SEEPEX Price Data — Serbia Day-Ahead Electricity Prices

SEEPEX (South East European Power Exchange) operates Serbia's day-ahead electricity market. As Montenegro's largest cross-border trading partner, SEEPEX prices have a direct impact on BELEN price levels and spread opportunities.

About SEEPEX

SEEPEX is the day-ahead and intraday power exchange for Serbia, launched as part of the regional energy market integration initiative in South-East Europe. It operates under the regulatory oversight of AERS (Energy Agency of the Republic of Serbia) and is coupled with the European day-ahead market through EUPHEMIA.

Serbia's generation mix is dominated by lignite thermal power plants (Nikola Tesla, Kostolac) supplemented by hydroelectric capacity on the Drina and other rivers. This coal-heavy base creates a price profile that differs meaningfully from hydro-dominant Montenegro, making the BELEN–SEEPEX spread a key indicator for cross-border traders.

SEEPEX and BELEN price correlation

When interconnector capacity between Serbia and Montenegro is uncongested, BELEN and SEEPEX prices converge through market coupling. During congestion — most common in summer peak demand periods or after unplanned outages — the two zones decouple, and the spread between them can exceed €20–40/MWh, creating significant arbitrage potential for traders with access to cross-border capacity.

Data coverage on PowerData Montenegro

Our platform tracks hourly SEEPEX day-ahead prices alongside BELEN, HUPX, and GME, enabling direct spread analysis across all four exchanges. Data is updated daily after official market clearing, with over 365 days of history available for download.