Southeast Europe entered 12 August 2026 with lower day-ahead electricity prices across several EU markets, but exceptionally wide fifteen-minute price ranges created a more challenging trading environment. Strong solar generation pushed prices sharply lower during the middle of the day, while nuclear, hydropower and cross-border constraints supported significant scarcity premiums during the evening ramp.
Hungary’s HUPX market cleared at an average of approximately €123.20/MWh. The lowest fifteen-minute price fell to €36.50/MWh before prices climbed to €264.90/MWh, resulting in a daily spread of more than €228/MWh.
Bulgaria recorded a lower average on IBEX, at around €104/MWh, with prices ranging from €11/MWh to approximately €198.90/MWh. Greece averaged roughly €116.50/MWh, while HEnEx prices fluctuated between €25/MWh and €174.20/MWh.
Romania recorded the region’s most extreme price curve. OPCOM saw a prolonged period of zero or near-zero prices from around 12:30 until after 15:30, despite limited nuclear and hydropower availability. Prices subsequently surged to €310/MWh at 20:45–21:00, pushing the daily spread above €300/MWh.
The results marked a significant change from delivery on 11 August, when Hungary, Romania, Serbia, Croatia, Slovenia and Albania largely converged around €150/MWh. Serbia cleared at €149.94/MWh, Hungary at €151.44/MWh, Romania at €149.54/MWh and Montenegro at €155.59/MWh.
The lower averages recorded on 12 August should not be interpreted as evidence of a fundamentally better-supplied regional market. Instead, they reflect deeper photovoltaic price cannibalisation during midday hours. Firm electricity remains expensive, while the daily baseload increasingly combines several hours of almost valueless solar generation with a concentrated period of thermal and flexibility scarcity during the evening peak.
