Southeast European electricity markets moved sharply higher for delivery on 27 May 2026, with the regional pricing structure pointing to tighter evening balancing, stronger thermal dispatch, and heavier import dependence across interconnected systems. The shift followed a “27/5 reverse lower-priced weekend” pattern in SEE power markets.
The strongest day-ahead prices were recorded again in the eastern Balkans and Serbia-linked trading zones. SEEPEX Serbia closed at EUR 117.11/MWh, while ALPEX Albania reached EUR 116.82/MWh and Hungary’s HUPX settled at EUR 114.74/MWh. Romania’s OPCOM traded at EUR 110.11/MWh, and Bulgaria’s IBEX rose to EUR 106.63/MWh.
The price increase occurred despite relatively moderate regional temperatures of around 23–24°C. The move was therefore linked to structural balancing dynamics, cross-border flows, and evening scarcity pricing rather than weather stress.
Hungary-Germany spread widens as imports into SEE rise
A key signal was the widening Hungary-Germany spread, which expanded to EUR 30.7/MWh, up by EUR 16/MWh day-on-day. The widening coincided with higher core imports into the SEE region.
Flows from Austria and Slovakia into Hungary and Southeast Europe climbed to 2,540 MW. This represented an increase of more than 1,250 MW versus the previous session.
The market also showed a stronger evening premium profile across multiple exchanges. Hourly curves on HUPX, SEEPEX, OPCOM, IBEX, and HENEX displayed synchronized evening peaks approaching or exceeding EUR 230–257/MWh, particularly during hour 21.
Intraday pricing stays resilient; solar compression less extreme
The latest session differed from earlier weekends marked by deep solar-driven price collapses. Intraday pricing was described as more resilient, with Serbia’s market minimum remaining positive at EUR 26.4/MWh.
Hungary bottomed at only EUR 3.6/MWh. This was presented as consistent with a temporary easing of regional oversupply conditions.
Midday solar suppression remained visible but was less extreme than during recent negative-price episodes earlier in May. Evening tightness was therefore emphasized alongside reduced severity of solar-related price pressure.
Generation and balance shift; thermal output rises with higher net imports
Total regional generation increased to 27,014 MW, while net imports rose sharply to 1,591 MW. Gas-fired generation rose by 458 MW day-on-day, and coal generation increased by 290 MW.
The wind fleet improved to 3,120 MW. Hydro stayed around 6,476 MW, while solar eased slightly from prior sessions to about 6,205 MW.
Thermal flexibility remains central; interconnector flows highlight import reliance
The generation stack showed continued reliance on thermal flexibility despite renewable expansion. Hydro accounted for roughly 24%, solar 23%, coal 14%, gas 13%, wind 12%, and nuclear 12%.
Total imports contributed about 2%
