Expert analysis
Electricity market prices in April are indeed at elevated levels: up to the April 18 delivery day, HUPX DAM average prices are around 102 €/MWh.
For comparison:
- Between 2023 and 2026, only 2023 recorded a slightly higher April level, while 2024 and 2025 saw significantly lower prices.
- In March this year, the market was still pricing April delivery at around 96 €/MWh on average.
- The PL/BL ratio (~0,72) remains largely unchanged, indicating that the overall structure has not significantly shifted.
What is driving the higher prices?
The current price level is supported by a combination of factors:
- Higher gas prices: through the marginal pricing mechanism, they directly push DAM price levels higher.
- Power plant outages in the region: according to Montel News, around 900 MW of baseload capacity was offline at the beginning of the week, including nearly 300 MW of Hungarian gas-fired capacity.
- Lower wind generation in Romania, reducing regional supply.
- Weather effects: on some days, heating-related demand still contributed to higher consumption.
Could prices ease in the remainder of the month?
The outlook for the coming days is mixed:
- In the short term, supply may remain tight: between Monday and Wednesday, 428 MW capacity will be missing from the Hungarian mix due to maintenance (Gönyű).
- At the same time, weather conditions are improving, with more sunshine and milder temperatures expected.
Outlook
Increasing solar (PV) generation is likely to reduce daytime prices. If baseload capacity returns to the system and gas prices do not see a significant upward correction, a decline in DAM prices is also likely.
Overall picture
High April prices are primarily driven by short-term supply constraints and gas market dynamics. However, signs of easing may emerge in the second half of the month—especially as renewable generation strengthens.
Source: Montel News; ICE
Analysis written by: Tóth Eszter Lilla
17.04.2026.