Since 2016, Serbia has increased electricity imports almost four times, according to the reports of the Energy Agency. At the same time, exports have almost doubled. The question is how the year 2026 will end, because in that year the export of electricity to the EU - completely stopped
While the EPS denies the claims of the SRCE party that the import of electricity during the summer days of 2026 will break all records, official data show a serious tendency of trading growth with electricity for the last ten years.
Thus, the Report on the work of the Energy Agency, which regulates the work of the entire energy sector in the country, shows that in 2016, Serbia imported 2149 GWh of electricity, and then every subsequent year it increased the amount it imports by 15 to 25 percent, to end the year 2025 with 8906 GWh imported through its company Elektroprivreda Srbije.
At the same time, EPS also increased exports, and officials of this company have repeatedly announced that the company managed to earn large amounts by selling electricity when it is expensive and buying it when it is favorable.
Thus, reports from the Energy Agency show that in 2016 EPS exported 3696 GWh of electricity on behalf of Serbia, and in 2025 a total of 7013 GWh, while the best year of export was 2023 with 7992 GWh exported.
With the increase in imports and exports over the past decade, the trade relationship has almost leveled off, and in 2023, the EPS stated that they had a surplus of 55 million euros in trade on the free market at one point, and that was five million euros more than planned.
"In four days of April, EPS earned four million euros in sales at the wholesale market, boasted 2023 Miroslav Tomašević, acting director of "Elektroprivreda Srbije".
Energy expert Miroslav Zdravković told "Vreme" that he believes that Serbia trades more because of the poor condition of the entire production plant.
"In recent years, we have used the possibility of trading on the stock exchange because it was not profitable for us to produce electricity ourselves," claims Zdravković. "Our losses on the grid are huge, we lose one Kostolac every year, we poorly maintain substations, we don't have enough qualified personnel to work, thermal power plants have a big problem with the quality of coal, so they often have to import better quality raw materials. All this has contributed to the fact that we need more money to produce electricity than to buy it. Also, the electricity we produce from hydroelectric plants, in periods of high production, we have nowhere to store because we only have one renewable hydroelectric plant, and for decades we are also waiting for the others."
An additional problem for the entire financial calculation comes from the fact that from the beginning of 2026, Serbia cannot export electricity to the European Union market at all, because it is not worth it because of the CBAM tax.
"The logic of exporting electricity when it is expensive and importing it in a cheap period makes sense, if you have somewhere to export it," says Zdravković.
The Energy Community has made an assessment of the impact of taxes between the European Union and the countries of the Western Balkans, which is better known as CBAM. Turns out it is the Serbian electricity exchange is the only one in the region that records a drop of 11 percent for the first three months of 2026.
Neighbors, on the other hand, record good results. The volumes of the Albanian stock exchange almost doubled, the Montenegrin stock market grew by 49 percent, and the electricity stock market in North Macedonia recorded a jump of 19 percent.
However, in the three-year business plan until 2028, EPS predicted that excess electricity will be absorbed mainly in the domestic and regional markets.
"Taking into account the proposal of the trade plan in the function of balancing and optimization, i.e. the sale of around 120 GWh in 2026 and the sale of 750-2100 GWh in 2027-2028, it is envisaged that all sales will be made within Serbia (that is, mainly on the Serbian stock exchange) or within the region of the Western Balkans, in order to avoid CBAM costs," the business plan states.
EPS, however, expressed concern that in 2028, given the relatively high planned volume of sales, there is a significant risk that the entire amount will not be absorbed in Serbia or the Western Balkan region.
"However, it is expected that by 2028, the Serbian electricity market will be connected with one of the neighboring EU markets, which is the main condition for exemption from CBAM".
However, the EPS states in the business plan that the exemption from CBAM until 2030 could only be approved if the market integration process is completed and if Serbia develops a plan and undertakes to implement a carbon pricing mechanism that ensures a price equivalent to the EU ETS in 2030. Additional conditions are that Serbia undertakes to achieve carbon neutrality by 2050 at the latest, as well as to comply with Union legislation in the areas of environment, climate, competition and energy.
The Serbia Center-Srce party announced on July 5 that the import of electricity is breaking all records because "due to the rule of President Aleksandar Vučić, Serbia has turned from an exporter into an importer of electricity."
"Only 15-20 years ago, the Electric Power Company of Serbia (EPS) ensured the import of only 450 gigawatt hours (Gwh) of electricity for the entire winter period, which was calculated as consumption for three cold winter days, but the situation changed drastically during the rule of the Serbian Progressive Party (SNS) - now EPS imports electricity throughout the year, and more in summer than in winter, completely opposite to before, when it exported both in spring and summer," stated the Departmental Committee of that party for energy and mining of that party.
He pointed out that "the competent ministry, headed by the irresponsible and unprofessional minister Đedović-Handanović, apparently exists only to implement Vučić's orders."
"If it were otherwise and if there were really responsible professionals sitting in that ministry, they would immediately take similar measures that were previously implemented for the rational consumption of electricity in order to reduce the huge summer import. Instead, the price of electricity for the citizens of Serbia will be increased and the limit for the red zone will probably be lowered, all under the pretext of IMF demands, as if the IMF is managing Serbia and EPS," warned the Serbia Center - Heart party.
EPS denied these claims.
Elektroprivreda Srbije buys energy in advance at the most favorable prices during solar hours, in order to save domestic resources, coal and water, optimize operations, but also reduce carbon dioxide emissions, they stated.
"The dilemma is whether it is a matter of lack of information or bad intentions when the business of the electricity industry is evaluated today by data from an application that refers to an hour or a day, instead of through the overall security of supply, reliability of system operation and financial results," said EPS.
The only truth, as they say, is that Elektroprivreda Srbije is making a profit for the third year in a row and is intensively working on new investments, writes Euronews Serbia.
"For the sake of truthful information, the import and export of electricity represent the regular market activity of all electric power companies in Europe and depend on a number of factors, including consumption, availability of production capacities, hydrology, production from renewable energy sources, as well as price movements on the regional electricity market. The mere fact that electricity is imported in certain periods cannot be the basis for a conclusion about the state or success of EPS's operations," they state from EPS.
The company emphasizes that the goal of information and applications available on the Internet is to ensure transparency of information for everyone.
"It is crucial to understand that EPS buys energy in advance at the most favorable prices during solar hours, when prices are often negative, and not at the prices currently displayed on energyflux, which is the business interest of all energy companies. We believe that the answer will contribute to all interested parties receiving transparent clarifications in order to once again prevent the idea of collapsing the reputation and position of EPS," the statement added.
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