July 9, 2025
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Serbia’s electricity imports up 15% in 2024

Electricity consumption by end consumers in Serbia increased 2.7% last year, while production decreased 6.7%, according to the 2024 annual report of the Energy Agency of the Republic of Serbia. Higher consumption and lower production led to a 15% rise in imports.

Excluding the use of electricity in power plants for production purposes, consumption by end consumers in 2024 amounted to 30.8 TWh or 0.8 TWh more than in the previous year.

Household consumption increased by 1.7%, while the other consumers connected to the low-voltage system added 2.4%. The medium-voltage segment grew 5% year on year, and the growth among high-voltage customers was 1.6%, the Energy Agency of the Republic of Serbia, or AERS, said.

Hydropower production dropped nearly 17%

Total production in all power plants in Serbia in 2024 was 35,171 GWh. Coal-fired facilities accounted for 60.49%, compared to the 29.74% share of hydropower plants. Combined heat and power plants participated with 4.75%. Wind farms attributed 3.8%, followed by solar power plants, 0.25%, and biomass and biogas plants, 0.86%.

Coal power plants generated 1.2% less electricity than in 2023. The CHP item decreased by 7.6%, and output by hydropower plants connected to the transmission system dropped by 16.8%. Wind farms on the high-voltage network produced 26.3% more on an annual basis.

EPS’s production decreased while wind power output surged

In 2024, the facilities of state-owned power utility Elektroprivreda Srbije (EPS) generated 32.9 TWh or 2.7 TWh less than in 2023. AERS noted EPS’s peak production in the past ten-year period was 35.5 TWh, in 2023. Put together, all others are increasing output year after year.

They include power plants connected to the distribution grid. There were 413 of them in total in 2024 and they produced around 991 GWh of electricity.

Wind farms increased production by a quarter

There are six wind farms connected to the transmission network, and two cogeneration or CHP plants: Pančevo and Vinča.

The wind segment contributed 1,243 GWh, about 26% more than in 2023. The Pančevo gas-fired CHP and Vinča waste-to-energy CHP together generated 1,116 GWh in 2024, the report reads.

Rise in imports and decline in exports

In 2024, electricity imports were 8.5% or 563 GWh higher than exports.

Imports totaled 7.2 TWh, which is 15% or 1.1 TWh more than the year before. Exports were 6.6 TWh or 1.4 TWh less than in 2023.

Exporting in the winter, importing in the summer

According to AERS, both exports and imports were significant throughout the year. Favorable hydrological conditions and a relatively mild winter allowed exports to exceed imports in the first quarter.

However, an exceptionally hot summer led to substantial imports, with monthly quantities exceeding 0.8 TWh both in July and August.

The highest monthly electricity imports, over 0.9 TWh, were registered in December 2024, according to the AERS report.

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July 8, 2025
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Bulgaria’s TPP Maritsa East 2 coal plant posts EUR 52 million loss for 2024

Even with a quota for the regulated electricity market in Bulgaria, low electricity prices pushed TPP Maritsa East 2 into a loss last year. It is the only state-owned coal power plant.

The financial report for 2024 showed a loss of EUR 52 million for TPP Maritsa East 2 (Maritsa-iztok 2), Kapital reported. It compares to a modest net income of EUR 29 million achieved one year earlier. Notably, the subsidiary of state-owned Bulgarian Energy Holding (BEH) had a record profit of some EUR 600 million in 2022, during the energy crisis.

Operating income plunged almost 15% to EUR 614 million last year. The only government-controlled coal power plant sold more electricity than in 2023, but at lower prices.

Moreover, liabilities surged to EUR 358 million from EUR 127 million, mainly due to greenhouse gas emission certificates. The gap between liabilities and assets reached EUR 1.18 billion, against EUR 920 million one year before, the report reads.

Regulated market keeps Maritsa East 2 afloat

Interestingly, almost 86% of the output was sold on the regulated electricity market, which covers households. For the past few years, TPP Maritsa East 2 has been operating under a quota determined by the Ministry of Energy, even though it doesn’t have the right, in principle, to work for the regulated market, the article notes.

Even with the market liberalization that was introduced on July 1, the facility keeps supplying households, the news outlet added. It was enabled through a new segment at the electricity exchange, for long-term contracts, with so-called non-standard products. They are intended for all sellers, but in practice the sellers are state-owned power plants: Kozloduy Nuclear Power Plant, TPP Maritsa East 2 and National Electricity Co.’s hydroelectric facilities.

It means the coal plant’s high production costs are passed on to household bills. It has 1.62 GW in nominal capacity, but it is utilizing much less. The enterprise sold 605 GWh in the open market and 3.23 TWh in the regulated market in 2024.

Coal plants failing to maintain competitiveness throughout EU

Slovakia and Spain officially intend to exit coal this year, followed by Greece (2026), France and Hungary (2027) and Denmark and Italy (2028). However, the dates could be pushed forward and there is a possibility that more countries will join the group in the meantime.

Several of the remaining facilities in the European Union and beyond are active just sporadically – in islands or to cover winter peaks or only until the district heating systems that they supply switch to cleaner sources.

Coal power is already uncompetitive most of the time, particularly because of emission costs. In addition, when such facilities are idle, their costs rise further because of salaries and the complex logistics, primarily mining operations. Other coal plants in Bulgaria are also affected.

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July 8, 2025
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Heatwave strains European grid, brings profit to energy storage operators

Record solar power production, backed by yet insufficient energy storage capacity, helped maintain the stability of the electricity system in Europe during the latest heatwave, Ember said. Many nuclear and other thermal power plants reduced their activity as river water temperature wasn’t low enough for efficient cooling. Intraday price spreads at European power exchanges landed a windfall for owners of battery energy storage systems and pumped storage hydropower plants.

The heatwave since late June has caused stress for European power systems, driving electricity demand and doubling daily power prices. Yet grids remained stable, fueled by record volumes of solar, think tank Ember pointed out in a report.

Outside temperatures jumped to more than 40 degrees Celsius, triggering an increase in electricity demand as the use of air conditioners soared. Outages in nuclear and thermal power plants exacerbated the challenges.

Daily electricity demand on July 1 was by up to 6% higher in Germany, 9% in France and 14% in Spain than on June 24. As for peak demand, it jumped by 12% in France, 15% in Spain, and 5% in Germany and Poland.

A bigger electricity price spread within one day means higher income for operators of battery energy storage systems

The average daily price surged 15% in Spain, 106% in Poland, 108% in France and 175% in Germany.

“Despite the huge pressure, European grids passed the stress test, and solar electricity played a major role in keeping them running. The surplus of solar energy during the day helped prevent blackouts. However, the use of energy storage is still insufficient, leading to reduced energy supply after sunset. This translated into a sharp increase in electricity prices,” said Ember’s Europe Programme Director Paweł Czyżak.

Record EU solar generation helps keep power supply stable

June saw the highest solar generation on record in the European Union – 45 TWh, which kept the grid well-supplied during daytime hours. The result was 22% up from one year before.

“Heatwaves will not go away – they will only get more severe in the future. Solutions that can help mitigate their impacts, such as battery storage, interconnection, demand flexibility and dynamic tariffs, should become a key part of grid planning and power market design,” Czyżak added. The biggest opportunity is to store solar electricity, to help power air conditioning well into the evening, he stressed.

Outages limited but still posing concern

The overheating of cables is the likely cause of power outages in Italy on July 1. With rising air and water temperatures, the cooling of thermal power plants becomes more challenging as well. It led to forced reductions in electricity generation from nuclear power plants in France and Switzerland.

The French nuclear fleet has been impacted the most, with all but one of the 18 facilities experiencing some type of capacity reduction. According to the update, up to 15% of the capacity may have been impacted.

A blackout of several hours struck large parts of the Czech Republic including Prague on July 4. However, the authorities only blamed it on a transmission cable in the country’s northwest falling, and the resulting domino effect. Notably, the air temperature was much lower than in previous days.

Sun brings power alongside heat

In the peak days of the heatwave in Germany, solar delivered 50 GW and even more, generating 33% to 39% of Germany’s electricity. The country hosts 14 GW of battery energy storage systems (BESS) and 10 GW of pumped storage, which partly bridged the gap between the peaks of production and consumption.

The rallies in electricity prices in the evenings are getting passed on to consumers, so using air conditioners gets more expensive upon sunset. It is a business case for clean flexibility solutions. Due to a high supply of solar electricity during the day, and a cooling-related demand peak in the late afternoon hours, the daily electricity price spreads skyrocketed.

The spread in Poland in the day-ahead segment almost reached EUR 500 per MWh on July 1. Namely, the daily low was EUR 21.04 per MWh below zero, and the peak amounted to EUR 471 per MWh. In Germany, the benchmark went from EUR 0.16 per MWh in negative territory to EUR 404.91 per MWh.

Storage assets charge at low prices and discharge during peak time, reducing the need for costly imported fossil fuels in the evening, and supporting the balancing of the grid, the analysts underscored.

Interconnection played a role as well. The heatwave peaked in different countries on different days, so interconnectors moved electricity to where it was needed most, dissipating the price peaks in the process.

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July 8, 2025
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Montenegro determines quota, maximum price for solar power auction

At the forthcoming auction for market premiums for electricity from solar power plants in Montenegro, the participants will bid for state support for 250 MW in total capacity. The maximum price to compete for is EUR 65 per MWh and the contracts will last 12 years.

The Government of Montenegro adopted the decisions and directives necessary for issuing a public call to auction for solar power projects of at least 400 kW. The lowest bids will win, and the maximum price is EUR 65 per MWh. Market premiums will be awarded, via 12-year contracts for difference (CfDs).

Conducting renewable electricity auctions is one of the commitments toward the European Union that were defined by the Reform Agenda of Montenegro 2024-2027. It contains the conditions for the approval of up to EUR 383 million from the Growth Plan for the Western Balkans and the Reform and Growth Facility (RGF).

The sum consists of EUR 110 million in grants via the Western Balkans Investment Framework and highly concessional loans, as the EU calls them. WBIF would provide EUR 95 million and the remainder is for the state treasury.

The commission responsible for the auction will extend the quota by up to 50 MW if it fits in one or more eligible projects in their entirety

The country plans solar and wind power auctions for 400 MW in total capacity. The quota for the first auction for the rights to market premiums, only for photovoltaic projects, is 250 MW.

However, the quota can be extended, by a maximum of 20%. The government said the extra 50 MW is available for the inclusion of an entire eligible project that entered the quota only partially, or more such projects, in case the bids for them were equal. But if the part of the capacity outside of the quota is larger than the possible extension, the commission would award a market premium only for the part that did fit the quota.

Conversely, in case a share of the quota isn’t awarded, it can be switched to the next auction.

Under a CfD, the operator of a renewable electricity plant has a guaranteed price, approved through the auction. When the firm sells electricity in the market at a higher price, it must return the difference. And vice versa: when the beneficiary gets less per megawatt-hour than the contract price, they are reimbursed.

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July 7, 2025
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Open call for green hydrogen high-efficiency CHP pilot plant in northern Greece

Greece’s Alternate Minister of Economy and Finance Nikos Papathanasis has launched an open call for the installation and operation of a high-efficiency combined heat and power (CHP) unit using fuel cells powered by green hydrogen. The site for the pilot project is in the Western Macedonia coal region in the country’s north. It is part of the government’s Just Development Transition Programme 2021–2027.

Western Macedonia is Greece’s main coal region, and the other one is Megalopolis in the Peloponnese. The country is transforming the economies of the two areas toward clean and smart technologies, largely with funding from the European Union and aiming at a just transition.

The open call signed by Alternate Minister Nikos Papathanasis for the installation and operation of a pilot unit for high-efficiency combined heat and power (CHP) facility, running on fuel cells, has a total budget of EUR 7.87 million. The facility would utilize green hydrogen produced in electrolyzers powered by renewable electricity.

The energy would be used to provide 24/7 power and heat to the Bodosakeio General Hospital of Ptolemaida, the Chemical Process & Energy Resources Institute (CPERI) in the same city and the Daycare Center for People with Disabilities in the municipality of Eordaia.

The deadline for proposal submission is October 31

The deadline for the submission of proposals is October 31, with immediate evaluation of applications.

The project is for the construction of a pilot CHP unit and a photovoltaic park on municipal land in Eordaia.

According to the announcement from the Ministry of Economy and Finance, the flagship initiative aims to showcase and implement cutting-edge energy and environmental technologies, contributing to the region’s energy transition and decarbonization efforts.

In April, Public Power Corp. (PPC) announced a EUR 5.8 billion investment plan to support the transition of Western Macedonia. The endeavor consists of the decommissioning of old assets and the rollout of new energy technologies.

According to the decarbonization timeframe, Ptolemaida 5 will be the last coal plant in the country, continuing to operate until the end of 2026. It is set to be converted to a gas power plant with a capacity of 350 MW. PPC is also open to upgrading it to 500 MW or even 1 GW.

The plan also includes: 2.1 GW of solar PV capacity, with one 550 MW project nearing completion in a former lignite mine, 860 MW of energy storage, including pumped hydro and battery systems, and a 300 MW data center, planned to be scaled up to 1 GW.

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July 7, 2025
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Foreign renewable energy investors remain committed to Romania as large plants coming online

Renewable energy companies from abroad aren’t intimidated by negative power prices in Romania, especially with the battery storage segment accelerating. Energy giants EDP Renewables and Engie have new solar power plants, and more renewable energy facilities are coming online, while the government is disbursing European grants.

The renewable energy market in Greece is consolidating and a number of foreign investors are leaving, but some other countries in the region that Balkan Green Energy News tracks remain attractive, especially Romania and Turkey. Big names from abroad keep coming, and the established ones are commissioning facilities and committing to more projects.

Like elsewhere in Europe and beyond, the increasing occurrence of low, zero and negative power prices are impacting the sentiment in Romania. But funding from the European Union, the government’s administrative support, renewable energy auctions and bets on battery storage seemingly outweigh the current risks.

EDPR’s new photovoltaic park Albina will generate 67 GWh per year

EDP Renewables (EDPR), subsidiary of Portuguese energy giant EDP, recently inaugurated its Albina photovoltaic plant. Located in western Romania, just outside of the city of Timisoara, the renewable energy unit came online late last year.

Albina has 60 MW in peak capacity and a 48.8 MW grid connection. The company expects it to generate 67 GWh per year. EDP said that with the new plant it reinforces its commitment to Romania. It operates wind and solar power plants in the country of over 570 MW in combined capacity.

Engie praises renewable energy potential in Romania

Engie Romania commissioned the sixth photovoltaic park in its portfolio. It is located in the commune of Ariceștii Rahtivani in Prahova county. Together with the new facility, of 37.2 MW in peak capacity, French Engie’s branch in Romania now has 248 MW in renewable energy in operation.

The site covers ​​57 hectares. Estimated annual output is 57 GWh. The firm owns three wind farms of 178 MW in total while its six PV systems have 70.3 MW in overall peak capacity. Last year it built one of the first hybrid power plants in the country.

Engie Romania said the new plant strengthened its position and praised the country’s “significant potential” in the renewable energy segment. The firm targets 1 GW in the country by 2030. It also distributes natural gas and supplies both gas and electricity, and offers energy services.

Rezolv building one of largest wind power plants in Europe

The Vifor wind farm in Buzău county, northeast of Bucharest, is almost half done. Rezolv Energy plans to finish it in 2027. The first phase is for 192 MW, with a planned expansion to a colossal 461 MW.

The company purchased Vestas turbines for the wind park, which is set to become the largest in Europe and the second-largest in Romania. The developer won a fixed electricity price for 15 years in the form of a contract for difference at the country’s renewable energy auction. The wind power plant will also benefit from a power purchase agreement (PPA).

Wind farm of 99.2 MW Galaţi in to launch operations next year

OX2 is building the Green Breeze wind farm, delivering the project as a turnkey construction project for the investor, Nala Renewables. The project involves 16 Vestas V162-6.2 MW turbines, or 99.2 MW altogether. Annual production at the future wind power plant in Galaţi in the eastern part of the country is 312 GWh, according to the estimate.

The facility is on schedule for the start of operations in the first half of next year. Together with Green Breeze, OX2 is working on 620 MW in five wind power projects. The Swedish company has said it intends to grow and diversify in the country.

Enery from Austria lining up renewable electricity plants in Romania

Romania-based Enevo announced that it started building a solar park of 54.2 MW in peak capacity for Enery Development.

Also in Dâmbovița county, Enery Element, the joint venture of the Austrian company with Element Power Group, has a project for a battery-backed PV park.

Total investment is some EUR 27.5 million, of which EUR 2.4 million is from the EU’s Modernisation Fund. The solar power component is 74 MW and the battery energy storage system (BESS) would provide 10.2 MWh in capacity. The location, formally run by project firm Gura Solar Plant, is in the Gura Ocniței commune.

Ecoener, headquartered in Spain, is developing an agrivoltaic project of 11 MW

A Spanish group with an annual turnover of almost EUR 100 million wants to build the first agrisolar park in Iași county, in the commune of Țibănești. Solar panels of 11 MW in total peak capacity would be placed 1.5 meters above ground. The investor, Ecoener, established a Romanian subsidiary for the endeavor: Ecoener Țibănești.

Greece’s PPC turning its wind, PV facilities into hybrid power plants with battery storage

Greek state-controlled Public Power Corp. (PPC) is developing a BESS investment through its firm Sun Challenge, which operates the Lumina solar power project in Călugăreni, Giurgiu county. The PV facility of 63 MW in peak capacity has been online for two years now. Lumina is PPC Renewables’ largest solar power unit in Romania.

It is one in a string of the Greek company’s energy storage projects. PPC plans BESS at its wind farms Topolog (27 MWh), Corugea (80 MWh) and Sălbatica (60 MWh) in Tulcea county. It slated another 120 MWh in total storage capacity at wind power plants Nicolae Bălcescu and Târgușor in Constanța county.

PPC operates wind, photovoltaic and hydropower capacity in Romania of 1.3 GW overall

The Fântânele-Cogealac-Gradina wind farm, which PPC took over from Macquarie Asset Management, already includes a BESS facility. The 600 MW facility is the largest in Romania of its kind.

In Prahova, PPC Renewables Romania plans a 10 MWh storage system at the Berceni 1 photovoltaic park, with an installed capacity of 9.8 MW. Another storage system, of 8 MWh, would be integrated with the Colibași photovoltaic park (7 MW) in Giurgiu county.

PPC operates wind, photovoltaic and hydropower capacity in Romania of 1.3 GW overall.

Turkey-based YEO Technologies, Danish company Eurowind Energy and Solarpro, a contractor from neighboring Bulgaria, all have new investment updates, too.

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July 4, 2025
by in News

IHA: Turkey’s 2024 hydropower additions highest in Europe again

The world’s hydroelectric capacity increased 1.7% last year to 1.44 TW, the International Hydropower Association said in its annual report. It highlighted the sharp rise in the pumped storage hydropower segment. Turkey doesn’t host any such energy storage facilities, but the country’s additions of conventional capacity were the highest in Europe for the second time in a row.

Hydropower generation rallied 10% to 4.58 PWh in 2024. It rebounded strongly from drought-affected lows the previous year, the International Hydropower Association (IHA) calculated. Data from its 2025 World Hydropower Outlook points to strong global momentum, led by a surge in pumped storage hydropower.

The world’s largest source of renewable electricity accounted for 14.3% of supply.

Scandinavia and Central Asia may see a 5%-15% rise in hydropower output from their current fleet, while Southern Europe, North Africa and the Middle East could experience declines of up to 40% by the century’s end, the authors warned. The declines are driven by longer dry periods, reduced flows and greater evaporation. IHA expects the strongest impact in countries such as Spain, Italy and Turkey.

Notably, the last of the three achieved the highest growth in Europe in overall capacity last year, for the second time in a row. Turkey added 241 MW, making it 11th in the world, after 399 MW the year before. Then it was three notches higher on a global scale.

More than half of capacity in project pipeline is for pumped storage

Hydropower development pipeline grew 8% to 1.08 TW, including 600 GW of pumped storage.

Growth in global capacity amounted to 24.6 GW, against 22 GW in 2023. In relative terms, it rose 1.7% to 1.44 TW, of which pumped storage jumped 5% or 8.4 GW to 189 GW. The rise was 6.5 GW in the previous year. The rate in the pumped storage segment doubled in the past two years.

China continues to dominate, with 14.4 GW of capacity added in 2024, including 7.75 GW of pumped storage. It translates to shares of 59% and a head-spinning 92%, respectively, on the global scale. China reached 436 GW, which was 30.2% of the world total.

Hydropower plants in Norway generated almost two times more electricity than the ones in Turkey

The country has more than 91 GW of pumped storage capacity under construction, compared to over 105 GW in the whole world! China is planning to add a whopping 136 GW beyond that in the segment.

The overall hydropower sector faces a potential shortfall of 60 GW to 70 GW by 2030 from the International Renewable Energy Agency’s (IRENA) target in its “tripling renewables” scenario.

A clear business case for pumped storage in Europe is emerging, supported by a project pipeline of 52.9 GW in development, of which 3 GW is under construction, the report reads.

Turkey has strongest conventional hydroelectric fleet in Europe but poor utilization rate

Norway has the most hydropower capacity in Europe, as it reached 33.9 GW last year. Pumped storage hydropower had a share of 1.4 GW.

Turkey remained second in Europe in overall hydropower capacity and ninth in the world, at 32.77 GW. But there are no pumped storage hydroelectric units in the country, so in conventional terms it ranks the highest on the continent.

On the other hand, hydropower production in Norway was almost two times higher than in Turkey in 2024, 140 TWh versus 75 TWh. The latter increased its output from 66 TWh.

Interestingly, while IHA measured an increase of 241 MW in capacity last year in Turkey, IRENA’s earlier annual report showed growth of 424 MW, to 32.39 GW. There is nearly 600 MW currently under construction in the country, according to the update. It compares to 460 MW in the report released a year ago.

France is Europe’s third, with 25.45 GW at the end of 2024, of which 5.1 GW was pumped storage. Output was equivalent to Turkey’s.

Spain was next overall, at 22.75 GW. Portugal came in second-best in added capacity, at 160 MW. Germany is at the top of the chart in operational pumped storage hydropower – 9.45 GW.

As for the other markets that Balkan Green Energy News tracks, Greece had more than 3 GW of pumped storage projects in development at the end of 2024.

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July 4, 2025
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YEO’s Defic Globe buys projects for 219 MW in Romania amid rebranding

Defic Globe, YEO’s Istanbul-based joint venture with Emsolt Investments, acquired 15 project firms developing plans for power plants of 219 MW in total. The portfolio also brings a potential 320 MWh in battery energy storage systems (BESS). Separately, YEO launched its CALL Energy brand, which aims to build 1 GW in capacity by 2030.

Through its subsidiary Defic Globe, YEO Technology (YEO Teknoloji Enerji ve Endüstri) is continuing its expansion in Romania. The Istanbul-based joint venture with Emsolt Investments took over 15 special purpose vehicles (SPVs) or firms for particular investments. They are developing projects for power plants of 218.7 MW in overall peak capacity.

The facilities would be of different sizes and in various locations around Romania, the company said. In addition, the new portfolio brings the possibility for building BESS units with a combined capacity of 320 MWh, according to the update.

YEO, which holds 51% of Defic Globe, estimated the total investment at EUR 220 million. It said the acquisition grows its project portfolio in Romania to 590 MW in peak capacity. Some facilities are operational or under construction, and the others are in the planning phase.

The group comprises direct investments and joint endeavors with Shanghai Electric Power, Scatec and other international companies.

New brand CALL Energy investing up to USD 1 billion

YEO is active in more than 30 countries, delivering turnkey solutions in energy and industrial systems. In the Balkans, in addition to its energy expertise role, it invests in renewable energy projects.

The company carries out projects in areas from advanced energy storage solutions to power grids, high voltage transformer centers, renewable energy plants, industrial, commercial facilities and household energy conversion to hydrogen. YEO was a friend of this year’s edition of Belgrade Energy Forum, organized by Balkan Green Energy News.

Separately, the company launched its CALL Energy brand, formerly YEO Energy (YEO Enerji), and appointed Sacit Akbaş as the subsidiary’s chief executive officer. It aims to invest between USD 750 million and USD 1 billion, of which up to 70% abroad, to build 1 GW in capacity by 2030.

Projects for 1.5 GW in ten countries

Under the slogan CALL to Renewable Energy, the firm intends to develop large-scale projects, especially in Europe. The target growth markets are the eastern part of Europe and the Sub-Saharan regions of Africa, it revealed.

YEO Technology’s renewable energy arm operates 32.6 MW in peak capacity in Romania and Italy. It is about to boost the Romanian part to over 190 MW in peak capacity this year, with two power plants under construction. The project portfolio amounts to 1.5 GW.

YEO Technology’s renewable energy arm counts on growth through EPC services as well

CEO Akbaş came from Enerjisa, where he was the energy solutions director for more than two years. He said more than 30 projects are underway in ten countries on three continents.

CALL Energy also sees growth opportunities in contracting engineering, procurement and construction (EPC) services through the said endeavors. It added that it would engage in asset management as well.

The firm highlighted its preliminary licenses for nine battery-backed solar power projects in Turkey, of 346 MW in total connection capacity. It slated two of them for the start of construction next year. Furthermore, permitting is nearly complete for four hydropower projects of 32 MW altogether. The sites are on the Aras river in eastern Turkey.

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July 3, 2025
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EU outlines measures for 90% emissions cut by 2040

The European Commission proposed an amendment to the European Climate Law, setting a 2040 target of a 90% reduction in net greenhouse gas emissions from the 1990 level. The outlined measures would give certainty to investors, promote innovation and business competitiveness and increase energy security, according to the European Union’s executive body.

The EU is closing in on its 2030 goal to slash annual net emissions by 55% from the 1990 baseline, according to the European Commission’s recent report on national energy and climate plans (NECPs). It is part of the efforts to reach climate neutrality by mid-century. Today the EU’s top executive body formally outlined the proposal for the next intermediate target – 90% by 2040.

It is in the form of an amendment to the European Climate Law, which entered into force in July 2021. In the meantime, the 27-member bloc adopted a 2030 legislative package known as Fit for 55.

The European Parliament and the Council of the EU now need to discuss and adopt the amendment.

Nature-based and industrial carbon removals will play an increasingly important role in reaching the targets, the European Commission pointed out. It implies domestic permanent carbon removals within the Emissions Trading System (EU ETS) to compensate for residual emissions from hard-to-abate sectors. Such systems need to scale up significantly by 2040, the commissioners said.

More pragmatic, flexible trajectory toward 90% reduction in emissions by 2040

The proposal sets out a more pragmatic and flexible way to reach the milestone, the European Commission claimed.

“Aligned with the EU Competitiveness Compass, Clean Industrial Deal and Affordable Energy Action Plan, the proposed 2040 climate target takes fully into account the current economic, security and geopolitical landscape and gives investors and businesses the predictability and stability they need in the EU’s clean energy transition. By staying the course on decarbonisation, the EU will drive investment in innovation, create more jobs, growth, increase our resilience to impacts of climate change and become more energy independent,” the statement adds.

Von der Leyen said industry and investors require a predictable direction on the path to the climate goal

“As European citizens increasingly feel the impact of climate change, they expect Europe to act. Industry and investors look to us to set a predictable direction of travel,” said European Commission President Ursula von der Leyen.

Today’s proposal is based on an impact assessment and advice from the Intergovernmental Panel on Climate Change (IPCC) and the European Scientific Advisory Board on Climate Change. The adoption follows engagement with member states, the European Parliament, stakeholders, civil society and citizens since the commission’s recommendation in February 2024.

EU eyeing international carbon credits

The commission vowed to consider a limited role for high-quality international carbon credits, starting in 2036, and greater flexibility across sectors to help achieve targets in a cost-effective and socially fair way. For instance, a member state would have the possibility to compensate for a struggling land use sector with an overachievement in reducing emissions from waste and transportation.

Emphasis is also on the competitiveness of the European industry and a level playing field with international partners. Among the guidelines is technological neutrality.

Fiscal incentives are under consideration for clean tech and industrial decarbonization projects.

The commission highlighted its Clean Industrial Deal State Aid Framework, adopted last week, and the simplification of the Carbon Border Adjustment Mechanism (CBAM). It also issued a recommendation on tax incentives for investments in clean technologies and industrial decarbonization.

Measures on affordable energy to scale up manufacturing of grid components and support power purchase agreements, the pilot for the upcoming Industrial Decarbonisation Bank, the forthcoming Chemicals Industry Action Plan and the sectorial dialogues with stakeholders are among the actions that will help deliver the Clean Industrial Deal, the commissioners explained. Their draft seven-year budget, officially called Multiannual Financial Framework, is due to be unveiled next month.

WindEurope urges for annual targets for renewables

Reacting to the announcement, WindEurope said EU member states would need to translate the 90% ambition into clear annual goals for the deployment of wind and other renewables for the period 2031-40.

“Otherwise the 2040 target will remain academic,” the organization underscored.

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July 3, 2025
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Solaris Holding launches production at large hybrid renewable energy park in Bulgaria

The new Selanovtsi solar farm of 59.8 MW in peak capacity near Vratsa was installed alongside a battery energy storage system of 107.3 MWh in capacity. The hybrid energy park, owned by Solaris Holding, is now accumulating the midday output and releasing it into the grid at hours of increased demand.

Engineering, supply and construction company Solaris Holding, a joint venture of the Bulgarian-German Sunotec and the main shareholders of Eurohold Bulgaria (Evrohold), launched the operation of a hybrid power plant in the municipality of Oryahovo in Vratsa district. The project in the country’s northwest is financed by United Bulgarian Bank (UBB or OBB) and the German Varengold Bank.

The Selanovtsi solar power plant’s peak capacity is 59.8 MW. It is integrated with a new battery energy storage system (BESS) of 107.3 MWh. Annual output is estimated at 79.9 GWh. It is equivalent to the energy needs of more than 22,000 households and it saves more than a million tons of carbon dioxide emissions, according to the developer.

Electrohold Trade, part of Electrohold Group and Eurohold, is responsible for the sale of electricity.

Hybrid power plant generating 79.9 GWh per year

The Selanovtsi facility, located near an eponymous village, spans 37.9 hectares. It consists of 103,116 solar modules. A team of 250 people built the hybrid renewable energy park, which features lithium-ion-phosphate (LFP) batteries, according to the update.

During the hours of lower consumption, the integrated system stores the green energy and delivers it to the grid around the daily demand peaks. It ensures a more balanced load on the electricity system, increases its stability and efficiency, and contributes to a more reliable integration of renewable sources into the national grid, the statement adds.

Solaris has four even larger projects underway

Solaris plans to commission four more battery-powered photovoltaic plants, even larger in size. In September, it inaugurated a hybrid solar power and storage facility in Pernik.

BESS has become a standard element of PV projects in Bulgaria. In addition, the country’s battery manufacturing capacity is growing and the government has completed its tenders for state support to BESS combined with renewable energy plants, and for standalone units. But even before the subsidies, there are facilities under construction.

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