May 28, 2025
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BEF 2025: Digitalization, open markets, time are major preconditions for flexibility services mainstreaming

Digitalization and massive use of data are crucial for providing flexibility services that bring benefits for transmission system operators and renewable energy producers. Aggregators and software firms have developed the technological solutions. However, the process, together with the introduction of flexibility platforms, requires a long time. The reforms also have to be accompanied by market liberalization and end consumers acting as active buyers, according to the participants of Belgrade Energy Forum 2025.

The panel on flexibility services called Market Flexibility: The Backbone of a Resilient Energy System was one of eight that were held at Belgrade Energy Forum 2025 (BEF 2025).

The conference, organized by Balkan Green Energy News, welcomed four hundred participants from more than 30 countries from the region, Europe, and beyond.

“Flexibility has been promoted in Europe as a buzzword, sometimes reflected as demand-side flexibility, but it represents so much more. It includes supply-side flexible assets like hydro, biomass, storage, as well as grid-side flexibility,” according to panel moderator Elena Boškov Kovacs, co-founder and CEO of Blueprint Energy Solutions, and a leading voice on market flexibility in Europe.

Serbia will introduce a flexibility services market

Elena Boškov Kovač and Roman Bernard (photo: Balkan Green Energy News)

Serbia’s transmission system operator (TSO) Elektromreža Srbije (EMS) is preparing to liberalize the ancillary services market. The country adopted the Law on Energy in November and implemented a large proportion of the European Union’s Electricity Integration Package (EIP) while the remaining parts will be transposed through bylaws.

“The balancing capacity market will be liberalized from next year. We will have new participants – active buyers and independent aggregators,” said Marko Zarić, Head of the Market Operations sector of EMS.

He stressed that the TSO is trying to ensure that no market participant is impaired by engaging flexibility resources or demand side response or a balancing service.

“EMS has finished drafting the new market code, which envisages dual balancing responsibility. We will launch a public debate on the act. The TSO estimates that it is the best solution to open the market of flexibility services,” he noted.

Bernard: Technology is on our side

NGEN CEO Roman Bernard expressed the opinion that the region is moving in the right direction, and suggested to regulators to look around and implement best practices. If the participants in the market are motivated, things will go forward, he added.

Back in 2019-2020, when NGEN started its operations in Slovenia, flexibility services were a pioneering job. The Slovenian energy company, the technology sponsor of the BEF 2025 conference, specializes in premium battery energy storage systems (BESS) and smart energy solutions.

According to Bernard, the balancing services market in the EU is well developed thanks to balancing platforms MARI (Manually Activated Reserves Initiative) and PICASSO (Platform for the International Coordination of Automated Frequency Restoration and Stable System Operation).

“We have 150 employees, and we can do everything. Technology is on our side and the sky’s the limit,” he stressed.

For example, NGEN solutions can provide monetization of battery energy storage systems (BESS), and the only thing that is needed is investors in such facilities.

Digitalization is the only way forward

Roman Bernard, Luka Renko and Magdolna Tokai (photo: Balkan Green Energy News)

The representatives of aggregators KOER and Alteo and software company CyberGrid all agreed that digitalization and the use of data are crucial for the energy transition.

Compared to NGEN and its use of BESS, Croatia-based KOER, a pioneer in virtual power plants in the region, is utilizing existing assets, like diesel generators, or employing the flexibility intrinsic to most manufacturing companies; for example, cement factories and wood manufacturers.

Existing assets work well, not just batteries, KOER COO Luka Renko stressed.

The only problem, in his words, is digitalization. The majority of the said firms aren’t ready to connect to the platform to be automatically switched on and off. The markets are getting faster and faster, so digitalization is the only way forward, Renko claimed.

Alteo, a leading Hungarian aggregator, also believes in lots and lots of data, which back up its scheduling and contribute to the security of supply.

Tokai: Alteo is looking for partners in the region

“Our superpower is providing scheduling services with the support of AI, including lots of data,” said Magdolna Tokai, Deputy CEO for International Relations and Corporate Services of Alteo.

Hungary has experienced a photovoltaic boom in the past four or five years, with the installation of almost 8,000 MW. It’s good for greening power production, but not from the perspective of a TSO, and that is where aggregators come into the picture, she added.

Alteo is combining conventional resources like gas-fired power plants with renewables. It currently has 140 MW in renewable resources, it manages 2,000 MW of third-party solar, and operates two virtual power plants. The company is providing the service to small photovoltaic facilities and the TSO.

Alteo is integrating solar energy in a product that is close to baseload, and placing it on the market. It translates to lower balancing costs for solar and a more stable product for the TSO, she explained.

Serbia is facing a challenge from the upcoming 1.2 GW of solar power

Alteo has just started implementing its new strategy for regional growth by exporting know-how on balancing services and providing flexibility to market players.

According to Nikolaj Candellari, Project Manager and Market Intelligence of CyberGrid, real-time data gives a TSO and other market participants the possibility to understand where they are.

He recalled that, over the years, the market went from 15-minute time stamps, down to one minute, and that now it is only two seconds. The improvement helps dealing with challenges, and CyberGrid knows a lot about such issues.

“For Serbia, the challenge comes with 1.2 GW of solar, which will be installed next year. So if you don’t see it as a challenge, ask yourself who needs 1.2 GW of energy at noon on Sunday,” Nikolaj said.

Over its 15 years of existence, CyberGrid developed good examples of how to exchange data with assets and TSOs.

“Assets are always the same, no matter the country, but to have this data exchange with TSOs, or even market platforms, that is something I think we need to do in the future in Southeastern Europe,” he stressed.

How to get to the future: properly liberalize markets

Luka Renko, Magdolna Tokai and Nikolaj Candellari (photo: Balkan Green Energy News)

Elena Boškov Kovač (Blueprint Energy Solutions) asked the panel participants what the solution is for addressing different types of flexibility assets including prosumers.

“How do we avoid getting stuck in the easy-to-commercialize part of the aggregation, and postpone the true demand response, which is needed to avoid the issues with negative pricing and electricity market swings?” she asked.

There is no dilemma for Nikolaj Candellari (CyberGrid): “I think we can connect everything, including households.”

It is something futuristic, he said. “We have to try to go as low as possible and connect everybody because, in the end, it’s not different if you have a 1 MW battery or 100 smaller residential ones” of 1 MW combined, Candellari asserted.

His company is currently implementing a project to integrate 150 batteries of 2 MW overall and put them on the market.

The batteries can drive the prices for end users down by 25% within five years

Candellari and Roman Bernard (NGEN) alike highlighted the factor of market motivation.

Bernard said motivation is created by the market. The imbalance price can go up to EUR 15,000 per MWh, and it is the signal and the motivation to fix everything, in his opinion.

He is convinced that batteries can lower the prices for end users by 25% within five years if dynamic prices are applied.

According to Nikolaj Candellari, participants will come to the market, as long as it’s not too regulated. As an example of a non-functional market, he mentioned Bulgaria, where the capacity price for downward regulation is zero.

“So, why would anybody join the market, if the capacity price is zero? Get the market running and you will get participants and capacity needed to balance it,” he said.

Tokai: We need a proper energy mix

Magdolna Tokai (Alteo) has a slightly different view of the markets. She recalled that episodes of negative prices are happening in Hungary, while that last August and September very high prices were recorded on HUPX, up to EUR 1,000 per MWh, and above EUR 500 per MWh in Croatia and Serbia.

“We have to be prepared for that, which is data, data, data, and the cooperation of all the market players, providing the proper energy mix, and the proper product for the TSO,” she pointed out.

Marko Zarić (EMS) stressed time as a vital ingredient for developing markets. A transition from the regulated market to the truly open market envisages multiple steps that take time, he said.

Flexibility platforms need time for implementation

Nikolaj Candellari and Marko Zarić (photo: Balkan Green Energy News)

Another big change are the balancing platforms developed by aggregators. Traditionally, TSOs were buying the same kind of standardized product, for example, SCADA, EMS, and other market applications, with more or less the same kind of functionalities.

Elena Boškov Kovač (Blueprint Energy Solutions) brought up the question of a more standardized approach. “Before we start talking about interoperability and connecting with everything else, would it be good to at least have platforms with similar kinds of functionalities and services provided?” she asked.

According to Luka Renko (KOER), every platform is structured in line with the needs of the operator. The communication platforms are more or less standardized, but it depends on what one needs in the background and what kind of assets they drive.

Piloting a flexibility platform can take years

The two aggregators, KOER and Alteo, developed their platforms because they couldn’t find a ready-made solution on the market.

A platform must have the ability to communicate with any other solution and to integrate new types of power plants and customers, Magdolna Tokai (Alteo) added.

Elena Boškov Kovač (Blueprint Energy Solutions) recalled that her company has implemented flexibility platforms since 2019, at the dawn of the opening of the flexibility market in Europe, and added that pilot projects for them take a long time.

“They require an immense amount of data. There’s a multitude of different stakeholders that need to support this, unlock the data, provide data resources. Piloting is incredibly important, and it can take years,” she pointed out.

Luka Renko (KOER) added that it took his company three to four years to start working as an aggregator in Croatia.

The future is bright, but we need to work on it

The panelists with Branislava Jovičić, Founder and Editor of Balkan Green Energy News (photo: Balkan Green Energy News)

Summarized, here are the messages of the session’s participants:

Bernard (NGEN): The end consumer will start acting as an active buyer.

Zarić (EMS): We see changes in the future.

Candellari (CyberGrid): Open the markets.

Tokai (Alteo): Give a chance to all market participants and types of production.

Renko (KOER): Digitalization will help.

Elena Boškov Kovač (Blueprint Energy Solutions) praised the companies that had their representatives at the panel for starting to develop solutions ahead of the market reform.

“It’s also a good message to the system of sometimes sleepy energy companies waiting for their proprietary vendors to offer them solutions,” Boškov Kovač stated.

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May 28, 2025
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Kosovo* receives four applications for wind power auction

German, Kosovar, French and Turkish companies submitted documentation to qualify for the first wind power auction in Kosovo*. The plan is for the government to have a share of up to 49% in selected projects.

The Ministry of Economy of Kosovo* has publicly opened the applications within the qualifications call for the first wind power auction. The quota is 50 MW to 100 MW and the plan is to support 150 MW in total in two rounds. Participants will bid for 15-year power purchase agreements (PPAs) and contracts for difference (CfDs).

One applicant is a consortium of Notus Energy, based in Germany, and Stublla Energy from Kosovo*. The ministry also received documentation from Akuo Energy from France and a consortium led by Güri̇ş, headquartered in Turkey. Both companies participated in the first solar power auction as well, held last year.

The fourth one is the Kosovar consortium One Era. However, its application came half an hour after the deadline passed.

“The experience from the first 100 MW solar auction has taught us that only when we offer an opportunity for fair and transparent competition for the private sector, we not only evoke interest from serious and prestigious global companies, but also ensure favorable prices for citizens,” Minister of Economy Artane Rizvanolli said. She expressed commitment to high transparency and competition procedures.

Ministry planning to open final bids in August

The members of the auction commission are from the Ministry of Economy, Ministry of Environment, Spatial Planning and Infrastructure, Energy Regulatory Office (ERO) and Transmission, System and Market Operator (KOSTT). They are responsible for evaluating the applications concerning the financial, legal and technical requirements.

Next in the schedule is a request for proposals, due in March, after the completion of the qualifications phase. The participants can send their technical and financial proposals. The final bids would be opened in August. The maximum price is EUR 80.2 per MWh excluding value-added tax.

Curtailment is subject to financial compensation

The ministry plans to launch the second round by the end of the year. The winners will be obligated to design, build, operate, maintain and decommission wind parks. According to one brochure, the accepted price will be adjusted every 12 months, It will depend on the inflation rate for the sector.

Balancing responsibility is limited to imbalance volumes greater than 10%. Curtailment is subject to financial compensation.

Wind projects would be run by special purpose vehicles (SPVs), firms where the government would have a share of up to 49%. The Ministry of Economy intends to use the funds from the International Monetary Fund’s Resilience and Sustainability Facility (RSF) in the development of the 150 MW. The purpose of the public-private partnership scheme is to reduce risk for private investors.

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* This designation is without prejudice to positions onstatus and is in line with UNSCR 1244/99 and the ICJ Opinion on the Kosovo declaration of independence.
May 28, 2025
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Velimir Gavrilović, Fortis Energy: We are developing huge portfolio in SEE

Fortis Energy is working on renewable energy projects of 2 GW altogether in Southeast Europe. One half of the planned capacity is for solar and wind power plants in Serbia, Chief Operational Officer Velimir Gavrilović said at Belgrade Energy Forum (BEF 2025).

Turkey-based Fortis Energy’s projects Noćaj 1 and Noćaj 2 in Serbia for solar power plants with battery energy storage systems (BESS) is nearing a ready-to-build status. They are part of its 2 GW under development in the region. “We are developing a huge portfolio of different renewable energy sources in whole Southeast Europe. This is predominantly in Serbia,” COO Velimir Gavrilović said at Belgrade Energy Forum (BEF 2025).

He addded that one half is for photovoltaic plants and the other for wind parks in the country. Gavrilović revealed that the company is investing in 600 MW in Albania, mainly photovoltaics, together with endeavors in Bosnia and Herzegovina and North Macedonia.

Fortis Energy is exploring new projects in Spain and Italy as well. It also operates biogas power plants in Turkey and Serbia, Gavrilović noted.

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CBAM’s impact still unclear

Among the challenges for investors in the sector, he pointed to the Carbon Border Adjustment Mechanism (CBAM), the European Union’s CO2 tax. Gavrilović stressed that the exact effect on electricity producers remains to be seen, as well as for the consumers of electricity in industrial production in the region.

Fortis Energy’s COO recalled that investors in renewables in Serbia are obligated to secure energy storage to get grid connection and said there are still some bylaws missing to complete the legal framework.

Grid connection contract signed for 110 MW solar power plant with batteries in Serbia

Earlier this month, the company signed a grid connection contract for its Erdevik solar park in Šid, Serbia, of 110 MW in peak capacity. It is planned to include a BESS facility of 31.2 MWh.

The Turkish developer and engineering, procurement and construction (EPC) operator has three wind power projects in the pipeline in the country: Vranje, Gornjak and Juhor.

Fortis Energy has a 79.9 MW solar power plant in operation in Oslomej in North Macedonia, commissioned last year. The connection capacity is 68.7 MW. In February, the company said it contracted a lithium ion BESS facility to be added, with 62 MW in operating power and a two-hour duration.

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May 28, 2025
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Interenergo launches its first wind farm in Bosnia and Herzegovina

The Ivan Sedlo wind farm, located on the mountain of the same name in the municipality of Hadžići, is the first power-generating wind facility in Sarajevo Canton. The project was developed by Slovenian company Interenergo, owned by Austria-based energy group Kelag. It is it’s first wind power plant in Bosnia and Herzegovina.

With a total installed capacity of 25 MW, the wind farm is equipped with five Siemens Gamesa 5.0 turbines. According to the company’s update, the wind farm will generate enough green electricity to power approximately 11,000 households in Bosnia and Herzegovina and prevent over 32,000 tons of CO2 emissions annually.

The construction of the Ivan Sedlo wind farm began in late September 2022, following more than six years of preparation. Interenergo acquired the project from the previous investor, Suzlon Energy BH, a company owned by Danish firm Suzlon Wind Energy.

“We’re proud to launch our first wind project in Bosnia and Herzegovina. Despite challenging site conditions, the project was delivered without major delays or compromises in quality. This achievement reflects the strong cooperation we’ve built with the Municipality of Hadžići and the surrounding communities, whose support was vital throughout the development process”, stated David Huber, Director of Interenergo.

According to him, the wind farm is expected to generate over 65 GWh annually, marking a significant milestone in the development of clean energy for Hadžići, Bosnia and Herzegovina, and the wider Balkan region.

Photo: Interenergo

“The importance of the investment for the local community is diverse — from a cleaner environment and new jobs to additional funds for the Municipality of Hadžići’s budget. I believe this is just the beginning, as we have a clear goal: the development of environmentally sustainable, long-term profitable, and socially responsible energy solutions. We also have the potential and the will to continue in that direction,” said Eldar Čomor, Mayor of Hadžići.

Nihad Uk, the prime minister of Sarajevo Canton, emphasized at the inauguration that projects like this are becoming increasingly important because, as he said, it’s not a question of years, but months before the European Union introduces so-called carbon taxes.

Interenergo has been active in the Bosnia and Herzegovina market since 2007.  Today, in addition to the wind park, the company operates eight hydropower plants with a total capacity of 43 MW and an average annual production of over 125 GWh — enough to supply more than 31,000 households and avoid 61,500 tons of CO2 emissions each year.

By 2032, Interenergo plans to develop new renewable energy projects across the region, aiming to add more than 300 MW of new capacity.

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May 28, 2025
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Electrify Europe – to be competitive and sustainable, the EU needs to speed up electrification

Author: Ulrich Adam, director general of Orgalim, EUSEW’s partner organisation

As Europe grapples with sluggish economic growth and soaring energy costs, electrification has emerged as the linchpin for reversing industrial decline, accelerating decarbonisation, and restoring global competitiveness. In this opinion piece, Ulrich Adam, Director General of Orgalim, outlines why a bold push for electrification must be at the heart of Europe’s Clean Industrial Deal – not just to meet climate goals, but to power a resilient, innovative, and future-proof industrial base.

Europe is facing a competitiveness crisis. First estimates put annual growth for 2024 at 0.7% in the euro area and 0.8% in the EU. Compare that to 4.5% growth in China and 2.2% in the US, and it is clear that something is seriously wrong.

For Europe’s technology industries, 2024 was even worse, with a combined downturn of 4.8% across the metal technology, mechanical engineering, and electrical engineering, electronics and ICT sectors. And the outlook for 2025 is not much better. Orgalim’s Economics & Statistics working group predicts a further -0.5% contraction in real turnover, with knock-on effects on employment, which is forecast to shrink by 0.9%.

High electricity prices and over-regulation are two of the main hurdles holding back European industries. Europe pays around two to three times what the US does for electricity, and between 2019 and 2024 introduced much more regulation.

So, what should Europe do to compete globally, re-establish itself as a leader in tech innovation, and meet the goals of the Green and Clean Industrial Deals? Electrify.

The double win of electrification: speed up decarbonisation, regain competitiveness

Ensuring a low-carbon, low-cost, independent energy source for Europe is key to boosting competitiveness and achieving the aims of the Green and Clean Industrial Deals.

While increasing energy efficiency and reducing overall consumption are important, electrification is the real key. It will enable Europe to massively reduce its carbon emissions while also contributing to increased independence from geopolitics and a more secure energy supply. It can also help create jobs and boost the clean-tech sector.

For example, according to a recent study by Danfoss, deploying electricity demand-side flexibility technologies on energy systems in the EU and UK could help save more than 40 million tonnes of CO2 emissions each year by 2030, and achieve annual cost savings of EUR 10.5 billion.

Decarbonisation can help us grow

Introduced in February 2025, the Clean Industrial Deal aims to turn decarbonisation into a driver of growth for European industries by lowering energy prices, creating lead markets for clean tech, and providing a significant boost to public and private investments.

The Affordable Energy Action Plan is a crucial part of the Clean Industrial Deal, aiming to provide EU industry with stable energy prices, more in line with our international competitors.

A perspective from technology industries

The Action Plan’s push for electrification, digitalisation, flexibility, grid infrastructure deployment, and a single market approach for boosting energy efficiency solutions are all positive. At Orgalim, we strongly support these aims. To be successful, we need access to reliable and affordable low-carbon energy.

However, some important questions need to be clarified:

  • Will non-binding recommendations and guidance to member states on network charges and energy taxation be sufficient to lower bills?
  • Will measures for energy-intensive industry benefit the wider manufacturing sector?

These issues must be addressed if the plan is to succeed.

Reaching net zero

Europe’s technology industries are global leaders in carbon-neutral energy, electrification, and clean manufacturing technologies needed to get to net zero. But we need a secure and competitive energy supply, provided by broad-scale electrification, to achieve faster scale-up of carbon-neutral energy capacity, unlock massive energy efficiency savings, and make Europe competitive again.

This opinion editorial is produced in co-operation with the European Sustainable Energy Week (EUSEW) 2025. See ec.europa.eu/eusew for more details.

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May 28, 2025
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North Macedonia issues first guarantees of origin for renewables

North Macedonia’s National Electricity Market Operator MEMO has issued the country’s first guarantees of origin (GOs), certificates verifying that electricity is generated from renewable energy sources. The guarantees were awarded to state power utility Elektrani na Severna Makedonija (ESM) for electricity produced from hydropower. With this step, North Macedonia joins virtually all other countries in the region, which already have GO schemes in place.

The issuance of the first guarantees of origin represents a step forward in the implementation of the green transition in North Macedonia, in line with European standards and sustainable energy development goals, said Minister of Energy, Mining and Mineral Resources Sanja Božinovska, who handed over the GOs to ESM General Director Lazo Uzunčev.

Božinovska underlined that the GOs would help create a transparent and sustainable energy market in the country.

Earlier this year, MEMO adopted the rules for administering guarantees of origin for electricity in line with the Law on Energy, the guarantees of origin decree, and the standards of the Association of Issuing Bodies (AIB), a Brussels-based organization that standardizes GOs. The operator is responsible for managing the GO registry and issuing and revoking GOs.

MEMO’s GO rules will ensure full acceptance in the European market

The rules are also harmonized with the principles of the European Energy Certificate System (EECS) and will ensure full acceptance in the European market, MEMO said in a press release.

More companies are joining the GO registry

Zoran Gjorgjievski, MEMO’s CEO, said that a large number of other companies are already in the process of joining the GO registry. “As the responsible operator, we are actively working on issuing, recording, and recognizing them,” he stressed.

The management of ESM emphasized that the company is continuing its efforts to increase electricity production from renewable sources, including the construction of new wind farms and photovoltaic power plants, for which it also plans to obtain GOs.

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May 27, 2025
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Largest battery storage system in Balkans commissioned in Bulgaria

A BESS facility of 124.1 MW in operating power was inaugurated in Lovech in Bulgaria. Located next to a photovoltaic park within Balkan Industrial Park, it is part of the country’s first closed licensed power distribution system.

The Bulgarian city of Lovech, northeast of Sofia, hosts the strongest battery energy storage system (BESS) in the Balkans. The Ministry of Energy even said the new facility, with a capability of 124.1 MW and 496.4 MWh in capacity, is the biggest in the European Union.

It is located in the local industrial zone, which also features a photovoltaic park of 106.2 MW in peak capacity and an 86.2 MW connection. The energy systems are part of Bulgaria’s first and only closed licensed distribution network.

Balkan Industrial Zone, with the solar power plant and BESS facility, is controlled by brothers Kiril and Georgi Domuschiev. The two entrepreneurs intend to charge the batteries when the price of electricity is low and use them in peak periods.

Developer won subsidy at tender for standalone energy storage systems

The investment in the energy storage facility, worth EUR 75 million, was conducted by Advance Green Energy. Notably, last month, at the RESTORE tender for standalone BESS, the company won a EUR 29.6 million government subsidy for a EUR 45.5 million project.

The construction took only six months. The facility, which is marking a new stage in Bulgaria’s infrastructure development, consists of lithium iron phosphate (LFP) devices in 16 modules.

Lovech Mayor Stratsimir Petkov claimed the BESS is the fifth-biggest in the world. He said it would contribute to the development of the industrial park.

Minister Stankov wants 10 GWh of batteries online by end of next year

At the inauguration, Minister of Energy Zhecho Stankov stressed that the investment is a step toward reaching 10 GWh in operating battery storage capacity by the end of next year. He added it is significant for flexibility, predictability and balancing of the electricity system in Bulgaria.

“The facility, built from 111 battery containers on the territory of Lovech, will help Bulgaria’s energy system remain the most stable in the region. We are the pillar in the Balkans and in Southeastern Europe that balances electricity systems and we have proven this with actions,” the minister stated. BESS guarantee system security and price stability for households and businesses, providing affordable energy, Stankov asserted.

The solar park of two units, operating since May 2023, is one of the biggest in Bulgaria. The investment was worth EUR 51.2 million. The PV system spans almost 72 hectares, while the industrial park has 131.5 hectares.

In another recent update relevant for the future of the country’s energy storage sector, Stankov revealed there is a third pumped storage hydropower project under development. The sites are in the Rhodope mountains.

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May 27, 2025
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North Macedonia in talks on project to build two hydropower plants

North Macedonia is negotiating a strategic project to build two hydropower plants, Čebren and Galište, in an investment estimated at EUR 1.2 to 1.3 billion, according to Prime Minister Hristijan Mickoski. A tender for building the Čebren pumped storage hydropower plant was annulled by the previous government in early 2024.

The country intends to finance the construction of the two hydropower plants with a loan from the United Kingdom, the prime minister said. He indicated that funding has been secured for several government projects, partly through loans and partly through private investments, according to a statement by the Government of North Macedonia.

The Čebren and Galište project could be financed from a British loan

In the previous tender, the Čebren hydroelectric project was planned to have a capacity of 333 MW, with an option for another unit and 458 MW in total.

In early 2024, the former government annulled the tender, in which Greece-based Public Power Corp. (PPC) and Archirodon were selected for the Čebren project. The authorities said at the time that they would analyze whether it would be more profitable to build Čebren with the state’s own funds or with the help of strategic investors.

A few months ago, Minister of Energy, Mining and Minerals Sanja Božinovska said projects were under development for battery energy storage systems (BESS) and pumped storage hydropower plants.

The project will last several decades, Mickoski says

Addressing the parliament today, Mickoski described the project as strategic, adding that it would not be completed during this government’s term of office. “This is a project that will last several decades,” he said. The funding will be provided through low-interest loans as a state investment, and the rest under market terms and through direct private investment, according to Mickoski.

The prime minister is also confident that the two proposed reservoirs could provide additional water for irrigation amid future climate change impacts and help boost tourism development in the area.

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May 27, 2025
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Greece launches Attica-Crete subsea power interconnector

The Attica-Crete subsea power interconnector has been put into trial operation, marking a milestone for Greece’s transmission system. The country now has a high-voltage direct current (HVDC) interconnection, and its largest island is fully integrated into the national electricity system, according to an announcement by the Independent Power Transmission Operator (IPTO or Admie).

The Ariadne subsea power interconnector entered into operation on May 24 with the successful transfer of direct current electricity, said IPTO, whose subsidiary Ariadne implemented the project. The trial operation phase is expected to last throughout the summer, IPTO added.

The two submarine power links have ended Crete’s electrical isolation

Combined with the existing interconnection via the Peloponnese peninsula, the new cable has completely ended Crete’s electrical isolation, making it an energy hub with significant environmental and economic benefits for the country and the local community, according to IPTO.

The first power link between Crete and the mainland is the 174-kilometer alternating current (AC) cable linking the island with the Peloponnese. It was completed in 2021, following an investment of EUR 380 million.

The EUR 1.1 billion Ariadne interconnector is among the deepest in the world

The Ariadne interconnector, which cost over EUR 1.1 billion to build, is one of the deepest subsea power cables in the world. It consists of two 500 kV cables of 500 MW each, laid at depths of up to 1,200 meters. The construction lasted 4.5 years.

Greek Minister of Environment and Energy Stavros Papastavrou stated that the new power link has made Crete a “central pillar in the country’s energy transition,” and IPTO CEO Manos Manousakis claimed it is opening “a new chapter for the island’s energy security.”

The project was co-financed through the National Strategic Reference Framework (NSRF 2014-2020 and NSRF 2021-2027), via the European Union, with up to EUR 535.5 million.

IPTO recalled that the project consisted of many large subprojects, with contractors including Siemens, Terna, Nexans, Prysmian, NKT, and Hellenic Cables.

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May 27, 2025
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Decarbonization of Southeastern European region: both renewables and nuclear are speeding up

Energy transition in Southeastern Europe is accelerating, and the progress depends on individual countries’ strategies and legal frameworks. At the Belgrade Energy Forum (BEF 2025), representatives of state-owned power utilities and private producers discussed the different approaches to decarbonization. The domination of investments in renewable energy is unquestionable, but there are also ambitions to develop nuclear capacities, spearheaded by Slovenia. The country is already operating one nuclear reactor and is developing a project for another one.

The electricity sector in Southeast Europe still depends for a large part on thermal power plants that burn fossil fuels. In 2023, they accounted for 43% of overall output, of which two-thirds were from lignite and the rest from gas. There is a need for accelerated decarbonization, and the speed of the transition will depend on financial possibilities and the political will and decisions, said the panel’s moderator and Director of Zagreb-based Energy Institute Hrvoje Požar Dražen Jakšić.

The acceleration trend in decarbonization is also evident in the electricity market projections for the region until 2030. The plans for the period until the end of the decade include shutting down 6.2 GW of thermal power plant capacity and installing 42.3 GW from renewable sources. Greece, Romania, Serbia and Bulgaria are expected to add the most.

Top executives of state-owned utilities in Serbia, Slovenia and Montenegro and independent power producers that invest in renewables in the region gathered at a panel called Decarbonisation strategies for power generation in Southeast Europe 2040/2050 at Belgrade Energy Forum 2025.

They agreed that decarbonization is well underway and an unstoppable process already speeding up significantly. The participants in the discussion presented the different strategies their companies will act upon in the following years and decades, leading the process to fulfilment.

Among the messages that they shared is that they expect each government to promote investments and make the legal framework clear and certain, while the countries strengthen their ties and exchange experiences. Green energy is the pillar of the energy transition and decarbonization in the region, but several states are also interested in building their first nuclear power plants—conventional ones or small modular reactors (SMRs)—or expanding the existing capacity.

EPS’s Živković: Decarbonization requires energy storage, nuclear plants

Chief Executive Officer of Serbia’s Elektroprivreda Srbije (EPS) Dušan Živković pointed out that the state-controlled electricity producer is committed to its goals regarding green energy and emission reductions as well as to the country’s targets. “We will work on that, of course, believing in these objectives, but without compromising energy security and the energy sovereignty of Serbia. It was proven to be the only sustainable path,” he asserted.

The company particularly counts on the project for solar power plants with a total connection capacity of 1 GW, with batteries of 200 MW in combined capability. The investment is conducted through a strategic partnership with Hyundai Engineering and UGT Renewables (UGTR).

A study is underway in Serbia on the potential for the construction of large nuclear power plants and small modular reactors

The decarbonization process won’t be easily feasible without serious energy storage capacity, Živković warned and added that nuclear energy wouldn’t be unrealistic. A study is underway on the possibilities of building large nuclear plants and small modular reactors in Serbia.

The head of EPS expressed the belief that “the quality of that energy needs to be visualized” for citizens of every country and that they should be explained that it is necessary to provide energy for the economy and its security.

CEOs Dejan Paravan of GEN energija, Dušan Živković of EPS and Eric Scotto of Akuo

No dilemma in Serbia about energy transition

Country Manager of WV-International in Serbia Neda Lazendić highlighted the said strategic partnership for solar power plants with battery energy storage systems (BESS), saying Hyundai Engineering is a world-renowned company.

In her view, the endeavor will be a milestone for the entire region and it is exceptionally important for gaining experience at the domestic level.

The recent second round of auctions for electricity from renewable sources showed that Serbia opted for the energy transition “and there is not any dilemma about it anymore,” Lazendić stressed and said the country is an example for the region. The prices from the bidding that were accepted are appealing and they match European trends, she noted.

Country Manager of WV-International Neda Lazendić

Lignite is highly unprofitable

Slovenia and GEN energija, one of the state-owned power utilities, are relying on both renewable sources and nuclear energy in their decarbonization investments, the company’s CEO Dejan Paravan pointed out.

“We want to get rid of coal as soon as possible. And in the short term, renewables are the only option. Why get rid of coal? The current production of domestic lignite is highly unprofitable, and because of climate goals,” he explained.

Nevertheless, it is exceptionally complicated to get permits for renewables and place them in the environment, Paravan added. On the other hand, nuclear energy is emissions-free and very stable and reliable, he asserted. The technology takes up the least space and enables the production of huge amounts of electricity, the head of GEN energija said.

Nuclear power plant Krško 2 could come online in 2040

Paravan recalled that two years ago nuclear power plant Krško marked four decades since it was commissioned and that its operating life was extended by 20 years. GEN energija is working on the Krško 2 project. The chief executive expects construction to begin in 2022 or 2023 and that the reactor could be connected to the grid in 2040.

In parallel, the company is studying SMRs. Still, the development of the technology will take a long time and, importantly, such facilities won’t have the advantage of scale like large reactors, he said. One who expects electricity from SMRs to be cheaper than from big nuclear plants is wrong, in Paravan’s view.

As for the dilemma between renewable sources and nuclear energy, he expressed the belief that they are not mutually exclusive. “We need renewables and they can provide us a lot of CO2-free electricity in the short run. But let’s make it clear that once we come to 70%, 80%, 90% based on renewables, that we have a problem of seasonal storage, that things will get very difficult,” Paravan stated.

Batteries are ten times cheaper than ten years ago

Conversely, Akuo Energy’s CEO Eric Scotto pointed out that nuclear power is expensive. “It’s over. We won the race. Renewable is the cheapest way to produce energy,” he underscored.

The price of energy storage capacity is ten times lower than ten years ago, the head of the French company noted. Moreover, operating power of a battery system in a standard TEU container, twenty feet or 6.1 meters long, now reaches 6 MW, which is three times more than three years ago, according to Scotto.

To attract investments, stability is necessary, he stressed. Scotto went on to highlight some “simple things” that could help Akuo, which was one of the winners at the last auction round in Serbia, to materialize its projects for two wind parks. He mentioned the speed of permitting for telecommunication systems and road construction, for power plants.

Turning to the slowness of the energy transition in Balkan countries, he emphasized its positive side. “We are late. Then we will benefit from the cheapest resource, the cheapest way to produce energy,” Scotto concluded.

EPCG’s Solari project kicked off energy transition in Montenegro

Technical Director of Elektroprivreda Crne Gore (EPCG) Ljubiša Đurković called the state-owned power utility’s projects Solari 3000+ and Solari 500+ the start of the energy transition in Montenegro. Since the beginning of 2023 and including Solari 5000+, launched later, the company set up photovoltaic systems on 7,380 structures, he revealed.

Total peak capacity reached 76 MW and another 125 MW will be installed by the end of the year, EPCG’s official said.

Among its projects, the company is building the Gvozd wind farm, and the Kapino polje solar park near Nikšić.

Technical Director of EPCG Ljubiša Đurković

There is already 10 MW on roofs in the former Željezara steel plant in Nikšić, and before the end of the year another 15.5 MW will be connected to the grid, Đurković said. A contract has been signed for the construction of the eighth generator in the Perućica hydropower plant, of 58 MW. It is scheduled for completion in 2027.

Đurković: A realistic date for the closure of the Pljevlja thermal power plant is between 2045 and 2050

The energy transition is about a single and connected system, including storage capacities and measures to improve energy efficiency, he underscored. “You have to create the conditions for a swift integration of renewable energy sources into the distribution and transmission networks. We were supposed to do that already. We didn’t do it, particularly in the Western Balkans. We didn’t reconstruct the distribution and transmission networks,” he stated.

As for the current reconstruction of the coal-fired Pljevlja thermal power plant, the only one in Montenegro, Đurković said the project wouldn’t make sense if the facility were to keep operating only for a short while longer.

žAccording to the National Energy and Climate Plan (NECP), which is almost complete, it will remain active at least until 2041, although the realistic date for its closure is only between 2045 and 2050, in the opinion of EPCG’s technical director. The main phase of the reconstruction began at the end of March.

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