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Hungary cuts Paks output, regional prices surge above €500/MWh

8/10/2026

27 6 Full Breakdown

Summary

Story summary

Hungary shut down seven of eight turbines at the Paks nuclear plant, cutting output to about 12% capacity.
Wholesale electricity prices hit €500/MWh, while evening peaks topped €300/MWh in Poland, Slovakia, Romania and Hungary.
Serbia and Slovakia reduced hydropower, with Serbia’s Iron Gate falling to a fraction and Slovakia’s Gabcikovo operating 12% below last year.

History

Historical Context

The 1973 OAPEC oil embargo, led by Saudi Arabia, cut supplies and drove crude from $3 to $12 per barrel—a 300 % jump—sparking Europe’s first oil shock. That crisis prompted the creation of the International Energy Agency and long-term diversification policies. Today, the forced shutdown of Hungary’s Paks nuclear plant and falling hydropower echo the 1973 supply squeeze, pushing European wholesale electricity prices above €500/MWh.

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Story summary

Hungary shut down seven of eight turbines at the Paks nuclear plant, cutting output to about 12% capacity.
Wholesale electricity prices hit €500/MWh, while evening peaks topped €300/MWh in Poland, Slovakia, Romania and Hungary.
Serbia and Slovakia reduced hydropower, with Serbia’s Iron Gate falling to a fraction and Slovakia’s Gabcikovo operating 12% below last year.

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