Serbia’s electricity trade balance deteriorated significantly as export revenues fell faster than import expenditure, turning a previous surplus into a €179.5 million deficit. Electricity exports generated €294.6 million, down 47.5%, while imports declined by a more moderate 13.9% to €474.1 million.
The figures for the first eight months of 2026 contrast with a trade surplus of approximately €10 million recorded during the corresponding period of 2025, highlighting the deterioration in the financial balance of Serbia’s electricity trade.
Electricity Exports Fall Sharply
The decline continued in August, when electricity export revenues dropped 54.3% year-on-year to €31.1 million. In contrast, electricity imports increased 6.1% to €59.3 million, widening the monthly trade imbalance. The reported trade values reflect changes in both electricity prices and transaction volumes. They do not directly measure physical electricity flows across Serbia’s borders, but demonstrate that export earnings have fallen substantially while import expenditure remains significant.
Domestic Electricity Production Remains Below Previous Levels
Serbia’s domestic energy production indicators showed mixed movements. Output in the electricity, gas and steam supply sector increased 0.8% in August, recovering from an 8.8% contraction in July. Despite the monthly improvement, cumulative production in the sector remained 4.2% lower year-on-year, indicating that the recovery has not reversed the overall decline.
Generation Capacity and Procurement Costs
The weaker electricity trade balance increases the importance of domestic generation availability, hydrological conditions, forward contracting and regional wholesale electricity prices for power producers, utilities and lenders.
Investment in wind power, solar generation, battery storage and flexible generation capacity could contribute to improving Serbia’s longer-term electricity supply balance. In the immediate term, utilities face the financial challenge of controlling electricity procurement costs while maintaining sufficient domestic generating capacity during periods of strong regional demand.
