Romania: Electricity consumption and production decline in 2025 as solar output surges

According to data published by the National Institute for Statistics (INS), electricity consumption in Romania during the first ten months of 2025 totaled 41.46 TWh, representing a 0.2% decline compared to the same period in 2024. The figures indicate a broadly stable demand profile, with notable differences across consumer categories. Industrial electricity consumption reached 31.35 […]

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Montenegro: EPCG Solar Gradnja exceeds installation targets and expands focus to large-scale solar projects

According to company management, EPCG Solar Gradnja has exceeded its installation targets for the current year, delivering results above initial expectations by early December. Instead of the originally planned 30 MW of newly installed capacity, the company successfully connected a total of 36 MW of solar systems within the first eleven months of the year,

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Bulgaria: Bulgargaz proposes lower wholesale gas price for January 2026 amid continued market easing

Bulgaria’s state-owned gas supplier Bulgargaz has proposed a reduction in the wholesale price of natural gas to be applied in January 2026, reflecting continued easing in market conditions. According to the proposal, the price for January is expected to be around €31.2 per megawatt-hour (MWh), marking a 3.3% decrease compared with the price approved for

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2030–2035 scenario annex: Gas prices, CBAM and export margins

Scenario one: High volatility, tight LNG markets In a scenario characterised by global LNG tightness, regulatory uncertainty, and persistent geopolitical risk, European gas prices remain volatile with frequent spikes. Average prices may moderate, but extreme events become more common. Under this scenario, Serbian exporters without flexibility face chronic margin pressure. Steel and ceramics suffer the

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Gas vs electricity procurement: Strategic choices fo Serbian exporters

Serbian exporters increasingly face a strategic choice: treat gas and electricity as separate procurement streams or integrate them into a unified energy risk strategy. The latter approach is rapidly becoming essential. Gas procurement indexed fully to TTF offers flexibility but exposes companies to extreme volatility. Electricity procurement based on short-term wholesale markets compounds this risk

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Sector-by-sector gas cost sensitivity in Serbian export industries

Steel: Gas as a volatility multiplier rather than a fuel cost In Serbia’s steel industry, gas sensitivity manifests less through average cost levels and more through volatility transmission. Gas is used directly for heating and indirectly via electricity consumption in rolling, casting, and finishing processes. While gas may represent a minority share of total energy

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Gas markets as a structural cost driver for Serbian exporters

Natural gas has shifted from a relatively predictable industrial input to a structurally volatile cost driver across European markets. For Serbian exporters supplying the EU, gas price dynamics now shape not only operating costs, but also contract structures, risk allocation, and long-term competitiveness. Unlike the pre-2020 period, when long-term pipeline contracts smoothed price volatility, today’s

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Electricity prices, production costs, and export competitiveness: What Serbian manufacturers face when selling into the EU

Electricity pricing has shifted from a background cost to a central competitive variable for Serbian export-oriented production. For companies selling into the European Union, power prices now influence operating margins, contract structure, carbon exposure, and long-term bankability. This is no longer theoretical; it is already embedded in buyer behavior, procurement models, and compliance frameworks. To

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What the European gas market means for Serbia-based producers and exporters

The European natural gas market has moved decisively away from its pre-2020 equilibrium. Price formation, supply security, and cost competitiveness are no longer primarily dictated by long-term contracts and pipeline marginal costs. Instead, they are shaped by a volatile interplay of LNG pricing, financial hedging, regulatory overlays, and gas-power coupling. For Serbia-based companies producing gas,

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