Hungary remained one of Southeast Europe’s most expensive electricity markets in Week 34 as the system sharply increased thermal generation and became substantially more dependent on net imports.
The Hungarian day-ahead market averaged €155.16/MWh, up 7.2% from Week 33. That placed Hungary behind only Italy among the monitored markets and created a discount of roughly €22/MWh against neighbouring Serbia.
Generation data show a major change in Hungary’s supply mix compared with Week 30. Total thermal output increased 149.48%, with the report attributing much of the increase to higher gas-fired generation. At the same time, Hungary’s net imports rose 139.08%.
The combination is significant because both sources of supply were exposed to elevated marginal costs. Imported electricity was being sourced from a broadly tighter regional market, while European gas prices were approaching their highest levels since early 2023.
Hungary’s hydro contribution remained minimal and declined 11.92% compared with Week 30, although from a very low base. That leaves the market with fewer domestic low-cost flexible options when renewable production changes quickly.
The resulting price premium is therefore not merely a reflection of strong consumption. Hungarian demand actually slipped 0.48% compared with Week 30. Instead, the Week 34 structure points toward supply economics as the dominant driver.
For the regional market, Hungary’s position matters because it creates a strong pull on lower-priced neighbouring systems. Serbia in particular retained a sizeable discount during the week, providing an obvious price signal for northbound electricity whenever transmission capacity was available.
The Hungarian market therefore continues to act as an important high-value destination within the Southeast European trading system. During periods of expensive gas and limited low-cost domestic flexibility, that premium can widen quickly.
Week 34 offers a clear example: Hungary was not experiencing exceptional demand growth, but the cost and composition of available supply were sufficient to keep wholesale prices well above much of the Balkans.
