Southeast Europe entered 12 August 2026 with lower day-ahead averages in several EU markets but exceptionally wide fifteen-minute price ranges. The result is a more difficult trading environment than a uniformly high baseload market: solar depresses prices for several hours, while nuclear, hydro and cross-border constraints preserve substantial scarcity premiums around the evening ramp.
HUPX cleared at an average of approximately €123.20/MWh. Hungary’s lowest fifteen-minute product fell to €36.50/MWh, but prices subsequently reached €264.90/MWh, producing a daily range of more than €228/MWh.
Bulgaria was cheaper, with an IBEX average near €104/MWh, a minimum of €11/MWh and a maximum of approximately €198.90/MWh. Greece averaged roughly €116.50/MWh, with HEnEx products ranging between €25/MWh and €174.20/MWh.
Romania generated the most extreme curve. OPCOM recorded a prolonged sequence of zero or near-zero prices from approximately 12:30 until after 15:30, despite the country’s shortage of nuclear and hydropower generation. The market then rose to €310/MWh at 20:45–21:00. The daily Romanian price spread consequently exceeded €300/MWh.
These results represent a marked change from delivery on 11 August, when Hungary, Romania, Serbia, Croatia, Slovenia and Albania converged around €150/MWh. Serbia had cleared at €149.94/MWh, Hungary at €151.44/MWh, Romania at €149.54/MWh and Montenegro at €155.59/MWh.
The lower 12 August averages should not be read as evidence that the region has become physically better supplied. They primarily reflect deeper photovoltaic price cannibalisation during the middle of the day. Firm electricity remains expensive, while the daily baseload increasingly combines several hours of almost valueless solar output with a concentrated block of thermal and flexibility scarcity.
