Day-ahead trading volume and turnover
Trading activity on Serbia’s SEEPEX day-ahead market fell in July while prices increased, with year-on-year liquidity continuing to improve . A total of 502,334 MWh changed hands during the month, down 11.7% from June. Average daily volume reached 16,204.3 MWh. Total turnover was 4.3% higher than in July 2025.
Baseload and peak price movements
The average day-ahead 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. The peak product traded at an unusually large discount to baseload. Strong solar production suppressed prices during conventional daytime peak hours, while the most expensive periods increasingly occurred after sunset and were included within the off-peak product .
Intraday market size and delivery liquidity
SEEPEX intraday trading remained much smaller than the day-ahead segment. 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. This indicated limited liquidity for participants seeking to rebalance positions closer to delivery.
Exchange background and factors affecting liquidity growth
SEEPEX began operating on 17 February 2016. Its intraday market launched in July 2023. The exchange is jointly owned by Serbian transmission system operator EMS and EPEX SPOT. July’s results pointed to continued year-on-year market development alongside limited depth in Serbia’s short-term trading environment .
The next stage of liquidity growth was described as depending on broader participation, market coupling, renewable balancing requirements, and transmission capacity availability with neighbouring price zones .
