Hungary remained one of the most expensive markets in the SEE-connected region in Week 24, despite a clear improvement in its import balance. The Hungarian day-ahead average fell 4.3% to €98.71/MWh, but it still ranked above Greece, Bulgaria, Croatia and Serbia, and remained close to Romania’s €97.38/MWh.
Demand growth was limited. Hungarian electricity consumption rose by only 1.1%, a modest increase compared with Italy’s 6.7%, Greece’s 5.8% and Türkiye’s 3.8%. Supply conditions improved more visibly. Variable renewable generation increased 21.2%, while hydropower rose 27.3% from a very low base.
The more important market movement was cross-border trade. Hungary remained a net importer, but net imports fell by 108.5 GWh, or 60.3%. That reduction suggests better domestic and regional supply availability, supported by stronger renewable output and softer neighbouring prices.
Yet Hungary stayed in the higher price band. The June 17 day-ahead map showed Hungary at €123.79/MWh, the highest SEE daily price point in the report’s snapshot. This confirms Hungary’s structural exposure to Central European price formation, especially when regional demand rises and interconnector economics pull supply toward premium zones.
Hungary’s role is therefore different from Serbia or Bulgaria. Serbia saw a sharp price fall and remained relatively cheap, while Bulgaria expanded exports. Hungary, by contrast, reduced imports but did not break out of the high-price cluster. Its market remains sensitive to Central European spreads, domestic load patterns, solar output profiles and cross-border congestion.
For traders and corporate buyers, Hungary continues to function as a premium reference point for SEE-linked hedging. Even when imports decline, Hungarian prices can remain elevated because the market sits between Balkan generation dynamics and Central European scarcity pricing.
