higher-demand trading environment. Consumption increased, wind generation weakened and import requirements rose, contributing to higher prices across most regional exchanges.
Regional price levels and day-on-day changes
Hungary recorded the highest day-ahead price in the region at €151.14/MWh. Slovenia and Croatia followed at €145.33/MWh and €143.50/MWh, respectively. Serbia’s SEEPEX market settled at €138.00/MWh, up almost €40/MWh from the previous session, while Montenegro’s BELEN climbed to €134.70/MWh. Greece remained the lowest-priced market at €97.12/MWh, keeping a discount of more than €50/MWh versus Hungary.
The move represented one of the strongest day-on-day rallies seen across regional markets in recent weeks. It also pointed to tighter supply-demand balances across Central and Southeast Europe.
Demand, imports and generation mix
Regional electricity demand increased to approximately 26.7 GW, up by more than 2.2 GW compared with Sunday as industrial and commercial consumption returned after the weekend. Generation did not match the rise in demand, leading to higher net imports. Total imports reached 1,359 MW, nearly three times higher than the previous day.
Imports from Austria and Slovakia into the wider Southeast European market exceeded 1.1 GW. Wind generation remained a key support for the market, but output fell to just 1.1 GW, representing only 5% of total generation. Solar generation stayed strong at 5.5 GW, about 23% of the generation mix, but it was not enough to offset weaker wind conditions during evening hours when prices rose.
Hydropower provided the largest share of regional generation at approximately 26%, supported by stable Danube river flows. Gas-fired generation accounted for 15% of supply, matching nuclear output, while coal contributed around 14%.
Serbia and Montenegro price dynamics
In Serbia, weekday demand pushed SEEPEX prices above weekend levels. The market recorded a maximum hourly price of €225.10/MWh, while the daily minimum remained positive at €77.10/MWh. This reflected an absence of negative pricing events that are increasingly common in Western and Southern European markets.
The Serbian market continued to draw on a diversified generation structure combining thermal generation and hydropower alongside regional trading opportunities. Cross-border flow data also showed Serbia’s role as a balancing hub, with significant commercial imports continuing from Bulgaria, Bosnia and Herzegovina, Croatia and Montenegro to support domestic consumption and transit activity across the wider Balkan market.
Montenegro followed a similar pattern as BELEN prices rose by more than €47/MWh versus Sunday. The market reached an hourly maximum of €263/MWh, reflecting tighter balances during evening peak demand periods. Off-peak prices stayed elevated at more than €167/MWh, linked to evening scarcity as solar production declines after sunset.
Southeast Europe-wide context including Greece and forward markets
Greece remained structurally different from neighbouring markets due to strong solar penetration that continued to suppress average prices. The Greek market also saw substantial intraday volatility as renewable output changed throughout the day. The spread between Greek and Hungarian prices widened to approximately €54/MWh, creating cross-border trading opportunities where transmission capacity was available.
[Forward markets]
[Forward markets]
[Forward markets]
The forward curve indicated caution among traders regarding summer supply conditions, with Hungarian Week 23 power futures at €116.50/MWh. July 2026 contracts were assessed at €127/MWh. EU carbon allowances were near €80.6/tCO₂, while Austrian gas prices held around €48/MWh.
The latest configuration also pointed to divergence between Southeast Europe and several Western European markets where negative pricing periods remain frequent. Negative prices were described as recurring in solar-heavy systems such as Greece, while most Balkan markets entered June with firmly positive minimum prices, stronger evening premiums and increased reliance on imports during periods of weaker renewable generation.
The combination of rising weekday demand, subdued wind output and elevated evening scarcity continued to support hydro assets, flexible gas generation, battery storage economics and cross-border trading strategies as the region moved into summer conditions.
