South-east Europe’s energy market is being reshaped by a mix of companies spanning gas trading, infrastructure development, offshore gas operations, battery supply, renewable investment and storage-technology. Traditional state utilities remain part of the landscape, alongside faster-moving private and cross-border players. The next investment cycle is described as not being dominated by a single fuel or one country, with activity linked to connecting gas, electricity, storage and cross-border trade.
Greek LNG corridor: traders and supply agreements
In gas, AKTOR Group, DEPA Commercial and Venture Global are identified as central to the Greek LNG corridor. Their expanded Atlantic SEE LNG Trade agreement secures 1mn tonnes per year of US LNG for 20 years from 2030. Venture Global’s position at Alexandroupolis is cited as giving the structure physical relevance.
ALBGAZ is also linked to Albania’s $6bn, 20-year LNG supply deal. The arrangement is described as connected to Venture Global and AKTOR.
Romania’s Black Sea upstream: Neptun Deep and export politics
In upstream gas, OMV Petrom, Romgaz and Saipem are highlighted in relation to Romania’s Black Sea story. Neptun Deep is described with investment estimated at up to €4bn. The project is expected to make Romania the EU’s largest gas producer and a regional exporter after 2027.
MVM is also named as a player to watch because Hungarian interest in Romanian gas raises political stakes around export allocation and pre-emption rights.
Serbia’s downstream focus: Pančevo refinery ownership changes
In oil, MOL, NIS and Gazprom Neft are placed at the centre of Serbia’s most sensitive energy transaction. MOL’s potential acquisition of Gazprom Neft’s 56.15% stake is cited as a key element. Serbia’s possible additional 5% holding is also referenced.
The transaction is described as dependent on OFAC approval. These elements are said to determine future governance of the Pančevo refinery and Serbia’s downstream security.
Pumped storage and grid balancing: projects in system planning
In electricity and storage, Hidroelectrica, EPS and ESM are identified as critical because pumped storage is returning to the centre of system planning. Đerdap 3, Čebren and Bistrica are described as not ordinary generation assets. They are presented as future balancing platforms.
The role of these assets links to how balancing positions can be used within power systems across the region.
Batteries and hybrid renewables: regional project pipeline
Battery and renewable players are described as widening the market through projects tied to hybrid renewable capacity. The list includes PPC Renewables Romania, Eurowind Energy, Fortis Energy, Enery, Sungrow, Sunotec, Sermatec, Hagag Europe and Airengy. These projects are associated with short-duration batteries and long-duration storage.
The regional shift is framed around combining contracts, infrastructure and optionality across gas, electricity and storage activities. Owning a plant is described as mattering less than controlling the route, storage, flexibility, balancing position or carbon advantage connected to that plant.
