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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Bosnia and Herzegovina: Bileca Lake sees strong hydrological recovery boosting 2026 hydropower outlook

Recent rainfall has significantly improved hydrological conditions at the Bileca lake, lifting water levels well above planned benchmarks and strengthening expectations for solid electricity production this year. The reservoir now stands four meters higher than projected, creating favorable conditions for hydropower output. According to officials from “Hidroelektrane na Trebisnjici” (HET), the year has started on

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Why gas still decides competitiveness in South-East Europe

Competitiveness in South-East Europe’s energy-intensive economy is no longer determined by average electricity prices or by the headline cost of fuels. It is determined by how systems behave under stress, and by which countries, companies, and sites can absorb that stress without catastrophic price outcomes. In that environment, gas remains the decisive variable—not because it dominates

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Carbon convergence makes gas more important, not less, in South-East Europe

Carbon convergence across Europe is widely framed as a force that will marginalise gas over time. In South-East Europe, the opposite effect dominates the medium-term reality. As carbon costs rise and coal and lignite exit faster than grids and flexibility can be rebuilt, gas becomes more important to price formation, system stability, and volatility management—not because it

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Trading the gas–power interface: Where South-East Europe’s volatility is actually made

In South-East Europe, most of the meaningful volatility is not created in outright gas markets or in flat power positions. It is created at the interface between gas and electricity, in the narrow set of hours when fuel deliverability, power system constraints, and market design collide. Traders and industrial buyers who focus on average prices or

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Industrial gas contracting in a power-dominated risk environment

Industrial gas contracting in South-East Europe has entered a regime where electricity risk, not gas price risk, is the dominant cost driver, even for buyers whose core exposure appears to be fuel. Gas contracts that optimise average €/MWh outcomes increasingly fail to protect budgets because gas now transmits risk into power markets through marginality, deliverability limits,

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Gas-fired capacity as regional system insurance and its chronic underpayment problem

Gas-fired generation in South-East Europe no longer earns its keep by running often. It earns it by being there when nothing else works. In market terms, these plants function as regional system insurance: they suppress tail risk, stabilise frequency, and prevent cascading failures during rare but severe stress events. Yet remuneration frameworks still pay them as if

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When power prices decouple from gas and why it happens in South-East Europe first

In mature power systems, electricity prices tend to track gas costs with reasonable consistency. Gas may not always be marginal, but when it is, price relationships behave predictably. South-East Europe increasingly breaks that rule. The region is where gas–power decoupling appears first, most violently, and most persistently, even in periods when gas prices are stable. This

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Gas as a volatility multiplier in congested power systems

In South-East Europe, gas does not merely influence electricity prices through marginal cost. It multiplies volatility by interacting with structural congestion in the power grid. When gas tightness coincides with constrained transmission, the price impact is no longer incremental; it becomes discontinuous. This interaction explains why electricity markets across the region experience abrupt price separations and extreme

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Gas storage as regional insurance, not seasonal inventory

Gas storage in South-East Europe is still widely discussed as a question of how much gas is in the ground. Markets, however, increasingly price storage based on how fast that gas can be mobilised when power systems lose flexibility. The distinction is critical. In this region, storage does not function primarily as a seasonal arbitrage tool; it functions as regional

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