Day-ahead electricity prices in Southeast Europe for delivery on 4 June moved sharply lower as imports from Central Europe increased and wind and solar generation weakened. The regional supply tightness eased, while Albania was the only major market to post gains. The session also saw a broad drop across neighbouring exchanges.
Day-ahead settlements across Hungary, Romania, Bulgaria and Serbia
Hungary’s HUPX baseload contract fell by 27.7% day on day to €88.57/MWh, pulling down most nearby markets. Romania’s OPCOM and Bulgaria’s IBEX both settled at €91.05/MWh. Serbia’s SEEPEX closed at €91.61/MWh.
Slovenia’s BSP and Croatia’s CROPEX recorded the steepest declines, falling to €75.30/MWh and €77.61/MWh, respectively. Prices in the region therefore diverged from the higher levels seen in some central markets during the same delivery day.
Adriatic market split with Albania premium
The Adriatic market remained fragmented, with Albania’s ALPEX rising by 18.4% to €119.02/MWh. That level kept a substantial premium versus the rest of the Balkans. Other exchanges in the wider region recorded declines over the same period.
Generation and demand shift increases import reliance
Regional electricity demand stayed broadly stable at 28.3 GW, while total generation dropped to 26.95 GW. The change increased reliance on imports for balancing supply-demand conditions. Wind output declined by approximately 675 MW, while solar generation fell by 857 MW versus the previous day.
Hydro generation partially offset the renewable decline, rising by 214 MW. As domestic production weakened, net imports into the SEE-Hungary region surged to 2,869 MW, up 1,300 MW day on day. Imports from Austria and Slovakia through the Core region increased to 3,939 MW, up 1,653 MW.
Cross-border flows and intraday price shape
The Hungarian-German day-ahead spread widened to €27.23/MWh, supporting continued west-east power flows into Hungary and onward into Southeast Europe. Cross-border flow data showed Hungary as the principal import hub, with average net imports of 1,540 MW. Romania imported 580 MW, Serbia 672 MW, and Croatia 674 MW.
Greece remained a net exporter at 581 MW, supported by stronger domestic generation. Hourly profiles showed a pronounced solar-driven price collapse during midday hours across most exchanges, with several markets approaching zero-price territory. Evening ramps stayed elevated as solar output declined and thermal units returned to set marginal prices.
Forward prices, gas and carbon support thermal economics
Despite weaker spot markets, forward contracts were described as firm. Hungarian Week-24 baseload traded around €112/MWh, while Calendar-2026 contracts held near €114.50/MWh. This pricing pattern indicated tighter summer fundamentals being reflected beyond prompt trading.
Austrian CEGH month-ahead gas rose to €50.62/MWh. December 2026 EU Allowances traded around €78.6/tCO₂, providing cost support for thermal generation across the region.
Italy-Southeast Europe spread and weekend weather outlook
The pricing divergence between Italy and Southeast Europe remained under focus, with Italian day-ahead power at €136.96/MWh. That was more than €45/MWh above Serbia and Romania , and around €43/MWh above Montenegro . The spread supported higher utilisation of Adriatic interconnection capacity.
Weather forecasts pointed to gradually rising temperatures across most Southeast European markets through the weekend. Improving solar conditions could keep pressure on midday prices, while evening peaks were expected to remain supported by strong Italian demand, elevated cross-border exports, and continued dependence on imports during periods of weaker renewable generation.
