Futures prices on the Hungarian electricity derivatives exchange, HUDEX, have fluctuated significantly over the past two weeks, remaining at extremely high levels.
Thus, the contract for the fourth quarter of 2022 was traded on September 6 for 660.55 euros per MWh. However, the highest price in the current year (which is also a historical record on HUDEX) was achieved on August 26 – 957.7 euros per MWh.
Prices for electricity delivery in October 2022 also recorded a similar trend, falling in the previous two weeks from €874.5 per MWh to a still high €512.5 per MWh on Tuesday.
The contract for one year in advance also approached the threshold of 1,000 euros, only to fluctuate in the range of 560-620 euros per MWh in the previous days.
These levels are unprecedented in Hungary, but also in other European markets. For example, if you look at the entire year 2022, for a product with delivery in 2023, the limit of 500 euros was crossed for the first time on August 15. Since then, the price for the annual product has not fallen below this level.