In Serbia, battery projects are expected to combine market trading, balancing, renewable firming and industrial supply rather than depend on a single merchant spread. Reports in September 2026 pointed to around 2 GW of battery energy storage system (BESS) connection agreements. If a material share of that pipeline enters operation, competition in simple electricity arbitrage is expected to increase.
SEEPEX, Serbia’s electricity market exchange, recorded its first negative day-ahead price on 10 May 2026, at minus EUR 0.01/MWh. On 30 October 2026, baseload electricity reached EUR 303.29/MWh and peakload electricity reached EUR 331.30/MWh. The SEEPEX price data show the opportunity to shift energy from low-cost solar hours to more expensive evening hours, but do not guarantee a stable annual arbitrage margin.
Storage can serve different users and market activities. Wind and solar developers can use batteries to reduce imbalance and shape output for a bilateral buyer. Traders can manage positions across day-ahead and intraday markets, while industrial buyers can use storage to limit exposure to short scarcity periods. Batteries that qualify for balancing services can add another revenue stream.
Combining these revenue sources is expected to make projects more bankable than relying on one merchant spread. Serbian BESS projects should be financed as flexibility platforms rather than single-spread trades. A battery’s value lies in deciding when to buy or sell electricity, reserve capacity or protect another asset’s revenue, while projects financed in the current market should assume lower future spreads than those seen during tight-market episodes in 2026.