Serbia is expanding its gas-supply options with a 1.5 bcm per year interconnector to North Macedonia under construction, while also advancing a link with Romania and a broader domestic network programme. The diversification could reduce exposure to a single supplier or corridor, but its value will depend on delivered prices, contract flexibility and route availability during winter peaks.
About 147 kilometres of the Serbia–North Macedonia pipeline are planned on Serbian territory. The link is intended to connect with the Greece–North Macedonia system and, ultimately, LNG infrastructure in Greece.
The World Bank supports Serbia’s wider domestic gas-network programme. Supply options should be compared by delivered cost and reliability, rather than ranked politically: Russian gas may remain competitive under existing arrangements, while Azerbaijani gas offers diversification through Bulgaria.
LNG provides flexible access to the global market but can become expensive when competing with Asian demand. Romanian gas could become attractive once 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 enable larger purchases in lower-priced periods for use during winter peaks, reducing the cost of security. Storage and route diversification therefore affect supply costs and reliability together.
For industrial buyers and the power sector, the outcome will be reflected in tariffs and contract structures. More routes can lower monopoly risk, but capacity charges and infrastructure investment must be recovered. The target is a portfolio that limits exposure to extreme prices while keeping average delivered costs competitive, with procurement savings and improved reliability outweighing new costs.
Q4 2026 is expected to remain dominated by existing supply routes and storage, while Q1 2027 will precede full operation of the North Macedonia link. The timing of Neptun Deep and progress on the Romanian interconnector should begin to influence Serbia’s medium-term contracting decisions.
