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Hungary: Electricity prices declines to 88 euros/MWh in week 4 and 5

Day-ahead prices on the Hungarian energy exchange HUPX fell in late January and stabilized in the first days of February amid slowly falling demand. Weekday day-ahead baseload on the exchange retreated to an average of 87-88 euros/MWh in Weeks 4 and 5 after peaking above 100 euros/MWh in the previous two weeks. January day-ahead averaged 85.73 euros/MWh, slightly above December and 42% lower compared to the same period in 2023.

Electricity demand declined from the first two weeks of 2024, aided by slowly rising but still relatively chilly temperatures.

On the supply side, net imports and the contribution of large power plants fell due to maintenance stops at a 400-MW CCGT gas unit and ongoing outages of 200 MW at the Matra lignite power plant. On the other hand, solar generation rose to a peak above 2 GW on most days late January.

Rising Balkans transit demand put some pressure on cross-border capacities, lifting imports from Austria to a four-year high. On the curve, month-ahead baseload eased from 81 euros/MWh to 77 euros/MWh and then further below 75 euros/MWh upon the switch to March contracts, according to HUDEX data.

Quarter-ahead base increased to above 70 euros/MWh while Cal 2025 remained flat over the fortnight at 88 euros/MWh with the premium over corresponding German quotes staying in the 6-9 euros/MWh range.

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