Serbia, Slovenia And EU Establish Regional Electricity Exchange

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ELES and EMS, transmission system operators from Slovenia and Serbia, together with the European Electricity Exchange EPEX SPOT, will establish the first regional electricity exchange for Central and Southeast Europe.

The new legal entity Alpine-Adriatic Danube Electricity Exchange – ADEX will offer harmonized and unique spot trade services in Slovenia and Serbia, with the aim of expanding its business and services to other countries in Central and Southeast Europe, said Elektromreža. Serbia (EMS).

ELES, EMS and EPEX SPOT will own the same number of ADEX shares. The agreement envisions a business merger of the Slovenian BSE and the Serbian SEEPEX electricity exchanges.

EPEX SPOT and transmission system operators ELES and EMS will be the founders and shareholders of the newly established electricity exchange ADEX, with business headquarters in Ljubljana and main permanent offices in Ljubljana and Belgrade.

“In this way, we are improving the market culture in our region, providing the highest standards of trade, advanced technical solutions, exceptional stock exchange services, transparency and innovation”, said ELES director Alexander Mervar.

EMS director Jelena Matejić said that this extraordinary achievement will further encourage the development of the regional electricity market and provide an avant-garde and sustainable role model for other Central and Southeast European countries to join this advanced business infrastructure.

ADEX’s short-term plans also include a new intra-day market in Serbia and the merging of the existing Serbian day-ahead market with the EU’s single day-ahead market.

BSP Southpool Director Anže Predovnik emphasized that the business environment in the region is fundamentally changing, and that cooperation with SEEPEX and EPEX is the first step in adapting to future challenges at the ‘PX level’.

Furthermore, ELES, EMS and EPEX SPOT are in advanced talks with MAVIR, the Hungarian transmission system operator, Tanjug reported.

This initiative remains open to any other partners who would like to join ADEX to make progress in integrating the spot electricity market in central and south-east Europe.

BSP Southpool manages the day-ahead and intra-day market, as well as market merger services in Slovenia, and also provides local and cross-border clearing and financial settlement services.

During 2021, its 34 members traded for an amount of 10 TWh, with an annual financial turnover of 1.2 billion euros.

ELES is the only transmission system operator in Slovenia and operates a network of 400 kV, 220 kV and 110 kV transmission lines with a total length of 2,587 kilometres.


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Joint stock company Elektromreža Srbije (EMS) is the transmission system operator in Serbia whose duty is to ensure safe and reliable transmission of electricity, efficient management of the transmission system and ensure optimal and sustainable development. EMS manages a network of 400 kV, 220 kV and 110 kV transmission lines with a length of about 10,000 kilometres and is responsible for coordinating eight inter-zone capacities with neighboring TSOs, fully in accordance with the rules and practice of ENTSO-E.

The European electricity exchange EPEX SPOT SE and its subsidiaries operate physical short-term electricity markets in 13 countries: Central and Western Europe, Switzerland, the United Kingdom, the Nordic Region and Poland.

As part of the EEX Group, a group of companies serving international stock markets, EPEX SPOT is committed to creating a pan-European electricity market.

SEEPEX a.d. Belgrade is a licensed market operator in Serbia established as a joint stock company in a strategic partnership between EMS and EPEX SPOT.

In 2021, 24 members from 13 European countries traded 3.2 TWh on an organized day-ahead market, with all transactions cleared by European Commodity Clearing AG.

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