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
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