{
  "period": "Q2 2026",
  "published": "2026-07-27",
  "source": {
    "name": "Energy Community Secretariat",
    "title": "CBAM Quarterly Report 2026/2",
    "url": "https://www.energy-community.org/"
  },
  "ets": {
    "q2_2026": 75.28,
    "q1_2026": 75.36,
    "q2_range": [70.6, 80.43],
    "q1_range": [62.19, 91.34]
  },
  "countries": [
    {
      "area": "AL",
      "name": "Albania",
      "px": "ALPEX",
      "default_tco2": 0,
      "cbam_eur": 0,
      "dam": true,
      "price_q2": 88.6,
      "price_q1": 83.9,
      "price_h1": 86.3,
      "corr_hu": 0.7,
      "gen_twh": 0.9,
      "gen_yoy_pct": 66,
      "mix": "Almost entirely hydro"
    },
    {
      "area": "BA",
      "name": "Bosnia and Herzegovina",
      "px": null,
      "default_tco2": 1.148,
      "cbam_eur": 86.421,
      "dam": false,
      "price_q2": null,
      "price_q1": null,
      "price_h1": null,
      "corr_hu": null,
      "gen_twh": 2.35,
      "gen_yoy_pct": 1,
      "mix": "Coal-based"
    },
    {
      "area": "XK",
      "name": "Kosovo",
      "px": "ALPEX",
      "default_tco2": 0.984,
      "cbam_eur": 74.076,
      "dam": true,
      "price_q2": 89.0,
      "price_q1": 87.4,
      "price_h1": 88.2,
      "corr_hu": 0.7,
      "gen_twh": 0.83,
      "gen_yoy_pct": -5,
      "mix": "Coal-based"
    },
    {
      "area": "ME",
      "name": "Montenegro",
      "px": "MEPX",
      "default_tco2": 0.979,
      "cbam_eur": 73.699,
      "dam": true,
      "price_q2": 93.6,
      "price_q1": 85.8,
      "price_h1": 89.7,
      "corr_hu": 0.82,
      "gen_twh": 0.52,
      "gen_yoy_pct": 89,
      "mix": "Pljevlja lignite, after a year offline"
    },
    {
      "area": "MK",
      "name": "North Macedonia",
      "px": "MEMO",
      "default_tco2": 0.887,
      "cbam_eur": 66.773,
      "dam": true,
      "price_q2": 91.6,
      "price_q1": 96.7,
      "price_h1": null,
      "corr_hu": 0.77,
      "gen_twh": 0.67,
      "gen_yoy_pct": 6,
      "mix": "Coal-based; solar only reported as forecast"
    },
    {
      "area": "RS",
      "name": "Serbia",
      "px": "SEEPEX",
      "default_tco2": 1.041,
      "cbam_eur": 78.366,
      "dam": true,
      "price_q2": 96.3,
      "price_q1": 94.7,
      "price_h1": null,
      "corr_hu": 0.91,
      "gen_twh": 6.54,
      "gen_yoy_pct": -12,
      "mix": "Dominant regional coal producer"
    }
  ],
  "spreads": [
    {"from": "ME", "to": "IT", "to_name": "Italy", "q2": -27.2, "q1": -44.0, "h1": -35.8},
    {"from": "RS", "to": "RO", "to_name": "Romania", "q2": -13.1, "q1": null, "h1": null},
    {"from": "RS", "to": "HU", "to_name": "Hungary", "q2": -12.9, "q1": -33.0, "h1": -22.8},
    {"from": "RS", "to": "HR", "to_name": "Croatia", "q2": -7.0, "q1": -26.0, "h1": null},
    {"from": "MK", "to": "BG", "to_name": "Bulgaria", "q2": -6.2, "q1": -21.1, "h1": null},
    {"from": "AL", "to": "GR", "to_name": "Greece", "q2": -1.6, "q1": -10.6, "h1": null},
    {"from": "RS", "to": "BG", "to_name": "Bulgaria", "q2": -0.5, "q1": -23.1, "h1": null},
    {"from": "XK", "to": "AL", "to_name": "Albania", "q2": 0.1, "q1": null, "h1": null},
    {"from": "MK", "to": "GR", "to_name": "Greece", "q2": 0.3, "q1": 2.2, "h1": null}
  ],
  "trade": {
    "net_q2_gwh": -1048,
    "net_q1_gwh": 1247,
    "net_q2_2025_gwh": -1136,
    "imports_from_eu_gwh": 4271,
    "exports_to_eu_gwh": 3223,
    "gross_q2_2026_gwh": 7494,
    "gross_q2_2025_gwh": 8828,
    "gross_yoy_pct": -15,
    "h1_gross_yoy_pct": -19,
    "px_q2_2026_twh": 2.7,
    "px_q2_2025_twh": 2.26,
    "px_yoy_pct": 19,
    "px": [
      {"name": "ALPEX", "area": "AL", "yoy_pct": 52},
      {"name": "MEPX", "area": "ME", "yoy_pct": 49},
      {"name": "MEMO", "area": "MK", "yoy_pct": 31},
      {"name": "SEEPEX", "area": "RS", "yoy_pct": 7}
    ]
  },
  "highlights": [
    {
      "title": "Spreads narrowed, but not back to 2025",
      "body": "EU benchmark prices fell (Hungary 127.5 \u2192 109.2 \u20ac/MWh) while Western Balkans prices barely moved. The remaining gaps are still widest on the carbon-intensive corridors: Italy about 27 \u20ac above Montenegro, Hungary about 13 \u20ac above Serbia."
    },
    {
      "title": "Default emission factors still set a two-tier market",
      "body": "Albania's zero factor keeps exports competitive at a 1.6 \u20ac spread to Greece. Montenegro's 0.979 tCO\u2082/MWh implies a ~74 \u20ac CBAM wedge on the Italy cable \u2014 exports recovered anyway once the residual spread could absorb it."
    },
    {
      "title": "Less trade with the EU, more trade inside the region",
      "body": "Gross WB6\u2013EU scheduled exchange fell 15% year-on-year, while day-ahead volumes on the four Western Balkans exchanges rose 19% to 2.70 TWh. Liquidity is deepening locally even as the commercial link with the EU carries less volume."
    },
    {
      "title": "Flows have reoriented north, toward Hungary and Ukraine",
      "body": "Serbia\u2192Hungary more than doubled versus Q2 2025. Intra-regional schedules shifted from the hydro-rich south through Serbia toward the Hungarian hub, consistent with Ukrainian import demand being served through that border."
    }
  ]
}