What “fully hedged” really meant for SEE industrial buyers in 2025 Read More »

What “fully hedged” really meant for SEE industrial buyers in 2025

In boardrooms across South-East Europe, 2025 delivered an uncomfortable realisation. Many industrial consumers entered the year believing their electricity exposure was under control. Hedge ratios approached 100 %, forward contracts were in place, and budgets appeared secure. Yet when delivery concluded and financials were reviewed, results told a different story. Portfolios labelled “fully hedged” had still […]

OPCOM and IBEX: Strong price formation, weak risk absorption Read More »

OPCOM and IBEX: Strong price formation, weak risk absorption

By 2025, Romania and Bulgaria stood out in South-East Europe for one specific reason: they had achieved scale in spot electricity trading that many neighbouring markets could not match. Monthly volumes on both exchanges regularly reached terawatt-hour levels, anchoring price discovery across the eastern Balkans. Yet this success masked a fundamental weakness. Despite impressive turnover,

SEEPEX futures after 2025: Progress without critical mass Read More »

SEEPEX futures after 2025: Progress without critical mass

The Serbian power market entered 2025 with a sense of momentum. Forward trading volumes had increased sharply, institutional participation had broadened, and futures contracts were firmly embedded in hedging practice. Yet beneath the positive trajectory lay a more sobering reality. Growth, while real, had not yet delivered critical mass. SEEPEX futures were improving, but they still could

HUPX as the regional hedge engine: Capabilities, limits and spillovers Read More »

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 exchange became the region’s primary hedge engine not because it was flawless, but because it was the only venue capable of absorbing risk at scale. For utilities, traders, and large industrial buyers operating across SEE,

The hidden cost of power hedging in SEE: Quantifying basis risk In 2025 Read More »

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 was basis risk. This risk did not appear on invoices, but it accumulated silently in financial results, eroding the effectiveness of hedging strategies that were theoretically sound yet practically incomplete. Basis risk arises when the price

Why South-East Europe still cannot hedge its own power risk Read More »

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 multiple exchanges, price coupling expanded, and forward products existed in most national markets. Yet beneath this visible progress, a structural weakness remained unresolved: the region still could not internalise its own electricity price risk. Instead,

Serbia: UAE’s ADNOC enters the EU oil market through NIS as a minority partner of MOL Read More »

Serbia: UAE’s ADNOC enters the EU oil market through NIS as a minority partner of MOL

Hungarian energy major MOL Group and the Abu Dhabi National Oil Company (ADNOC) are actively involved in negotiations that could reshape the energy landscape of Central and Southeastern Europe — but the core of the immediate negotiations is centered on MOL’s planned acquisition of the Russian-owned stake in Serbia’s NIS (Naftna Industrija Srbije), with ADNOC potentially joining as a minority investor in that broader

Southeastern Europe in the EU energy security framework: Implications of SWD(2025) 435 for gas, power and regional resilience Read More »

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 the Gas Security of Supply Regulation and the Electricity Risk-Preparedness Regulation functioned under the stress of the 2021–2023 energy crisis and how they will need to evolve in a structurally different energy system. While the document is formally focused

Green electricity in Serbia: What industrial buyers need to know about origin, verification and credibility Read More »

Green electricity in Serbia: What industrial buyers need to know about origin, verification and credibility

For industrial power buyers in Serbia, green electricity is no longer a branding add-on or a sustainability slogan. By 2025–2026, it has become a regulated, auditable, and increasingly scrutinised component of procurement strategy. Understanding what “green power” actually means in Serbia, how its origin is proven, and where the risks lie is essential not only

Contracts for Difference in Serbia: How electricity buyers hedge power price risk Read More »

Contracts for Difference in Serbia: How electricity buyers hedge power price risk

For a power buyer in Serbia, a Contract for Difference is not an abstract financial derivative imported from mature Western European markets. It is a practical response to the structural realities of the local electricity system. By 2025 and moving into 2026, Serbian industrial consumers, utilities, and large commercial buyers increasingly turned to CfDs not

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