Bulgaria’s IBEX: Day-ahead volumes ease in April as prices fall, while intraday trading hits a record

April 2026 showed a split picture for Bulgaria’s power trading market: liquidity softened on the day-ahead segment even as prices fell, while intraday trading accelerated to a record monthly high. For participants, the shift underscores how short-term markets are increasingly used to manage volatility when forward pricing weakens.

Day-ahead market: lower volumes and declining prices

A total of 2,585,059.9 MWh of electricity was traded on the Independent Bulgarian Energy Exchange (IBEX) day-ahead market in April 2026. That figure represented an 8% decrease compared with March, while average daily traded volume stood at 86,168.7 MWh.

Despite the month-on-month decline, activity remained stronger versus last year: traded volumes were 11.7% higher than in the same month of the previous year. The number of active participants—153 registered entities—was unchanged from March, indicating stable participation even as volumes dipped.

Price trends pointed further to easing conditions. The average baseload price on the day-ahead market in April was €90.99/MWh, down 12% from March’s €103.54/MWh. Peak pricing fell more sharply: the average peak price dropped to €57.5/MWh, a 31% decrease over the month.

Intraday continuous market: record volume amid weaker pricing

On the intraday continuous market, trading picked up materially. A total of 826,338.4 MWh was traded in April, up 10% month-on-month. The average weighted intraday price was €65.7/MWh, down 25.5% compared with March.

The intraday segment also delivered a standout metric: it recorded the highest monthly traded volume for that segment to date. Taken together with the day-ahead price declines, the data suggest that market participants leaned more heavily on shorter-term trading to adjust positions as conditions changed.

For investors and utilities monitoring liquidity and price signals across timeframes, April’s results highlight how falling day-ahead prices did not deter overall trading momentum—rather, it coincided with a clear migration toward intraday execution.