North Macedonia — physical cross-border flows, 2026

Month by month

All borders together, with consumption for scale.

Month	Consumption, MWh	Physical exports			Physical imports			Average price, €/MWh	Difference €	Import ÷ consumption
Month	Consumption, MWh	MWh	€/MWh	€	MWh	€/MWh	€	Average price, €/MWh	Difference €	Import ÷ consumption
January	673,880	83,301	118.73	9,890,472	131,130	123.45	16,188,089	121.86	−6,297,617	19.5%
February	484,692	61,158	65.62	4,013,095	88,131	71.26	6,279,991	70.76	−2,266,896	18.2%
March	444,018	71,359	79.39	5,664,886	103,478	94.82	9,811,315	94.92	−4,146,429	23.3%
April	256,960	75,452	65.63	4,952,008	89,074	80.93	7,208,722	86.73	−2,256,714	34.7%
May	107,650	94,523	71.78	6,784,868	95,803	87.21	8,354,870	90.64	−1,570,002	89.0%
June	171,579	76,497	74.80	5,722,345	84,528	92.56	7,823,574	95.57	−2,101,229	49.3%
July	250,699	79,683	93.55	7,454,200	83,069	110.44	9,174,347	104.06	−1,720,147	33.1%
August	337,039	101,689	124.38	12,648,122	104,423	128.57	13,425,439	135.14	−777,317	31.0%
September94.9% of hours	152,168	78,462	138.51	10,868,076	78,362	144.39	11,314,793	152.67	−446,717	51.5%
October98.8% of hours	348,778	90,240	215.29	19,427,841	90,837	226.14	20,541,650	224.81	−1,113,809	26.0%
Total	3,227,462	812,363	107.62	87,425,914	948,836	116.06	110,122,790	117.83	−22,696,875	29.4%

Consumption is measured separately, as the hourly average power summed over the month — not by adding up readings, since sources publish at different rates. The last column puts imports next to it for scale; it is not a dependency figure, because part of what enters passes straight through to another neighbour.

Where the difference comes from

22,696,875 € for 136,472 MWh that stayed in the country works out at 166.31 € per megawatt-hour, in a month that averaged 117.83.

Energy that stayed, at the month's average price 16,080,063 70.8%
What came in arrived above that average −1,675,322 -7.4%
What went out left below it 8,292,135 36.5%

The first line is energy the country needed and got. The other two — 6,616,813 € together — come not from how much moved but from when: cheap hours to sell in, expensive hours to buy in. That is the price of a timing mismatch, not a loss.

Official validation

The measured physical flow, checked against ANRE's published commercial trade.

Month	Physical net, MWh	Commercial net, MWh	Difference, MWh	Status
January	—	—	—	AWAITING OFFICIAL ANRE DATA
February	—	—	—	AWAITING OFFICIAL ANRE DATA
March	—	—	—	AWAITING OFFICIAL ANRE DATA
April	—	—	—	AWAITING OFFICIAL ANRE DATA
May	—	—	—	AWAITING OFFICIAL ANRE DATA
June	—	—	—	AWAITING OFFICIAL ANRE DATA
July	—	—	—	AWAITING OFFICIAL ANRE DATA
August	—	—	—	AWAITING OFFICIAL ANRE DATA
September	—	—	—	AWAITING OFFICIAL ANRE DATA
October	—	—	—	AWAITING OFFICIAL ANRE DATA

Gross volumes differ by design: the official indicators include transits, and a transit is counted once entering and once leaving, while a physical border sees it only once. Net figures converge, because transits cancel out — which is why the comparison is made on the net.

The percentage relates the difference to the month's commercial net. In a month with a small net, the same difference in MWh yields a larger percentage — which is why the difference is always shown in MWh as well.

ANRE publishes these exchanges as a physical balance in GWh. It publishes no import or export value and no average price per direction, so no money comparison is possible.

Physical cross-border flows and commercial electricity trades measure different phenomena. ANRE data is shown as an independent official benchmark and should not be interpreted as an exact reconciliation.

Greece

Month by month, North Macedonia's side of this border.

Month	Physical exports MWh	€/MWh	€	Physical imports MWh	€/MWh	€	Difference €
January	805	92.64	74,526	123,783	124.34	15,391,396	−15,316,869
February	97	48.61	4,703	83,174	71.40	5,938,717	−5,934,014
March	3,703	85.25	315,691	85,673	94.96	8,135,154	−7,819,463
April	20,223	76.56	1,548,203	47,445	75.92	3,601,954	−2,053,752
May	245	74.90	18,351	85,916	86.17	7,403,302	−7,384,950
June	7,939	81.03	643,227	60,746	87.91	5,340,402	−4,697,176
July	25,798	126.19	3,255,284	28,341	82.64	2,342,070	913,214
August	16,654	170.54	2,840,171	58,568	108.85	6,375,386	−3,535,215
September	16,623	184.85	3,072,807	34,501	104.81	3,615,947	−543,140
October	1,557	251.82	392,154	74,309	221.28	16,443,305	−16,051,151
Total	93,642	129.91	12,165,117	682,453	109.29	74,587,634	−62,422,516

Kosovo

Month by month, North Macedonia's side of this border.

Month	Physical exports MWh	€/MWh	€	Physical imports MWh	€/MWh	€	Difference €
January	22,042	108.41	2,389,506	4,536	119.83	543,529	1,845,977
February	11,505	54.59	628,050	4,093	71.10	291,037	337,012
March	31,674	73.32	2,322,355	3,933	93.59	368,089	1,954,267
April	31,391	57.06	1,791,098	11,024	80.27	884,939	906,160
May	42,224	67.79	2,862,220	1,653	44.55	73,643	2,788,576
June	34,477	74.06	2,553,202	5,072	69.63	353,138	2,200,063
July	35,682	76.95	2,745,746	6,932	129.82	899,899	1,845,847
August	54,753	114.95	6,294,095	4,708	151.72	714,257	5,579,838
September	35,357	128.14	4,530,601	4,709	159.33	750,318	3,780,283
October	33,401	223.59	7,468,232	2,112	218.08	460,631	7,007,601
Total	332,506	101.01	33,585,105	48,772	109.48	5,339,480	28,245,625

Serbia

Month by month, North Macedonia's side of this border.

Month	Physical exports MWh	€/MWh	€	Physical imports MWh	€/MWh	€	Difference €
January	35,986	119.20	4,289,462	639	93.57	59,770	4,229,692
February	25,874	66.75	1,727,053	246	26.63	6,548	1,720,505
March	31,102	85.18	2,649,211	1,827	92.95	169,844	2,479,367
April	21,866	69.72	1,524,411	6,423	77.16	495,590	1,028,821
May	40,883	81.12	3,316,274	278	28.48	7,925	3,308,349
June	28,180	82.81	2,333,481	2,483	64.27	159,598	2,173,883
July	15,991	88.46	1,414,538	4,980	123.02	612,628	801,910
August	29,217	118.67	3,467,228	4,816	152.87	736,245	2,730,983
September	23,169	133.03	3,082,176	3,121	158.00	493,150	2,589,026
October	39,152	209.51	8,202,653	382	204.07	78,014	8,124,640
Total	291,421	109.83	32,006,487	25,196	111.90	2,819,311	29,187,176

Bulgaria

Month by month, North Macedonia's side of this border.

Month	Physical exports MWh	€/MWh	€	Physical imports MWh	€/MWh	€	Difference €
January	24,468	128.21	3,136,978	2,172	89.02	193,394	2,943,584
February	23,682	69.81	1,653,288	618	70.65	43,688	1,609,600
March	4,880	77.38	377,629	12,045	94.50	1,138,229	−760,599
April	1,971	44.79	88,295	24,182	92.06	2,226,239	−2,137,943
May	11,171	52.64	588,024	7,956	109.35	870,000	−281,976
June	5,902	32.61	192,436	16,228	121.42	1,970,436	−1,778,000
July	2,213	17.46	38,632	42,816	124.25	5,319,751	−5,281,118
August	1,065	43.77	46,628	36,332	154.12	5,599,551	−5,552,923
September	3,313	55.08	182,492	36,031	179.16	6,455,378	−6,272,886
October	16,130	208.61	3,364,802	14,034	253.66	3,559,700	−194,898
Total	94,794	102.00	9,669,205	192,415	142.28	27,376,365	−17,707,160

Method

Not an invoice. Cross-border electricity is not sold country to country: the markets are coupled and the physical flow is the outcome of a shared auction. These figures value the measured flow at this zone's own day-ahead price, so both directions can be compared on the same scale.

Flows are measured, quarter-hour by quarter-hour; hourly borders are spread across the four quarters they cover, so every megawatt-hour meets the price that was actually in force. Energy entering the country is not the same as energy consumed here — some of it passes through.

A country between two others carries energy that is neither produced nor consumed there. Energy entering is not energy used.

Month by month

Where the difference comes from

Official validation

Border by border

Greece

Kosovo

Serbia

Bulgaria

Method