Day-ahead electricity prices across South East Europe (SEE) experienced a significant increase for delivery on 14 April, attributed to a rebound in demand, diminished solar generation, and tighter supply conditions within the region. This surge reflects the ongoing volatility and interdependencies in the energy markets of Central and Eastern Europe.
Leading the price hike was Hungary’s HUPX, which settled at €144.19/MWh, marking an increase of €46.2/MWh day on day. This price point represents the highest level recorded in the region. Neighboring markets mirrored this trend, with Slovenia’s BSP clearing at €142.07/MWh, Croatia’s CROPEX at €141.76/MWh, and Romania’s OPCOM at €139.77/MWh. Bulgaria’s IBEX and Greece’s HENEX both recorded prices of €132.81/MWh, indicating robust bullish momentum across these markets.
In contrast, Western Balkan markets showed comparatively lower prices, with Serbia’s SEEPEX clearing at €97.85/MWh, Montenegro’s BELEN at €118.87/MWh, North Macedonia’s MEMO at €111.98/MWh, and Albania’s ALPEX registering the lowest at €78.61/MWh. This divergence underscores ongoing structural imbalances in hydropower availability and varying levels of dependency on imports.
The primary driver behind the price surge was a notable increase in regional electricity consumption, which rose to 30,365 MW, an uptick of 3,287 MW compared to the previous day. Concurrently, solar output fell to 3,779 MW, down by 788 MW, exacerbating supply constraints during peak hours. Although wind generation saw a slight increase to 1,980 MW, it was insufficient to alleviate upward pressure on prices.
The reliance on conventional generation sources became evident as hydropower and thermal generation worked to stabilize the grid. Hydro output reached 7,001 MW, while coal-fired plants produced 4,200 MW, gas contributed 3,112 MW, and nuclear generation stood at 5,841 MW. Overall generation climbed to a total of 27,574 MW, reflecting the system’s heavy dependence on traditional energy sources amidst fluctuating renewable contributions.
Cros-border electricity flows played a crucial role in this context, with net imports into the SEE-Hungary area increasing to 333 MW, up by 829 MW from the previous day. Notably, core imports into the Hungarian-Slovenian region surged to 1,770 MW. The widening spread between Hungary and Germany prices at €6.11/MWh has further incentivized imports and reinforced Hungary’s position as a key price setter within the region.
The influence of Western European benchmarks also contributed to regional stability; German day-ahead prices were recorded at €138.09/MWh, Austrian prices at €141.49/MWh, and Italian prices at €150.62/MWh. These figures align closely with those in Central Europe, thereby limiting arbitrage opportunities across borders.
The supportive nature of fuel and carbon markets cannot be overlooked; the CEGH gas benchmark rose to €49.28/MWh, while EU carbon allowances (EUA) traded around €72.59/t. These developments have maintained upward pressure on thermal generation costs and bolstered bullish sentiment throughout power markets.
The intraday trading patterns revealed pronounced evening peaks across regional exchanges due to tighter supply as solar production diminished during ramping hours. Hungary noted intraday highs exceeding €240/MWh , with similar spikes occurring in Romania and Slovenia — highlighting persistent volatility within interconnected SEE markets.
Looking ahead, forecasts suggest moderately rising temperatures will sustain demand levels without significantly altering market fundamentals. Price trajectories are expected to remain closely linked to renewable output fluctuations, cross-border flow dynamics, and developments within fuel markets.
This latest trading activity emphasizes how sensitive SEE power markets are to variations in renewable generation alongside demand shifts, with Hungary continuing its role as a pivotal price driver and liquidity center for the broader region.
