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. […]
For much of Europe’s post-liberalisation energy history, volatility was understood as a cyclical phenomenon. Prices rose and fell in response to identifiable triggers: cold winters, supply outages, geopolitical events, or demand surges. These episodes were disruptive but temporary. Once the shock passed, markets reverted to a familiar equilibrium, and volatility receded. Risk management, regulation, and
Volatility is no longer cyclical: How shocks now propagate across Europe’s energy system Read More »
For most of the modern history of European energy policy, electricity, natural gas, and oil were treated as adjacent but fundamentally separate domains. They were regulated through different frameworks, traded on different venues, analysed by different expert communities, and governed by distinct political narratives. Electricity was a question of grids, generators, and marginal pricing. Gas
For decades, electricity was treated by industry as a predictable input. Prices fluctuated within narrow bands, supply security was largely taken for granted, and energy strategy focused on efficiency rather than exposure. In southeast Europe, this assumption underpinned the region’s industrial model. Competitive labour, proximity to EU markets and relatively stable power costs supported metals,
In the emerging architecture of Europe’s electricity system, flexibility has become the most valuable attribute a power asset can possess. The ability to ramp output quickly, absorb surplus generation, stabilise frequency, or respond to sudden imbalances now matters more than raw installed capacity. Yet while flexibility has become scarce, it has not become fairly priced.
For most of the past half-century, Europe’s electricity system could be understood through a relatively simple lens. Power was generated close to where it was consumed, national systems were planned around predictable baseload plants, and cross-border flows played a supporting role rather than defining market outcomes. Electricity prices reflected domestic generation costs, demand patterns were
The inclusion of electricity in the European Union’s Carbon Border Adjustment Mechanism marks a quiet but profound shift in how power systems at Europe’s periphery are judged, priced, and ultimately integrated. While much of the public CBAM debate has focused on steel, cement, aluminium, and fertilisers, electricity is the only CBAM-covered “product” that is not
EU electricity under CBAM: Why Southeast Europe is structurally exposed Read More »
Romania is preparing for a major upgrade of its electricity interconnections under a large-scale EU-backed investment program aimed at integrating its power system more closely with western Europe. By 2035, up to €30 billion is expected to be allocated to electricity network investments linking Romania, Hungary and Austria through a coordinated regional framework. Energy Minister
Romania plans €30bn grid expansion to integrate electricity market with Western Europe Read More »
Westinghouse has further reinforced Bulgaria’s domestic industrial base supporting the country’s new nuclear build by signing an additional set of cooperation agreements with local companies. The latest memoranda were concluded during the company’s third Supplier Symposium in Sofia in November 2025, expanding Bulgarian participation in the planned nuclear power expansion at Kozloduy. With the signing
Bulgaria: Westinghouse expands industry role in Kozloduy AP1000 nuclear project Read More »
During Week 50 of 2025, electricity prices across Southeast Europe (SEE) eased, with two-digit weekly declines observed in all SEE markets, except Türkiye. Despite these weekly drops, several markets recorded daily prices above €100/MWh, resulting in a regional average of approximately €112/MWh. Prices started the week at elevated levels, peaked on Wednesday, December 10, and
