Volatility used to be treated as a market-specific phenomenon. Electricity was volatile because demand had to be balanced in real time. Gas was volatile seasonally, shaped by weather and storage cycles. Oil was volatile episodically, driven by geopolitics and global supply disruptions. These forms of volatility were analysed separately, hedged separately, and largely expected to […]
Volatility without borders Read More »
In an integrated energy system, shocks no longer respect sectoral boundaries. What begins as a local disruption, a technical failure, a weather anomaly, or a geopolitical event, increasingly propagates through electricity, gas, and oil markets with speed and intensity that would have been unthinkable a decade ago. The defining feature of today’s energy landscape is
When a shock in one market destabilises the entire chain Read More »
For decades, Europe’s energy debate was organised around sectors. Electricity policy was discussed in terms of generation mix and grid stability. Gas was treated as a supply-security problem, shaped by contracts, pipelines, and storage levels. Oil belonged to a different universe altogether, dominated by geopolitics, shipping routes, and global benchmarks. Each sector had its own
From sectors to systems Read More »
For most of the past three decades, Europe treated electricity, natural gas, and oil as adjacent but fundamentally separate markets. They were regulated differently, traded on different venues, analysed by different specialist desks, and governed by distinct political narratives. Power was about grids and marginal cost pricing, gas about long-term contracts and seasonal balance, oil
One energy market, three fuels Read More »
Shareholders of Croatia’s oil pipeline operator JANAF are set to vote on a proposal that would see the company enter an upstream oil and gas project in Kazakhstan, marking a potential expansion beyond its traditional focus on oil transit and storage. The decision will be taken at an extraordinary shareholders’ meeting on 27 January. Under
JANAF shareholders to vote on €43.6 million upstream oil and gas project in Kazakhstan Read More »
A large battery energy storage project in southeastern Bulgaria has reached an important financial milestone after renewables developer Enery secured green financing from DSK Bank, a Bulgarian lender that is part of Hungary’s OTP Group. The funding will support the construction of a utility-scale battery storage facility in the Nova Zagora area. The project will
Bulgaria: Enery secures green financing for 150 MW battery storage project Read More »
The Government of the Republic of Srpska (RS) has committed to reopening the path for Kermas Energija to develop the Trusina wind farm, reversing its earlier decision to terminate the concession agreement for the project. The move was confirmed following a Government session at which approval was given for a new framework of cooperation. As
The European Union is preparing a comprehensive reform of its carbon border adjustment mechanism (CBAM) aimed at preventing companies from relocating production to countries with weaker environmental standards, while at the same time protecting the competitiveness of European industry. The reform seeks to balance climate ambition with industrial resilience, ensuring that decarbonization does not come
Europe: EU plans major CBAM reform to protect industry and accelerate decarbonization Read More »
Energy markets are often analysed as abstractions: prices, curves, spreads, marginal costs. Infrastructure appears in these models as a constraint, a background condition that occasionally matters during outages or extreme events. In Europe’s integrated energy system, this framing is no longer sufficient. Infrastructure is not a passive backdrop. It is an active force that shapes
Infrastructure is destiny: How grids, pipelines and bottlenecks create price signals Read More »
South-East Europe does not sit on the periphery of Europe’s energy system. It sits at its edge in a different sense: the edge where constraints bind first, where volatility appears earliest, and where systemic assumptions are tested under real operating conditions rather than in models. The region is not an exception to Europe’s energy transition.
