Hedging without isolated markets
Hedging strategies are built on assumptions. For much of Europe’s energy-market history, the central assumption was that risks could be […]
Portfolio management in a multi-fuel world
Energy portfolio management was once a relatively linear exercise. Power desks optimised generation and hedging within electricity markets. Gas desks
Speed of response versus installed capacity
In energy markets, it is tempting to equate resilience with scale. More megawatts, more storage volume, more infrastructure are often
From batteries to gas storage
Flexibility is not a single technology or asset class. It is a portfolio of capabilities that operate across timescales, fuels,
Flexibility as the new currency
In today’s energy markets, value is no longer defined primarily by volume or capacity. It is defined by flexibility. The
When infrastructure becomes a market signal
In integrated energy markets, infrastructure no longer operates silently in the background. It has become an active source of information,
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