December 10, 2025
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Siemens Energy, Končar to install electrolyzer, solar power plant for INA

Siemens Energy and Končar will install an electrolyzer and a solar power plant for Croatian oil and gas company INA.

INA said it has signed two important contracts for the implementation of the green hydrogen production project at its Rijeka refinery.

By signing contracts with reputable companies, with a total value of EU 33 million, INA has secured the preconditions for the implementation of the first commercial green hydrogen production plant in Croatia, according to the update.

A contract with Siemens Energy and Končar was signed for the construction of a 10 MW green hydrogen production and distribution plant. The order is estimated at EUR 22.5 million excluding VAT.

INA has already secured the delivery of the electrolyzer

The second contract, worth nearly EUR 11 million excluding VAT, was signed with Končar. It envisages the construction of a 11 MW photovoltaic plant. The facility would supply electricity to the electrolyzer.

As part of the project, INA has already secured the electrolyzer, a key system for water electrolysis and hydrogen production from renewable sources. Its majority owner, Hungarian MOL, inaugurated its first 10 MW electrolyzer in April last year.

Green hydrogen is intended for use in transportation

The green hydrogen that would be produced is intended for the market, primarily for transportation purposes, and it could also be used in the refinery’s production process. The company recalled that, by a decision of the Ministry of Economy, it received a EUR 15 million grant from the National Recovery and Resilience Plan.

The program is for the production and distribution of hydrogen in transportation.

The hydrogen market in Croatia is in an early development phase. INA’s plant could produce about 1,500 tons of green hydrogen annually.

Of note, Croatia adopted a hydrogen strategy in 2022. The government subsidizes the installation of chargers for hydrogen fueled vehicles.

Ortutay: Hydrogen could open new market opportunities for INA

INA CEO Zsuzsanna Ortutay said European and national strategies consider renewable hydrogen a technology of the future.

The renewable hydrogen that INA will produce can open new opportunities for the company in the market, but also improve the sustainability of Rijeka refinery through emission reductions, Ortutay stressed.

According to Končar CEO Gordan Kolak, green hydrogen isn’t only a technology of the future but a key element for decarbonizing industry and transport.

As the main contractor for the construction of this plant, Končar confirmed its role as a reliable partner developing key expertise for the European energy infrastructure in the decades to come, Kolak added.

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May 26, 2025
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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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April 14, 2025
by in News

Belgrade Energy Forum 2025 – 50 speakers at eight panels to track pace of SEE energy transition

The agenda of the third Belgrade Energy Forum, taking place on May 14-15, has been finalized with the addition of further prominent energy experts and companies. The conference, organized by Southeast Europe’s leading energy news portal, Balkan Green Energy News, will feature eight panels covering key topics in the energy sector, with an impressive lineup of speakers. Make sure you register on time via this link.

The Belgrade Energy Forum will once again be a meeting place for representatives of regional and international institutions and organizations, as well as the business community from across the region, Europe, and the world.

Eight panels featuring more than 50 speakers will offer an overview of the current challenges in the energy sector. Conference participants will hear in-depth analyses of the current situation, but also projections for the future. The thread that connects everything at this year’s BEF is digitalization – it permeates energy production, consumption, and storage and allows enough flexibility for the stable functioning of the energy systems of the future, where renewable energy will dominate.

Chikán: Electricity knows no borders

One of the key speakers at the conference, Alteo Group CEO Chikán Attila, will lead the company’s high-level delegation. Alteo has recently launched a regional expansion drive, aiming to establish a green platform of up to 2 GW in energy production, including operation, software, maintenance, storage, and waste management.

The Hungarian company primarily targets its home market, Slovakia, Croatia, and Serbia.

“Electricity knows no borders, therefore partnerships and collaborations among energy market players are essential, even at the regional level. Such cooperation is vital to ensuring the security and reliability of electricity supply, facilitating the integration of renewable energy sources, and providing essential digital solutions, supported by expertise and professional know-how,” Chikán stressed.

Decarbonization strategies for power generation in Southeast Europe 2040/2050

  • Dejan Paravan, CEO, GEN Energija
  • Dušan Živković, CEO, EPS
  • Eric Scotto, CEO, AKUO
  • Milutin Đukanović, Chairman, EPCG Board of Directors
  • Neda Lazendić, Country Manager, WV-International

Although at the heart of national energy systems, state-owned power utilities are faced with an environment that has changed and continues to change rapidly. The key shift is the entry of private capital into electricity production through the construction of solar power plants and wind farms.

The energy transition, at this stage, requires cooperation between state power utilities and private companies. With decarbonization as the main objective, the key challenge lies in choosing appropriate strategies and electricity generation technologies.

Moderating the panel will be Dražen Jakšić, Director of the Energy Institute Hrvoje Požar (EIHP).

“The transition to a low-carbon energy system is a key challenge for our region, demanding innovation, investment, and cooperation. As a sponsor of the Belgrade Energy Forum, EIHP is committed to fostering dialogue and driving sustainable energy solutions. I look forward to an insightful discussion,” he stressed.

Jakšić: The transition to a low-carbon energy system is a key challenge for our region, demanding innovation, investment, and cooperation

In recent years, nuclear energy has emerged as a possible alternative. There is hardly a better interlocutor on this topic in the region than Dejan Paravan, the top man of GEN Energija, the Slovenian company developing the Krško 2 nuclear power plant project.

Dušan Živković, CEO of Elektroprivreda Srbije (EPS), will tell us about the Serbian power utility’s plans when it comes to nuclear energy.

Živković: Without decarbonization, the region’s energy sector has no future

“Without decarbonization, there is no future for the region’s energy sector, and that is the biggest challenge ahead of us. It is essential to accelerate decisions and ensure sustainable project financing mechanisms that will provide energy security for every country and power utility in the decades to come. By investing in existing capacities and new renewable energy projects, EPS, as the biggest utility in the region, will make its own contribution to energy security. That’s why we have initiated a transformation process – because we need to be more profitable, more efficient, and fully prepared to tackle any challenge,” Živković pointed out.

The energy transition, in his words, is the path EPS has chosen, and all its plans will align with that goal, based on the belief that the diversification of energy sources and new technologies are essential for achieving it. “These are just some of the key messages I will share with the participants of this year’s BEF,” said Živković.

Eric Scotto, co-founder and CEO of French company Akuo, will share the latest information on the energy transition from across the globe.

The company’s portfolio consists of 1.9 GW of power plants in operation and under construction, with a further 12 GW in the pipeline in more than 20 countries around the world, including a number of countries in the Southeast Europe region.

Integration of Western Balkans electricity markets into internal European market through market coupling

  • Anže Predovnik, Director, ADEX Group
  • Ivan Asanović, Executive Director, CGES
  • Marko Bislimoski, President, Energy, Water Services and Municipal Waste Management Services Regulatory Commission of the Republic of North Macedonia
  • Zoran Vujasinović, Policy Officer, ACER

The integration of the Western Balkans’ electricity markets with the European Union (EU) markets is a process that deserves much greater public attention than it currently receives. It is safe to say that its true importance will become evident only once it is completed.

Full integration will unlock significant synergies, maximizing the benefits of a unified market by enhancing supply security, accelerating the integration of renewable energy sources, and fostering greater competition and transparency.

Moderator Dejan Stojčevski, CTO of the SEEPEX power exchange, says the panel seeks to encourage dialogue on the importance of cross-border collaboration and market efficiency in bolstering energy security and sustainability in the region.

Bislimoski: The time for inspiring speeches is over. Geopolitical developments demand action – now!

Since market integration is largely the job of regulators, the challenges they face will be analyzed by Marko Bislimoski, president of North Macedonia’s Energy and Water Services Regulatory Commission (RKE).

He says that three things are essential for the regional integration of electricity markets into a single European market: investment, investment, and nothing but investment. In his words, the energy crisis demonstrated that limitations become a reality when governments fail to prioritize the implementation of key energy infrastructure capacities in their budgets.

“This past winter, the region faced the highest electricity prices compared to the rest of Europe. Why? Because the implementation of energy investments is not just a ribbon-cutting ceremony. Today, more than ever before, the countries of the former Yugoslavia must demonstrate maturity. These are the years when energy independence will be built through action. The time for inspiring speeches is over. Geopolitical developments demand action – now!” he stressed.

Energy revolution underway – uniting efforts to deliver green, intelligent and sustainable energy solutions

  • Aleš Prešern, VP, Head of Southeast Europe, Siemens Energy
  • Maja Turković, SVP, CWP Europe
  • Ann-Catherine de Tourtier, Managing Director Mediterranean, Nordex Group

As much as contesting the energy transition may be futile, there are still those who find such a view meaningful, especially in light of certain global political developments. That’s why it is important to give the floor to some of the transition leaders and let them testify that an energy revolution is indeed underway in the region.

The panel’s moderator Mirza Kušljugić – professor, energy expert, and one of the founders of Bosnia and Herzegovina’s Centre for Sustainable Energy Transition Centre (RESET) – goes one step further to show that change is not only happening but also accelerating.

“The key words are a new energy paradigm driven by the four Ds – decarbonization, digitalization, decentralization, and democratization. But now we also have another D: disruption, or radical change in the industry and market caused by technological innovation. Of course, we must focus the discussion – from global processes (China, the US, the EU, the Global South) to where the region stands in all of this,” Kušljugić points out, providing a perfect introduction to the panel.

Turković: It’s more important than ever to have open discussions about real solutions

Aleš Prešern, Vice President and Head of Southeast Europe at Siemens Energy, has worked in the energy sector for more than 20 years. He recalls that digitalization is key, along with grid resilience and electricity transmission.

With nearly 100,000 employees in more than 90 countries, Siemens Energy develops the energy systems of the future, ensuring that the growing energy demand of the global community is met reliably and sustainably. The technologies created in the company’s research departments and factories drive the energy transition and provide the base for one sixth of the world’s electricity generation.

As a leader in renewable energy development, CWP is actively working on several large-scale projects across the SEE region with a total capacity exceeding 7 GW, positioning the company at the forefront of the region’s energy transition. Given its global expertise and insights into the regional energy market, CWP’s contribution to this year’s conference will be invaluable.

Maja Turković, Executive Vice President of CWP Europe, says that BEF 2025 is a key gathering of leading experts driving the energy transition in Southeast Europe.

“As this shift gains momentum, it’s more important than ever to have open, action-driven discussions about real solutions to the challenges and opportunities ahead,” says Turković.

PPAs as a key to renewable energy growth in SEE

  • Nikola Gazdov, Chairman, Association for production, storage and trading of electricity – APSTE
  • Natalija Ljubić, Manager PPA & BESS Transactions, Pexapark
  • Ivana Đurović, Category Manager Renewable Energy, Knauf Group

Power Purchase Agreements (PPAs) are, like flexibility, a tool for fixing the imperfections of renewable energy sources, and they are recognized as a key mechanism within the new electricity market design. They ensure price stability, attract new investment, and accelerate the decarbonization of industry.

Is the region ready for PPAs? What are the dominant models? What is the current market practice? How are PPAs viewed by financial institutions? What do they offer to end consumers and what to investors in new power plants? Answers to these questions will be sought at the panel moderated by Mislav Slade-Šilović, Energy, Utilities & Resources Consulting Leader for Southeast Europe and member of the core PPA team at consultancy PwC.

Experience with PPAs for more than 500 GWh of electricity

Slade-Šilović’s experience in concluding PPAs for the production and consumption of over 500 GWh of electricity per year in the SEE region will certainly be of help.

Nikola Gazdov, Chairman of Bulgaria’s association for electricity production, storage, and trading (APSTE) and member of the Board of Directors of the European solar industry association SolarPower Europe, has no shortage of experience either. As CEO of three companies – Enery Element GmbH, Element Power Group, and Renergy – he is involved in the development of a large number of projects.

Pexapark, a company that provides logistics to businesses in the renewable energy market, is synonymous with PPAs in Europe. Natalija Ljubić is the Manager for PPA and BESS Transactions at Pexapark, which has helped conclude contracts for facilities with a combined capacity exceeding 35 GW.

The views of electricity buyers – without whom there would be no PPAs – will be conveyed by Ivana Đurović, Category Manager for Renewable Energy at Knauf Group.

Market flexibility: the backbone of a resilient energy system

  • Roman Bernard, CEO, NGEN
  • Luka Renko, COO, KOER
  • Alteo Group representative
  • Nikolaj Candellari, Project Manager and Market Intelligence, CyberGrid
  • Marko Zarić, EMS

Moderating the panel will be Elena Boškov Kovač, co-founder and CEO of Blueprint Energy Solutions, and a leading voice on market flexibility in Europe.

She will host representatives of the sector’s leading companies: NGEN, Alteo, KOER, CyberGrid, as well as Serbia’s transmission system operator Elektromreža Srbije (EMS).

“Excited to moderate a high-impact panel on ‘Market Flexibility: The Backbone of a Resilient Energy System’ at the Belgrade Energy Forum 2025,” says Boškov Kovač, whose work has shaped smart grid strategies and digitalization innovation agendas across the EU and under ETIP SNET.

As Europe accelerates its shift to renewables, market flexibility is emerging as the cornerstone of reliable, affordable, and decarbonized energy systems. With the European flexibility market promising to unlock over EUR 20 billion in savings, this session will explore how digital tools, flexible assets, and new market designs are unlocking value and resilience across the grid.

Slovenia’s NGEN is the technology sponsor of BEF 2025

Slovenian energy company NGEN, the technology sponsor of the conference, has managed to establish itself as a significant player in European markets in just five years of operation and is now ready to enter the Western Balkans’ markets.

Specializing in premium battery storage systems and smart energy solutions, the company is developing systems with a total capacity of 1.6 GWh in European countries. Its founder, Roman Bernard, will be speaking at the panel.

Also taking part in the panel will be Luka Renko, COO of KOER, a pioneer in virtual power plants in the region.

Rounding off the lineup of exceptional panelists will be Nikolaj Candellari, who is responsible for project management at CyberGrid. The software company was acquired a few years ago by Austria’s EVN, one of the first to demonstrate that greater integration of renewable energy sources, battery storage, and prosumers is not possible without digitalization and software solutions.

In a nutshell, this innovative company stands for the digitalization of the energy sector, with a focus on virtual power plants.

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