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
Gas-fired capacity as regional system insurance and its chronic underpayment problem
Gas-fired generation in South-East Europe no longer earns its keep by running often. It earns it by being there when nothing
When power prices decouple from gas and why it happens in South-East Europe first
In mature power systems, electricity prices tend to track gas costs with reasonable consistency. Gas may not always be marginal,
Gas as a volatility multiplier in congested power systems
In South-East Europe, gas does not merely influence electricity prices through marginal cost. It multiplies volatility by interacting with structural congestion in
The gas–power elasticity gap between South-East Europe and Central Europe
The same gas shock produces very different electricity outcomes depending on where it lands. In Central Europe, gas price movements
Gas tightness versus gas price: Why deliverability matters more than TTF in South-East Europe
In South-East Europe, the most disruptive electricity price events are rarely explained by movements in the Dutch TTF benchmark alone.
Gas as the marginal shock transmitter in South-East European power prices
Gas has become the most misunderstood variable in South-East Europe’s electricity markets. It no longer needs to dominate generation volumes,
Carbon convergence as a timing risk in South-East European power trading
Carbon convergence has become the most consequential timing risk in South-East European power trading. Direction is broadly agreed: carbon costs
The structural mismatch between system value and market remuneration
South-East Europe’s power markets are increasingly characterised by a widening gap between where system value is created and where revenue is actually captured.
Flexibility assets as regional trading instruments rather than national arbitrage tools
Flexibility assets in South-East Europe are no longer best understood as domestic arbitrage machines smoothing hourly price curves. They are
Congestion-driven volatility and the reordering of regional price hierarchies
South-East Europe’s power markets are undergoing a quiet but decisive reordering in which congestion, rather than generation cost, increasingly determines