Electricity prices in Serbia 2025
In 2025, the average wholesale day-ahead electricity price in Serbia was 12.9 дин /kWh (▲8% vs 2024). Below is the month-by-month breakdown plus a chart of how prices moved through the year.
Monthly breakdown — 2025
| Month | RSD/MWh | RSD/kWh | MW |
|---|---|---|---|
| January 2025 | 16,352 дин | 16.4 дин | 4,564 |
| February 2025 | 18,127 дин | 18.1 дин | 4,728 |
| March 2025 | 12,008 дин | 12.0 дин | 4,075 |
| April 2025 | 10,707 дин | 10.7 дин | 3,710 |
| May 2025 | 11,091 дин | 11.1 дин | 3,347 |
| June 2025 | 10,573 дин | 10.6 дин | 3,462 |
| July 2025 | 12,028 дин | 12.0 дин | 3,582 |
| August 2025 | 9,880 дин | 9.9 дин | 3,433 |
| September 2025 | 11,699 дин | 11.7 дин | 3,381 |
| October 2025 | 14,508 дин | 14.5 дин | 3,886 |
| November 2025 | 13,997 дин | 14.0 дин | 4,223 |
| December 2025 | 13,631 дин | 13.6 дин | 4,652 |
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.