Market activity on Serbia’s day-ahead segment showed a clear split in February 2026, with electricity traded volumes rising while prices retreated. A total of 414,520.1 MWh of electricity changed hands on the Serbian energy exchange (SEEPEX) during the month, representing a 2.4% increase versus the previous month and an average of 14,804.3 MWh per day. At the same time, traded volume was 12.4% lower than in the same month a year earlier, a pattern that can affect how developers and utilities plan offtake and balancing strategies.
Volume up, pricing down on the day-ahead market
Price signals were notably weaker across both reference points used for day-ahead trading. The average daily base price in February stood at 68.61 euros/MWh, down 41.9% compared with January. The average euro-peak price reached 74.05 euros/MWh, falling 45.7% over the same period.
For project planners and operators, such declines can influence revenue assumptions for flexible generation and storage assets, including battery energy storage systems that rely on spread opportunities between charging and discharging periods. Lower day-ahead levels may also shift how wind and solar portfolios are valued when forecasting intraday adjustments and balancing needs.
SEEPEX role in market development and regional trading
SEEPEX was officially launched on 17 February 2016 with an initial traded volume of 1,925 MWh. The exchange is jointly owned by the Serbian electricity transmission system operator (EMS) and European Power Exchange (EPEX SPOT), positioning it as a platform intended to strengthen a competitive, transparent, and reliable electricity market in Serbia and southeastern Europe. Its stated objective includes significantly increasing electricity trading volumes across the region.
This market infrastructure matters for grid modernization planning because liquid trading venues can support clearer price discovery for new capacity entering the system. As transmission operators prepare for higher renewable penetration—often requiring more frequent redispatch and tighter operational coordination—market access and liquidity become part of the practical readiness picture for developers and investors.
Intraday trading launched to complement day-ahead operations
Beyond day-ahead trading, SEEPEX launched an intraday market in July 2023, expanding tools available to market participants managing forecast uncertainty. That operational layer is particularly relevant for variable renewables such as wind and solar, where output deviations can be managed through more granular scheduling closer to delivery. It also creates additional pathways for battery storage operators to optimize dispatch around real-time conditions.
Overall, February’s combination of higher volumes alongside sharply lower prices underscores how quickly market economics can change even when liquidity improves month-on-month. For utilities, contractors preparing EPC packages for generation or storage projects, and investors underwriting long-term plans, these dynamics reinforce the need to align CAPEX and contracting assumptions with evolving market signals while coordinating with EMS-led transmission operations.