In Southeast Europe, the interplay between gas pricing and electricity markets remains a critical focus for energy stakeholders. Recent data indicates that gas continues to be the primary fuel influencing power prices, particularly during periods of peak demand. On February 24, Austrian gas forward prices reached approximately 33.83 EUR/MWh, while Hungarian electricity prices surged past 115 EUR/MWh. This situation reflects how gas costs can escalate due to factors such as efficiency losses, carbon pricing, and market scarcity premiums.
The situation is further exemplified by Romania’s increasing dependence on gas imports. In 2025, Romania’s imports surged by 75%, totaling nearly 3.2 million tons of oil equivalent. This rising reliance on external gas supplies has a direct correlation with electricity pricing, particularly during high-demand periods when market pressures are intensified.
The coupling of gas and power markets also significantly affects cross-border electricity flows in the region. For instance, escalating gas prices in Greece and Bulgaria have been observed to shift export dynamics towards Italy and Turkey. Such changes contribute to redistributing market stress throughout the broader Southeast European region. In response to these interconnected risks, traders are increasingly incorporating gas hedging strategies into their power portfolios.








