Electricity.Trade’s May 2026 regional analysis shows that import dependence is becoming more than a short-term trading issue. It is increasingly a bankability, procurement and industrial competitiveness issue. In May, Italy, Hungary, Croatia, Romania and Serbia were net importers, while Greece, Bulgaria and Türkiye were net exporters. That split matters for industrial buyers because electricity sourcing is no longer only about price. It is also about availability, traceability, volatility and contractual reliability.
The import figures were substantial. Italy recorded 3,706.01 GWh of net imports, Hungary 1,076.31 GWh, Croatia 583.90 GWh, Romania 440.59 GWh and Serbia 422.97 GWh. These are not marginal balancing volumes. In Croatia, net imports represented 43.78% of the electricity mix. In Hungary, they accounted for 29.97%, and in Italy 17.97%. For large industrial consumers, this means domestic procurement costs are increasingly exposed to cross-border availability and congestion risk.
The commercial consequence is that power supply contracts need to become more sophisticated. A fixed-price supply agreement may look attractive, but if the supplier is heavily exposed to imports, congestion charges, volatile day-ahead prices or gas-linked marginal costs, the contract may carry hidden risk. Industrial buyers, especially exporters, will need stronger documentation of supply origin, price-index exposure, balancing terms, renewable content and carbon attributes.
This is particularly relevant for CBAM-exposed industrial producers. The electricity used in production can become part of customer due diligence, procurement screening and future carbon-cost management. Buyers exporting to the EU will increasingly prefer electricity supply arrangements that are traceable, bankable and verifiable. A renewable PPA without robust metering and delivery evidence may not be enough. A supplier claim without independent documentation may not satisfy EU clients or lenders.
May’s market data shows why this issue is moving quickly. Prices were elevated across most import-dependent markets: Italy at €119.35/MWh, Romania at €109.56/MWh, Hungary at €106.51/MWh, Croatia at €103.58/MWh and Serbia at €96.63/MWh. Import exposure did not always produce the highest price, but it increased sensitivity to regional conditions.
Electricity.Trade should frame import dependence as a new layer of industrial power risk. In SEE, energy-intensive companies will increasingly need procurement strategies that combine price hedging, renewable sourcing, cross-border risk assessment and CBAM-ready documentation. The market is moving from simple electricity supply toward verified electricity procurement.
