Southeast European power markets rebounded sharply on Tuesday, with day-ahead prices rising across nearly all trading hubs as stronger weekday demand, higher thermal generation and renewed import requirements pushed regional benchmarks back above the €100/MWh threshold.
Hungary’s HUPX market led the region, settling at €127.73/MWh, up €11.5/MWh day-on-day, while Romania’s OPCOM rose to €124.02/MWh and Croatia’s CROPEX climbed to €121.76/MWh. Slovenia’s BSP market closed at €121.10/MWh, while Serbia’s SEEPEX posted one of the strongest gains in the region, jumping €30/MWh to €118.15/MWh. Bulgaria’s IBEX reached €117.40/MWh, with Greece’s HENEX ending at €114.46/MWh. Albania remained the lowest-priced market at €78.86/MWh, despite recording a substantial daily increase.
The rally came as regional electricity consumption increased to 29.2 GW, up more than 1.1 GW from Monday levels, reflecting a return of industrial and commercial demand following the weekend period. Total generation expanded even faster, rising by approximately 5.6 GW to 28.6 GW, supported by gains across nearly every major generation technology.
Solar output recovered strongly to 6.6 GW, while hydro generation increased to 6.5 GW. Gas-fired production recorded one of the largest increases, rising above 4 GW, while wind generation more than doubled compared with the previous day. Nuclear generation remained stable at around 4.1 GW. Despite the strong rise in supply, prices stayed elevated, highlighting persistent structural tightness in the regional power system.
Market participants pointed to the continued premium of Southeast European markets over Western Europe as evidence that fundamentals remain driven by cross-border constraints and import dependence. The Hungarian-German day-ahead spread widened to almost €31/MWh, reinforcing congestion and scarcity signals across Central Europe.
Cross-border flows supported this picture. Net imports into the wider SEE region increased to around 767 MW, while imports through Central European corridors exceeded 1.8 GW. Strong inflows from Austria and Slovakia continued to support Hungarian and regional balances, while Italy remained a key export destination due to its persistent price premium.
Forward markets also moved higher, reflecting expectations of tighter summer fundamentals. Hungarian week-ahead contracts traded around €114.5/MWh, while July products climbed to €122.5/MWh. The upward curve indicates traders are pricing in stronger cooling demand, sharper evening ramps and sustained reliance on thermal generation.
Fuel markets offered limited relief. Austrian CEGH gas strengthened above €51/MWh, while EU carbon allowances held near €77/t, keeping marginal generation costs elevated for gas-fired plants. Coal futures also edged higher, reinforcing the overall price floor across thermal assets.
For Serbia, the session coincided with important structural developments, including approval of the environmental framework for the Bistrica pumped-storage hydropower project, a key future flexibility asset. At the same time, more than 60 renewable facilities have exited Serbia’s legacy feed-in tariff scheme since 2022, increasing exposure to wholesale market dynamics.
Across the wider region, investment activity continues to accelerate. The EBRD approved a €175 million financing package supporting around 400 MW of new renewables across Greece, Bulgaria and Romania. Slovenia launched a €10 million battery storage programme, while Romania’s 1.7 GW Mintia gas plant has reached over 80% completion, with first generation expected later this year.
Overall, the combination of rising demand, strong thermal dispatch and persistent import dependence suggests Southeast European markets remain structurally tight. With warmer weather ahead and forward prices firming, traders are likely to maintain a bullish near-term outlook heading deeper into the summer period.
