Serbia’s SEEPEX market saw a significant correction in May 2026, with average prices dropping from €101.61/MWh to €91.95/MWh. Despite the decline, the market remained materially more expensive than Albania, Montenegro and North Macedonia.
Regional power flows keep Serbia as a transit hub
Commercial flow data for May shows Serbia maintained its role as a major regional transit hub. Imports continued from Romania, Bosnia and Bulgaria. Exports flowed toward Kosovo and neighboring markets.
Renewables approvals delayed to 2029
One development during May with longer-term implications concerns renewable project network approvals. New network approvals for renewable projects have been postponed until 2029. The change points to increasing grid congestion concerns within the Serbian system.
Industrial buyers expand direct procurement and contracting
The emergence of large industrial active buyers was also noted during May. Companies including HBIS and Linglong indicate growing demand for direct electricity procurement and long-term renewable contracts. This activity aligns with increased participation by industrial counterparties in the market.
NIS talks and gas interconnection negotiations continue
Negotiations around NIS and regional gas interconnections continued during May. These discussions suggest that energy security remains a central policy priority. The interconnection work forms part of the broader regional energy context affecting Serbia.
Day-ahead versus evening price spreads matter for hedging
For traders, Serbia remains one of the region’s most liquid and strategically important markets. At the same time, the widening gap between daytime and evening prices is becoming increasingly important for hedging strategies. Market participants are therefore focusing on how intraday price differences affect risk management.
