There is a misconception that continues to circulate in parts of the mining world, including South-East Europe and Serbia. It is the belief that the presence of resources automatically guarantees capi
Europe doesn’t need more raw materials — it needs control of industrial systems, and Serbia is where that control can anchor
Europe often frames its industrial vulnerability as a resource scarcity issue. Political speeches emphasise “access” to lithium, rare earths, nickel, copper or manganese. Strategy papers discuss upstr
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, a background condition that occasionally matters dur
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 sense: the edge where constraints bind first, where volatility appears earliest, and where
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 arbitrage. Volatility was episodic, correlations we
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 generation moved away from fuel oil and toward gas, nuclear, and renewables, oil was conc
Gas at the centre: How balancing, LNG, and spark spreads now define power prices
For most of Europe’s electricity-market history, natural gas played a supporting role. It was a reliable, dispatchable fuel that complemented baseload generation and provided peak capacity when needed
Volatility is no longer cyclical: How shocks now propagate across Europe’s energy system
For much of Europe’s post-liberalisation energy history, volatility was understood as a cyclical phenomenon. Prices rose and fell in response to identifiable triggers: cold winters, supply outages, ge
Carbon Borders and Industrial Geography: How Electricity, Mining, and CBAM Are Redefining Near-Shoring in Europe
The European Union’s progressive expansion of the Carbon Border Adjustment Mechanism (CBAM) is redefining industrial location strategy. No longer a limited carbon levy on select commodities, CBAM now
From Ore to Output: How CBAM is Integrating Mining, Processing, and Manufacturing into a Carbon-Priced Value Chain
The EU’s expansion of the Carbon Border Adjustment Mechanism (CBAM) into downstream manufactured goods represents a structural shift for the mining and metals sector. What began as a carbon levy on a