Day-ahead electricity markets across Southeast Europe rose sharply for delivery on 22 May 2026, with most regional hubs posting strong rebounds after softer solar-driven pricing earlier in the week. The latest move was linked to tighter renewable generation balances, higher import reliance, and wider evening scarcity premiums across Central and Eastern Europe.
Regional day-ahead outcomes and benchmark spreads
Hungary’s HUPX closed at €116.02/MWh, up 9.3% day-on-day, returning as the highest-priced major market in the region. Romania’s OPCOM settled at €111.89/MWh, followed by Croatia’s CROPEX at €110.08/MWh and Slovenia’s BSP at €109.28/MWh. Bulgaria’s IBEX reached €103.82/MWh.
Greece’s HENEX remained structurally lower at €92.38/MWh, supported by stronger domestic renewable balancing and lower marginal thermal pressure. Serbia’s SEEPEX averaged €68.60/MWh, while Montenegro’s BELEN fell further to €59.73/MWh, the lowest regional benchmark.
A key signal for the session was the widening Hungary-Germany spread, which increased to €9.67/MWh. The spread had been negative earlier in the week, indicating a rapid reversal in regional conditions as solar output weakened.
Renewables drop, imports rise, and demand strengthens
The rebound coincided with a deterioration in renewable generation conditions across the SEE system. Total solar output fell by 1,012 MW day-on-day to 5,302 MW, while wind generation declined by another 575 MW to 3,662 MW. Combined renewable losses exceeded 1.5 GW, tightening intraday balance.
The reduction in renewables was accompanied by higher consumption and increased cross-border sourcing. Regional demand rose by 559 MW to 28,246 MW, while net imports climbed by 1,570 MW day-on-day to 1,193 MW. Core imports from Austria and Slovakia into the Hungarian-SEE corridor increased by 976 MW.
Thermal dispatch shifts and intraday price volatility increases
The generation mix adjusted as balancing needs increased during evening hours. Gas-fired output rose by 471 MW to 3,109 MW, reflecting gas units acting again as marginal balancing assets in the evening period. Coal generation stayed elevated at 4,694 MW.
Hydro production remained relatively stable at 6,824 MW, but was not sufficient to offset renewable declines, while nuclear output held near 3,076 MW. Intraday curves showed more volatile evening peaks across markets.
The daily maximum prices were reported at €226.8/MWh in Hungary, €207.1/MWh in Romania, €192.9/MWh in Croatia, and €166.4/MWh in Greece. Most markets peaked during hours 21–22, after solar output collapsed post-sunset while demand remained elevated.
Miniumum prices also reflected renewed compression during solar-heavy periods, with several markets approaching zero intraday again. Slovenia and Greece recorded near-zero or negative intraday pricing during those hours when solar generation was strongest.
Borders flows and forward market stability after the spot rally
The session’s price pattern continued to align with cross-border trading activity described for base-load flows. Romania exported about 752 MW toward Hungary on average, while Hungary exported roughly 472 MW toward Croatia and about 857 MW toward Austria under base-load conditions.
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