gas

Short-term disruptions, long-term consequences

Energy markets are often described as short-memory systems. Prices spike, conditions normalise, and attention moves on. This perception is increasingly misleading. In a tightly coupled energy system, short-term disruptions rarely fade without leaving structural traces. Even when prices retreat and flows stabilise, the system that emerges afterward is subtly but materially different from the one […]

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Volatility without borders

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

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From sectors to systems

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

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One energy market, three fuels

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

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JANAF shareholders to vote on €43.6 million upstream oil and gas project in Kazakhstan

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

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Infrastructure is destiny: How grids, pipelines and bottlenecks create price signals

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

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South-East Europe as Europe’s stress test: What the region reveals about the energy transition

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.

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Gas at the centre: How balancing, LNG, and spark spreads now define power prices

For most of Europe’s electricity-market history, natural gas played a supporting role. It was a reliable, dispatchable fuel that complemented baseload generation and provided peak capacity when needed. Its pricing mattered, but it rarely dominated the narrative. Power markets were analysed primarily through generation mix, demand patterns, and network constraints. Gas was a fuel input,

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Volatility is no longer cyclical: How shocks now propagate across Europe’s energy system

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

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