October 17, 2025
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Hungary’s Szijjártó: MOL to supply more oil, fuel to Serbia amid sanctions

Minister of Foreign Affairs and Trade of Hungary Péter Szijjártó said Serbia can count on an increase in supply of oil and fuel from MOL, as NIS is now under US sanctions. However, it cannot fully replace the volume that was coming through Croatia, he warned and stressed that it shows the risk of depending on a single oil pipeline.

The United States has imposed sanctions on Serbian oil refiner and fuel distributor NIS, controlled by Russian Gazprom’s subsidiaries. Except for a small share of domestic production, the company was getting all its oil through the Croatian Jadranski naftovod (JANAF) pipeline. Serbian President Aleksandar Vučić said the country’s only refinery, in Pančevo, can only operate until the end of the month, while that the current stockpiles of derivatives can last until the end of the year.

Hungarian Minister of Foreign Affairs and Trade Péter Szijjártó promised assistance. “Of course, we stand by our Serbian friends. We are in constant contact, and since MOL, as the largest energy company in the region, plays an important role in the supply of crude oil and fuel in Serbia, of course our Serbian friends can also count on MOL’s increased deliveries,” he stated.

Serbia’s only refinery has oil only until the end of the month

At the same time, the Hungarian official acknowledged that it cannot fully replace the volume that was coming via Croatia.

“Therefore, everyone should remember once again as a very important lesson: there are very serious risks in the situation when a country depends on a single oil pipeline, especially if it comes from Croatia,” Szijjártó stressed.

Namely, the government in Budapest has been complaining that JANAF’s oil transport fees were too high and it disputed the Croatian state-owned pipeline operator’s ability to cover the entire needs of MOL’s refineries in Hungary and Slovakia. The company still gets Russian oil through the Druzhba pipeline as well.

According to the Energy Community Secretariat, oil and petroleum product stocks in Serbia in July amounted to 43.8 days of average net imports, compared to the required 90 days.

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October 16, 2025
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Šušnjar: Croatia prepared to buy oil company NIS in Serbia

Minister of Economy Ante Šušnjar has said that Croatia is prepared to acquire Russian-owned oil company NIS in Serbia, which came under US sanctions today. Croatian state-owned oil pipeline operator Jadranski naftovod (JANAF) relies heavily on deliveries to NIS, and Šušnjar believes the acquisition would benefit both Croatia and Serbia.

The US sanctions against the Serbia-based oil company took effect after nine months of delays. JANAF stated yesterday that it had a license to continue deliveries to NIS until October 15, but Minister of Economy Ante Šušnjar said today that everything from the terminals and the pipeline had already been transported and that there were no more deliveries to Serbia.

Šušnjar: Croatia’s plan to buy NIS is not aimed at dominating Serbia’s retail market

Asked about plans to buy NIS, Šušnjar said that Croatia is prepared to do so to protect JANAF, whose business has relied on ties with NIS for the past 40 years. He emphasized that there is no intention to dominate Serbia’s retail market.

US sanctions against NIS will affect Croatia, Serbia, and BiH

According to Šušnjar, if Croatia were to take over NIS, it would ease the situation for both Croatia and Serbia. The sanctions also pose an additional challenge for Bosnia and Herzegovina, given that 20% of the country’s oil derivatives market is supplied by NIS’ refinery in Pančevo, he noted.

Business with NIS accounts for more than 30% of JANAF’s revenue, and suspending deliveries until the end of this year alone would cost Croatia around EUR 18 million, according to Stjepan Adanić, chairman of JANAF’s management board.

The US imposed sanctions on Russian state-owned Gazprom Neft, which until recently held a 50% stake in NIS, with its parent company Gazprom controlling a further 6.2%. After a reshuffle, Gazprom Neft now owns 44.9%, and Intelligence, a firm within Gazprom’s system, 11.3% of NIS. Serbia’s stake is 29.9%.

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October 14, 2025
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Serbia’s economy in uncharted territory amid imminent US sanctions against oil company NIS

For NIS in Serbia, doing business will become exceptionally difficult from tomorrow, when the United States imposes sanctions, starting with payment systems. The same goes for any enterprise cooperating with the oil refiner and distributor, majority owned by Russia’s Gazprom Neft and another firm controlled by Gazprom.

Nine months after the US announced sanctions against NIS, which were postponed several times, they are coming into force tomorrow morning. Apparently, the American Office of Foreign Assets Control (OFAC) is imposing restrictive measures for Serbia’s national oil importer, refiner and operator of a chain of service stations. Croatian company Jadranski naftovod (JANAF), which depends to a great extent on supplying NIS, said the deliveries can last until October 15.

The US and the United Kingdom announced sanctions early this year against Russian state-owned Gazprom Neft, which at the time held 50% of ownership, while its parent Gazprom controlled another 6.2%. After a reshuffle, Gazprom Neft now has 44.9% of NIS, and Intelligence, a firm within Gazprom’s system, owns 11.3%. Serbia’s stake is 29.9%.

Plan B has numerous unknowns

The oil refinery in Pančevo is the only diesel and gasoline producer in Serbia and it dominates the market by far. According to media reports, NIS has considered switching to cash payments, with the exception of the domestic currency system DinaCard, and transferring all its accounts to the state-owned Postal Savings Bank.

It is unlikely that the company would be able to cover all the logistics and finances that way. At the same time, the entire Serbian economy is at risk, together with basic services for citizens. Organizing fuel imports will take time, which may lead to shortages and price hikes. Officials and the representatives of the oil sector claim that the current stockpiles can last several months.

Forced nationalization may switch energy crisis to gas supply from Russia

Back in January, President of Serbia Aleksandar Vučić immediately estimated that Russia would have to completely and urgently exit ownership. There was no success in the meantime in talks with the Kremlin and Gazprom.

“There is one possibility. If I said: I may seek nationalization of the property tomorrow. That is the last thing i would say, if I had to. I don’t want that,” Vučić stated late last week.

In case of a forced purchase of the Russian stake, the focus would turn to the supply of Russian gas through the Balkan Stream pipeline, an extension of TurkStream. Serbia still hasn’t signed a long-term contract with the Russian side, and the previous one expired in May.

To make matters worse, Bulgaria said it would end the transit of Russian gas, through Balkan Stream, for short-term arrangements. The move is part of the European Union’s measures to end the purchases of Russian fossil fuels. A total halt is scheduled for 2028. If the supply chain isn’t drastically changed, it would heavily impact Hungary, Slovakia and Serbia, together with Bosnia and Herzegovina and North Macedonia.

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October 1, 2025
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Montenegro seeks contractor for marking liquid oil-derived fuel, biofuel

With approval from the Government of Montenegro, the Ministry of Energy and Mining issued a public call for the selection of a legal person that would conduct the obligatory marking of liquid fuel and biofuel in the Montenegrin market.

The introduction of fuel marking is an important step in the fight against the gray economy and illegal trade, but also a measure strengthening fiscal discipline and the state’s energy system, according to the announcement. The ministry added that Montenegro is introducing the practice in line with its Fiscal Strategy 2024-2027, to secure greater transparency and the security of supply.

The selected legal person will be obligated to use a unique marker for the Montenegrin market – type A for fuel subject to excise tax and type B for fuel exempted from excise tax, as well as to establish an information system accessible to all relevant instutions. This is the way to secure a total control of fuel trade and consumer protection, the explanation reads.

The maximum price of the fuel marking service amounts to EUR 0.008 per liter, which is EUR 8 per 1,000 liters of fuel, the Government of Montenegro stipulated in its decision from September 18.

Offers are received every workday between 10:00 and 14:00, through October 31, 2025. The address of the Ministry of Energy and Mining is Rimski trg 46, Podgorica.

The tender documentation with all the details and criteria is available on the ministry’s website.

With the new measure, Montenegro strengthens the control over the energy market, protects citizens and the country’s budget and builds additional trust in the energy system, the update adds.

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September 23, 2025
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Romania risks blackouts if it shuts coal plants as scheduled

Minister of Energy Bogdan Ivan claims that energy poverty or even blackouts could hit Romania if it proceeds with the closure of coal plants. Namely, the gas power projects for replacing them are suffering severe delays.

The European Commission has become flexible for the first time in the last four years, said Romania’s Minister of Energy Bogdan-Gruia Ivan. He has asked for a postponement of the deadline for shutting down a group of coal power plants.

They need to be closed by the end of the year. If the coal plants, run by state-owned Complexul Energetic Oltenia (CE Oltenia) go before gas power plants Iernut and Mintia are commissioned, Romania is jeopardized, according to the minister.

Ivan told Digi24.ro he was negotiating with the European Commission on delaying the closure by “a few months.” Romgaz decided last week to cancel the contract with Duro Felguera, the contractor for the Iernut facility.

Energy poverty risk increasing

A study conducted with Romania’s transmission system operator Transelectrica has shown that Romania can otherwise end up in energy poverty and even risk a blackout, he underscored. “Especially in the winter, when we have no solar, when we have no wind power,” Minister Ivan explained.

Furthermore, Romania would like to keep three large coal units and another two in technical reserve for replacement them in case of damage, Ivan revealed. It would ensure a 1 GW minimum coal power supply, he asserted.

Romania requires at least 1 GW in baseload energy from coal for two more years, according to Minister Bogdan Ivan

Simulations showed that the group would need to operate for two years more, at least, until Iernut and Mintia are completed.

“We are pressed for time. We need to conclude contracts for next year. We need to conclude contracts for energy supply, contracts with suppliers, coal stocks. It is a complex of factors that must be organized very well from now on. It is already late, for Romania and for our energy companies,” Ivan stated.

Gas power projects in constant delay

Additionally, gas power plants Turceni (475 MW) and Ișalnița (850 MW) are supposed to replace some of the capacity in the Oltenia complex. The two projects suffered constant delays. The deadlines in the tenders for construction have been pushed back to September 30 and November 14, respectively.

Romania has received billions of euros from the European Union for gas power plants to substitute coal, the minister noted separately. He acknowledged that the projects are still on paper. That’s why today Romanians have almost the highest electricity price in Europe, Ivan claimed.

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September 10, 2025
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Environmentalists warn EU that Bulgaria ignores coal plants breaching pollution rules

Greenpeace Bulgaria and Za Zemiata (For the Earth) said they would file a complaint today with the European Commission over repeated failures by Bulgarian authorities to enforce the European Union’s environmental law at four coal plants. They expressed the view that institutions are prioritizing financial interests over public health and the environment.

Environmental organizations Greenpeace Bulgaria and Za Zemiata wrote a complaint, to submit to the European Commission, regarding what they described as long-standing violations by four coal power plants linked to Bulgarian businessman Hristo Kovachki. “Bulgarian institutions refuse to apply EU environmental law as intended, favoring coal owners over people and nature. This complaint provides evidence for the European Commission to initiate infringement procedures,” said environmental lawyer Regina Stoilova.

Alleged breaches from 2018 to 2023 concern thermal power plants Bobov Dol in Golemo Selo, Brikel in Galabovo, Republika in Pernik, and Maritsa 3 in Dimitrovgrad. The two groups said they exhausted all national-level mechanisms for holding the polluters accountable and protecting affected citizens and the environment.

The two groups have exhausted all legal mechanisms on the national level

Instead of enforcing environmental standards, Bulgarian institutions – including the Ministry of Environment and Water, the Executive Environmental Agency and regional environmental and water inspectorates – have repeatedly issued permits to offenders, imposed weak or ineffective fines, and ignored serious pollution events that threaten public health, the environmentalists added.

“These coal plants are shielded by an institutional network protecting Kovachki’s opaque coal business. Thousands of Bulgarians living under these chimneys continue to face rampant pollution with no accountability,” said Director of Greenpeace Bulgaria Meglena Antonova.

Penalties could have been millions of euros higher

Bulgarian courts have also failed to act, according to the statement. During the legal proceedings after Brikel and Maritsa 3 were temporarily closed in 2022, the plants continued operating for three years. In the said six-year period, Kovachki-linked plants avoided nearly EUR 2.5 million in penalties, , the organizations calculated and stressed that Brikel payed only EUR 3,300 in fines.

In official documents, the businessman holds no ownership in most of the firms that media outlets regularly link him to. Kovachki has only identified himself as a consultant in some of them. Investigative journalists have obtained documents indicating that he controls a group of companies through a holding called Orion, which he denied.

Violations include illegal wastewater discharge

The violations of the permits consisted of illegal emissions into the air, illegal discharge of wastewater into rivers, and use of prohibited fuels.

“In an attempt to reduce production costs, the coal power plants associated with Kovachki have systematically co-fired waste and biomass with coal without possessing the necessary permits. Even after obtaining the required permits, the operators have significantly exceeded the biomass limits specified in them,” reads a report accompanying the announcement.

Meanwhile, the power plants have gained millions from saved carbon emission allowances, the document adds. An analysis by Za Zemiata estimates the damages for the period 2017-2021 at EUR 75 million for five plants associated with Kovachki, four of which are the subject of the new complaint.

Attack on activist living near Bobov Dol

“Not only has there been no accountability, but activists are also facing aggression for speaking out. Over the weekend, Daniela Toneva, an activist opposing the Bobov Dol TPP coal plant, was attacked after speaking out about the plant’s severe pollution and the links between Hristo Kovachki and the chairman of the Bobov Dol Municipal Council Krasimir Chavraganski,” said Beyond Fossil Fuels, a partner organization.

Namely, someone spilled paint on Toneva’s car and broke her window with a stone they threw into the house. She told Svobodna Evropa (RFE/RL) that local authorities are hostile to her because of her activism. The firm operating the nearby Bobov Dol facility condemned the attack.

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August 7, 2025
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Renewables keep top spot in Greece’s power mix despite surge in curtailments

Renewable energy sources continued to rank first in Greece’s electricity mix despite significant curtailments in the first half of 2025, which more than doubled against the same period a year earlier. At the same time, gas-fired power generation hit a 10-year high, while coal’s share in covering domestic demand fell to the lowest level in at least a decade, according to a recent analysis by the Green Tank.

In the year through June, curtailments totaled 1,327 GWh, equivalent to 9.6% of Greece’s overall renewables output, compared to 513 GWh in the same period last year and 899 GWh in the whole of 2024.

Curtailments in June 2025 reached 351.7 GWh, which means renewable energy generation could have been 12.3% higher. The level compares to only 59.5 GWh, or 2.5%, rejected in June 2024. Most curtailments in June occurred between 10 am and 3 pm, with the highest daily amount, of 32.7 GWh, recorded on June 1.

In May 2025, curtailments were 382.5 GWh, up from 127.3 GWh a year earlier, and in April they totaled 359.1 GWh, compared to 253.3 GWh in the same month of 2024. In March, the grid rejected 229 GWh of renewable electricity, up from 73.3 GWh in March 2024, while curtailments in February and January amounted to 3.4 GWh and 1.3 GWh, respectively, compared to zero in the first two months of 2024.

Renewables covered 46% of Greece’s electricity demand in H1 2025

Greece’s electricity demand in the first half of 2025 reached 27,038 GWh, with renewables covering 46%. The only equivalent period so far when the share was higher was last year. In June, electricity demand jumped 22% against May, to 5,094 GWh. The average market price remained low, at EUR 85.4 per MWh, the Green Tank noted.

Renewables ranked first in electricity generation in H1 2025, with a total of 12,435 GWh, a marginal increase from 12,354 GWh in H1 2024.

Gas-fired power generation reached 10,925 GWh in the first half of 2025 or 19.3% more than one year before, hitting a 10-year high. The rise was mostly driven by an increase in net exports and electricity demand. A drop in output in the segments of hydropower lignite and oil also contributed, together with an expansion of the gas power fleet.

Gas covered 40.4% of electricity demand in the first six months of the year, after 34.1% in the comparable period of 2024.

Coal power production fell steadily from January to June

Coal, on the other hand, covered just 5.2% of Greece’s power demand in H1 2025. It was the lowest share in at least a decade. Electricity production from lignite declined steadily in the first six months of the year, from 511 GWh in January to just 66 GWh in June.

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August 4, 2025
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US electricity prices soar 40% in H1 2025, outpacing EU’s 30% increase

In the first half of 2025, wholesale electricity prices in the European Union were about 30% higher than in same period of 2024, while a 40% increase was recorded in the United States. The penetration of negative prices in the EU continues, with their share doubling in H1 2025, according to the latest report of the International Energy Agency.

Wholesale electricity prices in the EU averaged around USD 90 per MWh as costs were mostly underpinned by natural gas prices, which were on average about 20% above the levels from 2024, IEA’s Electricity Mid-Year Update 2025 reads.

Prices saw upward pressure from a boost in fossil-fired generation due to a year-on-year drop in electricity generation from wind and hydropower.

While average power prices remained below the 2023 levels, they were higher than in 2019, according to IEA. The latter is a reference year because it was the last one before turbulences started – the COVID-19 pandemic, energy crisis, and the war in Ukraine.

Electricity prices in the Nordics remained the lowest in Europe

Latest futures prices in the EU average USD 80 per MWh for 2026, indicating a decline of around 15% from 2025, the report underlines.

High gas prices also affected the electricity market in the US, combined with colder weather. Power prices averaged around USD 48 per MWh. However, the increase was from a low base, as prices in the first half of 2024 were the lowest for the first half of the year since 2020, the report notes.

Average electricity prices in the Nordics remained the lowest in Europe, falling by more than 20% year-over-year in the first six months of 2025 to about USD 40 per MWh. It was the result of an increase in wind power generation and higher hydropower output, according to the report.

The update brings details on Germany, France, Japan, India, Australia, and the United Kingdom as well.

Occurence of negative prices doubled

IEA notes that the frequency of negative wholesale prices is increasing in various markets, underscoring the need for greater flexibility in supply and demand. The authors of the report propose appropriate regulatory frameworks and market designs to boost greater demand response and energy storage.

The share of hours with negative prices on the wholesale market reached 8% to 9% in the first half of the year in countries such as Germany, the Netherlands, and Spain – up from between 4% and 5% in 2024, the report reads.

The average price this year in the EU is expected to be twice as high as in the US and about 50% higher than in China

Electricity prices for energy-intensive industries continued to vary significantly across regions. After declining since their 2022 peak, they are expected to rise year-on-year in 2025 in the EU, driven by higher wholesale price levels.

The average price this year in the EU is expected to be twice as high as in the US and about 50% higher than in China, according to IEA projections. By comparison, in 2019, prices in the EU were approximately 50% higher than in the United States and 20% higher than in China.

The cost differences continue to pose challenges for the competitiveness of energy-intensive industries in the EU, IEA stressed.

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July 24, 2025
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IRENA: 91% of new renewables units are more cost-effective than fossil fuel alternatives

The fossil fuel age is crumbling, according to UN Secretary-General António Guterres. Renewables maintained their cost leadership in global power markets, the International Renewable Energy Agency said in an annual report. In 2024, onshore wind farms were the cheapest of all versus the lowest-cost fossil fuel alternatives, by 53% on average, while photovoltaic systems were 41% cheaper.

Onshore wind power was also the cheapest in levelized cost of electricity (LCOE) terms, followed by solar power. At the same time, 91% of newly commissioned utility-scale capacity was delivering power at a cost lower than for the cheapest electricity from new fossil fuel–fired units.

The Renewable Power Generation Costs in 2024 report confirmed the price advantage of renewables over fossil fuels, with cost declines driven by technological innovation, competitive supply chains and economies of scale, the International Renewable Energy Agency said. IRENA expects cost reductions to continue, but highlighted the short-term challenges.

Geopolitical shifts including trade tariffs, raw material bottlenecks, and evolving manufacturing dynamics, particularly in China, could temporarily raise costs.

Asia, Africa and South America, with stronger learning rates and high renewable potential, could see pronounced cost declines.

Higher costs are likely to persist in Europe and North America, driven by structural challenges such as permitting delays, limited grid capacity, and higher balance-of-system expenses, according to the update. In contrast, regions like Asia, Africa and South America, with stronger learning rates and high renewable potential, could see pronounced cost declines.

The organization pointed to the need for stable and predictable revenue frameworks to lower investment risk and attract capital.

“Clean energy is smart economics – and the world is following the money,” United Nations Secretary-General António Guterres stressed. In his view, the fossil fuel age is crumbling.

Capital costs inflating LCOE in developing countries

Mitigating financing risk is central to scaling renewables in both mature and emerging markets. Instruments such as power purchase agreements (PPAs) play a pivotal role in accessing affordable finance, while inconsistent policy environments and opaque procurement processes undermine investor confidence, IRENA added.

In many developing countries of the Global South, high capital costs, influenced by macroeconomic conditions and perceived investment risks, significantly inflate the levelized cost of electricity (LCOE) of renewables.

Onshore wind power production cheapest by far of all kinds of electricity

In 2024, onshore wind farms were the cheapest of all versus the lowest-cost fossil fuel alternatives, by 53% on average, while photovoltaic facilities were 41% cheaper. Of note, the cost of battery energy storage systems (BESS) declined by 93% from 2010 to 2024, to USD 192 per kWh.

Onshore wind remained the most affordable source of new renewable electricity, with a global weighted average LCOE at USD 0.034 per kWh (USD 34 per MWh), followed by new solar, at USD 0.043 per kWh, and new hydropower plants, USD 0.057 per kWh.

Again per the levelized cost of electricity, 91% of newly commissioned utility-scale renewables capacity was delivering power at a lower cost than the most affordable new fossil fuel–based units.

That said, LCOE increased slightly for solar power, by 0.6%. Onshore wind power was 3% more expensive than in 2023, compared to 4% for offshore wind and 13% for the bioenergy segment. Meanwhile, costs declined for concentrated solar power (CSP), by 46%, followed by electricity from geothermal units, 16%, and hydropower, which slipped 2%.

Solar and wind energy prices have begun to stabilize, which is a natural sign of market maturity, the authors underscored.

Photo: Renewable energy LCOE 2010-2024, in United States dollars per kilowatt-hour (IRENA)

Clear path to affordable, secure, sustainable energy

The addition of 582 GW of renewables capacity in 2024 led to significant cost savings, avoiding fossil fuel use valued at about USD 57 billion, new data shows. Looking at all renewables in operation, the avoided fossil fuel costs in 2024 reached up to USD 467 billion, IRENA’s Director-General Francesco La Camera stated.

New renewable power outcompetes fossil fuels on cost, offering a clear path to affordable, secure and sustainable energy, he pointed out.

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July 6, 2025
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Slovenia’s sole coal-fired power plant Šoštanj to keep main unit offline until fall

As of this year, Slovenia’s only coal-fired power plant, Termoelektrarna Šoštanj (TEŠ), has shifted its primary focus to supplying heat, with electricity now sold as a byproduct. The ongoing overhaul of its unit 6 is expected to be completed in the coming days, but the 600 MW block will not be restarted until the end of September, when demand for heat is set to rise.

As part of the coal-phaseout process, targeted for completion in 2033, the Government of Slovenia decided last year to set aside EUR 403 million to save TEŠ and coal mine Velenje from bankruptcy and take over both from state-owned power utility Holding Slovenske Elektrarne (HSE).

TEŠ hopes the fall months will drive revenues

TEŠ hopes that the fall months will enable it to meet this year’s revenue target, as the operation of unit 6 is unprofitable in the summer due to low market prices for electricity and reduced demand for heat. This year, the power plant aims to earn EUR 400 million from the sale of heat and electricity.

Apart from unit 6, TEŠ operates only one other coal-fired generator, unit 5, with a capacity of 345 MW, while its first four blocks have been shut down.

The changed circumstances have been challenging for TEŠ, according to its CEO, Branko Debeljak. As HSE no longer sells TEŠ’s electricity, the plant had to set up its own sales department and seek customers on the market. Even so, the first four months of 2025 were quite successful when it comes to electricity sales, says Debeljak. The plant sold 1,045 GWh of electricity, generating revenues of EUR 138 million, or EUR 29 million more than initially planned, according to him.

The overhaul of unit 6 began in April

The overhaul of unit 6 began on April 22 and was expected to be completed by June 20. However, due to delays in the delivery of components, it had to be extended until early July. The completion of the overhaul will be followed by a short trial run, and a restart is planned at the end of September when the need for heat supply is set to rise again.

Slovenia aims at a 55% drop in emissions by 2033, and an early closure of its only coal-fired plant could help achieve that target. It seems likely that TEŠ will be shut down within a few years or operate at minimum capacity.

In June, Ireland’s Moneypoint power plant stopped burning coal, marking the end of coal use in the country. Slovakia and Spain officially intend to exit coal in 2025, followed by Greece (2026), France and Hungary (2027), and Denmark and Italy (2028). However, the dates could be pushed forward, and more countries could join the group in the meantime.

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