Electricity prices in Serbia 2022
In 2022, the average wholesale day-ahead electricity price in Serbia was 32.0 дин /kWh. Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2022
| Month | RSD/MWh | RSD/kWh | MW |
|---|---|---|---|
| January 2022 | 24,535 дин | 24.5 дин | 4,799 |
| February 2022 | 23,305 дин | 23.3 дин | 4,588 |
| March 2022 | 34,236 дин | 34.2 дин | 4,546 |
| April 2022 | 22,488 дин | 22.5 дин | 4,080 |
| May 2022 | 24,123 дин | 24.1 дин | 3,269 |
| June 2022 | 28,411 дин | 28.4 дин | 3,378 |
| July 2022 | 45,043 дин | 45.0 дин | 3,511 |
| August 2022 | 57,686 дин | 57.7 дин | 3,345 |
| September 2022 | 46,422 дин | 46.4 дин | 3,258 |
| October 2022 | 23,974 дин | 24.0 дин | 3,537 |
| November 2022 | 25,365 дин | 25.4 дин | 4,099 |
| December 2022 | 28,311 дин | 28.3 дин | 4,446 |
Serbia's electricity sector is uniquely coal-dependent: lignite from the Kolubara and Kostolac basins covered around 65% of generation in 2024, with hydro from the Iron Gates and Drina rivers adding ~28%. Elektromreža Srbije (EMS), the national TSO, operates the RS bidding zone synchronously coupled to Hungary, Romania, Bulgaria, North Macedonia, Bosnia and Croatia. The country runs SEEPEX, the regional day-ahead market shared with Slovenia and operationally linked to BSP Southpool.
Wind capacity has grown to ~400 MW since 2018, while utility-scale solar — held back for years by permitting bottlenecks — finally accelerated in 2024 with the first Kostolac and Vlasina projects. The 2030 climate plan targets a 40% renewable share but commits to keeping lignite as backup well into the 2040s, reflecting the government's reluctance to retire ~5 GW of coal capacity that anchors winter supply during regional cold snaps.
EPS, the state utility, dominates generation with 60%+ market share.