Regional oil flows and indirect impacts
Oil markets shape South-East Europe less through headline prices and more through the direction, reliability, and cost of physical flows. […]
When logistics and refineries overpower the exchange
Energy markets are often portrayed as arenas where prices are discovered on exchanges, driven by transparent bids and offers. In
Oil and refined products as a silent regulator
Oil rarely features in discussions about electricity market stability. It is often treated as a parallel energy universe, relevant to
When gas balancing becomes a power-market problem
In a system where natural gas serves as the primary source of flexibility, balancing the gas network is no longer
Spark spread in practice: A SEE focus
In theory, the spark spread is a straightforward concept. It represents the margin between the price of electricity and the
Gas as a flexible backbone — and a source of instability
In Europe’s current energy architecture, natural gas occupies a paradoxical position. It is indispensable to system stability, yet it is
Why stability in one market no longer guarantees system stability
For much of Europe’s modern energy history, stability was assessed locally. If electricity prices were calm, the power system was
Short-term disruptions, long-term consequences
Energy markets are often described as short-memory systems. Prices spike, conditions normalise, and attention moves on. This perception is increasingly
Volatility without borders
Volatility used to be treated as a market-specific phenomenon. Electricity was volatile because demand had to be balanced in real
When a shock in one market destabilises the entire chain
In an integrated energy system, shocks no longer respect sectoral boundaries. What begins as a local disruption, a technical failure,
From sectors to systems
For decades, Europe’s energy debate was organised around sectors. Electricity policy was discussed in terms of generation mix and grid
One energy market, three fuels
For most of the past three decades, Europe treated electricity, natural gas, and oil as adjacent but fundamentally separate markets.