Serbia — 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	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%
September95.1% of hours	2,329,261	336,995	149.01	50,216,273	757,378	133.23	100,904,664	150.01	−50,688,390	32.5%
October91.8% of hours	2,542,469	162,557	206.96	33,642,660	825,143	218.19	180,034,140	232.41	−146,391,481	32.5%
Total	27,521,680	3,952,034	110.65	437,298,138	7,527,694	111.21	837,135,883	118.26	−399,837,744	27.4%

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

399,837,744 € for 3,575,660 MWh that stayed in the country works out at 111.82 € per megawatt-hour, in a month that averaged 118.26.

Energy that stayed, at the month's average price 422,873,105 105.8%
What came in arrived above that average −53,121,936 -13.3%
What went out left below it 30,086,575 7.5%

The first line is energy the country needed and got. The other two — 23,035,361 € 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.