Seepex A.d. Beograd

What Seepex A.d. Beograd does

SEEPEX A.D. Beograd is a Serbian joint-stock company that operates the only organized electricity power exchange in the Republic of Serbia, providing wholesale day-ahead auction and continuous intraday trading infrastructure in the Serbian control zone. The exchange serves licensed electricity market participants — producers, suppliers, energy-intensive industrial consumers, transmission system operators, and proprietary trading companies — and counts 50 Day-Ahead Market (DAM) members and 34 Intraday Continuous (IDC) market members drawn from 13+ European countries, including major European trading houses such as Statkraft, Axpo, Mercuria, EDF Trading, and Danske Commodities, as well as Serbian state utility EPS and transmission system operator EMS.

The company runs two core spot products on separate industry-standard platforms: the DAM is operated via the MATS (Multi-Auction Trading System), which conducts 24-hour daily auctions with order book closure at 11:00 CET, and the IDC is operated via the M7 trading system for continuous 60-minute contract trading until 60 minutes before delivery. Both markets clear and settle through European Commodity Clearing (ECC) under the Non-Clearing Member model, and SEEPEX participates in the EU's Single Day-Ahead Coupling (SDAC) and Single Intraday Coupling (SIDC) frameworks following its NEMO designation by the Government of Serbia in November 2022. The exchange is a member exchange of ADEX Group, the regional platform that also includes BSP SouthPool (Slovenia) and HUPX (Hungary), with ADEX Data Portal and LABS providing API-accessible market data across all three jurisdictions.

SEEPEX generates revenue through four streams: recurring monthly membership fees (1,500 EUR/month for DAM, 850 EUR/month for IDC), per-MWh transaction fees (0.095 EUR on DAM and 0.12 EUR on IDC), one-time admission fees (19,000 EUR exchange access plus administration), and training/certification programs (600–800 EUR per trader). Distribution is exclusively via direct enterprise membership onboarding, requiring AERS licensing, EMS balance responsibility, ECC clearing bank agreement, KYC, trader examination, and technical setup. As of mid-2026, SEEPEX recorded a new monthly DAM volume high of 566,303.8 MWh in May 2026 and daily records exceeding 24,000 MWh in June 2026, with negative-price functionality (DAM floor -500 EUR/MWh, IDC floor -9,999 EUR/MWh) introduced in May 2026.

Name

Seepex A.d. Beograd

Legal name

SEEPEX A.D. Beograd

Website

https://seepex-spot.rs

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

1–10 employees

Short description

SEEPEX A.D. Beograd operates Serbia's only organized electricity power exchange, running day-ahead auctions and continuous intraday trading for licensed wholesale market participants, and is a member exchange of ADEX Group alongside Slovenia's BSP and Hungary's HUPX.

Ownership category

akta.pro rank

Product category

Electricity Exchange Services

NAICS

Commodity Contracts Intermediation (523160), Securities and Commodity Exchanges (5232)

SIC

Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Energy Supplier Partner Networks / White-Label Brokerage Programs (EUAGAEAK)

Keywords

• Electricity exchange services
• Wholesale power trading
• Day-ahead auction market
• Intraday continuous trading
• Electricity market data

Headquarters

HQ city

Belgrade

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Technology or R&D, Infrastructure, Personnel, Operations, Marketing or Sales, Others

Revenue model

1. Membership Fees: Monthly membership fees charged to exchange participants. DAM membership: 1,000 EUR/month plus 500 EUR system fee. IDC membership: 100 EUR/month plus 750 EUR system fee.
2. Transaction Fees: Per MWh transaction fees charged on executed trades. DAM: 0.095 EUR/MWh. IDC: 0.12 EUR/MWh plus 0.10 EUR/MWh OTC clearing registration fee.
3. Admission Fees: One-time fees for exchange membership including 18,000 EUR exchange access fee and 1,000 EUR administrative fee. Termination fee of 1,000 EUR.
4. Training and Certification: Trader training and certification programs: 600 EUR per person for online materials and exam, with volume discounts for groups. Live training: 800 EUR per person.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

SEEPEX A.D. Beograd operates an organized electricity power exchange in Serbia, providing wholesale Day-Ahead auction (DAM) and Continuous Intraday (IDC) electricity trading services, market data access, membership onboarding, and market surveillance. The exchange serves licensed market participants including producers, suppliers, energy-intensive consumers, and trading companies, with clearing and settlement handled by European Commodity Clearing (ECC).

Product overview

SEEEPEX A.D. Beograd operates as the licensed electricity exchange operator for Serbia, organized as a joint-stock company and a member of the ADEX Group (alongside BSP Southpool of Slovenia and HUPX of Hungary). The company offers a unified platform comprising two core spot market products: the Day-Ahead Market (DAM) operated via the MATS auction trading system, and the Intraday Continuous Market (IDC) operated via the M7 trading system. Supporting services include market data access through the ADEX Data Portal and LABS platform (offering API, CSV, and XLSX exports), membership onboarding and management, market surveillance, and participation in European market coupling (SDAC/SIDC) initiatives. Clearing and settlement is handled by European Commodity Clearing (ECC).

Differentiator

Problem solved

Functional benefit

Brands

• MATS: Multi-Agent Trading System - SEEPEX's auction trading system that went live in August 2025, replacing the previous ETS client system.
• IDC (Intraday Continuous)

Products and services

• Day-Ahead Market (DAM) Auction-based electricity market operated by SEEPEX for delivery in the Serbian control zone the following day, using the MATS (Multi-Auction Trading System). Members submit hourly and block orders up to 256 price-quantity combinations per hour and 50 MW per block, with order book closure at 11:00 CET and results published from 11:10. Price ticks are 0.01 EUR/MWh with minimum 0.1 MW quantity increments, designed for electricity producers, suppliers, traders, and industrial consumers needing next-day procurement and price discovery.
• Intraday Continuous Market (IDC) Continuous trading market operated by SEEPEX on the M7 trading system enabling participants to balance net positions up to 60 minutes before delivery, with clearing and settlement through European Commodity Clearing (ECC). Supports 60-minute contracts traded 24 hours a day with minimum price increment of 0.01 EUR/MWh and price range of 0 to 9,999.99 EUR/MWh, particularly useful for renewable energy integration and intraday rebalancing by producers, suppliers, and trading companies.
• ADEX Data Portal

Quantifiable outcome

• Record monthly trading volume of 566,303.8 MWh achieved in May 2026
• +2 more outcomes

Named customers11 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration5 records

Feature4 records

Partnerships

Ten partnerships are on record, tiered core, major and strategic.

• Elektroprivreda Srbije (EPS)coreStrategic or Co-development Partner · 3 November 2025Strategic agreement signed for EPS to provide market maker support on the Intraday Continuous Market, enhancing liquidity and supporting all 32 IDC members.
• ADEX GroupcoreStrategic or Co-development Partner · 23 December 2022ADEX (Alpine-Adriatic Danube Power Exchange) is the parent company formed through corporate merger of BSP SouthPool and SEEPEX, with headquarters in Ljubljana and offices in Belgrade. ADEX unifies power trading services across Slovenia, Serbia, and Hungary under one regional platform.
• EPEX SPOTcoreStrategic or Co-development Partner · 1 January 2015European Power Exchange EPEX SPOT is a strategic co-founder and partner in SEEPEX, providing expertise in exchange operations and market development. EPEX SPOT holds stake in ADEX Group and contributes European best practices.
• EMS A.D. Beograd (Elektromreže Srbije)coreStrategic or Co-development Partner · 1 January 2015Serbian Transmission System Operator and co-founding partner of SEEPEX. EMS enables market coupling and grid access for the exchange.
• European Commodity Clearing (ECC)coreTechnology or IntegrationCentral clearing house providing clearing and settlement services for SEEPEX trades, managing counterparty risk and guaranteeing physical and financial settlement.
• ELEScoreStrategic or Co-development PartnerSlovenian Transmission System Operator, co-founder of ADEX Group, enabling regional market integration.
• Chamber of Commerce and Industry of SerbiamajorGTM or Marketing PartnerLongstanding partnership for organizing industry events, workshops, and conferences on electricity market participation.
• TRINITY Project ConsortiumstrategicStrategic or Co-development PartnerEU Horizon 2020 funded project for regional electricity market integration in Southeast Europe. SEEPEX led Work Package 3 on Market Coupling Framework with partners EPEX Spot, EKC, Mihajlo Pupin Institute.
• HUPX (Hungarian Power Exchange)coreStrategic or Co-development PartnerHungarian electricity exchange now part of ADEX Group, providing unified access to Hungarian market.
• BSP SouthpoolcoreStrategic or Co-development PartnerSlovenian electricity exchange merged into ADEX Group, now operating under unified regional platform.

Scale indicators5 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Nord Pool: Nord Pool is one of Europe's leading power exchanges operating day-ahead and intraday markets across the Nordics and broader Europe. It is a broad incumbent comparable to SEEPEX in core business (organized electricity trading) but operates at much greater scale and across more countries.
• TGE (Towarowa Giełda Energii): TGE is the Polish power exchange operating day-ahead, intraday, and forward electricity markets. It is comparable to SEEPEX as a regional organized electricity exchange with similar product offerings, though operating at significantly larger scale in the Polish market.
• EXAA (Energy Exchange Austria): EXAA is the Austrian energy exchange operating day-ahead electricity auctions. It is comparable to SEEPEX as a regional organized electricity exchange in Central Europe with similar product focus, though operating at smaller scale in a different geography.

Direct peers

• HUPX (Hungarian Power Exchange): HUPX operates the Hungarian day-ahead and intraday electricity markets and joined ADEX Group in April 2024. It runs the same product suite as SEEPEX under the unified ADEX platform and is a directly comparable peer in terms of market structure and customer base.
• EPEX SPOT: EPEX SPOT is Europe's largest power exchange operating day-ahead and intraday electricity markets across multiple countries. It is SEEPEX's strategic co-founder, technology provider, and shareholder in ADEX Group, making it the most direct comparable in business model and product offering.
• OPCOM: OPCOM is the Romanian electricity and gas market operator offering DAM, IDC, and centralized markets. As a SEE neighbor with similar market structure and EU-integration profile, OPCOM is a directly comparable peer to SEEPEX in terms of product offering and target market.
• IBEX (Independent Bulgarian Energy Exchange): IBEX operates organized day-ahead and intraday electricity markets in Bulgaria. As a regional SEE peer with similar product offerings and a comparable regulatory/market context, IBEX is a directly comparable electricity exchange to SEEPEX.
• CROPEX: CROPEX is the Croatian power exchange operating day-ahead and intraday electricity markets. As a Western Balkans neighbor with similar product suite and EU NEMO designation status, CROPEX is a directly comparable peer to SEEPEX in scope and structure.
• BSP SouthPool: BSP operates the Slovenian organized electricity market and is SEEPEX's sister exchange within ADEX Group. It offers the same DAM and IDC products for Slovenia and shares the unified ADEX platform, making it a directly comparable peer in scale and structure.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@seepex_adseepex_ad3527
• Facebookfacebook.com/seepexspot
• LinkedInlinkedin.com/company/seepex-a-d
• Instagraminstagram.com/seepex_ad

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Seepex A.d. Beograd