In January 2026, the Serbian energy exchange SEEPEX recorded a total trading volume of 404,970.3 MWh on its day-ahead market. This figure represents an 18.3% decrease from December 2025 and is also 11.1% lower compared to the same month in the previous year. The average daily trading volume stood at 13,063.6 MWh, indicating a notable reduction in market activity.
Despite the decline in trading volumes, the pricing landscape showed slight increases. The average daily base price for electricity reached 118.1 euros/MWh, reflecting a modest rise of 1.4% from the preceding month. Additionally, the average euro-peak price surged to 136.3 euros/MWh, marking a significant increase of 5.9%.
The SEEPEX exchange was established on February 17, 2016, with an initial trading volume of 1,925 MWh. It is co-owned by the Serbian electricity transmission system operator EMS and the European Power Exchange (EPEX SPOT). The primary objective of SEEPEX is to cultivate a competitive, transparent, and reliable electricity market within Serbia and the broader southeastern European region. In a move to improve market dynamics, SEEPEX launched an intraday market in July 2023, aimed at enhancing liquidity and providing more trading opportunities.
The current trends observed in January 2026 underscore ongoing challenges within the Serbian electricity market, as stakeholders navigate fluctuating trade volumes alongside rising prices. The interplay between these factors will be critical for future market strategies and regulatory considerations as Serbia continues to integrate into the regional energy landscape.
