Day-ahead price declines across major exchanges
Day-ahead electricity prices in Southeast Europe fell for delivery on 11 June as solar generation expanded and temperatures eased. Serbia saw the steepest drop among major exchanges, with SEEPEX falling by €37.4/MWh day on day to €78.37/MWh, the lowest price in the region. Slovenia’s BSP exchange declined to €94.71/MWh, while Croatia’s CROPEX settled at €96.01/MWh.
Hungary’s HUPX and Romania’s OPCOM remained close to the €100/MWh level even as declines exceeded €24/MWh. Montenegro recorded the highest price among the listed markets at €104.74/MWh, while Italy continued to trade at a premium of €127.23/MWh. The Serbia-to-Italy spread approached €49/MWh.
Temperature retreat and generation mix shift
The price correction coincided with a retreat in temperatures across Central and Southeast Europe. Regional average temperatures fell to 20.4°C, while Serbia recorded one of the largest moves, dropping from 24.2°C to 18.3°C. Lower cooling demand reduced system stress alongside elevated renewable output.
Total regional power generation rose to 29.1 GW, up almost 1 GW from the previous day. Hydro output increased by 190 MW, coal generation rose by 316 MW, and gas-fired generation climbed by 317 MW. Solar production stayed exceptionally strong at 6.6 GW, representing approximately 23% of total generation, while hydro remained the largest single source at 24%.
Imports ease as supply balance strengthens
A stronger supply balance reduced import needs across the region. Net regional imports fell to only 70 MW, compared with 235 MW a day earlier. The lower import requirement reflected domestic renewable generation displacing imported electricity during daylight hours.
Romania’s solar record and regional flow patterns
Romania continued to stand out in the regional renewables build-out as solar output reached a new all-time high of 2,634 MW. The figure surpassed the previous national peak set only days earlier. During peak production, solar accounted for roughly 43% of Romanian generation, enabling exports of approximately 1,600 MW.
Cross-border flows showed continued reliance patterns during parts of the day. Romania and Bulgaria remained major exporters, while Hungary, Greece, Croatia and Serbia continued to rely on imports during some hours. The approach of the Serbia-to-Italy spread toward €49/MWh reflected export economics linked to access through regional interconnections.
Solar intensity in Hungary and forward market pricing
The Romanian solar record followed broader structural changes cited for the region. Hungary has become described as the world’s most solar-intensive electricity system, with solar accounting for 27% of national electricity generation during 2025. The report figures cited link higher photovoltaic penetration to suppressed daytime prices and steeper evening ramps.
Forward markets remained stronger than prompt levels in the session described. Hungarian Week 26 contracts traded at €117/MWh, while July contracts were at €121.5/MWh. Carbon allowances strengthened to €76.94/t, and Austrian gas rose to €50.67/MWh.
Evolving intraday dynamics across regional markets
The latest trading session indicated that solar output increasingly set daytime prices across Hungary, Romania, Bulgaria and Serbia. This reduced thermal generation influence during midday hours relative to earlier conditions described in the session data. The same period also saw expectations tied to flexibility needs as photovoltaic capacity expands.
The market structure described featured depressed midday prices alongside stronger evening recoveries and widening intraday spreads. Opportunities were highlighted for battery storage operators, hydro generators and traders conducting arbitrage between renewable-rich Southeast Europe and structurally tighter western European markets.
