SEE

Cross-border electricity pricing distortions in South-East Europe: Recent cases, structural mechanics and industrial consequences

South-East Europe’s electricity markets now operate under formally liberalised and largely EU-aligned frameworks, yet their real-world behaviour continues to reflect structural fragilities that distinguish the region from deeper and more liquid European markets. Limited system size, persistent import dependence, thin trader participation and constrained interconnections combine to produce outcomes that are legally compliant but economically […]

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Manipulation of electricity import prices in SEE power market

A report by the Kosovo Transmission System and Market Operator (KOSTT) suggests possible manipulation of prices for electricity imported into Kosovo, implicating Serbia’s state energy company Elektroprivreda Srbije (EPS) and private trader Noa Energy Trade in coordinated behaviour during cross-border capacity auctions in 2025. The findings raise questions about how auction mechanisms were used to inflate transmission costs beyond the underlying electricity

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Hydropower in South-East Europe: Feasibility without commitment, projects without groundworks

Across South-East Europe, hydropower development has settled into a stable but deeply unproductive equilibrium. Feasibility studies are commissioned, revised and relaunched with increasing technical sophistication, while the physical projects they describe remain untouched. This is not a failure of hydrology, engineering or economics. It is a deliberate system in which analysis substitutes for decision-making and

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Carbon cost pass-through in post-Russian SEE energy systems 

The withdrawal of Russian ownership from oil assets across South-East Europe has not only altered who controls energy infrastructure, but also how costs are transmitted through the energy system. One of the most consequential shifts lies in the treatment of carbon. Under the previous ownership and pricing regime, carbon costs were often implicit, absorbed within

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Hydrogen economics under gas repricing 

Hydrogen has been positioned across South-East Europe as a strategic bridge between energy security, industrial decarbonisation and European integration. National strategies, pilot projects and policy roadmaps have converged around hydrogen as a future-proof solution capable of absorbing surplus renewables, decarbonising heavy industry and anchoring new investment cycles. Yet the ownership exit of Russian oil assets

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Refinery by-products: Petcoke, bitumen and construction inflation in South-East Europe

The transfer of ownership of Russian oil assets across South-East Europe has not only changed who controls refineries and fuel retail networks; it has fundamentally altered how a range of secondary energy commodities are priced, supplied and financed. These by-products of refining—petroleum coke, bitumen, sulphur and heavy fuel intermediates—rarely feature in high-level energy debates, yet

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Nuclear fuel and uranium: Europe’s quiet Russian dependency

The ownership exit of Russian oil assets from South-East Europe has sharpened attention on vulnerabilities that were long considered peripheral to the region’s energy debate. Among them, nuclear fuel stands out as the least visible and yet most structurally entrenched dependency. While oil and gas flows dominate political discourse, the nuclear fuel cycle continues to

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Coal and lignite after oil: Hidden subsidy crisis in SEE electricity

The reordering of ownership in South-East Europe’s oil sector has had an effect far beyond fuels and refineries. By forcing oil pricing onto transparent, market-based terms, it has removed a long-standing buffer that masked deeper distortions elsewhere in the energy system. Nowhere is this more evident than in electricity generation based on coal and lignite.

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Gas markets without Russian ownership: Volatility as a structural feature in South-East Europe

The withdrawal of Russian ownership from oil assets across South-East Europe has triggered a deeper and more destabilising shift in the region’s natural gas markets. While oil ownership changes are visible and politically managed, gas has become the silent transmission channel through which volatility, balance-sheet stress and structural dependency now propagate. Unlike oil, gas markets

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Europe’s grid build-out and the strategic repositioning of SEE’s power markets

The European Commission’s decision to accelerate and scale up Europe’s electricity grid expansion is not simply a technical upgrade programme. It is a structural market intervention whose consequences will be felt most sharply in peripheral but highly interconnected regions such as South-East Europe (SEE). While the stated objectives are lower energy prices, faster renewable integration

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