At the heart of Serbia’s gas vulnerability lies a simple structural fact: the country does not have enough storage to survive prolonged supply shocks or to fully participate in the new European gas economy. Storage is no longer merely an infrastructural asset; it is a financial instrument, a geopolitical buffer and the cornerstone of any […]
Natural gas has become Serbia’s most strategically sensitive energy input, not because of its scale—Serbia consumes far less gas than major European markets—but because of the country’s structural exposure to a single supplier, a single route, and a gas system deeply entangled with geopolitical pressures. What Serbia lacks in volume, it compensates with vulnerability. The
The financial architecture of Serbia’s downstream oil sector is shaped by a combination of operational cost structures, geopolitical exposure and shifting regional logistics. The profitability of each segment—refining, wholesale distribution and retail—depends not only on global price curves but on how Serbia’s supply chain absorbs or amplifies external shocks. Understanding these dynamics is essential for
Oil markets in Southeast Europe have always functioned at the intersection of global price signals and highly localised political risks. Serbia’s downstream system is an excellent example of how traders, refiners, wholesale distributors and retailers operate in an environment shaped more by route availability and ownership structures than by classical market competition. As the region
As winter settles across South-East Europe, the region’s electricity landscape enters a season shaped not by crisis but by structural interdependence. December 2025 finds the Balkan and Central-European power systems operating under a degree of cross-border coordination once unimaginable. The frantic volatility of 2022 has faded into the background; in its place stands a calmer
The final month of 2025 finds the electricity markets of South-East Europe entering winter with a stability few would have predicted even two years ago. The whip-saw volatility of the post-Ukraine crisis era has eased, gas is trading at multi-year lows, cross-border interconnections are stronger, and the Single Day-Ahead Coupling (SDAC) has compressed price spreads
The Balkan power mosaic: December 2025 prices and the regional outlook for Q1 2026 Read More »
The western edge of the Balkan electricity system enters December 2025 with a familiar imbalance: structurally small power exchanges, modest liquidity, highly weather-sensitive production, and an almost total dependence on neighbouring hubs for price formation. Montenegro, Croatia and Albania sit outside the gravitational core created by HUPX, OPCOM, SEEPEX and IBEX, yet their winter price
December 2025 opens the winter season in Central and South-East Europe with a familiar but very different energy landscape. The fears that once shaped the region’s winter outlook — tight gas balances, extreme price volatility, supply threats and fragile thermal fleets — have been replaced by a calmer, more technically governed market. The price signals
For decades, Serbia’s national utility, Elektroprivreda Srbije (EPS), operated under the illusion of indestructibility. Its sprawling lignite mines, ageing thermal plants and hydropower dams formed the backbone of a system that appeared resistant to regional shocks, political storms and market fluctuation. Serbia was one of few European countries that could boast of electricity self-sufficiency, even
Serbia’s energy dilemma: EPS faces a slow-burning crisis amid calls for accountability Read More »
For more than two decades, Serbia’s political and economic stability rested on a simple, unwritten assumption: Russian gas would continue to flow, reliably, predictably and at preferential terms negotiated quietly between Belgrade and Moscow. The relationship was never merely commercial. It was geopolitical architecture disguised as commodity trade. Moscow guaranteed supply; Belgrade guaranteed loyalty —
Serbia’s energy future at stake in post-Russia gas power struggle Read More »
