05.06.2026
Ahead of the Europe-Ukraine Energy Trading Forum 2026: Recovery, Market Coupling & New Trading Frontiers, which will take place on 9 June 2026 in Budapest, Energy Club continues a series of interviews with the speakers of the forum.
Our next speaker is Ireneusz Bił, President of the Polish trading company Energy Gate Europe.
In this interview, Ireneusz Bił shares his view on Ukraine’s role in the future European energy market, the commercial opportunities created by reconstruction and market integration, the prospects of market coupling, the role of flexibility, storage, biomethane and Ukrainian gas infrastructure, as well as the changing logic of energy security after 2022.
According to him, Ukraine should no longer be seen only through the lens of risks. For European energy companies, Ukraine is becoming a market of long-term commercial opportunities — in trading, storage, renewables, biomethane, infrastructure and flexibility services.
Ukraine is no longer just a crisis market; it’s rapidly becoming an arena for deep structural transformation. As the head of a Polish trading company, I see the biggest opportunities emerging right at the intersection of reconstruction, market integration, and flexibility services.
Let’s be realistic: the transition period to full EU membership will be long and the negotiations tough, requiring many compromises. That is the Polish experience, too; external costs were high both for companies and society at large. However, for dynamic players, this transitional phase is exactly where the biggest profit opportunities lie.
Price volatility, while challenging, creates incredible commercial openings for sophisticated traders who know how to manage risk. The mix of growing renewable capacity, storage projects, and cross-border interconnections will generate massive arbitrage and balancing options.
However, the biggest opportunity for me is positioning already today for tomorrow’s integrated European energy market with Ukraine.
We have witnessed a massive paradigm shift across Central and Eastern Europe over the last 18 months. The region has moved swiftly from a rigid security-of-supply mindset to a highly dynamic flexibility-and-resilience mindset.
While war risks are still obviously relevant, we somehow adapted to this “clear and present” risk, while advancing gas and power markets integration increasingly affects the trading logic.
From my experience in the last months, cross-border capacity has become almost as valuable as the underlying commodity itself. In today’s market, flexibility has truly become a standalone, tradable commodity.
Absolutely, the narrative is changing fast from pure risk to real opportunity; as I mentioned, we somehow “traded in” the risks and with Ukraine’s mass drone campaign delivering painful economic blows — own sanctions in a way — we are less afraid of Russia finally prevailing in its war strategy, despite the Trump Ukraine blunder.
I always repeat this: Ukraine currently offers one of the largest and most compelling future growth stories in the entire European energy sector. The upcoming reconstruction will require enormous investments in generation, storage, and networks. Very few European markets combine such strong growth potential with direct, hands-on access to EU integration mechanisms.
Even Poland and Romania did not have this resource potential and dynamism. Yes, the path to the EU will require tough compromises and a long transition period. But this exact transitional volatility is what drives immense commercial upside and profit.
Market coupling is probably the single most critical structural reform for Ukraine’s power sector. From a trader’s perspective, it will dramatically improve price convergence, boost liquidity, and eliminate market inefficiencies — this is what we encounter today on the borders between the EU and Ukraine.
For us, harmonized rules and a level playing field are often even more important than additional physical infrastructure. It sends a powerful, undeniable signal of regulatory predictability and long-term integration to the entire continent.
The transition won’t happen overnight, and the negotiations between Kyiv and Brussels will be complex.
The practical benefits of participating in an integrated market are massive and tangible.
First and foremost, it lowers transaction costs and ensures a much better, more efficient utilization of existing cross-border capacity. This naturally boosts healthy competition and — after the hostilities cease, and they will — makes the entire region highly attractive for international capital.
For a Polish company like ours, a fully integrated Ukrainian neighbor means a wider, safer, and more predictable trading playground. Reaching this point will require patience and political compromises during the long transition. Yet, the commercial upside along the way makes the effort incredibly worthwhile.
It’s currently a balancing act between physical infrastructure realities and regulatory rules. Infrastructure remains a key bottleneck, and available cross-border capacity is still visibly constrained — we as a company encountered that particularly in recent months on the energy market.
The CBAM becoming operational is also a large new regulatory and price-generating ingredient that needed to be internalized. And as usual, there is a constant competition between large and small players, regulation and big politics, especially in the Trump era.
If you are looking where to deploy capital for serious returns, there are four standout sectors.
First is energy storage, which is absolutely essential for integrating renewables and managing market volatility. We see now an eruption on the Polish market not only of first movers, but even the large state-owned companies increasingly entering the market.
Second is distributed generation, which enhances local resilience and energy security across the country; more and more customers are becoming more conscious about potential opportunities.
Third, Ukraine’s strategic location makes gas logistics and underground storage incredibly lucrative.
Finally, there is biomethane, which holds a massive, long-term export potential directly to the EU market.
To put it simply, the future belongs to flexibility assets — storage, balancing, and decentralized generation.
To succeed in this fast-paced environment today, companies need a very specific DNA.
Of course, as usual, dynamism, constant learning, something I call “market curiosity” and balanced risk management are fundamentals. Also, deep regulatory expertise is vital because navigating the transitional EU-Ukraine framework will involve complex legal compromises.
Increasingly, you also need cutting-edge digital capabilities to optimize trading and forecasting in real time.
Lastly, building rock-solid, cross-border partnerships is what truly seals the deal — we would achieve nothing without a network of trusted and proven partners. We see this every day in our own operations as a Polish company trading with Ukraine.
I would describe cooperation with Ukraine as a marathon, not a sprint. (Laughter)
As I repeat constantly during various Polish conferences, you cannot overstate the importance of Ukraine’s underground gas storage systems. Holding one of the largest storage capacities in Europe, it is a crown jewel of regional infrastructure.
This immense capacity can play a crucial role in balancing seasonal demand fluctuations across Central Europe. However, my impression in Poland is that many large state-owned companies see it as an asset for themselves, but would love to limit the opportunities for smaller players; and politics often listens to these whispers.
But strategically, Ukrainian storage is “pure gold for the EU”. The growing volume of LNG imports into Europe only increases its value. I bet Donald Trump would love to make the Ukrainian gas storage part of his “minerals deal”. (Laughter)
Particularly for Poland — we have very limited storage overoccupied by state-owned enterprises — utilizing this infrastructure during the long integration process is an incredible commercial opportunity.
Despite the war, I would strongly argue that storage is not only about security of supply; it is an active, dynamic trading asset.
Exactly, that is what I emphasized in my last sentences.
As a Polish company on the ground, we see that the commercial reality is shifting quickly from a war mindset to a business mindset — we increasingly see fewer threats and more opportunities. These are overriding hesitation, because investors do not require zero risk; they require manageable and transparent risk.
The potential for biomethane in Ukraine is absolutely astronomical. It is, in a sense, a side effect of the size and potential of Ukrainian agriculture — we are laughing that Polish kids in villages are today scared not by the wolf but by Ukrainian “agriculture oligarchs” and their products overrunning local EU markets. (Laughter)
But it is true: this potential makes Ukraine a sleeping giant for green gases. At the same time, strict EU decarbonization targets are creating an insatiable future demand for these volumes.
To unlock this, we urgently need robust certification systems and reliable guarantees of origin. Cross-border transport and trading mechanisms must also be simplified during the ongoing EU alignment talks.
And finally, biomethane could become for Ukraine what LNG became for some others.
Of course, the year 2022 changed everything, completely rewriting at least the European textbook on energy security. It is no longer simply a matter of having enough physical molecules or electrons in the system.
Today, security increasingly means resilience, deep diversification, and maximum operational flexibility. Markets, physical infrastructure, and smart regulation are now equally important pillars of national security.
In fact, cross-border integration itself has transformed into a powerful security instrument. By linking Ukraine dynamically with the EU market, we are building a mutual economic shield.
Navigating this new reality requires tough choices, but it opens the door to modern, profitable energy trading. Energy security today is measured not only by raw reserves but by sheer adaptability.
The message from Kyiv to the European energy business needs to be loud, clear, and forward-looking.
Ukraine should communicate that it is not seeking temporary, charitable support, but a serious, long-term commercial partnership. The narrative must be clear: Ukraine is becoming an integral part of the future European energy market.
It offers unmatched opportunities in trading, storage, renewables, biomethane, and infrastructure. Yes, the transition period will be long and the negotiations demanding, requiring numerous compromises.
Ukraine should be viewed not as Europe’s energy frontier, but as part of Europe’s future energy core.
Therefore, I see the threats rather in politics and propaganda used for domestic purposes than in underestimating the market potential; the case is similar to Ukrainian agriculture — some embedded players may be afraid of it.
