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Serbian electricity bourse SEEPEX scheduled the rollout of negative prices for May 5 and 6. The price floor is dropping from zero to minus EUR 500 per MWh for the day-ahead market and to EUR 9,999 per MWh below zero for the intraday market, respectively. At the same time, North Macedonia’s MEMO is introducing the intraday power market.
Power exchanges in the Western Balkans are advancing in the integration with the European Union’s single market, though the path ahead is uncertain amid the introduction of the charge from the EU’s Carbon Border Adjustment Mechanism (CBAM) at the beginning of this year.
Serbian electricity bourse SEEPEX said it plans to introduce negative prices. The first auction day would be May 5, for the day ahead. Trading with negative prices for contracts with delivery on May 6 will be possible only after 23:00 CEST on May 5, the update reveals.
The rollout is pending test completion. “The introduction of negative prices on SEEPEX represents an important step in market development, providing better price signals in the market. It also prepares the Serbian electricity market for integration into the EU coupled market and aligns national legislation with EU standards and practices,” said the exchange’s operator.
The negative limits are a harmonized standard utilized across the EU
The current 0 EUR per MWh price floor will be adjusted to a minus EUR 500 per MWh for the day-ahead market and to EUR 9,999 per MWh below zero for the intraday market, the announcement reads. It is the harmonized minimum clearing price standard utilized across the EU, SEEPEX explained.
Foreign companies may want to check VAT obligations
Under the Serbian Law on Value-Added Tax, a negative price is recognised as consideration for the supply of a service. The obligation to pay VAT in Serbia (currently 20%) will apply only to companies registered in Serbia that sell electricity at negative prices on the SEEPEX organised market. Foreign companies are required to address VAT treatment in accordance with the legislation applicable in their country of registration.
Clearing members and trading participants with active cash limits should assess the impact of this change and agree on new limits, if necessary, SEEPEX pointed out.
Negative prices usually coincide with high photovoltaic output, on sunny days when there is little or no demand for cooling or heating, and on holidays.
SEEPEX is part of ADEX, also known as the Alpine-Adriatic Danube Power Exchange, which was established by Slovenian energy exchange BSP SouthPool and its Serbian counterpart. In December 2024, ADEX Group merged with the Hungarian Power Exchange (HUPX), becoming its sole shareholder.
BSP developed platforms for MEMO
In other news, North Macedonia’s National Electricity Market Operator – MEMO has scheduled the launch of its intraday market for May 6 as well. It signed an agreement in January with the BSP Energy Exchange (BSP Southpool) for the provision of trading platforms and a clearing platform.
Notably, the Belgrade Stock Exchange is planning to introduce carbon credits.
The electricity market in the region, market coupling and CBAM are among the main topics of the forthcoming Belgrade Energy Forum, BEF 2026, organized by Balkan Green Energy News.
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