Serbia’s power exchange SEEPEX began allowing negative electricity prices for delivery from 6 May 2026, adding a new market signal for flexibility. The change came as prices could also exceed EUR 300/MWh during scarcity, widening the range of outcomes for generators and investors.
SEEPEX recorded its first negative day-ahead clearing price on 10 May 2026, for the 14:00–15:00 delivery hour, at -EUR 0.01/MWh. Trading in that hour totalled 673.4 MWh. Later in May, the first negative intraday trades had a volume-weighted average price of -EUR 8.83/MWh for one delivery hour.
Scarcity also drove high prices in autumn. On 30 October 2026, SEEPEX baseload reached EUR 303.29/MWh, while peakload stood at EUR 331.30/MWh. October trading volumes exceeded half a terawatt-hour, as contrasting price signals coincided with substantial market activity.
Storage and renewable market exposure
Spring surplus periods and autumn scarcity strengthened the case for storage investment, broadening its role beyond support for renewable generation. Negative-price hours can create opportunities for flexible charging, but they are limited and unpredictable. Buying electricity only during those hours is therefore not a durable commercial strategy.
Storage can manage a portfolio across day-ahead, intraday and balancing markets, with batteries able to respond when prices diverge from the central forecast. Negative prices also increase capture-price risk for fixed-output renewable projects, while a co-located or contracted battery can protect some of that downside. Serbia’s first year of negative prices strengthens the investment case for storage and raises the analytical standard for renewable projects financed without it.