Serbia’s strongest battery-storage projects are expected to combine market trading, balancing, renewable firming and industrial supply, as growing storage competition could make reliance on electricity-arbitrage spreads less dependable. The approach moves projects beyond dependence on a single merchant revenue stream.
Around 2 GW of battery energy storage system (BESS) connection agreements were reported in September 2026. If a material share of that pipeline reaches operation, competition in simple electricity arbitrage is expected to increase. Projects financed in the current market should therefore assume lower future spreads than those visible during tight-market episodes in 2026.
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, SEEPEX baseload electricity reached EUR 303.29/MWh and peakload electricity reached EUR 331.30/MWh.
Those prices illustrate the opportunity to shift energy from cheap solar hours to more expensive evening hours. They do not, however, guarantee a stable annual arbitrage margin, making a business case based on a single price spread less dependable as more storage projects potentially enter the market.
Storage revenue streams
A wind or solar developer can use a battery to reduce imbalance and shape output for a bilateral buyer. Traders can use storage to manage positions across day-ahead and intraday markets, while industrial buyers can use it to reduce exposure to short scarcity periods. Each use draws on the battery’s ability to shift when electricity is supplied or consumed.
Balancing services can add another revenue stream for a battery that qualifies. The expected combination of market trading, balancing, renewable firming and industrial supply is seen as 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 is its flexibility: choosing when to buy or sell electricity, when to reserve capacity and when to protect another asset’s revenue.