Electricity prices in Serbia 2023
In 2023, the average wholesale day-ahead electricity price in Serbia was 12.2 дин /kWh (▼62% vs 2022). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2023
| Month | RSD/MWh | RSD/kWh | MW |
|---|---|---|---|
| January 2023 | 15,906 дин | 15.9 дин | 4,443 |
| February 2023 | 17,043 дин | 17.0 дин | 4,530 |
| March 2023 | 12,412 дин | 12.4 дин | 4,230 |
| April 2023 | 12,493 дин | 12.5 дин | 4,002 |
| May 2023 | 10,260 дин | 10.3 дин | 3,466 |
| June 2023 | 10,468 дин | 10.5 дин | 3,256 |
| July 2023 | 11,253 дин | 11.3 дин | 3,334 |
| August 2023 | 11,369 дин | 11.4 дин | 3,375 |
| September 2023 | 12,079 дин | 12.1 дин | 3,353 |
| October 2023 | 12,450 дин | 12.4 дин | 3,347 |
| November 2023 | 11,263 дин | 11.3 дин | 3,803 |
| December 2023 | 9,064 дин | 9.1 дин | 4,461 |
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.