Serbia is building a gas interconnector with North Macedonia planned to carry roughly 1.5 bcm per year, widening the country’s supply options. The value of the diversification will depend on delivered prices, reliability and whether procurement benefits outweigh capacity charges and infrastructure costs.
About 147 kilometres of the link are planned on Serbian territory. It is intended to connect with the Greece–North Macedonia system and, ultimately, LNG infrastructure in Greece; the new link is not expected to be fully operational by Q1 2027.
Serbia is also advancing an interconnection with Romania and a domestic gas-network programme supported by the World Bank. Comparing supply options comes down to delivered cost and reliability, rather than a political ranking of suppliers.
Russian gas may remain competitive under existing arrangements, while Azerbaijani gas offers a diversification route through Bulgaria. LNG provides access to the global market but can be expensive when competing with Asian demand; Romanian gas could become attractive when production from Neptun Deep and cross-border capacity are available.
Storage is another part of the supply equation. Serbia’s existing Banatski Dvor facility and planned expansion could let buyers purchase more gas during lower-priced periods and use it during winter peaks, reducing the cost of security. Storage and route diversification together affect supply costs and reliability.
For industrial buyers and the power sector, the choices will affect tariffs and contract structures. Additional routes can reduce monopoly risk, but investment in infrastructure must also be recovered. The preferred portfolio would limit exposure to extreme prices while keeping average delivered costs competitive, rather than simply maximising the number of routes.
Q4 2026 is expected to remain dominated by existing supply routes and storage. Q1 2027 will still precede full operation of the Serbia–North Macedonia link, while Neptun Deep’s timing and progress on the Romanian interconnector are expected to begin influencing Serbia’s medium-term contracting decisions.
