May 29, 2025
by in News

NGEN showcases solutions at BEF 2025 for decentralized electricity grid of tomorrow

Slovenia-based NGEN, widely regarded as the most innovative energy company in the SEE region, is expanding throughout Europe with its software platforms and equipment, as well as battery energy storage systems for decentralized grids that enable scaling up the decarbonization of the electricity sector. Co-Founder and CEO Roman Bernard said at the Belgrade Energy Forum 2025 that the company is establishing a digital endpoint for every network element. It enables real-time control over production and consumption, preventing blackouts and providing cybersecurity. At the conference, NGEN presented its services for the construction and operation of BESS and access to all segments of the electricity market.

In NGEN’s vision, the electricity system becomes fully digital and decentralized, with every house and business taking an active part in it.

Grid congestion is becoming more frequent, limiting the current rapid deployment of renewables. Most of Europe has centralized networks, where energy flows in one direction, from large power plants to consumers. Grid balancing is still conducted on a 15-minute basis, which is too slow for real-time demand.

NGEN has created platforms for energy that is produced, stored and consumed locally. It is developing a more efficient and reliable environment that can keep up with the scaling up of renewable energy technologies.

Photo: NGEN

NGEN has answers for all challenges of power system

The Slovenia-based company is tackling all current challenges that the power system is facing, Co-founder and Chief Executive Officer Roman Bernard said at Belgrade Energy Forum – BEF 2025. NGEN, the technology sponsor of this year’s conference, operates in nine European countries.

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Pointing to the pace of increase in solar and wind power plant capacity over the past years, Bernard said a centralized system wouldn’t be able to support the overall production and consumption anymore. “We want to make a digital endpoint for every unit that is included in the network. Through it we can communicate and raise or decrease consumption or production,” he explained.

Bernard: Cybersecurity is the most important part of digitalization

It enables control over the system, as otherwise it is in risk of blackouts, while such a transformation also brings significant savings in infrastructure, according to Bernard. He also stressed cybersecurity as the most important part of digitalization.

The CEO of NGEN, which stands for next generation, added that the sector needs to be further regulated across Europe to facilitate the construction of a new kind of infrastructure, as well as to motivate the corporate sector to get involved.

The company’s representatives Marco Scholz and Patrick Simon held a presentation at BEF 2025

Instant frequency response preventing cascading blackouts

In Bernard’s view, now is the time for battery energy storage systems (BESS), after a massive renewables capacity was added to the system in the last seven or eight years. The CEO was one of the panelists at BEF 2025 in a session on flexibility services called Market Flexibility: The Backbone of a Resilient Energy System.

NGEN developed its own software as well as hardware for running decentralized systems, cybersecurity and access to all segments of the energy market. The software has never gone down so far, its representatives said during their presentation at the conference. The firm is a contractor for engineering, procurement and construction (EPC) of BESS, also providing maintenance and operation.

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Its intelligent software ESGP, Energy Smart Grid Platform, provides instant frequency response preventing cascading blackouts. NGEN’s digital platform, called SG Connect, reacts automatically, providing backup in the event of a failure in under 20 milliseconds, enabling real-time grid balancing. At the same time, it monitors and manages in two-second intervals, through the NGEN Synaptic artificial intelligence (AI controller).

It is a plug-and-play module, installed at energy assets, connecting them to ESGP, the transmission system operator (TSO) and all relevant markets, the company said. On the customer side is the SG Connect application.

NGEN has projects of 2 GWh in Europe under development or in construction. As for notable operational facilities, it installed a BESS in Kidričevo in Slovenia, with 35 MW in operating power and 70 MWh in capacity. The facility is about to get an extension of 70 MW – 140 MWh.

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May 28, 2025
by in News

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
by in News

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 27, 2025
by in News

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
by in News

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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May 26, 2025
by in News

Battery storage market in SEE emerging, Western Balkans lagging behind with positive prospects

The deployment of battery energy storage systems (BESS) across Southeast Europe is progressing at an uneven pace. State subsidies and financing mechanisms have enabled the rapid implementation of BESS solutions in Greece, Romania and Bulgaria, while markets in the Western Balkans are lagging behind. However, the outlook remains positive, as experiences from neighboring markets and best practices from other parts of the European Union can help overcome initial challenges and streamline the deployment process. This was highlighted by participants of the panel dedicated to BESS at the Belgrade Energy Forum.

Among the technologies required for the energy transition, battery energy storage systems (BESS) stand out as a key factor for integrating electricity from intermittent renewable sources – wind and solar power – into the grid. There are few such facilities in Southeastern Europe and the segment is yet to even be fully regulated in the narrower Western Balkans region. The panelists at a session called Energy storage system market in SEE: trends and forecasts, at Belgrade Energy Forum (BEF 2025), outlined the trends in the budding market.

There are more and more cases of low and negative hourly prices in the wholesale electricity market in the region, providing a clear business case for BESS investments. In addition, the grid is often overloaded on weekends and holidays when solar and wind power production is high, given the weak demand.

Managing Director of Go2Power Consulting Goran Vukojević, who moderated the discussion, warned that negative prices may jeopardize system stability as well, if operators of power plants disconnect them from the grid at the same time, to avoid costs.

He highlighted the preparations in Serbia’s transmission system operator Elektromreža Srbije (EMS) for auctions for ancillary services and praised the company for transparency in regulating the competitive process. The other option for battery operators is to participate in the open market.

Managing Director of Go2Power Consulting Goran Vukojević moderated the panel discussion

Region seen with 9 GW of BESS operating power in 2030

Ioanna Barouni from Aurora Energy Research said a total of 40 GW of solar and wind power is expected to be online at the end of 2025 in the SEE region, comprising 12 countries, including Hungary. In 2030, the level is expected to reach 70 GW, which is expected to be doubled to 145 GW by mid-century. As for BESS, projections stand at 9 GW in 2030 and 25 GW in 2050.

Barouni: We miss flexibility and ancillary services for transmission and distribution system operators

The countries of the region are retiring power plants that use fossil fuels, a firm capacity, in Barouni’s words, while adding renewables. “It’s not very easy to predict how the generation profile is going to be during the day, so we miss flexibility and we miss ancillary services for TSOs and DSOs,” she said.

The gap between power prices for midday and the evening is gradually increasing. Barouni explained that batteries “create some artificial demand and absorb these low prices.” At peak demand and with less renewables, a battery can replace expensive fossil fuels, lowering the price.

Ioanna Barouni from Aurora Energy Research (pictured left) and Head of Specialized Lending at UniCredit Bank Serbia Svetlana Cerović

Serbia preparing auctions for ancillary services

Division Manager of transmission system operator (TSO) EMS Nikola Tošić acknowledged that Serbia is preparing auctions for ancillary services. He revealed that there would probably be one auction for 70% of the needed reserve in the first year. The next rounds would be more frequent, shifting toward daily auctions for balancing capacity.

In the verification process, EMS’s System Operation Department will first test the battery, Tošić added. State-owned power utility Elektroprivreda Srbije (EPS) already provides ancillary services to the TSO, so it won’t require tests, he asserted.

Serbian law defines ancillary services the same as European Union does

EMS drafted the new grid code, and it will publish the draft balancing market code for public discussion soon, according to Tošić. He said the domestic law defines ancillary services in the same way as the EU defines them in its legislation. One part is balancing services: frequency containment reserve (FCR, primary), automatic frequency restoration reserve (aFRR, secondary) and manual frequency restoration reserve (mFRR, tertiary). The other part are non-frequency services – energy.

“We think that it would be good to incentivize the periods of the year or periods of day when the needed amount of reserve is more attractive or more in demand,” Tošić said.

Market Division Manager of EMS Nikola Tošić

Fortis Energy moving ahead with battery investments regardless of government support schemes

Fortis Energy’s Chief Executive Officer for Eastern Europe Nikola Oklobdžija considers the lack of regulation to be the biggest challenge for developers. An investor can currently only focus on charging the batteries when the prices are low and sell when they are high, he underscored.

The Turkey-based company develops photovoltaic, wind power and BESS projects in the region. The first bigger investments in renewable electricity plants with energy storage are the ones that will break the ice, in Oklobdžija’s opinion.

“Of course, it helps if you have a CfD contract, so the banks will look at it more favorably,” he stated. Oklobdžija added that companies need to be able to present revenue to the lenders and what the fees are for renting the capacity or providing different services.

Bankability depends on state support and PPA contracts, cash flow models and insurance

In the meantime, Fortis is examining the experiences in Bulgaria and Greece, which have already held auctions for standalone batteries. Financing a project is easier with a CfD – contract for difference, but the company is determined to push ahead anyway, Oklobdžija stressed.

In North Macedonia it commissioned a solar power plant in Oslomej and recently contracted a BESS to be added to the facility. Oklobdžija said it wasn’t a requirement but that Fortis opted for energy storage because of market pressure with prices and occasional curtailments, like during Easter last month.

The introduction of ancillary services would facilitate the development for standalone battery systems, he explained.

Fortis Energy’s CEO for Eastern Europe Nikola Oklobdžija

Cerović: First there will be more projects for colocated BESS units than for standalone facilities

Head of Specialized Lending at UniCredit Bank Serbia Svetlana Cerović highlighted the intensive activity in Germany and Italy, for instance, but also in neighboring Romania. UniCredit is present in those markets and is analyzing the development of the battery storage market, she pointed out, arguing that the best practices in the EU are the best way for building and financing battery storage.

Cerović said there would first be more projects in the region for BESS colocated with renewable energy plants than standalone units.

She suggested that the proposed investments that include storage should be better pondered at the next renewable energy auction in Serbia. It is in the country’s interest to enable providing flexibility and to support the projects, she said.

There may be a rationale for subsidizing prosumers to add storage in Serbia, Cerović said. Turning to small-scale projects, she expressed the belief that power purchase agreements (PPAs) are “convenient” for them. She is recommending dedicating a certain capacity for the category at the next auction in the country.

The first projects in Serbia, conditioned by energy storage requirements for a grid connection, are in the process of negotiating financing, according to Cerović.

Fire protection is especially significant for insurers

Renewable Energy Insurance Broker (REIB) has insured some 4 GWh of energy storage capacity in Bulgaria and just as much elsewhere in the world, Business Development Manager Dimitar Dimitrov said. Developers should contact insurance companies when the design is done, as well as for cargo insurance, he suggested and added it is particularly important for projects that get subsidies.

“We’re not only insurance brokers, but we’re also investors, which helps us understand a bit more about the clients’ needs, and what we can definitely do more in cases of coverage. Understanding clients’ needs helps us also prevent risks that could occur during certain stages,” Dimitrov stated.

Most insurers prefer at least a six-meter distance between containers or rows of three to four containers holding batteries, he said. It is the most important factor in fire protection, in Dimitrov’s opinion. When the distance is shorter than three meters, a firewall is required for insurance, he explained.

REIB’s Business Development Manager Dimitar Dimitrov

The next segment is construction insurance. For insurance companies, it is not a higher risk profile, Dimitrov asserted. Next, he recommended operational risk insurance including coverage for business disruption, and insurance against cyberattacks. In such events, the grid connection can be damaged, the company’s representative pointed out. “Insurance policies are definitely bankable,” he added.

Bulgaria has completed its tenders for state support to BESS combined with renewable energy plants, and for standalone units. But even before subsidies, batteries have been delivered and facilities are under construction, Dimitrov stressed. Many photovoltaic projects in Bulgaria have emerged in the past few months and most of them include BESS, he said.

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May 26, 2025
by in News

BEF 2025: Technologies for energy transition are here, getting cheaper every day

Technologies for the energy transition already exist, and their use is increasing thanks to falling costs. Investors and bankers claim they are ready to invest and that money isn’t an issue. The missing part are upgraded transmission grids, along with policies and regulations to integrate everything into a suitable environment, according to investors and lenders gathered at Belgrade Energy Forum 2025.

The third Belgrade Energy Forum, BEF 2025, welcomed four hundred participants from more than 30 countries from the region, Europe, and beyond. The two-day conference was organized by Balkan Green Energy News.

Participants in the panel Energy revolution underway – uniting efforts to deliver green, intelligent, and sustainable energy solutions were Maja Turković, Senior Vice President of CWP Europe, Aleš Prešern, Vice President and Head of Southeast Europe of Siemens Energy, and Christian Beynio, Head of Advisory of Kommunalkredit Austria AG.

According to panel moderator Mirza Kušljugić, a member of the Board of the Regional Center for Sustainable Energy Transition (RESET) from Bosnia and Herzegovina, the energy transition is actually a revolution, given the technological changes.

“The region is still burdened by tradition. We know the transition is inevitable, but we aren’t fully aware that it will be disruptive,” Kušljugić stated.

Technology is here, and so is financing

Mirza Kušljugić, Aleš Prešern and Maja Turković (photo: Balkan Green Energy News)

Maja Turković, Senior Vice President of CWP Europe, stressed that technology, currently undergoing a revolution, is the best card the world has in the transition. She even suggested that financing isn’t a problem and that there are more financial resources available than projects qualified to receive funding.

However, she is surprised by the rapid growth in solar power installations. Turković argued that market-based projects cannot achieve double-digit internal rates of return on equity. Part of the explanation may lie in the fact that panel prices have dropped by 60% over two years.

Battery prices have also fallen. The largest drop was last year, 40%, with a further 5% decline this year alone, according to Turković. Prices have slipped below EUR 100,000 per MWh.

Turković: Regarding CAPEX and technology, we’re ready

The latest trend is the integration of batteries with solar power plants. While transmission system operators in the region still don’t allow it, in some countries a grid connection approved for solar can also be used for batteries. “Regarding CAPEX and technology, we’re ready,” Turković underlined.

Aleš Prešern, Vice President and Head of Southeast Europe in Siemens Energy, is particularly impressed with the speed of change.

“We who are working in the energy sector are used to very slow changes. Energy was a conservative industry. In 2004, 1 GW of solar was built, but now data shows that it is how much is installed in one day. Batteries cost EUR 1 million per MWh not that long ago, and now they are ten times cheaper,” he noted.

Prešern: Transmission networks are the bottleneck of the transition

They are indeed dramatic changes, for which the existing power system wasn’t prepared. It is clear why Siemens Energy, as a technology company, considers transmission networks to be the bottleneck in the transition, Prešern said.

To illustrate the slowness of grid investments, he pointed to Austria, as one of the examples, where it took 10 years to build one important segment of the 400 kV network.

Both Turković and Prešern agree that nowadays the keyword is flexibility.

Maja Turković and Christian Beynio (photo: Balkan Green Energy News)

She explained there are operating battery management systems at low voltage levels that incorporate artificial intelligence and use market signals for activation when prices are low.

Prešern added that the required stability through balancing could be provided by gas power plants. Siemens Energy has never seen such high demand for gas turbines like today, he asserted.

Beynio: Don’t forget the non-banking institutions when looking in new financing

“If you ask about availability of financing, yes, it’s there,” Christian Beynio, Head of Advisory at Kommunalkredit Austria AG, confirmed. In his view, prices or, rather, the drop in prices of equipment, is the biggest innovation. Earlier, he said, it was a completely different game, heavily subsidized, while nowadays no subsidies are required per se.

The trend that Kommunalkredit Austria AG identified is the pooling of smaller assets, and a shift from financing projects toward financing developers and companies as corporates. It is yet to come to the region, he added.

Investment in grids, in his words, has to be initiated by the government. They have two solutions – go to the sovereign debt market or engage private investors. “Don’t forget the non-banking institutions when looking for new financing. This is a trend across Europe, and it will be relevant for the Balkans,” Beynio advised.

Battery projects won’t go so smoothly

Aleš Prešern (photo: Balkan Green Energy News)

Maja Turković expressed the belief that installing batteries won’t go as smoothly as solar. The main reason is the difficulty of securing a stable cash flow for batteries, unlike for production facilities. Cash flow enables financing, so batteries will likely need to be financed with internal funds, she underlined.

Turković noted that batteries are best monetized by providing system services and arbitrage, but pointed out they can also participate in capacity mechanisms, a scheme that could involve power purchase agreements (PPAs).

She said the development of the regulatory framework should be faster, to facilitate investments in batteries. Investors are ready to commit their funds to battery installation, and everyone in the market agrees that batteries are essential, Turković stressed.

Prešern: People and not technology are a guarantee that networks will exist and function properly

Amid the widespread discussions about technology and regulations, Aleš Prešern highlighted another issue. Energy, in his opinion, has always been an exciting sector, but the message hasn’t been getting through to young people in recent years. It was the case not only in the region but also in Europe, and beyond, leading to a shortage of skilled personnel.

However, he expressed the belief that things are changing and enthusiasm is returning. Prešern even suggested it could be a major advantage for the region, well known for its high-quality engineers.

Siemens Energy strives to employ as many good engineers as possible because, ultimately, people and not technology are a guarantee that networks will exist and function properly, he stressed.

The solution is also in using new technologies to better utilize existing grids

Christian Beynio (photo: Balkan Green Energy News)

The combination of rapid changes in the energy sector and slow investments in the grids threatens to put the transition to a standstill.

Better utilization of existing infrastructure could be the solution. Siemens Energy fits well there, as several years ago it established a division called Digital Grid. According to Prešern, the idea was to be quicker in data utilization, something that other sectors like automotive have long advanced, while energy has lagged.

The company recently acquired a Slovenian-Austrian firm that produces sensors installed directly on power lines, a technology called dynamic line rating. The devices provide real-time data about the conditions in power lines, potentially enabling their use beyond original design limits.

“With this technology, we believe we can increase the capacity of existing networks by an average of 30%,” Prešern revealed.

New technologies have changed bankers’ jobs as well

New technologies have changed bankers’ jobs as well, Christian Beynio admitted. He recalled that it was easy to finance wind farms in Serbia because they had feed-in tariffs from the government. The only risk element was the wind blowing or not blowing, Beynio said.

Nowadays there are merchant power producers that combine their facilities with batteries and use algorithms in electricity trading, he added. It means bankers need to sit with market consultants to identify all outcomes, he stressed.

“You won’t find singular cash flow streams. It’s going to be multi-dimensional and people simply need to adjust. It’s going to be more short term also on the lending side. It’s rather going to be corporate lending to people and companies who know what they are doing and can credibly demonstrate that with a track record. That is the digitalization impact we see”, Beynio said.

Maja Turković (photo: Balkan Green Energy News)
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May 20, 2025
by in News

Alteo’s Chikán: Aggregators have AI solutions for grid stability, production optimization (video)

Factors like power price volatility, the global shift in policy making and the need for flexible solutions for the integration of renewables are creating an important momentum for developers and aggregators, Chief Executive Officer of Alteo, Attila Chikán, said at Belgrade Energy Forum 2025. The company is expanding in Central and Southeastern Europe with investments in power plants and its AI-backed platform for operating third-party assets.

The electricity system needs to become more and more flexible to accommodate weather-dependent, intermittent sources – solar, wind and hydropower, Alteo’s CEO and Chairman of the Board Attila Chikán said and pointed out that the outage in Spain and Portugal on April 28 highlighted the need for investing in grid stability and upgrades.

In his keynote speech at Belgrade Energy Forum (BEF 2025), he stressed that a global shift in policy making in the sector, particularly in the United States and Europe, is bringing both challenges and opportunities. In Chikán’s view, the situation creates an important momentum for developers and aggregators.

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“In the past five years we have seen a great deal of price volatility on the markets in the region. If you look into the future, taking into account the impact of the ambitious plans of regional countries to expand renewable power, one might expect even more pressure on balancing price volatility,” he asserted.

Role of international initiatives

Alteo’s CEO said tailored incentive mechanisms are essential for developing a balanced energy mix. There are also major endeavors on an international scale, Chikán added: connecting markets with diverse geographical characteristics, power plant portfolios and different supply-demand balances.

He explained that cross-border initiatives such as PICASSO and the Blue Sky project bring electricity exchanges in the region closer together. Interconnectors like the Pannonian Corridor and the proposed Black Sea green cable contribute to balancing and the management of energy price volatility, Chikán noted.

Future-proof tech solutions required for risk mitigation

In risk mitigation, the energy system’s stability benefits from future-proof technological solutions as well, namely smart metering, advanced weather forecasting and artificial intelligence–based production optimization, he said. This is where aggregator companies like Alteo come into the picture, its chief underscored.

As for its hardware, the company based in Budapest operates a diverse and balanced production portfolio of gas power plants and renewables, combined with storage, Chikán added.

Alteo runs a portfolio of gas power plants, renewables and storage facilities

“Sounds good, but without a well-designed and functional software, any hardware is purely a collection of materials. And even if they do operate, for sure they operate in a suboptimal way, without synchronization,” he stated.

That’s why Alteo developed its own production management platform, which it offers as a software-as-a-service (SaaS) solution as well. The company also supports the operation of 2 GW in third-party capacity, mostly photovoltaics.

“We optimize production in an automated way, using artificial intelligence, integrating real-time weather forecast data, capacity data and market data,” Chikán stressed.

The platform includes executing trading activities. The partners don’t have to deal with scheduling and the balancing energy costs, he said. The company makes a renewable electricity product closer to baseload, Alteo’s head asserted.

Slovakia, Croatia, Serbia are primary investment destinations in Alteo’s regional expansion

Early this year, the company unveiled a strategy for expansion in Hungary as well as into Slovakia, Croatia and Serbia as primary investment destinations. Alteo revealed it is interested in Poland, Czechia, Slovenia, Bosnia and Herzegovina, Montenegro and North Macedonia, too.

Chikán said it also aims to position itself in operations and maintenance (O&M), among other segments. Alteo is particularly seeking stable and reliable AI-based aggregator partnerships, he noted. The company has an investment target of up to EUR 3.5 billion by the end of the decade.

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May 16, 2025
by in News

Weakness in Serbian energy system is no option

Serbia’s state-owned power utility Elektroprivreda Srbije (EPS) is committed to its own and the country’s goals for green energy and emission cuts, but it is sustainable only if it doesn’t jeopardize energy security, Chief Executive Officer Dušan Živković said. Weakness in the energy system is not an option, he underscored.

The recent blackout in entire Spain and Portugal and the one last year in the Balkans have imposed the topic of large energy storage facilities which would support the integration of renewables, CEO of EPS Dušan Živković said at Belgrade Energy Forum (BEF 2025). The company is committed to its own and the country’s goals for green energy and emission cuts, he asserted.

“We will work on that, of course, believing in these objectives, but without compromising energy security and the energy sovereignty of the state of Serbia. It was proven to be the only sustainable path and that if we don’t follow it, it can result in situations that are not a good message toward consumers, and they are not a good message toward investors either. Weakness in the energy system is certainly not an option”, Živković stated.

In its Integrated National Energy and Climate Plan (INECP or NECP), Serbia is targeting for 2030 a 45.2% share of renewable energy sources in electricity production and a decrease of greenhouse gases by 40.3% from the 1990 level.

Decarbonization is not easy without serious storage

Among its other activities, EPS is working on its small green energy projects on open cast coal mines, while the strategic partner, a consortium of UGT Renewables (UGTR) and Hyundai Engineering, is tasked with building a group of solar power plants of 1 GW in combined connection capacity alongside 200 MW of battery energy storage, and transfer them to Serbia’s government-controlled power utility, Živković noted. But the process of decarbonization with necessary renewable energy capacity won’t be easy “without serious storage,” he stressed.

Serbia hosts fossil fuel power plants of 4 GW in total

Big energy storage projects are financially challenging, only marginally cost effective, and they are not easy to build, EPS’s head claims. They are necessary to be able to draw enough baseload energy, and in Serbia they need to contribute replacing a large fossil fuel capacity – currently it amounts to 4 GW, Živković said.

Pumped storage hydropower project Bistrica, existing facility Bajina Bašta enable comfort for signing PPAs

EPS primarily focuses on the Bistrica pumped storage hydropower project and the possibility to develop the one for Đerdap 3, he added. That way conditions would be created for the facilities to provide new services in the market, so “the region feels safer, too,” Živković underscored.

Counting on Bistrica and the existing pumped storage hydropower plant, Bajina Bašta, EPS is in “a comfortable zone” for signing power purchase agreements (PPA) with companies for their green power plants, Živković explained. Bajina Bašta is undergoing the second half of reconstruction works.

Turning back to the April 28 collapse of the Iberian electricity system, Živković pointed to the adverse interest of private investors – get profit in the short term – and companies responsible for energy security. In his view, it is necessary to act “more intergenerationally responsibly” and very important to find balance in relation to profits.

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May 16, 2025
by in News

BiH laying groundwork for battery energy storage systems

Bosnia and Herzegovina is set to have its first battery energy storage systems installed in the transmission network, which will provide auxiliary services.

The State Electricity Regulatory Commission is drafting a decision to allow battery energy storage systems (BESS) to offer secondary frequency regulation, Mirza Kušljugić, a member of the Board of the Regional Center for Sustainable Energy Transition (RESET) from BiH, said at Belgrade Energy Forum 2025 (BEF 2025).

Since such a decision does not require a lengthy regulatory procedure, and the balancing market is already regulated, batteries could be installed very soon, he noted.

“I anticipate that private investors will take the lead in this initiative,” Kušljugić added.

He stressed the importance of experimenting with new technologies, noting that batteries represent a technology that can fundamentally transform the energy paradigm.

To be economically viable, batteries must serve multiple functions

The cost of batteries has significantly decreased in recent years. For instance, prices fell by 40% last year and have decreased by an additional 5% so far this year.

According to Kušljugić, batteries should not be limited to providing arbitrage but should also perform additional roles.

“Batteries come in various sizes – small, medium, and large – each with specific functions. They can regulate voltage or enable a black start, especially when equipped with new grid-forming inverters. This is a disruptive technology. It doesn’t matter whether it is installed on the transmission grid, the distribution grid, or behind the meter,” noted Kušljugić, who moderated the BEF panel titled Energy revolution underway – uniting efforts to deliver green, intelligent and sustainable energy solutions.

He added that batteries in the transmission system need to perform two or more functions, including frequency regulation.

Behind-the-meter batteries are also on the way

Historically, secondary regulation in BiH has been provided by any entity capable of offering flexibility, typically through tenders. So far, the service has mostly been provided by hydropower plants. However, due to lower nighttime prices, their operators were not interested in continuing to supply the service, leading to a shortage of secondary regulation. Batteries now have the potential to fill this gap.

Kušljugić believes that batteries installed behind electricity meters will soon become a reality in BiH as well. Currently, there are 300 to 350 MW of solar power capacities installed on the roofs of business premises, but their owners cannot feed excess electricity into the grid. It is only a matter of time before battery prices decrease enough to facilitate their installation, he underlined.

RESET, which advocates for citizen energy and prosumers, suggests that all solar installations should now be equipped with hybrid inverters, making them ready for future battery integration.

This approach is essential for the distribution grid to be ready to integrate excess electricity, Kušljugić concluded.

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