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 […]

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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,

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Serbia: UAE’s ADNOC enters the EU oil market through NIS as a minority partner of MOL

Hungarian energy major MOL Group and the Abu Dhabi National Oil Company (ADNOC) are actively involved in negotiations that could reshape the energy landscape of Central and Southeastern Europe — but the core of the immediate negotiations is centered on MOL’s planned acquisition of the Russian-owned stake in Serbia’s NIS (Naftna Industrija Srbije), with ADNOC potentially joining as a minority investor in that broader

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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

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Green electricity in Serbia: What industrial buyers need to know about origin, verification and credibility

For industrial power buyers in Serbia, green electricity is no longer a branding add-on or a sustainability slogan. By 2025–2026, it has become a regulated, auditable, and increasingly scrutinised component of procurement strategy. Understanding what “green power” actually means in Serbia, how its origin is proven, and where the risks lie is essential not only

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Contracts for Difference in Serbia: How electricity buyers hedge power price risk

For a power buyer in Serbia, a Contract for Difference is not an abstract financial derivative imported from mature Western European markets. It is a practical response to the structural realities of the local electricity system. By 2025 and moving into 2026, Serbian industrial consumers, utilities, and large commercial buyers increasingly turned to CfDs not

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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

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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,

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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

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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

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