Trading activity on Serbia’s SEEPEX day-ahead market fell in July while prices increased and year-on-year liquidity continued to improve. A total of 502,334 MWh changed hands during the month, down 11.7% from June. Average daily volume was 16,204.3 MWh, and total turnover was 4.3% higher than in July 2025.
Day-ahead pricing moved higher across products. The average baseload price rose by 8.7% month on month to €109.43/MWh. The average peak price increased by 7.9% to €86.38/MWh.
Solar-driven price pattern affects baseload and peak spreads
The gap between peak and baseload products widened in a way described as unusually large for the market. The reported discount of the peak product to baseload is linked to changing Serbian and regional pricing conditions. Strong solar output suppresses prices during conventional daytime peak hours.
The most expensive trading periods are increasingly occurring after sunset, and these hours are included within the off-peak product definition. This structure changes how baseload and peak contracts map onto delivery-time price levels for market participants.
Contract implications for evening demand and flexible resources
The shift reduces the usefulness of traditional baseload and peak contracts for consumers with pronounced evening demand. It also affects how value is attributed to flexibility options that can cover the solar ramp period. The source data points to batteries, flexible hydropower, demand response, and gas-fired capacity as relevant resources under this profile.
Intraday market remains small versus day-ahead
SEEPEX’s intraday segment stayed much smaller than the day-ahead market in July. Intraday turnover reached 3,784.4 MWh, with an average price of €66.42/MWh. Intraday volume was equivalent to less than 1% of day-ahead trading.
The low intraday share indicates limited liquidity for participants seeking to rebalance positions closer to delivery. SEEPEX began operating on 17 February 2016, and its intraday market launched in July 2023. The exchange is jointly owned by Serbian transmission system operator EMS and EPEX SPOT.
Factors highlighted for further liquidity growth
The July figures are presented as showing continued year-on-year development alongside limited depth in Serbia’s short-term trading environment. Further liquidity growth is described as dependent on broader participation and market coupling arrangements. Renewable balancing requirements and the availability of transmission capacity with neighbouring price zones are also cited as determinants.