November 8, 2025
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Russia’s Lukoil to sell refineries, fuel chains in Southeast Europe amid US sanctions

Russian oil producer Lukoil said it intends to sell its international assets due to US sanctions and that it has already begun reviewing bids. The company’s foreign subsidiaries include oil refineries in Bulgaria and Romania, as well as fuel retail chains across Southeast Europe.

The sale of Lukoil’s international assets is being carried out under a wind-down license from the United States Office of Foreign Assets Control (OFAC). In a press release, the company said it might apply for an extension of the license, if necessary to ensure uninterrupted operations of its subsidiaries.​

The facilities up for sale include the largest oil refinery in the Balkans – Lukoil Neftohim Burgas in Bulgaria, as well as the Petrotel-Lukoil refinery in Romania. Lukoil also has fuel retail networks in Romania, Bulgaria, Turkey, North Macedonia, Croatia, Serbia, and Montenegro.

Lukoil operates the largest oil refinery in the Balkans and fuel retail chains across the region

Lukoil Neftohim Burgas is a major player in Bulgaria, supplying almost the entire market, according to reports. Its capacity is 190,000 barrels per day. On the other hand, the capacity of Petrotel-Lukoil in Romania is much smaller, at about 2.4 million tons per year.

The Bulgarian parliament has adopted legislative amendments requiring any sale of Lukoil’s assets in Bulgaria to be cleared by the country’s government and intelligence service.

Serbia-based oil company NIS is also under US sanctions, while the EU is imposing a ban on Russian gas

The US sanctions against Russian energy companies, which took effect earlier this month, are also affecting NIS, a Serbia-based oil refiner and fuel retailer owned by Russia’s Gazprom.

At the same time, the European Union plans to ban imports of Russian natural gas starting on January 1, 2026. However, a European Commission spokesperson said that it would not apply to the transit of Russian gas and would not affect deliveries to Serbia and Bosnia and Herzegovina.

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November 8, 2025
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Oil trader Gunvor set to take over Lukoil’s refineries, fuel chains in Southeast Europe

Russian oil producer Lukoil has accepted an offer from global commodities trader Gunvor Group Ltd. to acquire its international assets, which were put up for sale due to sanctions imposed by the United States over the war in Ukraine. The assets include oil refineries in Bulgaria and Romania, as well as fuel retail chains across Southeast Europe.

Lukoil has decided not to negotiate with other potential buyers. It will sell 100% of Lukoil International GmbH, which owns its assets outside of Russia, to Gunvor under key terms agreed earlier, according to an announcement from the Russian company. The value of the transaction was not disclosed.

Lukoil will not negotiate with other potential buyers

To conclude a binding agreement, the buyer needs to obtain permission from the US Office of Foreign Assets Control (OFAC), along with other approvals in relevant jurisdictions, Lukoil said.

If necessary, the two companies will apply for an extension of the existing OFAC license to ensure uninterrupted operations of Lukoil’s international assets and their banking servicing until the completion of the transaction, it added.

Gunvor is owned by Swedish billionaire Torbjörn Törnqvist

According to its website, Gunvor is one of the world’s largest independent commodities trading houses by turnover and a leading global oil trader. The company is majority‑owned by Swedish billionaire Torbjörn Törnqvist.

Lukoil’s facilities up for sale include the largest oil refinery in the Balkans – Lukoil Neftohim Burgas in Bulgaria, as well as the Petrotel-Lukoil refinery in Romania. The Russian company also has fuel retail networks in Romania, Bulgaria, Turkey, North Macedonia, Croatia, Serbia, and Montenegro.

The US sanctions targeting Russian energy companies took effect earlier this month.

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November 8, 2025
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Sunotec, Shell join forces to develop BESS in Europe

Sofia-based Sunotec signed an agreement with oil and gas major Shell on the development of battery energy storage systems in Central Eastern Europe.

Sunotec is developing projects for large solar and battery energy storage systems (BESS) in Europe while Shell is one of the leading oil and gas companies in the world.

Sunotec said it signed a cross-border agreement with Shell Energy Europe B.V. It marks a milestone in advancing innovative financial mechanisms for the development of battery energy storage systems in Central Eastern Europe, the Bulgaria-based company added.

The five-year agreement is linked to a 600 MW BESS project owned by Sunotec. The battery is under development and expected to enter commercial operation by Q2 2026, the update reads.

The deal helps Shell to diversify its wider power portfolio in the region

“The agreement provides long-term price stability for the project, supporting its financial viability. For Shell, the deal helps to diversify its wider power portfolio in the region. The agreement was facilitated by Enery Portfolio Optimisation,” Sunotec said.

The transaction is among the first of its kind in Central Eastern Europe and it helps to establish battery project development in the region, according to the renewables developer.

Kaloyan Velichkov, Sunotec founder and CEO, stressed that agreements like the one with Shell highlight the company’s commitment to working with leading energy players who share its vision for a sustainable and forward-looking energy future.

Velichkov: The agreement demonstrates the power of collaboration in advancing flexibility and renewable-energy driven independence

“This pioneering agreement demonstrates the power of collaboration in advancing flexibility and renewable-energy driven independence. By uniting technical expertise with financial ingenuity, we are helping to build a more resilient and integrated energy system,” he underlined.

The transaction demonstrates how cross-border cooperation and forward-looking financial mechanisms can enhance regional energy market integration and facilitate the deployment of large-scale renewable energy assets, in Kaloyan’s view.

Of note, Sunotec has been very active in the market over the last few months.

In October, the firm secured financing for a portfolio of seven projects in Bulgaria.

Three months prior, it signed an agreement with Sungrow on installing 2.4 GWh of BESS in Europe.

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November 8, 2025
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RE-Source Platform: Number of PPAs in Europe drops by 60%

The number of power purchase agreements in Europe decreased by 60% compared to the same period last year, while contracted capacity has dropped by 40%, according to RE-Source Platform.

Europe’s power purchase agreement (PPA) market is facing headwinds in grid development, permitting and electrification and from negative electricity prices, RE-Source Platform warned.

RE-Source Platform facilitates corporate renewable energy sourcing in Europe. It was founded by WindEurope, SolarPower Europe, Climate Group RE100, and World Business Council for Sustainable Development, and steered by a group of corporate buyers and developers.

There are four main problems

“This slowdown is very paradoxical. Europe has no path to energy security and competitiveness unless it electrifies its economy – shielding itself from energy shocks and leveraging large scale deployment of wind and solar energy. But the market is facing headwinds,” the update reads.

The platform identified four main problems.

Europe is not expanding its grid infrastructure quickly enough. The main bottleneck is grid permitting with hundreds of gigawatts of projects awaiting grid connection.

The permitting process for renewables remains too slow. The Renewable Energy Directive has set permitting rules for acceleration, but EU member states have not implemented them.

The Clean Industrial Deal rightly names PPAs as a key solution

Direct electrification is the cheapest and most efficient way to decarbonize. It could also improve competitiveness and energy security, however Europe’s electrification rates are stagnating.

The increase of the negative price hours is making PPA negotiations harder. The way out are energy storage solutions.

The platform stressed the importance of PPAs.

“The Clean Industrial Deal rightly names PPAs as a key solution. Without them, we risk losing industrial competitiveness – and missing our climate targets. PPAs are a cornerstone of Europe’s industrial decarbonization,” the platform added.

They also give companies price certainty, help new wind and solar projects get financed and cut buyers’ exposure to volatile energy markets, according to the update.

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November 8, 2025
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EU waters down its 2040 climate target in runup to COP30 in Brazil

The Council of the European Union upheld the proposed 90% emissions cut target for 2040 ahead of the United Nations Climate Change Conference COP30 in Brazil, but with substantial workaround possibilities. In addition, the environment ministers failed to define the 2035 ambition, leaving the desired reduction in the amount of released greenhouse gases in a range of 66.25% to 72.5%.

Faced with declining competitiveness due to high energy prices and its strict climate and environmental standards, the EU is loosening its decarbonization goal. Following a marathon session in Brussels, the so-called Environment Council kept the desired greenhouse gas emissions reduction by 2040 at 90%, against the 1990 level, to take it to the COP30 event in Belém, Brazil. However, the competent ministers making up the body allowed several important flexibilities to avoid a last-minute stalemate.

Namely, the Council of the EU approved an updated nationally determined contribution (NDC) of the 27-member bloc and individual states to submit it at the Conference of the Parties of the UN Framework Convention on Climate Change (UNFCCC). Political leaders are gathering tomorrow, while COP30 formally lasts from November 10 to 21.

Following the 2020 NDC and its 2023 update, the new one covers the period up to 2035.

Outsourcing climate improvements instead of domestic decarbonization

On the path to eliminating net emissions by 2050, the EU is sticking with its nominal 2040 goal. On the other hand, in the latest version, the environment ministers allow “an adequate contribution of high-quality international credits in a manner that is both ambitious and cost-efficient.”

In particular, five percentage points of the 90% can be met via emission cuts promised outside the EU, and governments would be allowed to outsource a further five points, Greenpeace warned. It means they would buy carbon credits abroad as offsets.

EU is counting on purchases of other countries’ carbon credits for offsets

“The European Scientific Advisory Board on Climate Change [ESABCC] had called for emissions cuts of 90%-95% by 2040, and had stressed that this target must be for domestic reductions to climate pollution, not cuts outsourced to other countries. Environment ministers also agreed that the European Commission should reopen and water down the climate target in the case of high energy prices, a perceived negative economic impact or in light of technological advances. To reach a deal with reluctant countries, ministers also agreed to delay the start of the EU’s carbon market for pollution from cars and heating systems, extend pollution permits for heavy industry and exempt some ‘low-carbon’ fuels under the internal combustion engine phaseout,” the organization added.

The carbon market in question is the planned Emissions Trading System 2 (EU ETS 2). The Environment Council proposed to delay its establishment by a year, until 2028, and work on measures for a smooth launch.

“According to the ESABCC, only 16% of offsets have delivered genuine emissions reductions. But if they were high-quality offsets, they would be costly, and relying on them would divert investment from transforming the EU’s own industries, economy, and workers,” World Wide Fund For Nature (WWF) pointed out.

Indicative range for 2035 goal entirely below required efforts

The protracted discussions between the EU’s national governments also delayed the announcement of the EU’s indicative climate target for 2035, under the Paris Agreement. It is supposed to be submitted at the UN Climate Change Conference COP30.

“Ministers failed to agree a firm 2035 target, instead keeping a previously agreed range of 66.25% to 72.5% emission cuts, even the upper end of which is inconsistent with a credible pathway to the proposed 90% cut for five years later, undermining the EU’s position as a climate leader at COP30,” Greenpeace stressed.

Climate-competitiveness-independence tradeoff

The European Parliament’s Committee on Environment, Public Health and Food Safety (ENVI) is expected to discuss the matter soon. After a plenary vote, the institution would negotiate with the Council of the EU and European Commission.

“We need climate, competitiveness and independence. All three are crucial and going forward we need to ensure that one doesn’t come at the expense of the other. This morning, the environment and climate ministers of all member states reached a pragmatic, ambitious deal which ensures that,” said European Commissioner for Climate, Net-Zero and Clean Growth Wopke Hoekstra.

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November 4, 2025
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North Macedonia’s ESM needs investments of EUR 3 billion to replace coal power

Power utility Elektrani na Severna Makedonija estimated that it requires EUR 3 billion by 2040 to replace electricity from its lignite-fired power plants. According to member of the Board of Directors Ivan Stojanovski, the state-owned company is preparing investments in gas power plants, solar, wind, hydropower and energy storage. He highlighted its plans for a 300 MWh battery and the Bogdanci hybrid energy park.

North Macedonia’s utility Elektrani na Severna Makedonija (ESM), the country’s main electricity producer, generated 60% of the 2024 output in the Bitola and Oslomej coal plants.

A rough estimate is that ESM would have to invest around EUR 3 billion in the next 15 years to replace its power production from lignite, which is baseload energy, Ivan Stojanovski, a member of the Board of Directors and the company’s Chief Financial Officer, told Balkan Green Energy News on the sidelines of the International Forum on Energy for Sustainable Development (IFESD-14).

He explained that the transition to green energy is quite expensive. ESM needs to replace the 840 MW in baseload production that the Bitola and Oslomej thermal power plants provide, the executive added.

Hydropower is a domestic electricity source, unlike natural gas

The company opted for investments in diverse energy sources to achieve it, Stojanovski stressed.

Gas power plants provide baseload energy, but at the same time, they turn the spotlight on national security as well as the security of supply, in his words.

Lignite is currently mined in North Macedonia while natural gas must be imported, so gas supply interruption is possible, ESM’s CFO added.

Gas power plants are required, but it is necessary to invest in hydropower as it is a domestic resource, Stojanovski said. On the other hand, hydroelectric plants are more expensive and it takes longer to build them, he noted.

ESM launched the Bitola 3 solar power project

ESM is developing wind and solar power projects as well. Stojanovski highlighted the planned expansion of its Bogdanci wind farm. The European Bank for Reconstruction and Development (EBRD) is participating in the development of the Miravci wind power project, of at least 100 MW, he recalled.

The company is working on solar power projects Oslomej 1 (10 MW), Oslomej 2 (10 MW), Bitola 1 (20 MW) and Bitola 2 (60 MW), Stojanovski asserted. Bitola 3 endeavor is underway, too, and the financing contract is expected to be signed by the end of the year, he revealed.

The photovoltaic system will have at least 100 MW, Stojanovski asserted.

“We plan to sign a contract next year with Agence Française de Développement (AFD) for a solar power plant in Bogdanci of at least 30 MW and to create a hybrid energy park there – wind, solar, and a battery,” he stated.

According to Stojanovski, the company is developing a battery energy storage project with the EBRD, for up to 300 MWh in capacity. The site is within the REK Bitola coal complex and the facility will be a systemic solution for all the solar power plants there, he explained.

Blended financing as a solution

“EUR 1 billion to EUR 1.3 billion is needed just for solar, wind and batteries. We will need between EUR 500 million and EUR 700 million for gas power plants. Another EUR 1 billion to EUR 1.3 billion would be for large hydropower plants such as Čebren and Vardar Valley, and some smaller projects,” Stojanovski explained.

Asked how the company plans to secure financing, he pointed to blended financing – own sources combined with some participation from international financial institutions. It is important to diversify the sources by opening cooperation with as many financial institutions as possible, in Stojanovski’s view.

ESM traditionally cooperates with the EBRD and KfW. Stojanovski announced that the company would diversify financing by launching cooperation with the World Bank, Italy’s development bank Cassa Depositi e Prestiti, and AFD.

“It will enable us to access more sources and complement them with financing from local banks. We also tend to obtain support from the state budget over a longer period, 10-15 years, and state guarantees, but also additional funds. This is a financial model that can secure long-term and sustainable financing of infrastructure projects,” Stojanovski said.

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November 4, 2025
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Cypriot firm preparing to build several solar parks with batteries

Public consultation is underway in Cyprus for environmental impact assessment (EIA) studies for three projects for photovoltaic units, of 14.5 MW in total peak capacity, with 40 MWh in battery storage. The developer, SAOLA, plans several such investments. It is facing opposition from the local population and environmentalists.

The electricity system in Cyprus is severely strained due to the lack of interconnections and energy storage and amid a photovoltaics boom and power demand surge. Even though the installation of the required battery capacity depends on substantial grid investments as well, investors are lining up to seize the opportunity in the budding market as soon as possible. Larnaca-based SAOLA opted for a group of hybrid power plants consisting of small photovoltaic units and battery energy storage systems (BESS) with a matching operating power.

Public consultation is underway for environmental impact assessment (EIA) studies that the firm submitted to the Department of Environment for three such projects. The sites are on the territory of the Agios Theodoros community, in Larnaca district.

SAOLA has vowed to apply a range of mitigation measures

One investment would involve the installation of a solar park of 5 MW in peak capacity together with a 5 MW / 15 MWh BESS. The second project is for 5.5 MW in photovoltaic panels and a battery system with a 5.5 MW capability and 15 MWh in storage capacity. The remaining facility would have 4 MW in peak PV capacity and BESS operating power, and 10 MWh of storage capacity.

The company owns the land. Suggestions and comments will be received until November 26.

Earlier, residents from the affected area raised concerns because the facilities would be on agricultural land, as well as about the impact on the rural landscape. Environmental groups and hunters pointed out that wildlife habitats would be affected.

SAOLA has vowed to conduct mitigation measures. According to the EIA studies, it would plant trees, preserve animal migration corridors and, after decommissioning, recycle equipment and return the area to its original state.

The company is preparing several other investments in photovoltaics with BESS, including in Alaminos and Anafotia in the same district.

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November 4, 2025
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R.Power completing its first solar parks in Romania while more assets enter construction phase

Poland-based R.Power began work on its Lazuri photovoltaic plant of 55 MW in peak capacity in Satu Mare county in northwestern Romania. The company is energizing four solar parks of more than 23 MW overall, its first operational assets in the country. In addition, it is about to break ground on its 254 MWh Scornicești battery energy storage system.

Notably, Electrica recently commissioned its Satu Mare 2 solar power plant, of 21.7 MW.

Romania is set to appear on the map of renewable energy plants and battery energy storage systems (BESS) operated by Poland-based R.Power. The company also has such assets in its home market and Portugal and projects under development in Germany, Spain and Italy. In line with the schedule, R.Power is energizing its first photovoltaic plants in Romania – Stâlpu, Suseni, Dudești and Punghina – and is preparing to begin the construction its first BESS in the country, in Scornicești.

The four solar parks in central and eastern Romania have more than 23 MW altogether in peak capacity. R.Power’s contractors are Nomad Electric and Waldevar. The former has also just begun the construction of the Lazuri solar park in northwestern Romania for the same client.

The PV park in the commune of the same name in Satu Mare county would have 55 MW in peak capacity. The company won a 15-year contract for difference (CfD) for 48 MW in connection terms at Romania’s first renewable energy auction.

Lazuri was part of a group of five solar power projects with support approved for 73.1 MW, or 85 MW in peak capacity. Its annual output is estimated at 70 GWh, equivalent to the consumption of more than 48,000 households in the country.

Major BESS project up for sale

The Scornicești project in Olt county, west of Bucharest, is for 127 MW in operating power. The BESS would have a duration of two hours, translating to 254 MWh in capacity. The project received EUR 15 million in funding via the National Recovery and Resilience Plan (NRRP or, in Romanian, PNRR).

R.Power has sold a 49.99% stake last month to Eiffel Investment Group. The transaction follows the two companies’ previous cooperation in photovoltaic projects.

The Polish firm recently said it would divest of a ready-to-build project for a battery energy storage system of 200 MW and 400 MWh. The move is part of an asset rotation and portfolio diversification strategy, according to the update.

The company added that the future facility near Bucharest would provide flexibility for the grid. It is known as Project Tessara.

Solar-battery hybrids in project pipeline

As of August, R.Power had over 1.2 GW of projects for standalone BESS in Romania. It said it would set up PV-BESS hybrid configurations as well.

“The start of construction of the Lazuri solar farm highlights our commitment to expanding operations in Romania, which is one of our key markets. Alongside Lazuri, we are developing additional photovoltaic and battery energy storage (BESS) projects there,” the company’s Chief Executive Officer and Co-founder Przemek Pięta said.

Satu Mare county also hosts several new solar parks. Romanian power supplier and distributor Electrica recently commissioned its Satu Mare 2 unit of 27.1 MW in peak capacity, in the Botiz commune.

The company partially funded the investment, worth more than EUR 20 million, from NRRP. The project included a 110/20 kV transformer station and grid connections.

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November 4, 2025
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Skopje Declaration signed as International Forum on Energy for Sustainable Development wraps up

The 14th International Forum on Energy for Sustainable Development (IFESD-14) concluded yesterday with the signing of the Skopje Declaration. During the three-day summit, North Macedonia’s capital became a global center of dialogue, ideas, and visions for the future, according to the Ministry of Energy, Mining and Mineral Resources of North Macedonia.

This year’s edition of the International Forum on Energy for Sustainable Development (IFESD-14), themed From Goals to Action: Powering the Future with Sustainable Energy, was closed in Skopje yesterday. The event was organized by the Ministry of Energy, Mining and Mineral Resources of North Macedonia, in cooperation with the United Nations Development Programme (UNDP) and the UN’s five regional commissions – UNECE, UNESCAP, UNECLAC, UNECA, and UNESCWA.

Representatives of the UN and the five regional commissions described the organization of the event as flawless, and praised North Macedonia and Skopje as excellent hosts on the global energy scene, the Ministry pointed out.

The forum brought together over 500 participants from more than 70 countries

The forum brought together over 500 participants from more than 70 countries. Over 150 speakers took part in 35 themed sessions and panels, presenting ideas, solutions, and concrete steps for the future of the global energy transition.

On behalf of all participants, the Declaration was signed by Minister of Energy, Mining and Mineral Resources Sanja Božinovska, UNDP Resident Representative for North Macedonia Armen Grigoryan, and Dario Liguti, Director of the Sustainable Energy Division at UNECE.

The signatories agreed that the way forward requires regional connectivity, smart investments, digital transformation, and an inclusive energy transition that leaves no one behind.

Božinovska: A new impetus for energy cooperation, solidarity, and vision

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In her closing address, Božinovska emphasized that the forum represented a turning point for the region.

“Over the past three days, Skopje has been a global stage for energy vision and dialogue on sustainable development. What we witnessed here was a wave of knowledge, cooperation, and ambition – a forum that demonstrated that when institutions, scientists, businesses, and international partners sit at the same table, change happens,” she stressed.

Božinovska emphasized that the Skopje Declaration sends a strong signal that the Western Balkan region is not just a follower of the global energy transition, but an active driver.

The future was not just discussed, but also set in motion

“I am proud that it is from Skopje, at the heart of the Balkans, that a new impetus for energy cooperation, solidarity, and vision is emerging. This is proof that North Macedonia can be a platform for ideas that will transform the region. The 14th International Forum on Energy for Sustainable Development will be remembered as the place where the future was not just discussed, but also set in motion. Let us continue to build the energy future that our citizens deserve,” said Božinovska.

Grigoryan: Skopje has demonstrated global solidarity in action

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Armen Grigoryan, UNDP Resident Representative for North Macedonia, said that the path to sustainable, reliable, and affordable energy is clear, but that it requires unity and vision.

According to him, it requires political will, global solidarity, and commitment.

UNDP is pleased to work together with the Government and the Ministry of Mining, Energy and Mineral Resources, as well as regional commissions, on policies, emission reduction solutions, inclusivity, and air quality improvements, according to him. UNDP invests in people and innovation to achieve measurable results that citizens can feel at home, at work, and everywhere, he added.

Liguti: The Skopje Declaration is a signal of the region’s ambition and vision

According to Dario Liguti, Director of the UNECE Sustainable Energy Division, the document signed in Skopje will remain an important reference point in global energy processes.

He said that the Skopje Declaration represents a strong signal of the regional and global cooperation and ambition, confirming the shared commitment to accelerating a just and inclusive energy transition – a transition that delivers real progress for people and the planet.

Conclusion: smart technologies, a just transition, and green investments

Božinovska, Grigorian, and Liguti (phto: Ministry of Mining, Energy and Mineral Resources)

The document states that signatories will work on integrated and inclusive energy policies; the modernization of power grids and digitalization; investments in renewable energy sources and a just transition; and the promotion of green financing and gender equality in energy.

“Together, we can transform the global energy system into one that safeguards our climate, drives innovation, ensures affordability, and delivers prosperity for all,” reads the closing paragraph of the Skopje Declaration.

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November 3, 2025
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EPS to help SEEPEX strengthen Serbia’s intraday power market

Serbia’s power exchange, SEEPEX, has reached an agreement with state-owned utility Elektroprivreda Srbije to work together on strengthening the intraday electricity market.

SEEPEX is proud to announce the signing of a strategic agreement with Elektroprivreda Srbije (EPS), Serbia’s largest power utility company, aimed specifically at securing its support for the organized intraday continuous (IDC) electricity market, the power exchange said.

SEEPEX is part of ADEX, which was established in 2022 through a corporate merger between Slovenian energy exchange BSP SouthPool and its Serbian counterpart. In December 2024, ADEX Group completed a merger with the Hungarian Power Exchange (HUPX).

The agreement between SEEPEX and EPS marks an important step forward in strengthening SEEPEX’s organized IDC electricity market, which will also help improve the integration of renewable energy sources, according to the update.

EPS will actively support and participate in the SEEPEX IDC market

Through this partnership, EPS will actively support and participate in the SEEPEX IDC market, enhancing its liquidity and encouraging engagement from all 32 IDC members.

“We believe this collaboration will position the SEEPEX IDC market as a trusted and dynamic platform for electricity trading across the region and beyond,” SEEPEX stressed.

SEEPEX launched the intraday market in July 2023

The contract aims to secure daily offers from EPS to encourage other participants to access the market and start trading, Balkan Green Energy News has learned.

In October 2023, SEEPEX signed a market-maker agreement with EPS for the intraday continuous market.

SEEPEX launched the intraday market in July 2023, with 16 out of 20 registered participants active on the first trading day. The participants came from Serbia, neighboring countries, and the European Union. The SEEPEX intraday market now has 32 participants.

With the launch of the IDC market, SEEPEX became the first organized market in the region to fully implement all aspects of an organized market, according to company’s CEO Miloš Mladenović.

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