Electricity.Trade’s May 2026 market analysis points to day-ahead exchange liquidity becoming a more prominent feature of Southeast Europe’s electricity markets. The report links the shift to higher wholesale prices, stronger cross-border flows and increased market volatility during the month. Several regional power exchanges recorded higher trading volumes, supporting the role of organised markets in price discovery and risk management.
SEEPEX Serbia volumes and price levels
SEEPEX provided one of the strongest signals, with traded electricity volumes in Serbia reaching 566.3 GWh in May. That figure represented a 16.99% increase versus April and a 13.31% rise compared with the same month last year. The growth in exchange activity coincided with Serbia becoming a net electricity importer of 422.97 GWh.
Average day-ahead prices in Serbia increased to €96.63/MWh. The combination of tighter domestic supply and rising trading volumes indicates that market participants are using the exchange more for managing price risk and securing supply. The analysis contrasts this with reliance solely on bilateral contracts or balancing mechanisms.
Regional exchange volume increases across HUPX, IPEX, IBEX and HENEX
Trading activity also increased at several other major regional exchanges during May. Hungary’s HUPX recorded a 6.35% month-on-month increase in traded volume to 2,591.57 GWh. Italy’s IPEX rose 4.54% to 22,994.12 GWh.
Bulgaria’s IBEX posted a 3.51% increase to 2,675.87 GWh, while Greece’s HENEX recorded a more modest 1.60% rise to 3,878.31 GWh. These exchanges experienced stronger trading activity during a period of elevated electricity prices and changing cross-border power flows.
OPCOM and CROPEX show lower volumes but higher wholesale prices
Romania and Croatia were exceptions to the broader regional trend in May trading volumes. Romania’s OPCOM exchange recorded a 2.48% decline in traded volumes to 1,111.15 GWh. Croatia’s CROPEX fell 3.97% to 877.24 GWh.
Despite lower trading activity, wholesale electricity prices increased in both countries. Romania averaged €109.56/MWh, while Croatia averaged €103.58/MWh. The differing outcomes point to uneven liquidity growth across Southeast Europe even as price volatility spreads across markets.
Liquidity effects on hedging and contract benchmarks
The analysis describes exchange liquidity as a factor for electricity market participants beyond trading statistics. Higher liquidity can improve hedging opportunities, enhance price transparency and support more efficient bid-ask spreads.
The report also links liquidity to the development of power purchase agreements (PPAs) and other long-term supply contracts based on reliable market benchmarks. It notes that Southeast European electricity systems are increasingly influenced by renewable generation, cross-border electricity trade and gas-driven marginal pricing.
