Serbia recorded the largest weekly price correction among analysed Southeast European electricity markets in Week 24. The country’s average day-ahead power price fell by 21.5% to €78.22/MWh, placing Serbia as the second-cheapest market in the regional comparison, behind Türkiye. Serbia’s day-ahead price on 17 June was €83.87/MWh, the lowest level in the Southeast European set used for the daily comparison.
Demand and renewable generation drive the weekly shift
Electricity demand rose only moderately over the week. Serbian consumption increased by 2.0% to 554.08 GWh, which was below demand growth seen in larger markets including Italy and Türkiye. On the supply side, variable renewable generation climbed by 76.8% week on week.
The increase in wind and solar output added additional low-cost electricity, contributing to downward pressure on wholesale prices. Renewables still represent a relatively limited share of the overall generation mix in Serbia, but their week-on-week surge was a key factor behind the price correction.
Conventional generation remains central to balancing
Even with lower market prices, Serbia’s generation mix continued to rely heavily on conventional sources. Coal-fired generation rose by 66.0 GWh, while hydropower production fell by 4.2%. This pattern indicates that lignite and coal continued to play a central role in balancing the power system as renewable output increased.
The shift in prices did not translate into a change in the underlying reliance on thermal generation for marginal supply conditions, which affects carbon intensity outcomes for industrial users and market participants.
Imports stable; liquidity remains limited
Serbia’s net import position changed little during the week. This points to the weekly price decline being driven primarily by domestic generation developments and broader regional market convergence rather than a major change in cross-border electricity flows. On 17 June, Serbia’s day-ahead price remained at €83.87/MWh.
Market liquidity is also a structural constraint for Serbia’s power market. Weekly traded volume reached only 120 GWh, compared with 22,300 GWh in Italy, 4,030 GWh in Greece, 2,320 GWh in Bulgaria, and 2,090 GWh in Hungary . The lower trading depth can make it more difficult for participants to hedge exposure, optimize scheduling strategies or secure long-term physical supply arrangements .
