serbia

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

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

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

Gas under CBAM: Why Serbia’s transition fuel becomes a structural competitiveness risk Read More »

Gas under CBAM: Why Serbia’s transition fuel becomes a structural competitiveness risk

When the CBAM lens that has already reshaped thinking on green electricity is applied rigorously to natural gas, the conclusion is stark. Gas does not behave like a neutral transition fuel in a CBAM-constrained export economy. It behaves like a structural risk variable whose price volatility, emissions intensity, and perception by EU buyers increasingly determine

Serbia as a near-shore green manufacturing hub — what must change before 2030 Read More »

Serbia as a near-shore green manufacturing hub — what must change before 2030

Serbia still has a narrow but realistic window to position itself as a near-shore green manufacturing hub for EU supply chains. Geography, labour costs, industrial depth, and trade access are not the binding constraints. The binding constraint is energy credibility—specifically, whether Serbia can deliver reliable, scalable, and auditable green electricity to energy-intensive exporters under CBAM

Industrial PPAs in Serbia: Why price is secondary to shape, certainty and proof Read More »

Industrial PPAs in Serbia: Why price is secondary to shape, certainty and proof

For most of the last decade, power purchase agreements in Serbia were evaluated on a single dominant variable: price. The lowest strike won, and everything else was secondary. Under CBAM, that logic breaks down. For energy-intensive exporters, the commercial value of a PPA is no longer defined by how cheap the electricity looks on paper,

From MW to TWh: Why Serbia’s energy transition metrics are misleading exporters Read More »

From MW to TWh: Why Serbia’s energy transition metrics are misleading exporters

Serbia’s energy transition is still described almost entirely in megawatts. New projects are announced in MW, targets are framed in MW, and public debate treats capacity additions as if they were interchangeable with usable energy. For CBAM-exposed exporters, this framing is not just incomplete—it is actively misleading. What determines competitiveness under CBAM is not how

Wind as Serbia’s CBAM backbone: Why solar-heavy decarbonisation fails industrial buyers Read More »

Wind as Serbia’s CBAM backbone: Why solar-heavy decarbonisation fails industrial buyers

Serbia’s response to the EU’s Carbon Border Adjustment Mechanism is quietly drifting toward a solar-heavy narrative. This is understandable. Solar is modular, politically visible, quick to announce, and easy to frame in megawatts. But for CBAM-exposed industrial buyers, this approach is structurally flawed. It confuses installed capacity with delivered value and mistakes headline decarbonisation optics

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