Romgaz first-half output and storage movements
Romania is entering the second half of 2026 with weaker domestic production and slower storage replenishment, based on Romgaz preliminary first-half figures. The state-controlled producer’s total hydrocarbon output fell 3.2% to 15.67 million barrels of oil equivalent. Natural-gas output declined 3.4%, while gas marketed from domestic production decreased 6.4% to 2.36 billion cubic metres.
Storage activity showed a contrasting pattern, with withdrawals rising 17.8% to 1.47 billion cubic metres. Injections fell by the same percentage to 764.1 million cubic metres. Romgaz electricity production dropped 46.7% to 182 GWh.
Neptun Deep timeline and 2026–27 balancing requirement
The figures indicate that lower production reduces volumes available for sale and injection, while higher withdrawals reflect greater storage use during the preceding tight period. Neptun Deep is expected to change Romania’s supply position from 2027. However, it does not address the immediate winter-balancing requirement for 2026–27.
Bulgaria proposes August regulated gas price
Bulgaria’s public supplier is proposing an August regulated gas price of approximately €37.36/MWh, around 0.9% below July’s €37.70/MWh. Most contracted August gas is expected to come from Azerbaijan, although planned maintenance will reduce those deliveries. Bulgargaz plans to rely on withdrawals from Chiren and LNG arriving through Greece.
No Turkish LNG deliveries are currently planned for August under the stated approach. The pricing plan depends on how inventories and incoming volumes align with the regulated level over the month.
Greece import role and northern corridor exposure
Greece has become more central to that balancing strategy, with gas exports reaching 8.72 TWh in the first half of 2026. This compares with 2.86 TWh recorded in the same period a year earlier. Revithoussa supplied 18.61 TWh of imports, up 27%, while the Alexandroupoli FSRU handled 3.46 TWh, more than triple its previous-year volume.
The northern gas corridor is becoming commercially active, but the region remains exposed to international LNG prices and storage availability. Bulgaria can keep its regulated price below the broader European benchmark for a month by combining Azerbaijani gas, inventories, and contracted LNG.
Sustaining that discount through winter is described as depending on Chiren replenishment and continued availability of Greek import infrastructure.
Financing conditions across power projects and grid assets
The latest financing activity indicates a market that is becoming more selective about which projects advance toward funding. Debt is reaching permitted wind farms, strategic substations, and established transmission contractors.
Pumped storage, SMRs, and AI-related power systems remain conditional, with feasibility, governance, and credible revenue arrangements cited as requirements.
