Possible reasons for the difference between HUPX and EEX DAM prices

Why is Hungarian electricity more expensive than German?

Abstract

The aim of this paper is to analyse the price convergence between the German
(EEX) and the Hungarian (HUPX) power exchanges, in the case of daily average
DAM prices. Many articles have sought to explain the persistent spread between
the two markets but there is no accepted consensus among the oft appearing hypotheses.