Electricity.Trade analysis confirms that gas remains the marginal fuel shaping power prices across much of South-East Europe, particularly during peak hours. On 24 February, Austrian gas forward prices near 33.83 EUR/MWh coincided with Hungarian power prices exceeding 115 EUR/MWh, illustrating the amplification of gas costs through efficiency losses, carbon pricing, and scarcity premiums.
Romania’s gas import profile underscores this relationship. Imports increased by 75% in 2025, reaching nearly 3.2 million tons of oil equivalent, reflecting growing reliance on external supply. Electricity.Trade notes that during high-demand periods, this dependency feeds directly into power market pricing.
Gas-power coupling also influences cross-border flows. Rising gas prices in Greece or Bulgaria alter export patterns toward Italy and Turkey, redistributing stress northward into the wider SEE region. Traders increasingly integrate gas hedging into power portfolios to manage this interconnected risk.
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