Southeast European electricity prices strengthened for delivery on 24 July 2026 despite lower indicated demand across several major systems, showing that renewable production profiles, thermal costs and cross-border constraints mattered more than aggregate consumption.
Hungary’s HUPX baseload increased to €131.01/MWh, while Slovenian BSP rose to €133.28/MWh, the highest monitored national average. Romania advanced to €129.98/MWh, Greece reached €124.85/MWh and Bulgaria settled at €124.08/MWh. Serbia’s SEEPEX recorded the largest percentage increase, rising 19.4 per cent to €102.64/MWh from €85.94/MWh in the previous session.
The increase occurred as indicated load fell from 4,375 MW to 4,149 MW in Hungary, from 3,426 MW to 3,301 MW in Serbia, from 1,503 MW to 1,483 MW in Slovenia and from 7,613 MW to 6,904 MW in Greece. Across those four systems, the combined reduction exceeded 1,000 MW. The movement contradicts a simple heat-and-demand explanation for the price increase.
Serbia remained the cheapest market, trading €30.64/MWh below Slovenia, €28.37 below Hungary and €27.34 below Romania. Its discount nevertheless narrowed sharply from the previous day, when the gap to Hungary exceeded €44/MWh. The Serbian market therefore moved back towards the regional complex without achieving full convergence.
Greece and Bulgaria were almost completely aligned, with only €0.77/MWh between their daily averages. Their hourly curves were similarly close, suggesting that interconnection availability and market coupling allowed the two systems to share generation and scarcity more effectively than the northern and western Balkan markets.
Romania, Hungary and Slovenia formed a higher-priced corridor around €130–€133/MWh, but their daily averages concealed severe intraday compression. The tradable market was less a single baseload product than two systems operating on the same day: oversupplied solar hours and a thermal-dependent evening ramp.
