Energy regulators from five countries have approved a new framework for gas transit capacity linking Greece with Ukraine, paving the way for coordinated cross-border capacity auctions through the end of April 2026. The decision follows a joint proposal submitted by the transmission system operators of Bulgaria, Greece, Romania, Ukraine and Moldova, aimed at strengthening regional […]
Electricity in South-East Europe has already become a shared risk ecosystem. Oil and gas are not far behind — they are simply at a more politically sensitive and strategically uncomfortable stage of recognition. For a long time, SEE countries managed hydrocarbons as largely national sovereignty domains: national gas strategies, national refinery issues, national storage, national
Energy markets in Europe operate under a paradox. Physically and financially, they have become deeply integrated. Regulators, however, still govern them through fragmented frameworks designed for a world of separate sectors and largely national systems. This mismatch between unified market risk and fragmented rules has become a structural source of volatility rather than a stabilising
Fragmented rules, unified risk Read More »
Hedging strategies are built on assumptions. For much of Europe’s energy-market history, the central assumption was that risks could be segmented. Electricity price risk could be hedged with power forwards. Gas price risk could be managed through hub-based contracts and storage. Oil exposure, if relevant, was addressed separately. These strategies relied on the belief that
Hedging without isolated markets Read More »
Flexibility is not a single technology or asset class. It is a portfolio of capabilities that operate across timescales, fuels, and infrastructures. Batteries, hydro reservoirs, gas storage, linepack, demand response, and even industrial load adjustments each provide a different form of temporal and operational elasticity. Understanding how these forms of flexibility interact is essential for
From batteries to gas storage Read More »
In today’s energy markets, value is no longer defined primarily by volume or capacity. It is defined by flexibility. The ability to respond quickly, reliably, and economically to changing system conditions has become the most scarce and most valuable resource. In an integrated energy system dominated by variable renewables, constrained infrastructure, and volatile fuel markets,
Flexibility as the new currency Read More »
In a system where natural gas serves as the primary source of flexibility, balancing the gas network is no longer a background operational task. It has become a central determinant of electricity market stability. What once appeared as a technical issue confined to pipeline pressures and storage levels now directly shapes power prices, dispatch decisions,
When gas balancing becomes a power-market problem Read More »
In theory, the spark spread is a straightforward concept. It represents the margin between the price of electricity and the cost of generating it from natural gas, adjusted for efficiency and carbon costs. In practice, particularly in South-East Europe, the spark spread has evolved into something far more complex. It is no longer just a
Spark spread in practice: A SEE focus Read More »
In Europe’s current energy architecture, natural gas occupies a paradoxical position. It is indispensable to system stability, yet it is also one of the system’s greatest sources of fragility. Gas is expected to provide flexibility, absorb renewable variability, and stabilise electricity markets during stress. At the same time, its supply is increasingly exposed to global
Gas as a flexible backbone — and a source of instability Read More »
For much of Europe’s modern energy history, stability was assessed locally. If electricity prices were calm, the power system was considered healthy. If gas storage was full, supply security was assumed. If oil markets were well supplied, energy risk appeared contained. These indicators worked in a world where markets were loosely connected and shocks propagated
Why stability in one market no longer guarantees system stability Read More »
