Why intraday liquidity growth did not reduce long-term power risk
By the end of 2025, South-East Europe could point to an undeniable achievement. Intraday electricity trading volumes across the region […]
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
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
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
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
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