Electricity prices hit record high on SEEPEX – EUR 540 per MWh

double exposure wind turbine and oil refinery investment stock graph concept.

Photo: iStock


March 7, 2022






March 7, 2022





The price of electricity on Serbian power exchange SEEPEX today reached historical records of EUR 539 per megawatt-hour for baseload and EUR 561 for peak load. Power and gas prices spiked all over Europe to all-time highs amid Russia’s military intervention in Ukraine.

Brent oil reached USD 139.13 per barrel, the highest price since 2008, while Dutch TTF natural gas futures reached an all-time intraday record of EUR 345 per MWh at the ICE Index exchange. The previous was set in December 2021 – EUR 180.

The latest spike in prices, which have been growing on an unprecedented scale since the beginning of the war in Ukraine, occurred after the United States said it may introduce an import ban for Russian oil. There are also fears that Russian gas supplies to Europe would be cut off.

The price of electricity rose from about EUR 150 to EUR 539 per MWh in one week

The previous historical record on the Serbian power exchange SEEPEX was achieved in December last year, with EUR 420 for base energy and EUR 496 for peak load. Since then, prices have been steadily declining, reaching EUR 150 at the end of February. But after the start of the war, the sharp rise in prices started, and in a week, they were up four times (price chart).

In March and April the prices of electricity are usually the lowest during the year

Dejan Stojčevski, Chief Operating Officer of the SEEPEX, told Balkan Green Energy News that electricity prices are fueled by rising oil, gas, and coal prices. The situation is similar on all power exchanges, he added.

The price in Romania, Hungary, Slovakia, Croatia, Slovenia, Austria is around EUR 540 per MWh, in Bulgaria and Greece around EUR 430, while in Germany it is EUR 490.

The prices have never been higher, and it is clear that the war led to this, stressed Stojčevski. He also noted that it is common for the electricity price to be the lowest during March and April during the calendar year, which is now not the case.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles


Fossil fuels returned as top energy source in EU power generation in 2021

01 July 2022 - Among renewable sources, the biggest increase in 2021 was seen in electricity produced from solar energy, 13%,

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.


Serbia’s power utility EPS posts Q1 net loss of EUR 254 million

30 June 2022 - The state-owned power utility is blaming the poor result on a drop in output, electricity imports, and capped prices for end-consumers

EU agrees fossil fuel car ban as climate package talks are starting

EU agrees fossil fuel car ban as climate package talks are starting

29 June 2022 - The Council of the EU and European Parliament are set for talks on the Fit-for-55 package. Both agree new combustion engines should be banned by 2035.