One energy market, three fuels Read More »
For most of the past three decades, Europe treated electricity, natural gas, and oil as adjacent but fundamentally separate markets. They were regulated differently, traded on different venues, analysed by different specialist desks, and governed by distinct political narratives. Power was about grids and marginal cost pricing, gas about long-term contracts and seasonal balance, oil […]
JANAF shareholders to vote on €43.6 million upstream oil and gas project in Kazakhstan Read More »
Shareholders of Croatia’s oil pipeline operator JANAF are set to vote on a proposal that would see the company enter an upstream oil and gas project in Kazakhstan, marking a potential expansion beyond its traditional focus on oil transit and storage. The decision will be taken at an extraordinary shareholders’ meeting on 27 January. Under
Bulgaria: Enery secures green financing for 150 MW battery storage project Read More »
A large battery energy storage project in southeastern Bulgaria has reached an important financial milestone after renewables developer Enery secured green financing from DSK Bank, a Bulgarian lender that is part of Hungary’s OTP Group. The funding will support the construction of a utility-scale battery storage facility in the Nova Zagora area. The project will
The Government of the Republic of Srpska (RS) has committed to reopening the path for Kermas Energija to develop the Trusina wind farm, reversing its earlier decision to terminate the concession agreement for the project. The move was confirmed following a Government session at which approval was given for a new framework of cooperation. As
Europe: EU plans major CBAM reform to protect industry and accelerate decarbonization Read More »
The European Union is preparing a comprehensive reform of its carbon border adjustment mechanism (CBAM) aimed at preventing companies from relocating production to countries with weaker environmental standards, while at the same time protecting the competitiveness of European industry. The reform seeks to balance climate ambition with industrial resilience, ensuring that decarbonization does not come
Infrastructure is destiny: How grids, pipelines and bottlenecks create price signals Read More »
Energy markets are often analysed as abstractions: prices, curves, spreads, marginal costs. Infrastructure appears in these models as a constraint, a background condition that occasionally matters during outages or extreme events. In Europe’s integrated energy system, this framing is no longer sufficient. Infrastructure is not a passive backdrop. It is an active force that shapes
South-East Europe does not sit on the periphery of Europe’s energy system. It sits at its edge in a different sense: the edge where constraints bind first, where volatility appears earliest, and where systemic assumptions are tested under real operating conditions rather than in models. The region is not an exception to Europe’s energy transition.
Energy trading was once about exploiting inefficiencies. Price differences across regions, fuels, or time horizons were treated as opportunities for arbitrage. Volatility was episodic, correlations were imperfect, and diversification across markets offered protection. In that world, successful trading meant predicting price direction more accurately than competitors and executing efficiently. In Europe’s current energy system, that
For decades, energy economics was built around capacity. Installed megawatts, pipeline diameters, storage volumes, and reserve margins were treated as the primary indicators of system strength. If capacity exceeded peak demand with an adequate buffer, stability was assumed. Prices might fluctuate, but the system was fundamentally secure. That logic no longer holds. In today’s European
For much of the past two decades, oil was treated as a declining force in Europe’s electricity story. As power generation moved away from fuel oil and toward gas, nuclear, and renewables, oil was conceptually pushed to the margins of energy analysis. It remained central to transport and geopolitics, but increasingly absent from discussions about
