Electricity.Trade’s May 2026 market analysis says day-ahead exchange liquidity is becoming more important in Southeast Europe’s electricity markets. The report links the shift to a month with higher wholesale prices, stronger cross-border flows and increased market volatility. Several regional power exchanges reported higher trading volumes during the period.
SEEPEX Serbia volume growth alongside higher day-ahead prices
SEEPEX recorded one of the strongest signals in Serbia, with traded electricity volumes reaching 566.3 GWh in May. That total represented a 16.99% increase from April and a 13.31% rise versus the same month last year. The change coincided with Serbia becoming a net electricity importer of 422.97 GWh.
Average day-ahead prices in Serbia increased to €96.63/MWh. Electricity.Trade’s analysis associates the higher exchange activity with tighter domestic supply and rising trading volumes. It also notes that participants appear to rely more on the exchange for price risk management and supply security than on bilateral contracts or balancing mechanisms alone.
Higher volumes at HUPX, IPEX, IBEX and HENEX
Trading activity also increased at several other regional exchanges. Hungary’s HUPX reported a 6.35% month-on-month rise in traded volume to 2,591.57 GWh. Italy’s IPEX saw a 4.54% increase to 22,994.12 GWh.
Bulgaria’s IBEX posted a 3.51% gain to 2,675.87 GWh, while Greece’s HENEX recorded a 1.60% increase to 3,878.31 GWh. Electricity.Trade says these exchanges experienced stronger activity during a period of elevated electricity prices and changing cross-border power flows.
OPCOM and CROPEX decline while wholesale prices rise
Romania and Croatia were exceptions within the broader regional pattern of higher exchange volumes. Romania’s OPCOM recorded a 2.48% decline in traded volumes to 1,111.15 GWh. Croatia’s CROPEX fell by 3.97% to 877.24 GWh.
The report states that despite lower trading activity, wholesale electricity prices rose in both countries. Romania averaged €109.56/MWh, while Croatia averaged €103.58/MWh. Electricity.Trade characterises the result as uneven liquidity growth across Southeast Europe as price volatility spreads.
Liquidity role in hedging and long-term contracting
The analysis describes exchange liquidity as a factor for market participants beyond trading statistics. It says higher liquidity can improve hedging opportunities, increase price transparency and support more efficient bid-ask spreads. It also points to facilitation of power purchase agreements (PPAs) and other long-term supply contracts using reliable market benchmarks.
The report links this development to changing generation and trading conditions across the region, including renewable influence on electricity systems, cross-border trade and gas-driven marginal pricing. In that context, liquid power exchanges are described as components of regional market infrastructure.
