Gas markets across Southeast Europe in April were defined by a dual dynamic of infrastructure expansion and strategic uncertainty, as regional actors moved to secure supply diversification while facing increasing long-term policy constraints.
At the pricing level, gas markets showed moderate easing. The CEGH benchmark declined from approximately €50/MWh to €44/MWh, reflecting improved supply conditions and lower seasonal demand. Greek gas prices followed a similar trajectory, indicating broader regional convergence.
However, beneath this price stability, structural changes were accelerating. The extension of the Vertical Gas Corridor toward Ukraine until September reinforces the role of Southeast Europe as a transit region for gas flows into Eastern Europe. This corridor, linking LNG entry points in Greece with northbound infrastructure, is becoming increasingly important for regional supply security.
Parallel developments in infrastructure underscore a broader push toward diversification. The agreement on the Southern Gas Interconnection between Croatia and Bosnia and Herzegovina represents a significant step in linking inland Balkan markets to LNG imports via the Krk terminal. This project, combined with ongoing pipeline expansions, is expected to reduce reliance on single-source supply routes.
Albania’s strategic move to secure a $6 billion LNG agreement with US suppliers, including plans to activate the dormant Vlore power plant with approximately 350 MW capacity, further illustrates the region’s ambition to position itself as a gas hub.
At the same time, geopolitical factors continue to shape market dynamics. The resumption of oil flows through the Druzhba pipeline after a three-month disruption highlights the vulnerability of traditional supply routes. Meanwhile, ongoing negotiations over the sale of Russian-linked assets in the region signal a broader restructuring of ownership and control in the energy sector.
Despite these developments, long-term uncertainty remains pronounced. Policy signals from both EU institutions and regional stakeholders increasingly question the viability of large-scale gas investments. Concerns over stranded assets, long construction timelines, and evolving decarbonization targets are creating hesitation among investors.
This tension between short-term security and long-term transition is likely to define the gas market trajectory in SEE. While infrastructure expansion will continue in the near term, driven by diversification needs, the pace and scale of investment will increasingly depend on clarity around future regulatory frameworks and carbon pricing mechanisms.