In the first half of March, Hungarian day-ahead prices initially increased, driven by higher input prices, but reversed amid better supply conditions.
Weekday day-ahead baseload on the HUPX exchange averaged around 77 euros/MWh in the first week of March, up 5- 6 euros/MWh from late February, but fell back to 70 euros/MWh for the second week and closed March 15, at 59.4 euros/MWh.
Overall, Hungarian spot prices closely tracked German prices for most of the period. The initial increase was driven by higher gas and carbon prices, a small lift in domestic demand amid slightly cooler weather and scheduled outages at a 500-MW nuclear unit, a 400-MW CCGT plant and 200 MW of lignite. Some of these trends reversed in the second week with the return of CCGT and lignite capacities.
In addition, cross-border flows also ebbed in the second week of March, thanks to lower Balkans transit demand.
Forward prices rebounded sharply in the first days of March, only to retreat to late-February levels by the middle of the month. April base closed March 14 at 60.70 euros/MWh, quarter-ahead base at 60.40 euros/MWh and year-ahead base at 81.90 euros/ MWh, HUDEX data show.
Premiums above German contracts stood at around 5 euros in shorter maturities and 6-7 euros/MWh for Cal 2025.
