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.
Infrastructure is destiny: How grids, pipelines and bottlenecks create price signals
Energy markets are often analysed as abstractions: prices, curves, spreads, marginal costs. Infrastructure appears in these models as a constraint,
South-East Europe as Europe’s stress test: What the region reveals about the energy transition
South-East Europe does not sit on the periphery of Europe’s energy system. It sits at its edge in a different
Trading energy in a system under stress: Portfolios, hedging, and survival in a multi-fuel market
Energy trading was once about exploiting inefficiencies. Price differences across regions, fuels, or time horizons were treated as opportunities for
Flexibility as the new currency: Why speed, storage, and response matter more than capacity
For decades, energy economics was built around capacity. Installed megawatts, pipeline diameters, storage volumes, and reserve margins were treated as
The invisible hand of oil: Logistics, refineries, and the hidden drivers of power and gas prices
For much of the past two decades, oil was treated as a declining force in Europe’s electricity story. As power
One energy system, three fuels: Why Europe no longer has separate power, gas, and oil markets
For most of the modern history of European energy policy, electricity, natural gas, and oil were treated as adjacent but
From power flows to industrial costs: How EU electricity volatility reshapes competitiveness in southeast Europe
For decades, electricity was treated by industry as a predictable input. Prices fluctuated within narrow bands, supply security was largely