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 […]
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
Hungary has taken a significant step toward diversifying its energy imports by signing a long-term liquefied natural gas (LNG) supply agreement with a US supplier. State-owned utility MVM has concluded a five-year contract with Chevron, marking the first time American LNG will enter Hungary’s energy portfolio on a regular basis. Under the agreement, 400 million
Hungary signs first long-term US LNG deal to boost energy security and diversification Read More »
During mid-December 2025, European natural gas prices continued their downward trajectory, approaching around €27/MWh, near levels not seen since early 2024. Despite minor daily upticks, this reflects a 10.10% decline over the past month, a 33.46% drop compared to December 2024, and a year-to-date fall of roughly 45%. Remarkably, prices have plummeted more than 90%
Europe: Gas prices near €27/MWh amid record LNG imports and geopolitical shifts Read More »
Hungary significantly increased its import of Russian natural gas in 2025, strengthening its position as the leading importer among European Union member states. According to Eurostat data covering the period from January to October, Hungarian purchases grew by around 15% compared with the previous year. In value terms, Hungary ranked first among EU buyers of
Region: Hungary leads EU in Russian gas imports as TurkStream flows rise in 2025 Read More »
Natural gas has moved from being a relatively predictable industrial input to becoming a structurally volatile cost driver across European markets. For Serbian exporters supplying the EU, gas price dynamics now shape not only operating costs but also contract structures, risk allocation, and long-term competitiveness. Unlike the pre-2020 period, when long-term pipeline contracts smoothed price
Export competitiveness of Serbian industry in the EU market, 2026–2035 Read More »
During the second week of December, Brent oil futures for the Front Month on the ICE market reached their weekly maximum settlement price of $62.49/bbl on Monday, December 8, already 2.0% lower than the last session of the previous week. Prices continued to decline through most trading sessions, hitting a weekly minimum settlement price of
Weekly energy market overview: Brent Oil, TTF gas, and CO₂ futures Read More »
Bulgaria’s state-owned gas supplier Bulgargaz has proposed a reduction in the wholesale price of natural gas to be applied in January 2026, reflecting continued easing in market conditions. According to the proposal, the price for January is expected to be around €31.2 per megawatt-hour (MWh), marking a 3.3% decrease compared with the price approved for
Scenario one: High volatility, tight LNG markets In a scenario characterised by global LNG tightness, regulatory uncertainty, and persistent geopolitical risk, European gas prices remain volatile with frequent spikes. Average prices may moderate, but extreme events become more common. Under this scenario, Serbian exporters without flexibility face chronic margin pressure. Steel and ceramics suffer the
2030–2035 scenario annex: Gas prices, CBAM and export margins Read More »
