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Drought, coal, wind and reality: What actually drives Serbia’s power balance in 2025 — and what investors should truly understand Read More »

Drought, coal, wind and reality: What actually drives Serbia’s power balance in 2025 — and what investors should truly understand

For investors studying Serbia’s power market in 2025, numbers alone never tell the full story. Installed capacity figures, annual production projections, and formal energy-balance plans may suggest a structurally healthy system: roughly 9 GW installed, around 38.5 TWh of electricity projected to be produced, imports and exports close enough to appear balanced, and a state […]

Bosnia and Herzegovina: Renewables offset declines in coal and hydro Read More »

Bosnia and Herzegovina: Renewables offset declines in coal and hydro

Bosnia and Herzegovina generated 14.4 TWh of electricity in 2025, matching the previous year’s total despite noticeably weaker performance from both coal-fired and hydropower plants. The stability of overall output was achieved only because new wind and solar capacity stepped in to fill the gap left by traditional sources. According to data from the country’s

Bosnia and Herzegovina: EPBiH faces nearly €40 million loss as coal shortages and low output undermine finances Read More »

Bosnia and Herzegovina: EPBiH faces nearly €40 million loss as coal shortages and low output undermine finances

Bosnia’s state-owned power utility EPBiH is set to close the year with a significant financial deficit, overturning earlier expectations of a turnaround. Data available through the end of November show that losses could reach nearly 40 million euros. Management had hoped for a positive result by year-end, but interim figures dashed those hopes well before

Serbia: EPS sets new annual coal production record at Drmno mine, Tamnava also hits full-year target Read More »

Serbia: EPS sets new annual coal production record at Drmno mine, Tamnava also hits full-year target

Serbian state-owned power utility EPS has announced a record-breaking milestone in coal production at the Drmno open-pit mine near Kostolac. Since the beginning of the year, cumulative output at the site reached 10 million tons, marking the highest annual production in the mine’s history. The previous record stood at just under 9.908 million tons. Strong

Flexibility without reward: Why southeast Europe balances Europe’s power system but captures none of the value Read More »

Flexibility without reward: Why southeast Europe balances Europe’s power system but captures none of the value

In the emerging architecture of Europe’s electricity system, flexibility has become the most valuable attribute a power asset can possess. The ability to ramp output quickly, absorb surplus generation, stabilise frequency, or respond to sudden imbalances now matters more than raw installed capacity. Yet while flexibility has become scarce, it has not become fairly priced.

Europe’s variable power system: How wind, solar and nuclear reshaped electricity flows from the EU core to southeast Europe Read More »

Europe’s variable power system: How wind, solar and nuclear reshaped electricity flows from the EU core to southeast Europe

For most of the past half-century, Europe’s electricity system could be understood through a relatively simple lens. Power was generated close to where it was consumed, national systems were planned around predictable baseload plants, and cross-border flows played a supporting role rather than defining market outcomes. Electricity prices reflected domestic generation costs, demand patterns were

Serbia: EPS enters winter with stable output and strong profits, highlights environmental progress Read More »

Serbia: EPS enters winter with stable output and strong profits, highlights environmental progress

Serbian state-owned power utility EPS has entered the winter period with stable coal output and electricity generation, setting the stage for a profitable year in 2025, according to company director Dušan Živković. He emphasized that both households and businesses can rely on a secure and uninterrupted electricity supply, as EPS’ production fleet is fully capable

Regional power-flow shifts after the Pljevlja shutdown: Montenegro in a rewired Balkan energy landscape Read More »

Regional power-flow shifts after the Pljevlja shutdown: Montenegro in a rewired Balkan energy landscape

The shutdown of Pljevlja transforms Montenegro’s internal energy balance, but its implications extend beyond national borders. In the interconnected Balkan power system, every addition or removal of a major unit reshapes flows, congestion points, trade patterns and price correlations. Montenegro’s transition to a predominantly hydro-wind profile introduces a new dynamic into a region already balancing

Private wind producers in Montenegro: From peripheral players to system-defining actors Read More »

Private wind producers in Montenegro: From peripheral players to system-defining actors

Montenegro’s power system is undergoing a quiet reordering of influence. Where state hydro once dominated unchallenged and Pljevlja provided the stable backbone, private wind producers are emerging as system-defining actors. They are reshaping generation patterns, altering the economics of supply, influencing price formation and pushing Montenegro into deeper integration with regional markets. The first generation

Balancing costs in Montenegro’s post-coal power system Read More »

Balancing costs in Montenegro’s post-coal power system

As Montenegro steps into a future without Pljevlja’s coal-fired stability, the cost of balancing becomes the defining economic metric of its power system. Balancing is never a simple technicality; it is the financial manifestation of volatility. When wind ramps up quickly or collapses within minutes, when hydrology restrains reservoir operations, when cross-border flows tighten and

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