Trading volume on Serbia’s SEEPEX day-ahead market declined in July even as prices increased and year-on-year liquidity continued to improve.
A total of 502,334 MWh changed hands during the month, down 11.7 per cent from June. Average daily volume was 16,204.3 MWh, while total turnover remained 4.3 per cent higher than in July 2025.
The average day-ahead baseload price increased by 8.7 per cent month on month to €109.43/MWh. The average peak price rose by 7.9 per cent to €86.38/MWh.
The unusually large discount of the peak product to baseload reflects the changing Serbian and regional price structure. Strong solar production suppresses prices during conventional daytime peak hours, while the most expensive periods increasingly occur after sunset and are included within the off-peak product.
This shift weakens the usefulness of traditional baseload and peak contracts for consumers with pronounced evening demand. It also increases the commercial value of batteries, flexible hydropower, demand response and gas-fired capacity able to cover the solar ramp.
SEEPEX’s intraday market remained significantly smaller than the day-ahead segment. July intraday turnover reached 3,784.4 MWh, at an average price of €66.42/MWh. Intraday volume was equivalent to less than 1 per cent of day-ahead trading, indicating that liquidity remains limited for participants seeking to rebalance positions closer to delivery.
SEEPEX began operating on 17 February 2016 and launched its intraday market in July 2023. The exchange is jointly owned by Serbian transmission system operator EMS and EPEX SPOT.
July’s figures show continued year-on-year market development, but also underline the limited depth of Serbia’s short-term trading environment. The next stage of liquidity growth will depend on broader participation, market coupling, renewable balancing requirements and the availability of transmission capacity with neighbouring price zones.