Romania Power Prices Surge 55% on Day-Ahead Market — NRG-IA

Electricity prices on Romania's Day-Ahead Market (DAM) surged by 54.74% for delivery on Monday, November 9, 2026, reaching an average of 2,073.46 RON/MWh, up from 1,339.98 RON/MWh the previous day. Data released by market operator OPCOM shows that the price increase is even more pronounced during peak hours, when prices exceed 3,300 RON/MWh, hitting a peak of 3,385.24 RON/MWh between 18:30 and 18:45. This marks one of the sharpest daily increases in recent memory, occurring against a backdrop where Romania remains heavily reliant on imports and constrained domestic generation capacity. The price hike is not an isolated event. For the same delivery date, Romania recorded an average price of €388.23/MWh, compared to €373.20/MWh in Hungary, €371.50/MWh in Bulgaria, and €349.98/MWh in Greece. Elevated prices across other European markets point to pressures extending beyond Romania's power grid. Nevertheless, Romania remains among the most expensive bidding zones in Europe. This trend comes at a time when Unit 1 of the Cernavodă nuclear power plant has recently been restarted, while Unit 2 remains sidelined due to hydrological conditions on the Danube. At the same time, wind power generation is minimal, forcing the national power grid to rely significantly on imported electricity. The combination of these supply constraints and typical weekday demand accounts for a major share of the market pressure. Prices Surge Most Dramatically During Peak Hours OPCOM data indicates that the ROPEX_DAM_Peak index, covering peak hours as defined by the market operator, reached 2,407.63 RON/MWh, up 69.22% from the previous day. Off-peak hours saw the ROPEX_DAM_Off-Peak index rise to 1,739.29 RON/MWh, a 44.84% increase over Sunday. The divergence between these two metrics underlines that price pressure is far more acute during periods of high demand. During the second half of the day, prices rose steadily, surpassing 2,500 RON/MWh before breaking through the 3,000 RON/MWh mark. The peak of 3,385.24 RON/MWh—equivalent to approximately €634/MWh—was recorded during a 15-minute interval during the evening peak. At that level, wholesale energy traded on the day-ahead market cost roughly 3.39 RON/kWh, prior to network tariffs, taxes, and other final price components. Comparing these figures with previous days provides additional context. On Thursday, November 5, the day-ahead average stood at 1,731.40 RON/MWh, before settling at 1,638.50 RON/MWh on Friday, November 6. Over the weekend, prices eased to 1,408.61 RON/MWh on Saturday and 1,339.98 RON/MWh on Sunday. While the return of business activity on Monday partially explains the uptick compared to the weekend, the 2,073.46 RON/MWh average significantly exceeds previous weekday levels as well. Traded volume is another critical element. For November 9, OPCOM reported approximately 35,746 MWh traded on the DAM, compared to roughly 36,560 MWh the previous day. Thus, prices climbed sharply despite slightly lower overall market volumes. This trend indicates that the price spike cannot be attributed to a simple surge in day-ahead purchasing volumes alone, but must be analyzed in relation to bid structure, hourly demand distribution, and regional power availability. Low Wind Generation and Evening Peak Demand Strain the Grid On the morning of November 9, Romania's power system was operating with minimal contributions from wind farms. According to operational data from TSO Transelectrica aggregated by the roEnergy platform, wind output was just 41 MW at 04:34 AM, accounting for approximately 1.1% of domestic generation. At that same hour, thermal power plants (gas/oil) provided 1,658 MW, hydropower generated 778 MW, coal-fired units supplied 610 MW, and nuclear output stood at roughly 500 MW. This generation mix is key to price formation. When available, wind energy carries low marginal costs, helping meet demand without clearing higher variable cost capacity. When wind output drops sharply, other generation assets must ramp up to cover the deficit. Depending on available order books and market conditions, this forces the market to clear higher-cost sell offers. Pressure builds further during evening hours, as solar output declines while household consumption overlaps with ongoing commercial activity. The TSO forecast for November 9 projected peak consumption at around 7,870 MW at 18:15 PM, compared to an overnight low of roughly 5,070 MW. The ~2,800 MW spread between peak and off-peak demand highlights the substantial intra-day flexibility requirements facing the grid. The peak day-ahead price occurred precisely around this high-consumption window. This relationship aligns with the pricing mechanism in coupled markets: as demand rises, additional generation and import offers are dispatched, often at higher marginal costs. While the exact contribution of low wind power to the 54.74% price surge cannot be isolated from a single operational snapshot alone, the availability of renewables…