On 16 April 2026, the Southeast European (SEE) power markets observed a significant reduction in day-ahead prices, reflecting a broader regional trend of declining demand and diminished imports. The average prices across the region showed a notable retreat with Hungary at €127.65/MWh, Romania at €121.10/MWh, Serbia at €115.16/MWh, and Greece recording the lowest price at €91.60/MWh. The sharpest declines were noted in Albania and Greece, with decreases of €48.6/MWh and €34.3/MWh respectively compared to the previous day.
The underlying dynamics of this price movement indicate a shift in the physical balance of the market. Total electricity consumption across SEE fell to an average of 30,184 MW, down by 282 MW from the previous day, while total generation saw a more substantial drop to 29,052 MW, decreasing by 1,048 MW. A critical factor was the dramatic reduction in net imports, which plummeted from 1,414 MW on 15 April to just 49 MW on 16 April—a contraction of 1,462 MW that significantly influenced market pricing.
The generation mix reflected typical spring shoulder-market characteristics with hydroelectric output rising to 7,434 MW and coal contributing 4,659 MW. Gas generation was recorded at 4,124 MW and wind at 2,247 MW; however, solar power output fell to 3,487 MW—down by 812 MW from the previous day. Despite this decline in solar production, nuclear generation remained stable at approximately 5,825 MW. This combination resulted in regional prices remaining elevated within a range of €90–128/MWh rather than collapsing entirely.
Despite experiencing a drop in prices, Hungary maintained its position as the pricing leader within the region. The HU-DE day-ahead spread narrowed to €16.96/MWh but remained sufficient to keep Hungary ahead of its neighbors in pricing dynamics. Forward market indicators also suggested continued strength for Hungarian power against German benchmarks with projected spreads for Week 17 set at €18.5/MWh.
Intraday trading patterns revealed that evening peak hours continued to be a critical point for pricing pressure across multiple markets including HUPX and OPCOM. During peak hours (20–22), Hungary reached a maximum price of €278.0/MWh while Serbia recorded highs of €171.0/MWh amidst softer midday pricing due to lower solar contributions compared to earlier sessions.
In the western Balkans context, Serbia and Montenegro remained closely aligned with continental trends rather than deviating towards softer pricing seen in Greece. SEEPEX and BELEN reported prices at €115.16/MWh and €109.16/MWh respectively—both showing considerable declines but remaining stable within regional averages.
Cross-border flow data highlighted Romania as the leading net exporter with an average export capacity of approximately 1,041 MW while Greece also contributed significantly with around 1,215 MW exports. Conversely, Croatia (-616 MW), Serbia (-338 MW), and Hungary (-798 MW) were identified as net importers for this trading period.
The backdrop of commodity prices added further pressure on power market dynamics as CEGH gas prices settled at €43.93/MWh—a drop of €2.2/MWh—while coal forwards reflected lower values for May-26 at $103/t and Q3-26 at $110.5/t.
Overall analysis indicates that while the trading session on 16 April represented a correction following previous spikes in pricing levels rather than indicating a fundamental shift in market structure or stability within SEE markets. Key factors moving forward will include potential rebounds in solar energy production after recent declines and whether hydro resources can continue to support overall generation needs amidst fluctuating demand levels.
