Serbian exporters increasingly face a strategic choice: treat gas and electricity as separate procurement streams or integrate them into a unified energy risk strategy. The latter approach is rapidly becoming essential.
Gas procurement indexed fully to TTF offers flexibility but exposes companies to extreme volatility. Electricity procurement based on short-term wholesale markets compounds this risk because gas often sets the marginal power price. The result is correlated shocks that magnify overall cost volatility.
More resilient exporters combine medium-term gas contracts with fixed-price or structured electricity procurement. While this may raise average costs slightly, it significantly reduces downside risk. In EU export markets, stability often matters more than marginal cost advantage.
Another emerging strategy involves partial electrification combined with long-term electricity contracts, particularly for food processing and light industrial sectors. Conversely, energy-intensive sectors such as steel and ceramics increasingly explore on-site cogeneration, using gas to produce both electricity and heat, thereby internalising part of the gas–power interface.
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