Serbia Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in serbia, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Strategic Technologies - Energy
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Overview

Serbia is undergoing a pivotal energy transformation. While coal remains the dominant source of electricity generation in 2024, the government is committed to structural reforms, diversification, and aligning with EU climate and energy market integration goals. Major investments, government incentives, and significant international interest will offer strong opportunities for U.S. companies specializing in renewables, energy storage, grid modernization, energy efficiency, and advanced coal technology. Environmental sustainability, energy security, and integration with the EU energy market will shape Serbia’s energy investment landscape through the remainder of the decade.

Serbia’s electricity generation remains dominated by coal and hydropower, but the country is taking concrete steps to diversify. In 2024, about 60% of Serbia’s electricity was produced from coal, primarily lignite, while hydropower accounted for roughly 30% of generation. Other renewables (wind, solar, biomass) grew to supply approximately 10% of Serbia’s electricity, marking substantial progress in the country’s transition efforts.

In 2024, Serbia expanded its installed renewable energy capacity to approximately 3.9 GW, representing a 22% capacity increase over the past year and a 36% increase over the past decade. The government set a target to raise renewables’ share to 45% of electricity generation by 2030 and 73% by 2040. The Integrated National Energy and Climate Plan and green budget initiatives for 2025 allocate about €1 billion for 64 environmental projects, including construction of 1 GW of solar power paired with battery storage and further development in wind and hydropower.

State utility Elektroprivreda Srbije (EPS) remains focused on maintaining stability in coal-fired generation while modernizing and greening its assets. Major upgrades and environmental projects are ongoing, including desulfurization systems and the addition of new baseload units such as the Kostolac B3 plant (350 MW, opened in 2024), and major overhauls at key facilities. Decarbonization and environmental improvements remain a strategic focus and are supported by new investment planning and profits from 2024.

Serbia still relies heavily on Russia for natural gas, but steps for diversification have been proposed, including new pipeline interconnectors with Romania and North Macedonia as part of a strategy to increase energy security by 2030. The country has also secured new gas supply contracts, including deliveries from Azerbaijan and booked capacity at Greece’s Alexandroupolis LNG terminal.

Leading Sub-sectors

Coal and Modernization (NAICS 221112 – Fossil Fuel Electric Power Generation)

  • State utility EPS continues modernizing lignite plants.

  • Major projects: desulfurization systems, new baseload unit Kostolac B3 (350 MW, opened 2024), and EU-aligned environmental upgrades.

  • Strategic goal: reduce emissions while maintaining energy security.

Hydropower (NAICS 221111 – Hydroelectric Power Generation)

  • Djerdap 1 & 2 continue to exceed production targets.

  • Rehabilitation programs underway to improve reliability and efficiency.

  • New pumped storage project Bistrica advancing toward 2032 startup.

Solar and Wind (NAICS 221114 – Solar; 221115 – Wind Electric Power Generation)

  • Solar: +80 MW added in 2024 (now 200 MW total installed; 3.9 GW under development)

  •  Wind: capacity expected to reach 684 MW in 2025 (+76 MW).

  • Competitive auctions in 2024 spurred large-scale projects (solar up to 1 GW, with storage).

Grid Modernization & Energy Storage (NAICS 221118 – Other Electric Power Generation; 221121 – Electric Bulk Power Transmission and Control)

  • Grid integration and balancing key bottlenecks.

  • First large-scale battery energy storage applications submitted (100 MW and 50 MW).

  • Pumped hydro storage advancing (Bistrica).

  • Gas and Diversification (NAICS 486210 – Natural Gas Transmission)

  • Reliance on Russia remains significant, but interconnectors with Romania and North Macedonia are proposed.

  • Contracts signed with Azerbaijan and capacity booked at Greece’s Alexandroupolis LNG terminal.

  • Strategic goal: diversify supply and strengthen regional integration by 2030.

Energy Efficiency (NAICS 221122 – Electric Power Distribution; 238220 – Plumbing, Heating, and Air-Conditioning Contractors)

  • Current electricity consumption per unit remains above EU average.

  • Subsidies: up to 65% of residential efficiency upgrades (insulation, heating systems, appliances).

  • Targeted consumption reduction: 30–40%.

Opportunities

  • Utility-scale solar and wind: Major government auctions, with multiple GW in new generation, offering space for U.S. panels, inverters, tracking, and storage systems.

  • Energy storage: First grid-scale battery (BESS) projects now open for international tenders; additional pumped hydro contracts (Bistrica) pending.

  • Grid modernization: Serbian grid operator seeking automation, SCADA, and advanced control; open tenders for smart grid components.

  • Energy efficiency upgrades: Municipal/central government procurements for heat pumps, efficient boilers, building retrofits; subsidies for residential market create strong demand for certified products.

  • Natural gas diversification: U.S. suppliers and pipeline contractors can participate in interconnector and LNG infrastructure development.

  • Development bank projects: World Bank, EBRD, EIB actively fund green and grid investments—U.S. SMEs can access project bidding via donor portals.

  • SME access: Many procurement tranches reserved for small and medium-sized firms, particularly for subcomponent supply, construction, and consultancy. Public calls are available in English; registration with Serbia’s public procurement portal recommended.

Resources and Industry Contacts

Major trade shows:

International Energy Fair (Energetika)

  • Dates: October 21–23, 2026
  • Location: Belgrade Fair, Hall 1
  • Focus: Power, renewables, smart grids, energy infrastructure
  • Note: The 2026 fair (21st edition) is expected, though the exact dates are still TBD (typically around mid-October).
     

EcoFair (Environment & Natural Resources Protection)

  • Dates: October 21–23, 2026
  • Location: Belgrade Fair
  • Focus: Environment, sustainability, overlap with energy sector
     

SEE ENERGY 2026 (Regional Energy Conference & Exhibition)

  • Dates: Oct 2026 (TBD)
  • Location: Novi Sad
  • Focus: Regional energy, workshops, networking, exhibition


RES Serbia 2025 (Regional Conference for Renewable Sources)

  • Dates: September 2026 (TBD)
  • Location: Vrdnik, Ethno Complex Vrdnička Kula (Fruška Gora)
  • Focus: Renewables, grid, storage, e-mobility, ESG standards


Belgrade Energy Forum 2026

  • Dates: April 28–29, 2026
  • Location: Belgrade
  • Focus: Sustainable energy, transition, expert panels

Key institutions & government agencies

  • Ministry of Mining and Energy (MME), Republic of Serbia – policymaking and strategic planning.
  • Energy Agency of the Republic of Serbia (AERS) – independent regulatory authority.
  • Elektroprivreda Srbije (EPS) – state-owned utility, main coal and hydro operator.
  • Elektromreža Srbije (EMS) – transmission system operator.
  • Energy Efficiency Administration – manages subsidy programs and efficiency initiatives.

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