HUPX as the regional hedge engine: Capabilities, limits and spillovers
By 2025, one market had assumed a role in South-East Europe that extended far beyond its national boundaries. Hungary’s power […]
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The hidden cost of power hedging in SEE: Quantifying basis risk In 2025
By 2025, the most expensive component of power risk management in South-East Europe was no longer outright price risk. It
Why South-East Europe still cannot hedge its own power risk
South-East Europe entered 2025 with a surface-level appearance of market maturity. Day-ahead and intraday trading volumes reached record levels across
Southeastern Europe in the EU energy security framework: Implications of SWD(2025) 435 for gas, power and regional resilience
The European Commission’s Staff Working Document SWD(2025) 435 represents the first comprehensive fitness check of the EU’s modern energy-security architecture, assessing how
Why gas still decides competitiveness in South-East Europe
Competitiveness in South-East Europe’s energy-intensive economy is no longer determined by average electricity prices or by the headline cost of
Carbon convergence makes gas more important, not less, in South-East Europe
Carbon convergence across Europe is widely framed as a force that will marginalise gas over time. In South-East Europe, the
Trading the gas–power interface: Where South-East Europe’s volatility is actually made
In South-East Europe, most of the meaningful volatility is not created in outright gas markets or in flat power positions.
Industrial gas contracting in a power-dominated risk environment
Industrial gas contracting in South-East Europe has entered a regime where electricity risk, not gas price risk, is the dominant cost
Gas-fired capacity as regional system insurance and its chronic underpayment problem
Gas-fired generation in South-East Europe no longer earns its keep by running often. It earns it by being there when nothing
When power prices decouple from gas and why it happens in South-East Europe first
In mature power systems, electricity prices tend to track gas costs with reasonable consistency. Gas may not always be marginal,
Gas as a volatility multiplier in congested power systems
In South-East Europe, gas does not merely influence electricity prices through marginal cost. It multiplies volatility by interacting with structural congestion in
Gas storage as regional insurance, not seasonal inventory
Gas storage in South-East Europe is still widely discussed as a question of how much gas is in the ground. Markets, however,