In January 2026, the Serbian energy exchange SEEPEX recorded a total of 404,970.3 MWh of electricity traded on its day-ahead market. This figure represents an 18.3% decrease from December 2025, averaging 13,063.6 MWh per day. Additionally, the trading volume was 11.1% lower compared to January 2025, indicating a downward trend in market activity.
The context of these trading figures is underscored by the slight increases in pricing observed during the same period. The average daily base price for electricity on the day-ahead market reached 118.1 euros/MWh, reflecting a modest rise of 1.4% from the previous month. Concurrently, the average euro-peak price saw a more notable increase, climbing to 136.3 euros/MWh, which marks a 5.9% rise.
Since its inception on February 17, 2016, with an initial traded volume of just 1,925 MWh, SEEPEX has been pivotal in shaping Serbia’s electricity market landscape. The exchange is co-owned by the Serbian electricity transmission system operator EMS and EPEX SPOT, aiming to develop a competitive and transparent electricity market. The introduction of an intraday market in July 2023 further enhances liquidity and trading opportunities for market participants.
The decline in trading volumes amidst rising prices may reflect broader market dynamics and potential challenges facing energy traders in Serbia and the surrounding region. As SEEPEX continues to evolve as a key player in southeastern Europe’s energy sector, stakeholders will be monitoring these trends closely to understand their implications for future market performance.
