SEPEKS electricity price hits 250 euros per MWh in October
SEPEKS chief Milos Mladenovic says the October average hit about 250 euros per MWh, against about 120 for the year so far. Hungary's exchange prices Q1 2027 at about 240.
The average electricity price on the Serbian Power Exchange (SEPEKS) in October 2026 was about 250 euros per megawatt-hour (MWh), the exchange’s chief executive Milos Mladenovic told RTS. On European exchanges the price topped 300 euros per MWh, he said, and the forecasts for the coming winter are not encouraging. The average through the end of October is about 120 euros, which shows how sharply the last month jumped.
Mladenovic spoke on November 7. We earlier reported Markovic’s statement that EPS paid more than seven million euros a day for imported electricity.
How much did electricity rise on SEPEKS and HUPEKS?
For comparison, Mladenovic said the average price on SEPEKS and on the Hungarian exchange HUPEKS last year was about 108 euros per MWh. This year’s average through the end of October is about 11% higher than last year’s on the Serbian exchange and about 30% higher on the Hungarian one.
“Through the end of October this year, the average price on SEPEKS was about 120 euros and on HUPEKS about 140 euros per megawatt-hour. In October alone, the average price reached about 250 euros.”
High exchange prices do not pass to end consumers automatically, but they mean higher supply costs and pressure on the energy sector.
Why are prices rising?
The first reason is hydropower. Mladenovic said hydroelectric output in Europe in the third quarter was the worst since 2015:
“In the third quarter we had the worst hydroelectric output in Europe since 2015. The situation was similar in Norway, which relies almost entirely on hydropower, as well as in France, Italy and Austria.”
The Danube is only partly different. The Djerdap 1 and Djerdap 2 hydropower plants, on the Serbian and Romanian sides, are not running at full capacity, and Mladenovic cited a flow figure:
“The flow was at about 1,500 cubic meters per second, which is below the biological minimum. According to EPS data, output at Djerdap 1 and 2 was the weakest since they began operating.”
The nuclear picture is mixed. A 700-megawatt unit at Cernavoda in Romania is back online, but one thermal unit at Kozloduy in Bulgaria is still in overhaul, as is one unit of Hungary’s Paks nuclear plant. Some plants had to cut or halt output because of unfavorable cooling conditions. France still supplies the largest share of electricity on the European market, because its nuclear output has stabilized.
Southeast Europe traditionally depends on imports: in early November the region was importing about 4,000 megawatt-hours per hour. In the hours when solar plants produce the most, the price is still above 200 euros per MWh. Gas adds to this, since it often sets the electricity price in winter: on the Dutch TTF exchange it has passed 100 euros per MWh, and carbon dioxide emission permits cost about 90 euros.
According to Mladenovic, the Serbian system is now in a less favorable position. Thermal power plants, which the domestic system relies on most, are struggling with poorer coal quality, and reservoirs are low. During the summer crisis, good output from the hydropower plants on the Drina made up for part of the damage.
What does CBAM change on the regional market?
Mladenovic pointed to the effects of the European Carbon Border Adjustment Mechanism, or CBAM. In his words, the mechanism has disrupted the regional market and limited electricity exports. The gap between prices on the Serbian and Hungarian exchanges is now 15 to 20 euros per MWh, compared with less than one euro before the mechanism was introduced.
“On one hand, CBAM prevents full optimization of the market. We have to work on this so that we establish more efficient conditions as soon as possible, not only for the energy sector but for industry as a whole.”
What does the futures market say about winter, and what does Mladenovic propose?
On the Hungarian exchange, electricity for the first quarter of 2027 is contracted at about 240 euros per MWh, and for all of 2027 at about 170 euros. Mladenovic warned that a harsher winter and further deterioration in the European energy system could lead to an even bigger electricity shortfall.
As a priority for Serbia, he named new investment in generation capacity, above all renewables. A solar plant needs 9 to 15 months from permits to construction readiness, while a wind farm needs two to four years.
“The fastest solution is a more intensive turn toward renewable energy. In parallel, we must develop battery storage, pumped-storage hydropower plants and gas-fired plants, which would provide the necessary baseload power.”
