Electricity prices in Serbia 2024
In 2024, the average wholesale day-ahead electricity price in Serbia was 11.9 дин /kWh (▼2% vs 2023). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2024
| Month | RSD/MWh | RSD/kWh | MW |
|---|---|---|---|
| January 2024 | 10,090 дин | 10.1 дин | 4,641 |
| February 2024 | 7,963 дин | 8.0 дин | 4,521 |
| March 2024 | 7,562 дин | 7.6 дин | 3,999 |
| April 2024 | 7,633 дин | 7.6 дин | 3,631 |
| May 2024 | 9,614 дин | 9.6 дин | 3,309 |
| June 2024 | 11,581 дин | 11.6 дин | 3,291 |
| July 2024 | 15,748 дин | 15.7 дин | 3,632 |
| August 2024 | 14,895 дин | 14.9 дин | 3,636 |
| September 2024 | 12,567 дин | 12.6 дин | 3,453 |
| October 2024 | 10,557 дин | 10.6 дин | 3,714 |
| November 2024 | 18,748 дин | 18.7 дин | 4,476 |
| December 2024 | 16,341 дин | 16.3 дин | 4,757 |
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.