On 12 June 2026, the Southeast European power market entered a more fragmented pricing structure, with Central European prices rising while Western Balkans prices stayed discounted. Hungary, Romania, Bulgaria and Greece all cleared above €110/MWh. Serbia cleared at €74.33/MWh, the lowest level in the region and more than €37/MWh below HUPX.
Day-ahead pricing and east-west spread
The day-ahead market showed a widening east-west divergence linked to stronger renewable output in the Balkans and higher imports from Central Europe into the regional system. Hungary’s HUPX rose to €111.89/MWh, Romania’s OPCOM reached €111.30/MWh, Bulgaria traded at €110.88/MWh, and Greece led at €116.43/MWh. Serbia’s SEEPEX remained the outlier at €74.33/MWh.
Albania and Montenegro cleared at €84.07/MWh and €89.44/MWh, respectively. The spread dynamics were also reflected in the return of a strong Hungary-Germany differential of €14.43/MWh, after a negative spread on the previous day. This shift supported higher cross-border activity from Austria and Slovakia into Hungary and the wider SEE market.
Cross-border inflows from the CORE region increased to 1,182 MW. The day-ahead pattern therefore combined higher Central European pricing with weaker Balkan pricing levels, alongside movement in import flows into the Hungarian market.
Demand, generation mix and regional balance
Regional consumption eased slightly to 29.3 GW, while total generation slipped to 29.4 GW. Solar output fell by 769 MW day-on-day to 6.27 GW. Wind generation increased by 442 MW to 1.56 GW.
Hydro remained the dominant generation source at 6.67 GW, representing approximately 24% of the generation mix. Coal contributed 5.2 GW, gas accounted for 4.3 GW, and nuclear generation stood at 4.1 GW.
The regional power balance indicated near self-sufficiency for the combined SEE-Hungary area, with net imports of only 65 MW. Internal flows were still substantial, with Hungary importing heavily from Austria and Slovakia while Greece continued to draw power from northern neighbors.
Balkan premium signals and forward market levels
A key trading feature was Greece’s persistent premium in HENEX pricing at €116.43/MWh. That level placed Greece nearly €42/MWh above Serbia and over €5/MWh above Hungary. The premium was linked to Greece’s reliance on gas-fired generation during evening peaks and its role as a regional gas hub.
Batteries, grid work and Serbia supply developments
Hungary commissioned a battery project described as its largest to date: a storage facility of 99.8 MW / 288.6 MWh developed by Greenvolt near Buj. In parallel, Budapest announced a €1.5 billion grid-modernization package intended to unlock approximately 4.8 GW of additional renewable capacity.
MOL-NIS talks, weekend weather and regional two-speed pricing theme
The report highlighted an agreement between Serbian authorities and MOL concerning a potential acquisition of the majority stake in NIS currently held by GazpromNeft. The transaction was described as still requiring OFAC approval and agreement between Russian and Hungarian parties, with commitments related to continued operation of the Pancevo refinery.
