Serbia — physical cross-border flows, 2026

Every month of the year, every border, in energy and in money. Flows are measured; each megawatt-hour is valued at Serbia's own day-ahead price for the quarter-hour it actually crossed in.

Month by month

All borders together, with consumption for scale.

Month Consumption, MWh Physical exports Physical imports Zone price, €/MWh Difference € Import ÷ consumption
MWh€/MWh€ MWh€/MWh€
January 3,575,864 518,857 125.15 64,935,165 754,221 121.50 91,639,934 118.13 −26,704,769 21.1%
February 3,043,378 685,896 71.72 49,191,019 593,795 68.30 40,557,345 68.61 8,633,674 19.5%
March 3,048,931 565,896 98.58 55,787,022 661,220 88.84 58,739,795 94.67 −2,952,773 21.7%
April 2,662,383 344,033 93.48 32,161,575 729,038 76.31 55,631,353 91.51 −23,469,778 27.4%
May 2,469,497 279,202 100.06 27,935,915 902,196 82.50 74,431,902 96.63 −46,495,987 36.5%
June 2,503,154 264,046 100.36 26,499,398 758,926 88.11 66,868,963 100.71 −40,369,565 30.3%
July 2,587,678 343,983 112.58 38,726,724 714,854 96.68 69,113,355 109.43 −30,386,631 27.6%
August 2,759,065 450,568 129.18 58,202,387 830,923 119.40 99,214,432 136.70 −41,012,044 30.1%
September34.4% of hours 874,387 144,954 137.59 19,943,909 279,530 129.80 36,284,349 149.11 −16,340,440 32.0%
Total 23,524,337 3,597,436 103.79 373,383,114 6,224,703 95.18 592,481,428 103.93 −219,098,313 26.5%

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

219,098,313 € for 2,627,267 MWh that stayed in the country works out at 83.39 € per megawatt-hour, in a month that averaged 103.93.

  • Energy that stayed, at the month's average price 273,055,785 124.6%
  • What came in arrived above that average −54,461,175 -24.9%
  • What went out left below it 503,704 0.2%

The first line is energy the country needed and got. The other two — 53,957,471 € 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

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.

Border by border

Romania

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 232,638 144.47 33,608,866 13,862 79.72 1,105,036 32,503,830
February 237,353 80.37 19,077,073 1,294 19.21 24,860 19,052,213
March 85,441 135.21 11,552,572 84,284 62.52 5,269,176 6,283,396
April 51,017 141.70 7,228,961 138,635 59.17 8,202,862 −973,902
May 53,331 136.62 7,285,842 126,054 56.55 7,128,883 156,958
June 39,554 132.11 5,225,442 139,467 73.96 10,315,471 −5,090,029
July 31,529 171.50 5,407,275 150,159 80.24 12,048,938 −6,641,663
August 12,266 236.12 2,896,282 198,786 99.65 19,808,308 −16,912,026
September 9,961 185.92 1,852,046 56,732 112.80 6,399,259 −4,547,213
Total 753,090 125.00 94,134,358 909,273 77.32 70,302,793 23,831,565

Bulgaria

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 41,117 132.72 5,457,259 64,685 97.16 6,284,541 −827,282
February 43,165 80.86 3,490,159 28,570 44.62 1,274,735 2,215,424
March 5,941 85.30 506,778 180,589 84.70 15,296,184 −14,789,405
April 12,403 52.62 652,639 165,693 84.95 14,076,241 −13,423,602
May 18,961 41.43 785,604 181,110 94.37 17,091,529 −16,305,924
June 15,991 14.37 229,797 188,951 107.07 20,231,673 −20,001,876
July 3,156 28.36 89,490 238,969 117.03 27,966,326 −27,876,835
August 2,278 51.55 117,422 295,704 137.06 40,527,953 −40,410,530
September 1,504 65.88 99,097 98,148 149.56 14,679,050 −14,579,953
Total 144,517 79.08 11,428,247 1,442,418 109.14 157,428,232 −145,999,985

Hungary

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 127,043 113.88 14,467,553 18,309 96.68 1,770,135 12,697,418
February 245,732 68.92 16,935,139 1,716 0.02 29 16,935,111
March 164,360 112.63 18,511,769 22,183 57.36 1,272,442 17,239,327
April 44,930 125.38 5,633,392 127,868 63.74 8,149,796 −2,516,405
May 69,957 122.86 8,594,601 92,430 42.43 3,921,637 4,672,964
June 43,284 154.81 6,700,901 104,188 56.59 5,895,513 805,388
July 32,826 140.84 4,623,328 112,769 70.30 7,927,418 −3,304,090
August 46,759 158.56 7,413,933 115,871 96.74 11,209,009 −3,795,075
September 5,344 199.12 1,064,139 42,532 114.80 4,882,857 −3,818,718
Total 780,234 107.59 83,944,756 637,867 70.59 45,028,835 38,915,921

Croatia

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 89,429 100.20 8,960,613 23,382 126.71 2,962,814 5,997,799
February 144,217 61.21 8,827,557 2,978 35.70 106,324 8,721,233
March 185,329 90.91 16,847,433 11,111 78.91 876,775 15,970,658
April 68,347 91.05 6,222,987 86,597 61.80 5,351,282 871,705
May 76,413 92.40 7,060,375 58,259 46.53 2,711,029 4,349,346
June 72,853 107.60 7,839,293 61,163 44.89 2,745,749 5,093,544
July 46,547 108.50 5,050,579 76,896 78.16 6,010,205 −959,626
August 115,252 127.92 14,742,621 44,805 98.83 4,428,017 10,314,604
September 30,435 141.92 4,319,466 38,932 120.33 4,684,794 −365,329
Total 828,822 96.37 79,870,923 404,123 73.93 29,876,989 49,993,934

Kosovo

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 8,625 77.88 671,745 256,768 123.77 31,780,386 −31,108,641
February 0 — 0 264,794 70.31 18,616,776 −18,616,776
March 16,992 78.41 1,332,282 111,089 107.07 11,894,545 −10,562,264
April 65,019 72.59 4,719,458 30,312 138.00 4,183,103 536,355
May 18,256 70.45 1,286,108 87,719 113.93 9,993,977 −8,707,869
June 20,206 71.84 1,451,648 47,622 143.54 6,835,915 −5,384,267
July 97,936 98.71 9,667,008 9,282 201.60 1,871,333 7,795,675
August 100,329 120.44 12,083,223 13,456 217.25 2,923,271 9,159,952
September 39,586 133.53 5,285,912 1,097 181.36 199,023 5,086,890
Total 366,950 99.46 36,497,384 822,140 107.40 88,298,329 −51,800,944

North Macedonia

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 2,555 77.11 197,023 143,945 117.10 16,856,047 −16,659,024
February 984 28.36 27,894 103,497 65.23 6,750,768 −6,722,873
March 7,309 86.34 631,079 124,408 88.18 10,970,555 −10,339,476
April 25,692 74.38 1,911,009 87,465 87.00 7,609,776 −5,698,766
May 1,647 20.23 33,326 167,174 94.93 15,870,234 −15,836,908
June 12,157 44.43 540,156 115,639 98.10 11,344,323 −10,804,167
July 19,929 117.91 2,349,827 67,573 101.32 6,846,740 −4,496,913
August 19,265 139.65 2,690,321 116,869 124.68 14,571,138 −11,880,817
September 7,848 141.62 1,111,417 26,300 127.39 3,350,411 −2,238,994
Total 97,385 97.47 9,492,053 952,869 98.83 94,169,992 −84,677,939

Bosnia and Herzegovina

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 17,313 89.95 1,557,315 81,883 142.26 11,648,947 −10,091,633
February 12,885 52.33 674,259 58,891 73.32 4,318,049 −3,643,790
March 97,181 63.03 6,125,718 23,645 118.33 2,797,981 3,327,737
April 51,847 63.61 3,298,148 46,900 98.92 4,639,434 −1,341,286
May 35,832 65.53 2,347,993 83,699 105.20 8,805,293 −6,457,301
June 52,890 74.33 3,931,528 40,256 87.78 3,533,716 397,812
July 93,582 97.80 9,152,305 26,766 115.22 3,083,881 6,068,424
August 134,863 112.53 15,175,518 7,930 120.39 954,779 14,220,739
September 44,259 119.34 5,281,947 3,268 153.34 501,038 4,780,909
Total 540,652 87.94 47,544,730 373,238 107.93 40,283,119 7,261,611

Montenegro

Month by month, Serbia's side of this border.

Month Physical exports MWh €/MWh € Physical imports MWh €/MWh € Difference €
January 137 108.36 14,792 151,387 127.04 19,232,029 −19,217,237
February 1,560 101.86 158,937 132,055 71.68 9,465,805 −9,306,869
March 3,344 83.56 279,392 103,912 99.72 10,362,137 −10,082,745
April 24,777 100.70 2,494,981 45,568 75.03 3,418,858 −923,877
May 4,805 112.81 542,066 105,750 84.25 8,909,319 −8,367,253
June 7,112 81.64 580,633 61,639 96.80 5,966,603 −5,385,970
July 18,478 129.17 2,386,912 32,439 103.53 3,358,515 −971,603
August 19,556 157.65 3,083,067 37,502 127.78 4,791,958 −1,708,891
September 6,016 154.57 929,884 12,521 126.82 1,587,916 −658,032
Total 85,785 122.06 10,470,664 682,774 98.27 67,093,140 −56,622,476

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.