In week 28, SEE electricity prices recorded an unprecedented increase compared to the previous week of 40% on average. In the SEE region, the prices on energy exchanges surged in all the markets, due to record-high temperatures, the reduction of transmission capacities between Hungary and the rest of the European Union and Serbia and between Bulgaria and Romania. There was also a delay in the return of the Kozloduy nuclear plant to operation, along with the reduction in output from coal-fired power plants and Ukraine’s switch from exporter to importer.
Hungary and Serbia registered the highest increases by 94% and 55% respectively, compared to the previous week. Romania and Croatia recorded higher electricity prices by 48% and 41%, respectively.
Hungarian energy exchange HUPX recorded on July 11 the highest hourly price since September 2022, at 940 euros/MWh for deliveries between 20:00 and 23:00 and the highest average day-ahead price in Europe at 263.99 euros/MWh, driven by the ongoing heatwave, cross-border constraints and heightened power exports to Ukraine.
In Greece, electricity prices in the evening hours reached 500 euros /MWh, forming an average daily price of 190.13/MWh.
All SEE countries registered electricity price hikes, with weekly average electricity prices above 100/MWh. Romania, Hungary and Serbia recorded prices above 160 euros/MWh.
Hungary reached the highest price in Europe – 177.87 euros/MWh. It was followed by Romania (168.96 euros/MWh and Serbia (162.48 euros/MWh).
Weekly average spot electricity prices in Central Europe followed an upward trend during week 28, but not as steep as in the Balkan region. Electricity markets in Central Europe posted prices between 39 and 113 euros/MWh.
Slovakia recorded the highest electricity price at 112.9 euros/MWh. The Swiss market was the cheapest in Central Europe at 39.27 euros/MWh.
In the second week of July, weekly averages were hovering around 97 euros/MWh in all European electricity markets. Prices ranged from 39.27 euros/MWh in the Swiss market to 177.87 euros/MWh in the Hungarian market.
