Electricity.Trade’s May 2026 market analysis indicates that day-ahead exchange liquidity is becoming an increasingly important feature of Southeast Europe’s electricity markets. During a month marked by higher wholesale prices, stronger cross-border flows and increased market volatility, several regional power exchanges recorded higher trading volumes, reinforcing the role of organised markets in price discovery and risk management.
One of the strongest signals came from SEEPEX, where traded electricity volumes in Serbia reached 566.3 GWh in May, representing a 16.99% increase from April and a 13.31% rise compared with the same month last year. The growth in exchange activity coincided with Serbia becoming a net electricity importer of 422.97 GWh and average day-ahead prices increasing to €96.63/MWh. The combination of tighter domestic supply and rising trading volumes suggests that market participants are relying more heavily on the exchange to manage price risk and secure supply, rather than depending solely on bilateral contracts or balancing mechanisms.
Trading activity also increased across several other major regional exchanges. Hungary’s HUPX recorded a 6.35% month-on-month increase in traded volume to 2,591.57 GWh, while Italy’s IPEX rose 4.54% to 22,994.12 GWh. Bulgaria’s IBEX posted a 3.51% increase to 2,675.87 GWh, and Greece’s HENEX recorded a more modest 1.60% rise to 3,878.31 GWh. Although these markets play different roles within the regional power system, they all experienced stronger exchange activity during a period of elevated electricity prices and changing cross-border power flows.
Romania and Croatia stood out as exceptions to the broader regional trend. Romania’s OPCOM exchange recorded a 2.48% decline in traded volumes to 1,111.15 GWh, while Croatia’s CROPEX fell 3.97% to 877.24 GWh. Despite lower trading activity, both countries experienced significant increases in wholesale electricity prices, with Romania averaging €109.56/MWh and Croatia €103.58/MWh. These contrasting developments highlight that liquidity growth remains uneven across Southeast Europe, even as price volatility becomes more widespread.
For electricity market participants, exchange liquidity has become a strategic factor rather than simply a trading statistic. Higher liquidity improves hedging opportunities, enhances price transparency, supports more efficient bid-ask spreads and facilitates the development of power purchase agreements (PPAs) and other long-term supply contracts based on reliable market benchmarks. As Southeast European electricity systems become increasingly influenced by renewable generation, cross-border electricity trade and gas-driven marginal pricing, liquid power exchanges are evolving into essential components of regional market infrastructure.
According to Electricity.Trade, May demonstrated that market volatility and exchange liquidity are becoming increasingly interconnected, although progress remains uneven across the region. Serbia, Hungary, Italy, Bulgaria and Greece recorded stronger day-ahead trading activity, while Romania and Croatia highlighted the continuing differences in market depth. The broader trend suggests that Southeast Europe’s electricity markets are becoming more transparent and tradable, but they remain fragmented, creating both new opportunities and additional risks for utilities, traders, industrial consumers and financial market participants.
