industrial energy system

Energy Instability and Refining Disruptions Reshape Serbia’s Industrial Cost Base

Energy is increasingly becoming a pivotal factor influencing Serbia's economic landscape in 2026, impacting industrial performance, export competitiveness, and investment decisions. This situation arises not from a single event but from a convergence of structural issues, including refining disruptions, hydrological changes, geopolitical factors, and the effects of European carbon regulations. A significant aspect of this scenario is the operational disruptions at the Pančevo refinery, a key component of Serbia's industrial energy framework. Managed by NIS, the refinery has traditionally been…