Is EPS lagging behind regional power utilities? Execution, not ambition, is the core gap Read More »

Is EPS lagging behind regional power utilities? Execution, not ambition, is the core gap

When measured against its regional peers, Elektroprivreda Srbije (EPS) is increasingly lagging—not in stated ambition, but in execution speed, project scale, and repeatable delivery capacity. The contrast is clearest in renewables, flexibility, and grid-linked investments, where neighbouring utilities have moved from planning into multi-year construction cycles, while EPS is only beginning to transition from feasibility-heavy portfolios into first […]

Serbia: EPS’s €3.6 billion investment plan reflects reduced ambition and uncertain execution Read More »

Serbia: EPS’s €3.6 billion investment plan reflects reduced ambition and uncertain execution

Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) has revised the scale of its much-publicised investment programme, clarifying that the planned capital envelope amounts to €3.6 billion over the next three years. While the figure is far more realistic in macroeconomic terms, the underlying issue remains unchanged: the gap between announced investment plans and visible execution on the

Serbia: MOL’s potential acquisition of NIS retail assets would not monopolize fuel market Read More »

Serbia: MOL’s potential acquisition of NIS retail assets would not monopolize fuel market

Public debate in Serbia over the possible acquisition of Naftna Industrija Srbije (NIS) retail assets by Hungary’s MOL Group has intensified in recent weeks, with particular focus on whether such a transaction would concentrate too much power in the domestic fuel market. A closer look at market structure, legal thresholds, and the competitive landscape shows that fears

SEE power trading prices in 2026: A fuel-CO₂-hydro model for thermal dispatch, cross-border spreads and coal supply risk Read More »

SEE power trading prices in 2026: A fuel-CO₂-hydro model for thermal dispatch, cross-border spreads and coal supply risk

South-East Europe’s 2026 power price formation will be dominated by a three-variable stack that has become more binding than any single national policy lever: the European gas price level that sets the marginal fuel cost for the region’s gas fleets, the CO₂ price that lifts the thermal floor in every EU-linked bidding zone and therefore

SEE thermal power and coal in 2026: A quantified forecast linked to hydro swings, CO₂ pricing, coal mining supply, and regional trading Read More »

SEE thermal power and coal in 2026: A quantified forecast linked to hydro swings, CO₂ pricing, coal mining supply, and regional trading

Thermal power in South-East Europe in 2026 will not be determined by a single “coal versus renewables” narrative. It will be determined by how much hydropower the region actually receives, how high the CO₂ price floor sits across European-linked markets, how reliably coal mining can deliver lignite tonnage to power plants, and how much cross-border

Hydropower in South-East Europe in 2026 with Serbia as the anchor: A quantitative forecast linked to prices, trading and balancing value Read More »

Hydropower in South-East Europe in 2026 with Serbia as the anchor: A quantitative forecast linked to prices, trading and balancing value

Hydropower will be the decisive swing factor for South-East Europe in 2026 because it is simultaneously energy, seasonal storage, and the region’s cheapest source of flexibility. The market has increasingly learned that the same installed hydro fleet can produce two radically different economic outcomes depending on inflows: in a wet year, hydro compresses day-ahead prices,

Serbia’s gas system in 2026: Corridors, storage, market power and a quantitative outlook for 2026–2028 Read More »

Serbia’s gas system in 2026: Corridors, storage, market power and a quantitative outlook for 2026–2028

Serbia’s gas market is no longer a purely contractual story about volumes bought from one supplier and delivered through one route. It is becoming a system defined by three constraints that now dominate every economic outcome: how much gas Serbia can physically import through alternative corridors, how much it can withdraw from storage during winter

SEE gas infrastructure in 2026: LNG gateways, storage depth, market players, and the trends reshaping pricing and security Read More »

SEE gas infrastructure in 2026: LNG gateways, storage depth, market players, and the trends reshaping pricing and security

South-East Europe’s gas market has stopped behaving like a collection of national utilities buying pipeline molecules and passing them through regulated tariffs. It is turning into a corridor-and-liquidity system where the marginal price is increasingly set by LNG access, storage withdrawal rates, and cross-border interconnector capacity rather than by any single long-term contract. The region

Hungary’s two-track push in Serbia: How MOL and MVM are quietly building a regional energy “operating system” and what it means for gas Read More »

Hungary’s two-track push in Serbia: How MOL and MVM are quietly building a regional energy “operating system” and what it means for gas

Hungary’s expansion in Serbia is no longer a set of isolated deals. It is increasingly legible as a two-track strategy that uses MOL on the hydrocarbons and retail side, and MVM Group on the power, engineering, and system-integration side, with Serbia positioned as both a demand hub and a transit corridor between Central Europe and the wider Balkans. The

South-East Europe’s refining system and Serbia’s turning point under a MOL takeover Read More »

South-East Europe’s refining system and Serbia’s turning point under a MOL takeover

South-East European refining is not defined by refinery nameplates alone. It is defined by who controls crude access, who can finance inventories through cycles, and who owns the corridors that physically move oil. In this system, refineries behave less like isolated industrial plants and more like nodes inside a politically and financially constrained logistics network.

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