Gas Industry

HUPX as the regional hedge engine: Capabilities, limits and spillovers Read More »

HUPX as the regional hedge engine: Capabilities, limits and spillovers

By 2025, one market had assumed a role in South-East Europe that extended far beyond its national boundaries. Hungary’s power exchange became the region’s primary hedge engine not because it was flawless, but because it was the only venue capable of absorbing risk at scale. For utilities, traders, and large industrial buyers operating across SEE, […]

The hidden cost of power hedging in SEE: Quantifying basis risk In 2025 Read More »

The hidden cost of power hedging in SEE: Quantifying basis risk In 2025

By 2025, the most expensive component of power risk management in South-East Europe was no longer outright price risk. It was basis risk. This risk did not appear on invoices, but it accumulated silently in financial results, eroding the effectiveness of hedging strategies that were theoretically sound yet practically incomplete. Basis risk arises when the price

Why South-East Europe still cannot hedge its own power risk Read More »

Why South-East Europe still cannot hedge its own power risk

South-East Europe entered 2025 with a surface-level appearance of market maturity. Day-ahead and intraday trading volumes reached record levels across multiple exchanges, price coupling expanded, and forward products existed in most national markets. Yet beneath this visible progress, a structural weakness remained unresolved: the region still could not internalise its own electricity price risk. Instead,

Southeastern Europe in the EU energy security framework: Implications of SWD(2025) 435 for gas, power and regional resilience Read More »

Southeastern Europe in the EU energy security framework: Implications of SWD(2025) 435 for gas, power and regional resilience

The European Commission’s Staff Working Document SWD(2025) 435 represents the first comprehensive fitness check of the EU’s modern energy-security architecture, assessing how the Gas Security of Supply Regulation and the Electricity Risk-Preparedness Regulation functioned under the stress of the 2021–2023 energy crisis and how they will need to evolve in a structurally different energy system. While the document is formally focused

Slovenia: HPP Avce to undergo major generator upgrade, securing long-term green energy role Read More »

Slovenia: HPP Avce to undergo major generator upgrade, securing long-term green energy role

Slovenia’s only pump-storage hydropower facility is set for a significant technical upgrade after Soske Elektrarne Nova Gorica (SENG), a subsidiary of HSE, finalized an agreement with Japan’s Hitachi Mitsubishi Hydro Corporation (HM Hydro) to refurbish the generator at the Avce plant. The modernization works are scheduled to begin in 2027 and are expected to take

Romania: 135 MW Studina solar plant receives commercial license, paving way for market operations Read More »

Romania: 135 MW Studina solar plant receives commercial license, paving way for market operations

A large solar power plant in southern Romania has taken its final regulatory step toward commissioning after receiving a commercial operating license from the national energy regulator. The 135 MW project, located in the Oltenia region, is backed by a shareholder structure led by Chinese state-owned energy group China Huadian. With this license in place,

Region: MOL-GazpromNeft deal could restore NIS supplies, Rijeka refinery safe for now Read More »

Region: MOL-GazpromNeft deal could restore NIS supplies, Rijeka refinery safe for now

Croatian Prime Minister Andrej Plenkovic stated that the planned transaction between Hungarian MOL and Russian GazpromNeft over the sale of a majority stake in Serbian NIS is expected to have a positive short-term impact on the pipeline operator JANAF. However, he cautioned that the longer-term effects remain uncertain and will require ongoing dialogue with MOL

Croatia: HROTE, ENNA Next, INA launch GOs auctions on CROPEX for wind, solar and biogas Read More »

Croatia: HROTE, ENNA Next, INA launch GOs auctions on CROPEX for wind, solar and biogas

HROTE, ENNA Next, and INA announce new Guarantees of Origin (GOs) auctions scheduled for 28 January 2026. The auctions will feature GOs from wind, solar, and biogas sources. HROTE will offer a total of 208,744 guarantees of origin for electricity produced under the incentive system on CROPEX’s IT trading platform, specifically: ENNA Next will sell

Bosnia and Herzegovina: Bileca Lake sees strong hydrological recovery boosting 2026 hydropower outlook Read More »

Bosnia and Herzegovina: Bileca Lake sees strong hydrological recovery boosting 2026 hydropower outlook

Recent rainfall has significantly improved hydrological conditions at the Bileca lake, lifting water levels well above planned benchmarks and strengthening expectations for solid electricity production this year. The reservoir now stands four meters higher than projected, creating favorable conditions for hydropower output. According to officials from “Hidroelektrane na Trebisnjici” (HET), the year has started on

Why gas still decides competitiveness in South-East Europe Read More »

Why gas still decides competitiveness in South-East Europe

Competitiveness in South-East Europe’s energy-intensive economy is no longer determined by average electricity prices or by the headline cost of fuels. It is determined by how systems behave under stress, and by which countries, companies, and sites can absorb that stress without catastrophic price outcomes. In that environment, gas remains the decisive variable—not because it dominates

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