Τhe energy Magazine for SoutheaStern europe

Issue No 3 September - October 2014

Price: 10 EURO

INTERVIEW: RAZVAN COPOIU, VP OF SCHNEIDER ELECTRICA “GREEN PROMISE” FROM DEPA AND FISIKONKURDISH OIL FEEDS THE DREAM OF INDEPENDENCE

A. ZERVOS:THE STRATEGIC PLAN OF PPC HELLASPROTERGIA AND THE GREEK RETAIL ELECTRICITY MARKETSLOW AND INCOMPLETE REFORM IN BULGARIAN ENERGY MARKET

LIBERALIZATION OF ELECTRICITYMARKET

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Publisher Apostolos Komnos

Publishing Assistant Dragos Zaharia

Deputy Editor Emilia Damian

Edition Advisor George Pavlopoulos

Editors Emilia Damian Ada Gavrilescu Penelope Mitroulias Nikolay Jekov Stevan Veljovic Vladimir Spasic Kostas Voutsadakis Ian Becker John PispirigosContributors Kostadin Sirleshtov Djordje Popovic Jennifer Grubac Pavlin Stoyanoff Yiannis Kelemenis Konstantina Soultati Ramona Dulamea Varinia Radu Marko Lacaita

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The Energy Magazine for Southeastern Europe

The Energy Magazine for Southeastern Europe

The english Edition for SE EuropeIssue Nr 3September - October 2014

ISSUE PRICE 10 Euros

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01The puzzle of liberalizaTion is a complicaTed one...

editorialBy the publisher

Definitely, the liberalization of the electricity market is one of the hottest “spots” in the countries of Southeastern Europe – at least for the countries which are already full members of the EU and for those which have started negotiations with Brussels as official candidates for EU accession. The European authorities are pressing for the acceleration of the whole process, energy companies say they are ready for new investments in the sector and most of the governments seem to be determined to move ahead, despite social reactions.

But, as usual, when words are about to become actions, things prove to be much more complicated. As Nikolay Jekov points out with regard to Bulgaria, the country “is in a serious turmoil, at a time when the country is obliged by the

EU to move faster towards liberalization”. So, the next steps will be difficult and there is absolutely no guarantee that the advocates of full liberalization and open electricity -and, at the end of the road, energy- markets in the so-called “Old Continent” will be able to celebrate their triumph. And as Marco Lacaita writes about Albania, “major disagreements on energy policy between ethnic or other interest groups in a country, make it politically more difficult to agree on energy policy goals and make it harder for potential partner countries or companies to trust the country’s government in respecting energy agreements”.

Therefore, in the third issue of this magazine – as we did in the first and second one – journalists, lawyers,

CEOs and all other contributors are doing their best to provide you with all the necessary facts, information and analyses on energy market liberalization in SE Europe. To achieve this, we took into account the real conditions in the markets after their first steps towards liberalization, the political environment in each country (Romania, Bulgaria, Greece, Serbia and Albania but also in Montenegro, FYROM and Bosnia & Herzegovina) and, of course, the stance and the official goals of the EU.

We hope that EnergyWorld will once again be a useful “guide” for everyone who might be interested in the oil, gas, electricity and alternative energy market in SE Europe.

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02A new Attempt to breAk the monopoly of ppC in eleCtriCitythe Greek retail electricity market opens up, once again, for the third time in ten years. the changes initiated by the auctions of cheap lignite-generated and hydro-electricity, combined with the privatization of public power Corporation (ppC) and the elimination of the Special Duty on buildings powered by electricity from the electricity bills, create new data that private companies, already operating in the electricity market, attempt to seize.

electricityPenelope Mitroulias

Recently, Mytilineos Group, through Protergia Company, announced its dynamic expansion in retailing. Operating in the same sector, with hectic moves, are also Elpedison - a joint venture of Hellenic Petroleum, Italy’s Edison and Ellaktor -, Heron, a company belonging to Terna Group , Watenvolt and others, while at the same time other companies apply for new licenses. This is the third time in the last 10 to 12 years that it is attempted to “open up” the retail market, but this time conditions seem to be more mature, so as to avert a fiasco similar to the past ones.

The Greek Regulatory Authority for Energy (RAE) has already taken the necessary actions at institutional level, while the updated Memorandum provides that by September the regulatory framework has to be ready for the auctions, which are expected to start from January 2015.

“In 2-3 years the landscape will be quite different”, says Mr. Dinos Benroubi, Managing Director of Protergia. Recently Protergia announced that it is expanding its activities in the retail electricity market, with contracts for

residential consumers, professionals and businesses in the low- and medium-voltage ranges. The invoices of Protergia for an average consumer will be on average 7-9% lower than those of PPC.

According to estimates, independent suppliers will hold a double-digit market share in retail, while the remaining part will go to the two majors, according to their potential - the “small PPC” and the “large PPC”, of which a 17% will be sold to a strategic investor. Today the market share of PPC in the low voltage segment of the retail market (households and small and medium-sized businesses) is 98%, while in medium voltage (companies and large domestic consumers) reaches 96%.

In 2011, however, PPC’s share in the retail market went down to 92-93%, due to the emergence of Energa, Hellas Power, Reyma1 and other companies, a project with an inglorious end however, as these companies failed, leaving big debts to the market operators and unpaid a big part of the Special Duty on Buildings Powered by Electricity that they had collected from their customers

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but had not attributed to the State. As for the previous attempt, in the first years of the previous decade, it has also ended abruptly, as the companies that were trying to sell electricity in the retail market could not stand the competition of PPC.

The elimination of the aforementioned Special Duty from the electricity bills - which is considered to have played a key role in the piling up of unpaid electricity bills -, combined with the prospects for a genuine liberalization created by the auctions and the institutional changes, is expected to consolidate, this time, the opening up of the retail electricity market.

As for the new electricity forward market, in which, as mentioned above, will be carried out auctions of PPC lignite and hydroelectric power generation, following the example of the French NOME, it is expected to be operational in September 2014.

The aim of this market, currently under development, is to give access to cheap electricity generation to more suppliers, other than PPC, in order to create competition at the level of the final consumer prices. Through this process, Greece tries to reform the domestic wholesale electricity market and adapt it gradually to the European model of full liberalization. It should be noted that the creation of a forward market, following the example of the French NOME, has been among the commitments assumed by the Greek government vis-à-vis the Troika, and it is a model expected by the domestic industry seeking to ensure low energy prices.

The factor that will determine the success of the new market are the starting prices of the auctions which will form the basis for the formulation of the final prices that will arise after the imposition of any kind of charges. So the industry hopes at low starting prices in order to have final prices that will be competitive with the contracts currently provided by PPC.

The starting prices of the auctions will be negotiated with the European Commission, while the PPC side will try to get consent on the cost data that it has already submitted and which raise the cost of lignite power generation over €50/MWh. Based on this data, a part of the domestic industry voices strong concerns on whether eventually the NOME-type auctions will have the same positive results as those experienced in France. Thus the debate among stakeholders is expected to be fierce, taking in mind that the industry lashes out directly against the Troika and the European Commission, as it considers that their attitude resulted in the non-implementation, so far, of the measures announced by the government for the reduction of the energy cost (interruptible contracts, cost compensation for pollutants, excessive taxation of energy etc).

The NOME Law (Nouvelle Organisation du Marché de l’Electricité) has been in force in France since 2011, to promote competition in the French market and control the effect of the rising electricity prices resulting from the liberalization of market on the French industry. The ARENH mechanism (Accés Régulé à l’Electricité Nucléaire Historique) has been based on this Law. Under this mechanism, EDF sells annually to competitors 100,000 GWh of electricity, a quantity corresponding to 25% of the French market. The sale price is close to the cost of the nuclear energy, which for 2012 was set by the French Regulatory Authority for Energy at €42/MWh.

the debate among stakeholders is expected to be fierce, taking in mind that the industry lashes out directly against the troika and the european Commission, as it considers that their attitude resulted in the non-implementation of the measures for the reduction of the energy cost

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- In the first phase, the operation of the forward market organized under strict regulatory intervention.

- PPC will be obliged to offer forward contracts to cover domestic electrical loads.

- Forward contracts will be sold through a regulated auction process, and will correspond to electricity generated by PPC’s lignite and hydroelectric power plants amounting to 25-30% of the total annual lignite and hydroelectric power generation.

- Entitled to participate in the auctions will be those having a supply license, excluding PPC, exclusively for covering domestic electrical loads.

- The Operator of Electricity Market (LAGIE) will pre-calculate, based on the rates approved by RAE, the rights in forward contracts corresponding to each supplier. The rates will vary by customer category, taking into account their characteristics (load curve and load factor, size, etc.).

- Suppliers will be able to use forward contracts up to a certain level, which will be determined according to the rights calculated by LAGIE for each supplier, depending on

the characteristics of the customer base it supplies.

- There will be created a secondary market for the sale of forward contracts.

- To prevent speculative behaviors, the resale price in the secondary market is set to be equal to the purchase price of the forward contracts.

- During settlement in the Day-Ahead Market, LAGIE will deduct the amounts of electricity that correspond to supplier rights in forward contracts, as the settlement of these quantities now will be carried out separately, in the frame of the settlemenent procedure in the forward market, and will carry out the DAS settlement for the rest.

- The imbalance settlement mechanism of the Independent Power Transmission Operator will not be affected, and thus it will continue to cover the total amount of electricity for each participant,.

Note that RAE will treat in detail, finalize and stipulate its proposals to have auctions launched by September, as provided by the agreement with the Troika.

the most important regulations of rAe

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The power sold on the basis of ARENH is agreed only with suppliers on an annual basis for a specific number of hours known in advance and corresponds to off-peak hours (night hours, weekends, and public holidays) and summer months (July and August). Based on this data, the supplier sells to its industrial customer amounts which conform to the mechanism and match its consumption profile. For quantities other than those provided for, the industry has to pay market prices, and when it consumes less than expected, less by 10%, it pays the price provided for by the mechanism plus an already agreed penalty.

Thus, with the implementation of the ARENH mechanism, an industry, by organizing appropriately its production, can cover 85-90% of its needs in electricity at €42/MWh. It should be noted that the mechanism will continue to apply until at least the end of 2015, while currently there are ongoing negotiations on the price level of ARENH.

In Greece and on the way towards the full liberalization of the market, RAE proposes a planning divided into two implementation phases. The first phase involves the initial implementation of a forward market with significant regulatory intervention focused mainly on the purchase prices of the related products, so that the estimated producer surplus created today due to the exploitation of domestic energy resources can continue to be conveyed, possibly even more efficiently, to the Greek consumer. In the second phase, products similar to those of the proposed forward market or other similar mechanisms may be used to undermine further the dominant position of producers having lignite and hydroelectricity power plants, ultimately aiming at increasing liquidity and the participation of more and more participants.

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03The sTraTegic plan of ppc hellas for The nexT dayWithin the framework outlined by the state for the reorganization of the electricity market in the country, ppc has assumed the responsibility for the implementation of the ownership unbundling process for the independent power Transmission operator (ipTo or adMie), as well as the creation of the so-called “small ppc”, a new power company to be carved out of public power corporation and sold to investors. What is important is to ensure that all changes will be in the best interest of ppc, its employees and the citizens, that is the consumers.

electricityArthouros Zervos *

Over the last few years, the Greek Public Power Corporation (PPC) has proceeded to and implemented significant and substantial changes and reforms, including the restructuring of its organizational model, a new structure at Group level, reducing payroll and other operating expenses and redefining and updating its strategic priorities.

This new philosophy, and the changes and actions implemented, resulted in: • both an immediate and significant reduction in operating costs and an increase in productivity, as reflected also in the updated study of the international firm Booz & Co, and • secondly, the successful implementation of PPC’s investment strategy in the new energy environment.

In the last four years, the Group has invested a total of €4 billion in the whole range of its activities. These investments have been the largest in our country during recession.

In power generation, the major projects completed are: • The “Aliveri V” Combined Cycle Gas

Turbine (CCGT) Unit – PPC’s first major new thermal unit after about eight years - which is the most modern plant, fuelled by natural gas and with the highest efficiency in the country. • The Hydroelectric Power Plant in Ilarionas (Kozani), the first large hydropower plant constructed in the last fifteen years. • Promoting the construction of the “Megalopolis V” new combined cycle unit, also fuelled by natural gas, which is expected to enter into operation in 2015.

Furthermore, in March 2013, we signed the contract for the construction of the “Ptolemais V” new lignite unit, a project of strategic importance for the competitiveness of PPC. This new unit replaces lignite power produced by PPC that will stop in the coming years and will incorporate the best available technologies at international level that ensure low operating costs, high efficiency and environmental protection. We have ensured a significant amount of funding for this project by signing a €739 million Bond Loan with a syndicate of foreign banks and with the support of the German Export Credit

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Agency Euler Hermes.

PPC has also made significant investments for the development and reinforcement of the Electricity Distribution Network, which amounted to €255 million in 2013.

It should be noted that a significant part of PPC’s investments is funded by the European Investment Bank, as part of the long-term and excellent cooperation between the Bank and our Group.

Specifically: • In 2013 we got €285 million from the European Investment Bank for distribution projects of €210 million and generation projects of €75 million. • Additionally, in early 2014, PPC raised €235 million in the context of a total credit line of €415 million approved by the Bank for the modernization and reinforcement of the Electricity Distribution Network.

Moreover, during the first months of 2014, we completed several major financial transactions, which strengthened the capital base and the

liquidity of the Company.

Specifically: • In April, we signed a €2.2 billion five-year syndicated loan agreement with the Greek banks to refinance debt, thereby extending debt maturities up to 2019.

The finalization of this loan agreement was the main reason for the upgrading of PPC’s credit rating by Standard & Poor’s by 3 notches to B from CCC with a stable outlook.

• Then, we successfully completed a €700 million bond issuance in international capital markets with a combination of Senior Notes: €200 million Senior Notes due May 1, 2017 and €500 million Senior Notes due May 1, 2019. The high demand for the issuance, which reached €3 billion, exceeding by more than six times the original amount that had been announced, led us to the decision to raise an additional €200 million.

This transaction is a milestone for the Company, because it was the first time after 14 years that PPC accessed

international bond markets.

Regarding PPC’s share price evolution, it is worth mentioning that since the beginning of 2013, the shares of PPC have surged by 88.5%, outperforming both the General Index of the Athens Stock Exchange (+35%) and the Bloomberg European Electricity Generation Index (+23.4%).

Within the framework outlined by the State for the reorganization of the electricity market in the country, PPC has assumed the responsibility for the implementation of the ownership unbundling process for the Independent Power Transmission Operator (IPTO or ADMIE), as well as the creation of the so-called “Small PPC”, a new power company to be carved out of Public Power Corporation and sold to investors.

With respect to IPTO, the first phase of the tender process was successfully competed, and four out of the five interested parties which had submitted expression of interest qualified to participate in the second phase of the process, i.e. the submission of binding

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offers for the acquisition of the 66% of the share capital. The companies that qualified to participate in the second phase of the tender process are all large and internationally recognized companies. Moreover, eligible investors have already been given access to the virtual data room in order to carry out the due diligence review.

The “Small PPC”, the creation of which was approved by the Greek Parliament, will undertake about 30% of PPC’s capacity, taking into account the withdrawal of old units, and the planned construction of new ones. Moreover, it is also expected to have a similar proportion of the activity of PPC’s Supply Division, as well as lignite mines currently operated by the Corporation. Therefore, both the power generation mix and the customer base of the “Small PPC” will reflect proportionally the respective sections of PPC.

From our part in PPC, we are making all possible and necessary efforts to ensure that all changes will be in the best interest of PPC, its employees and the citizens - our consumers. Our goal is to maintain competitiveness and to continue PPC’s great utility tradition and the next day.

An equally critical issue is the future of the electricity market in our country and the way it will operate. The Regulatory Authority for Energy (RAE) has announced third-party access to PPC’s lignite and hydroelectric power generation portfolio, through a NOME-type mechanism.

In PPC, it is clear that the auctions should concern, preferably, electricity generation units – offering third-party suppliers access to low-cost power – because these are the only ones that comply with market principles for free price setting. It is also necessary that the price of power reflects at least the full cost of the electricity produced from lignite and/or hydroelectric power plants.

A recent study conducted by Booz & Co, a comparative analysis regarding lignite generation costs in Greece and in Europe, showed that the excavation cost of lignite (in euros per ton) in Greece for PPC is the second lowest out of a total of 8 countries which were considered in the study, namely: Germany, Czech Republic, Poland, Romania, Serbia, Turkey and Bulgaria. However, the calorific value of the Greek lignite is by far the lowest.

As a consequence, the final full cost of lignite-fired electricity generation in 2012 in Greece was 59.9 €/MWh, compared to a range between 31.6 €/MWh (Bulgaria) and 54.2 €/MWh (Romania) in the other countries of the study.

The study includes a simulation which shows that the electricity generation cost in Greece would be significantly lower if lignite had the same quality characteristics, i.e. the calorific value, as in the other countries considered in the study.

In any case, the cost of lignite-fired electricity generation in Greece is still

“The crisis demands creativity, prudence, discipline and efficiency. it demands credibility, something that we have gained with serious efforts in the international markets, helping also our country in this area.”

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highly competitive compared to the cost of electricity generation from other imported fossil fuels, the prices of which are determined by the conditions in the international commodity markets. Moreover, there is always the issue of supply security.

The main conclusion of the analysis is that lignite exploitation in Greece is exceptionally efficient compared to other countries, even though the cost is de facto being burdened by the low calorific value of the Greek lignite.

If we look carefully at the NOME model in France, we see that the way the final price of the NOME products was set included - for obvious reasons - not only the full cost for EDF but also a provision for new investments, plant improvements etc., i.e. the obvious even for the Greek model.

In the frame of the related consultation procedure, PPC has repeatedly asked for guarantees that the process will be for the benefit of the final consumers, and not only for the benefit of some private companies operating in the electricity market. At the same time, special care should be taken to ensure that

the model to be chosen will not cause insurmountable problems to the plans for the “Small PPC” and its parent company.

One thing is certain: a “Small PPC” cannot coexist with NOME products, because in that case an extremely large proportion of PPC’s lignite and hydro resources will be exploited by third parties.

In such a case, it can be expected with mathematical precision the collapse of the largest power company in the country, with all the implications that such an event would entail.

It is clear that RAE, which will make the final recommendation, should and must consider all aforementioned issues.

The bases we have set allow us to view the future with optimism. For this to happen, PPC must continue -undisturbed- implementing structural changes, and pursuing to completion its strategic investment plans.

With these initiatives and with the policy mix we have been following, we contribute substantially to the achievement and creation of a healthy electricity market that will be able to form

one of the most important pillars for economic growth in Greece.

We believe that in the current difficult conditions, it is necessary to make decisions and take actions that will support the efforts for recovery and will mark the firm commitment to economic growth.

The crisis demands creativity, prudence, discipline and efficiency. It demands credibility, something that we have gained with serious efforts in the international markets, helping also our country in this area.

The society demands responsibility. It needs solidarity and listed companies that respect their customers and create long-term value for shareholders.

We, as a public utility company, we are offering all these things today and we will continue to do so.

* Arthouros Zervos is Chairman and Chief Executive Officer of PPC Hellas.

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04Paving the way into the greek retail electricity marketProtergia is the largest independent electricity producer in greece with 1.200 mw from gas-fired thermal plants (ccgts and chP) and 54 mw from wind farms and photovoltaic parks in operation. its role in the greek energy market will depend on the pace at which the true liberalization of the greek electricity market proceeds.

electricityChristos Mirianthopoulos*

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Protergia is a wholly-owned subsidiary of Mytilineos Group. It is the Group’s Energy Branch holding company with investments in power generation above €1 billion. Protergia is the largest independent electricity producer in Greece with 1.200 MW from gas-fired thermal plants (CCGTs and CHP) and 54 MW from wind farms and photovoltaic parks in operation. Its total installed capacity, from both thermal and RES plants, has the capacity to cover more than 10% of the country’s total electricity generation.

Protergia is the owner and/or operator/manager of the Group’s thermal power plants and renewable energy assets and recently entered the retail electricity market. Protergia studied, planned, and understood in-depth the needs of the market, building a true consumer oriented culture and establishing a dynamic market presence.

In the retail market, Protergia aims to provide electricity to businesses, professionals and households in truly competitive prices, providing clear, unambiguous billing on a monthly base,

while offering rewards to customers who pay their bills promptly, as well as a policy for the gradual refund of the deposit paid.

Protergia‘s unique services are designed so as to give customers full control over their electricity bill. Through our website www.protergia.gr customers are able to register their meter readings so that every month they are billed for the electricity that they actually consume, they are able to make online bill payments using credit card and access all their past bills along with information on their consumption history.

The company has already built a presence in the market with its client portfolio including well-known companies such as Interamerican, Knauf, Shell, Avin, Praktiker and others.

Driven by its customer-centered philosophy Protergia claims a primary role in the Greek energy market. A role that will depend on the pace at which the true liberalization of the Greek electricity market proceeds.

* Christos Mirianthopoulos is Sales Manager

of Protergia

Protergia is the owner and/or operator/manager of the mytilineos group’s thermal power plants and renewable energy assets and recently entered the retail electricity market

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05Turmoil in The Bulgarian elecTriciTy markeTBulgaria has an enormous production capacity, a legacy of the socialist system which relied primarily on the heavy industry. But today, the Bulgarian electricity market faces general destabilization, legacy problems and wrong forecasts that have produced long-lasting problems. in other words, Bulgaria is in a serious turmoil, at a time when the country is obliged by the eu to move faster towards liberalization.

electricityNikolay Jekov

The Bulgarian electricity market is in a serious turmoil. In the last couple of years, the electricity system has been destabilized by the emergence of huge amounts of green energy, as well as by the populist policy to keep electricity prices low and the sunken costs of the conventional producers. At the same time Bulgaria is obliged by EU to liberalize its highly regulated market, a process that so far goes surprisingly smoothly. The liberalization is hindered only by the publicly owned National Electricity Company (NEK) which acts as a single buyer for the regulated segment of the market and the incumbent electricity suppliers which naturally try to protect their market shares. As if this was not enough, the government and the state-owned enterprises are too slow (if not directly obstructing) to introduce market system elements, such as an energy exchange, and the related financial instruments to allow for a better match between electricity supply and demand.

Big is not always betterBulgaria has an enormous production capacity, a legacy of the socialist system which relied primarily on the

heavy industry. Now the industry is gone, but the power plants are still there. Furthermore in the last twenty years new capacity was added, based on several highly optimistic forecasts for significant economic growth in Bulgaria that was thought to bring additional electricity demand. The economy did grow, but the demand remained flat. The forecasters of the state owned NEK refused to believe and accept that the new service-based economy would not need as much energy, while the industry would rapidly improve its energy efficiency.

As a result, now the Bulgarian energy system has a little more than 14 GW of installed power capacity. The conventional (coal fired, nuclear, big hydro, industrial and central heating cogenerations) power plants have an available capacity of 9.5 GW. The renewable energy sources include 1.1 GW of photovoltaics, 0.8 GW of wind power capacity and 0.42 GW of small hydro power plants. The absolute gross annual peak load is 7.744 GW (2012) which allows for more than 2 GW to be reserved for export. Last year, out of the 43406 GWh produced, 9532 GW

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were exported (or 21% of the electricity produced), making Bulgaria one of the biggest electricity exporters in the EU (by exports as share of local production).

The rapid growth of new installations - renewables and new conventional plants - has resulted in huge discrepancies in wholesale prices. The average price of photovoltaics’ FIDs is €273 per MWh, of the new coal-fired power plants is €64-73 per MWh, while NPP Kozloduy, the nuclear power plant, sells its electricity for €29 per MWh on average to both the regulated and free markets.

Those two trends have led to an unpleasant situation. In order to include all power plants into the system, a significant amount of the electricity needs to be exported. But only the old legacy power plants are competitive in the regional markets, while the Bulgarian market is fed with much more expensive electricity. This trend is additionally reinforced by long term PPAs and FID tariffs which account for more than 60% of the electricity produced in Bulgaria and displace other cheaper alternatives. The overall low retail prices (the Bulgarian households enjoy the lowest electricity prices in the EU, but as a percentage of the disposable income they are the highest) are achieved with regulatory pressure on the grid transmission and distribution companies which have one of the lowest fees in the EU.

Freedom comes slowlyAlthough EU legislation requires that Bulgaria liberalizes its market, freedom

comes slowly (and Bulgaria is not alone in the EU). In 2013 the Energy Law was amended and the business connected to the mid voltage grid dropped from the regulated market. Now 42% of the consumers are obliged to find their own supplier and buy electricity on market terms.

This slow drive to freedom is due to several reasons. First, there was discomfort with the liberalization process, because it was expected to result in higher retail prices. But it turned out to be exactly the opposite and in fact the companies that chose to

although eu legislation requires that Bulgaria liberalizes its market, freedom comes slowly

Electricity net generation in 2013 – 40055 (GWh)

Domestic electricity consumption in 2013 – 33874 (GWh)

Electricity exports in 2013 – 9532 (GWh)

Electricity imports in 2013 – 3351 (GWh)

Regulated vs. Free market in 2014 – 52:48

Public supplier wholesale price in 2014 – €56.7 per MWh

NPP Kozloduy (the cheapest producer) wholesale price for the free market in 2014 - €37.8 per MWh

Grid fees for household consumers – €22.4 per MWh

Grid fees for industries on high voltage grid – €3 per MWh

Electricity prices for households (second half of 2013) – €0.088 (KWh)

Electricity prices for the industry (second half of 2013) – €0.073 (KWh)

Number of registered electricity traders - 67

Facts about the electricity market in Bulgaria

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find their own electricity suppliers saw their retail prices go down.

However, there are two other more important factors behind the slow liberalization. First, long-term PPAs, both for the renewable and conventional power plants which cover approximately 60% of the energy produced. Without major changes in the Bulgarian energy model they cannot fall easily in line with the rules of the free market. But the biggest problem is the former state monopoly NEK, now the only supplier for the regulated market (representing 58% of the total electricity market). The company is heavily indebted and a contracting party to all PPAs. Without the privilege of being the sole supplier for the regulated market, it will probably go bust.

how it worksThe main difference between the regulated and the free market is the way retail prices are formed. Regulated prices are fixed every year by the State Commission for Water and Electricity Regulation. They are based on the so-called “expense plus” method. Therefore, it is not a “price”, but rather a “charge”,

because the producers do not compete to sell their electricity.

The free market operates mainly on freely negotiated long-term contracts, but day-ahead or hour-ahead trading is very restricted due to the absence of an energy exchange market and the overall underdevelopment of the energy market. The balancing market is still fully governed by the Electrosystem Energy Operator (ESO) and most of the balancing energy comes from NEK.

Electricity exports are free and done by energy traders and NEK. The only problem the export companies face is ESO which frequently restricts exports to protect the local market.

The electricity market in Bulgaria will probably see a lot of further developments. The share of the free market will grow and there will be attempts to undo PPAs. The only thing that will remain unchanged will be consumers’ discontent with the retail prices.

The electricity market in Bulgaria will probably see a lot of further developments. The share of the free market will grow and there will be attempts to undo PPas. The only thing that will remain unchanged will be consumers’ discontent with the retail prices.

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06The reform

in Bulgaria is slow and incompleTe

The modern electricity market is still behind the corner, but the pressure for reform grows. compared with other member states, in Bulgaria, efforts to reform the national electricity sector started late and look modest and largely incomplete, the 2013 assessment report of the european commission on Bulgaria’s energy sector clearly states. The electricity market in Bulgaria follows a hybrid model whereas part of the transactions for the sale of electricity are concluded at regulated prices, approved by the regulator, and the remaining part is traded on the liberalized market at freely negotiated prices.

electricityEnergy Management Institute*

The regulated part of the Bulgarian electricity market – which is still predominant – is organized in a way that it is not the most cost-efficient plants which are dispatched first. Plants are not bidding into the pool based on an economic merit curve. Instead, dispatching of plants is taking place on the basis of regulated quotas and priority rules, at prices fixed by the regulator, which are not necessarily connected to underlying costs.

The liberalized market model constitutes of bilateral contracts and market balancing. Despite the partial privatization of power generation assets and of the entire distribution system, the single, vertically integrated, fully state-owned company (Bulgarian Energy Holding - BEH) retains a central role at the free market segment. BEH and its subsidiary, NEK, hold generation assets representing 45% of installed generation capacity. NEK itself still has a central position in the Bulgarian electricity system. It performs functions that would be normally carried out by separate entities in a mature market. In the regulated segment of the market,

it acts as a single buyer from power generators on the high-voltage grid. As a public provider, NEK is the single supplier of electricity at regulated prices for DSOs/end suppliers. NEK also plays a substantial role in the free market and acts as supplier of last resort for industrial consumers.

The closure of old coal power plants was delayed, due to lack of a market forces, the low price of CO2 allowances, and the expected exemption of Bulgarian coal power plants from EU Emission Trading Scheme rules. In addition, non-market and unreasonably expensive capacity schemes to support RES generators are applied, and the other 40% of the installed capacities (all the three lignite thermal power plants at Maritza East basin) are locked by long-term power purchase agreements. Thus, the Bulgarian energy system suffers from a significant, structural overcapacity and a relatively small-sized internal market and decreasing exports cannot provide sufficient resources to maintain and keep alive all the existing plants and newcomers.

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A closer look on the supply side: In 2013 there were 9 individual suppliers on the free market, 3 of them subsidiaries of BEH accounting for 91% of the electricity volumes traded last year. Another 3 suppliers (8.9% market share in 2013) are connected to a single owner and the rest accounted for 0.1%. This is called competition! And it is furthermore skewed by the fact that the Regulator presses producers to sell their electricity at very low prices on the regulated segment of the market, which results in higher prices on the free market. Just an example: the price at which the Kozloduy Nuclear Power Plant supplies the free market is more than 2 times higher than the regulated price set by the public watchdog SEWRC.

Regulatory interventions in the market are huge, leading to distortions, high costs, cross-subsidization and a financial devastation in the energy sector. With the latest price decision, as of July 1, 2014, SEWRC leads the electricity sector to a huge and increasing financial deficit. SEWRC formally acknowledged that NEK’s short-term liabilities amount to BGN 1.5 billion,

but postponed their inclusion in the prices for later. Incomes in Bulgaria are low (the country has the lowest GDP per capita in the EU), so the energy regulator keeps the price of household electricity down and it is the lowest in the EU. Deliberately low regulated electricity prices for household customers are cross-subsidized by industrial low-voltage energy prices, which are 32% higher than those of households.

These regulatory riddles hamper the development of a liberalized market and deteriorate further the financial situation in the sector. As a result, today the Bulgarian electricity market carries several structural inefficiencies, some of them notoriously unprecedented.

A balancing market was given the green light on June 1, 2014. Only a month later, SEWRC confessed that due to a mismatched balancing price methodology the balancing market had shown unprecedented variances between spill and top-up prices (at times the price difference was 350-fold), and even a negative spill price – events without precedent in Europe.

In such conditions, market signals and competition cannot fulfill their function of ensuring efficiency. As a result, transparency, cost-efficiency and an adequately functioning market are totally missing.

what can and must be done?The regulated market segment must gradually shrink and later on abolished, which means an increase of regulated prices to market levels and the elimination of regulated quotas for suppliers. This means a detailed step-by-step roadmap for household price increases, accompanied by well-targeted, more adequate and effective support for vulnerable customers. Publicly announced data showed that about 60% of Bulgarian citizens can’t afford to heat their houses adequately, but only 8% are covered by social protection schemes.

Now there is no functioning electricity exchange and no transparent wholesale market signals. Instead of a single wholesale price, there is a bunch of individual prices, set by the regulator, and even not technology-wise, but

21

plant-by-plant-wise. This obviously needs to change.

The transformation of long-term power purchase agreements at fixed/preferential prices (TPPs and RES) is a must, but only in market-based way, by motivating producers to sell part of their energy on the free market and in accordance with the EU legal provisions and best practices. RES support schemes have to be reviewed and replaced by a more cost-efficient mechanism. Renewables have to be gradually integrated into the market too.

Other, more sophisticated measures for promoting competition are the so-called virtual plants, removing barriers (including commercial, legal & infrastructure ones) and encouraging new entries and participation on the market. The single buyer model has to sink into oblivion: first, SEWRC has to set prices reflecting the costs of an efficient operator for each supplier and technology. In the longer term it must move towards a system of dispatch based on merit-order.

The coupling of the Bulgarian electricity market with neighboring electricity markets and the introduction of implicit capacity allocation on the borders have to be speeded up, to give the Bulgarian industry access to cheaper energy.

But above all and before all others, to tackle the increasing problems in the sector and conducting the liberalization of the market on a solid base, there has to be established a

stronger, professionally-driven energy regulator, which will be independent from politically and corporately influences and equally fair to all market participants. The establishment of such a regulator requires an adequate budget for administration purposes and the application of clear and transparent procedures for selecting the regulatory staff in accordance with the specific EC recommendations in this regard.

*EMI is an independent think-tank in Bulgaria that offers innovative ideas on energy management and public policies. The institute is a neutral platform for information exchange and brainstorming. Moreover, it disseminates easily accessible and well-presented information to the wider public. EMI represents Bulgaria in EURELECTRIC, the biggest association of the electricity industry in Europe.

above all and before all others, to tackle the increasing problems in the sector and conducting the liberalization of the market on a solid base, there has to be established a stronger, professionally-driven energy regulator, which will be independent from politically and corporately influences and equally fair to all market participants

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07The Rush foR smaRT GRidiN RomaNiaThe main benefit from a full-scale implementation of smart metering and smart grid solutions will be a more competitive, qualitative and dynamic energy market that will benefit all stakeholders – the state, consumers, utilities companies and equipment suppliers. This is one of the main points made by Razvan Copoiu, vice president of the Romanian branch of the french company schneider electric, in his exclusive interview for the energyWorld magazine.

interview Razvan CopoiuEmilia Damian

Implementing the smart grid is one of the greatest challenges facing the energy sector, says Razvan Copoiu, adding that Romania is only 30% efficient and equipped with outdated installations, while the EU has set as a target to ensure that 80% of consumers will have a smart meter by 2020.

energy World: how far is Romania from implementing full-scale smart grid and smart metering solutions?

Razvan Copoiu: Romania is still in the phase of searching for the right solutions, both regarding the legal framework and the way they will be implemented. Several pilot projects have been announced and some tens of thousands of smart meters have already been installed. Thus, we have made some efforts and progress, but Romania should speed up and come to concrete and efficient solutions, taking into account the target set by EU: by 2020, 80% of consumers in each member state should have smart meters installed.

Smart meters are only a part of the smart grid, one of the greatest challenges facing the energy sector. In Romania,

there are already in progress some drivers that require a smarter and more efficient grid, such as the implementation of energy efficiency solutions or renewable energy generation. Today, the power grid in Romania is only 30% efficient and equipped with outdated installations. To reduce energy waste and to make the distribution safer and more efficient, there is a need for a smart grid that integrates all the new technologies used in this sector. Schneider Electric offers customized solutions for smart grids that make the distribution more secure and flexible.

a necessity for the energy marketeW: What will happen when Romania achieves this?R.C.: Smart meters and a smart grid are not only a desideratum, but a necessity. The energy market and consumption needs will continue to evolve, they will require new technologies and the grid has to keep up with all these in order to maintain the balance between production and consumption.

Moreover, the liberalization of the energy market in Romania requires

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the implementation of smart metering solutions in order to exploit the full advantages of a free market. Romanians will see exactly how much they consume and how much it costs and will be more informed in order to make the right decisions regarding their consumption habits and the suppliers.

Thus, the main benefit from full-scale implementation of smart metering and smart grid solutions will be a more competitive, qualitative and dynamic energy market that will benefit all stakeholders – the State, consumers, utilities companies and equipment suppliers.

monitoring means smaller billseW: so, what are the advantages for consumers?R.C: The smart grid enables a more efficient, flexible and secure distribution of power. The installation of smart meters, as I mentioned before, will help consumers monitor their exact consumption and, once they have accurate and real time data, it will be easier for them to manage their consumption and reduce it.

Moreover, combined with a time-based pricing policy, consumers will be able to schedule their consumption at times when prices are lower. This will also greatly benefit the environment: the variable rates will motivate consumers to shift heavy consumption to off-peak hours, contributing this way to a healthier environment.

eW: What will be the disadvantages?R.C: We like to think that implementing smart grid solutions is a win-win situation. Smart meters help to reduce energy waste and give better control over consumption and these benefits, combined with energy efficiency solutions, will help companies achieve improved network visibility, reliability and superior global performance.

The main challenge is the cost of the investment, but companies should consider energy efficiency solutions as an investment with long-term benefits. Unfortunately, due to our poor legal framework in this respect, installing smart meters and upgrading the power grid to a smart grid involve costs which, at the moment, no one knows for sure

who they will be borne by. Despite the funds granted by the EU and the incentives the State might offer, part of the costs will probably be reflected in consumer electricity bills in the following years.

“The smart grid enables a more efficient, flexible and secure distribution of power. The installation of smart meters will help consumers monitor their exact consumption and it will be easier for them to manage their consumption.”

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authorities should do moreeW: do Romanian authorities encourage enough the implementation of the smart grid? or, what exactly should they do?R.C.: I believe that the Romanian authorities are trying to meet the target set by the EU regarding the smart grid, but there are facing several challenges. One of them is that they need to find the most appropriate solution for our country in terms of programs, financing, incentives and cost recovery. Taking into account that we have only six years left to reach the first target set by the EU (smart meters for 80% of consumers), it is obvious that the authorities should do more and faster. That is why we estimate that the second part of this period, 2017-2020, will be the most intense in implementing the new technology. However, I believe that all stakeholders should commit to be part of this process – for example, utilities should participate with dedicated programs (as some of them have already done or plan to do), while consumers should be more open and willing to collaborate with the implementers.

With regard to consumers, especially in the residential sector, I would say that another critical challenge is education. There is little time left to educate consumers about the advantages of smart metering and the options they will have once the implementation is completed. I strongly believe that we should have public awareness campaigns for consumers to understand exactly why the new technologies

are necessary and, convinced by the benefits, to agree to bear part of the costs according to a well-planned schedule.

eW: how big will be the investment for covering the whole country with a smart grid?

R.C.: The construction of a smart grid is a very complex process, which will take several years. The value of the investment depends on the solutions that the authorities will decide to implement and on the equipment and services chosen by the utilities.

Thus, I believe that it is very difficult, if not impossible, to offer a cost estimate for the entire project. However, a survey conducted by A.T. Kearney for the European Bank for Reconstruction and Development, which recommends a certain model for the implementation of smart metering, estimates this investment at a value of 1,170 million lei between 2013-2032, with a profit on investment of about 44%.

The european championseW: how is europe from this point of view? Name some countries where there is a full smart grid and what happens there?R.C.: As I have already mentioned, the European Union has set as a target to ensure that 80% of consumers in each member state will have a smart meter by 2020. However, some countries have agreed more ambitious targets. Italy was the first country to install smart meters to over 30 million clients. The Nordic

“The european union has set as a target to ensure that 80% of consumers in each member state will have a smart meter by 2020. however, some countries have agreed more ambitious targets. italy was the first country to install smart meters to over 30 million clients. The Nordic countries – sweden, finland, denmark and Norway – have also been quick to implement the new technologies.”

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countries – Sweden, Finland, Denmark and Norway – have also been quick to implement the new technologies.

According to the survey conducted by A.T. Kearney for EBRD, Spain, France and the UK are at the moment the most active markets in Europe both for electricity and natural gas. Spain has committed to implement smart meters for all consumers by 2018, France has set as deadline the year 2016, while the UK plans to install 53 million smart meters by 2019.

However, the same survey shows that not all European countries are willing to commit to strict objectives regarding the implementation of smart meters. For example, in Germany, smart meters are mandatory only for new buildings, while the owners of existing buildings can decide whether they will have them installed or not.

eW: What is the situation in southeastern europe in this regard?

R.C.: Southeastern countries that are part of the EU have committed to the 80%-100% target by 2020. Some of

the countries that are not yet part of the EU, such as Bosnia and Herzegovina or Montenegro, have less ambitious objectives (below 50%).

schneider electric solutionseW: What is scheider electric offering for smart grid and smart metering?R.C.: At the Central and Eastern Europe Regional Energy Forum, FOREN 2014, organized by the Romanian National Committee of World Energy Council, Schneider Electric had the opportunity to present its solutions for smart grids.

For example, for the utilities which want to efficiently upgrade their power grids and to plan their evolution, Schneider Electric offers the package “Advanced Distribution Management System”, complete upgrade solutions ECOFITTM and full services which include preventive maintenance and onsite training. These help users optimize network management and operations, due to real time modeling of the distribution grid, and ensure a high level of efficiency, reliability and performance.

Also, for an increased visibility and for

optimizing consumers’ management and grid efficiency, Schneider Electric offers integrated services and solutions for remote shedding, consumption balance, smart and reliable medium voltage switchgears, advanced services such as grid evaluation and assistance regarding energy efficiency. The benefits of this offer include a higher real time reliability of the grid, reduced waste, lower costs with field teams due to fewer outages, improved interaction between users and grid and secure switching operations.

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08Romania libeRalizes the gas maRketthe Romanian authorities decided to liberalize the gas market on July 1, six months prior to the schedule agreed with the international monetary Fund and the european Commission. but the main gas operators insist that the market is not ready for this strategic move. Will the country be able to overcome the problems?

oil & gasEmilia Damian

The National Energy Regulatory Authority (ANRE) suggested to the Government that it should annul the timetable for the liberalization of the gas market for non-household consumers starting July 1, 2014, ANRE President Niculae Havrilet announced in June. He explained that the measure was necessary as the market price moved lower than those established in the liberalization timetable, following the price decline on the international markets and lower gas imports.

‘We propose the Government to conclude the liberalization process in the industrial sector on July 1, so they [non-household consumers] could also benefit from the possibility of accessing lower prices than those provided in the timetable. The current timetable provided for price increases at higher levels than those currently registered, which is no longer feasible, therefore we propose the annulment of the timetable,’ Havrilet said.

imports and domestic gasThe ANRE official reminded that when the liberalization process started the

difference between the price of the gas produced in the country and that of the imported gas was of 1 to 3.

‘The import price was 590 dollars per thousand cubic meters and the price of domestically produced gas stood at 150-160 dollars per thousand cubic meters when the liberalization process began. We must also bear in mind that gas market liberalization was a precondition for Romania to join the EU, a process that should had been completed in 2007, but was not achieved. In the meantime, the European directives changed, time limits were postponed once again and market conditions changed,’ Havrilet also said.

Wrong scenariosAccording to him, the liberalization timetable was established based on a study conducted by Roland Berger consultants. The consultant prepared three scenarios, but none of them turned into reality.

‘A first estimate referred to the fact that over the coming years the consumption would increase, which did not happen. A second claim was that imports would go

27

up to 35% of total consumption, but this estimate proved also wrong. The third assumption was that the price of gas would stay at 500 dollars per thousand cubic meters, but in all European hubs prices currently stand at 330-360 dollars,’ ANRE President explained.

Industrial consumers account for 75% of the gas market and 16% of them still pay ANRE regulated rates and needed the annulment of the liberalization timetable. The other 25% of the market corresponds to households, for which the process of liberalization would be completed in 2018.

the next dayNo one has predicted what will happen the day after the industrial gas market is fully liberalized, and the deregulation timetable should be extended, not postponed, said Eric Stab, General Director of GDF Suez Romania, one of the most important gas suppliers and distributors in Romania.

“What will happen to the 170,000 consumers that will be affected by this change? What will happen is not known. This timetable should be extended, to slow down the rise in the internal production price”, said Stab.

In his opinion, there has to be a functional market, a spot market for gas, to establish predictability over prices.

“Like it or not, Romania still depends on imports. If the market for non-household consumers is deregulated

by July, who will do the imports”, the quoted source stated.

He reminded that there are only two gas producers in Romania (state-owned Romgaz and OMV Petrom) and only one import source (Russia), while on the wholesale European market thousands of transactions are conducted every day.

a very dangerous stepPresident of E.ON Romania Frank Hajdinjak criticized also ANRE’s move to propose the total liberalization of the industrial gas market.

“This step is very dangerous for the industry and for all operators in the gas sector, because consumption will drop, the quantity supplied will drop and we will lose consumers. Let’s be honest, we don’t have a market, because there are only two producers in the country. Competition Authorities should have a look at this sector. A possible measure would be to break up producers, so as to have six or seven, instead of two, to promote competition in the market,” said the president of E.ON Romania, also a very important gas supplier.

The liberalization of the industrial market for natural gas before the deadline provided in the timetable for completing the deregulation process is a dangerous step both for industrial consumers and operators in the gas sector, Hajdinjak said.

gas on the stock exchangeNatural gas producers will have to sell a quota of their production on the exchange starting on July 1; the same will apply to natural gas suppliers from 2015, Minister Delegate for Energy Razvan Nicolescu announced in mid-June.

“Natural gas producers and suppliers will have to sell on the exchange quotas to be set by the regulatory authority. Thus, starting on July 1, natural gas producers Petrom and Romgaz will have to trade

no one has predicted what will happen the day after the industrial gas market is fully liberalized, and the deregulation timetable should be extended, not postponed, said eric stab, general Director of gDF suez Romania, one of the most important gas suppliers and distributors in Romania

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some of their production on the exchange, in a transparent and non-discriminatory way,” the minister explained.

He added that the same obligation would apply from 2014 to natural gas suppliers, including possible gas imports.

‘We think this is a very good step for the market and consumers. Romania’s gas market will have a benchmark price. The move is also part of the agreement between the Romanian Government and the international financial institutions. It is a part of our past and current agreement with the IMF and the other institutions. We also think that it is highly beneficial for Romania’s natural gas market,’ Nicolescu said.

Problems and job lossesThe President of the Democratic Liberal Party (PDL, in opposition) Vasile Blaga said he has demanded the suspension of the gas price liberalization process.

“We have told the IMF that we request the suspension of the gas price liberalization process, given that on one hand there is no European common market for gas and, on the other, there are only two gas suppliers in Romania - Petrom and Romgaz - and one importer - Russia - from which we import at a high political price, but also because this Government has no strategy regarding Romania’s energy development”, Blaga said.

Furthermore, Democratic Liberals have requested the annulment of the shares held by the state in energy companies.

At the meeting with the IMF delegation, they presented a plan for meeting the deficit target by reducing public fund investments, Blaga added. According to the leader of PDL, in the first four months, the Government has cut public fund investments up to 40% compared to the same period of 2013.

“All democratic states are governed only on the basis of the approved by the Parliament state budget and social insurance contributions. In Romania these things are not discussed anymore and that is not the fault of the Troika (the three international lenders), but of the Government which cannot manage incomes and are forced to take breakneck decisions that lead to a total lack of predictability with regard to Romania’s fiscal policies. A lack of predictability that, together with the high number of taxes and tariffs and high labor costs, has led, practically, to continuous job losses and forced the Romanian Government to do what it shouldn’t do to meet the deficit target, that is to cut investments from public funds”, Blaga added.

Net production of electricity in 2013 – 55780 (GWh)

Domestic consumption of electricity in 2013 – 49690 (GWh)

Export of electricity in 2013 – 2470 (GWh)

Import of electricity in 2013 – 450 (GWh)

Regulated vs. Free market in 2013 – 51:49

Electricity prices for the households (2013) – 0.093 euro (Kwh)

Electricity prices for the industry (2013) – 0.080 euro (KWh)

Number of registered electricity traders - 85

Facts about the electricity market in Romania

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09SERBIA: PREPARIng

thE nExt PhASE of lIBERAlIzAtIon

the fact that Elektroprivreda Srbije (EPS), a state-owned power utility, is gradually losing its monopoly since 2013 has not changed the overall picture of the Serbian electricity market. EPS has kept around 96 percent of the market, while the level of prices charged by the dominant supplier make it difficult for competitors to threaten its position.

ElectricityStevan Veljovic

Over the last two years, Serbia has been moving steadily on the path of market liberalization, opening to competition about 40% of the Serbian electricity market. By January 1, 2015, only households and small consumers - those with annual consumption less than 30,000 kWh - will have access to public electricity supply, while all the others will depend on market conditions.

The fact that Elektroprivreda Srbije, a state-owned power utility, is gradually losing its monopoly since 2013 has not changed much the overall picture of the Serbian electricity market. EPS has kept around 96% of the market in the commercial segment, and the rates charged by the dominant supplier make it difficult for competitors to threaten its position.

The first to be deprived from regulated prices, on January 1st, 2013, were the consumers connected to the transmission system, accounting for 9.5% of total consumption. However, out of 27 large industrial consumers, only one company, German Messer, has opted to change EPS for another supplier.

In the second phase, starting from January 2014, around 3,200 consumers - connected to medium- and low-voltage distribution networks with more than 50 employees or an annual turnover exceeding EUR 10 million - were forced to choose their own supplier. The outcome in the first year is that only about 4% decided not to stay with EPS.

Nevertheless, before the legal obligation to find a supplier in the open market entered into force, even this percentage seemed hard to attain. The companies were allowed to choose their own supplier since 2008, but they never did, because regulated electricity rates were much lower.

Once the market competition sets off, it seems it is only a question of time before Serbia begins to catch up with other countries where the liberalization of the electricity market has progressed more, such as Croatia or Slovenia.

Increasing the billsThe fact that, apart from the subsidiary EPS Supply, there are four suppliers covering 4% of the market shows that

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competition in Serbia does exist and that liberalization has already produced some results. However, private suppliers often remind that the concept of market liberalization includes market prices, which, as a stock exchange good, change both during the season and during the day.

“The fact that EPS Supply still offers rates that are often below market level prevents liberalization of having a real impact and establishing genuine and intense competition based on market principles,” Dejan Paravan, Executive Director responsible for sales at GEN-I, told EnergyWorld. Paravan noted that EPS buys and sells electricity at market-based rates, while its subsidiary still offers “preferential rates” to its customers. He refused to give further details, claiming it is a matter of business policy for each company.

Despite these limitations, he said his company plans to increase sales by offering alternative, custom made products to cover a range of consumer consumption profiles. “We haven’t discussed the segment of households as the rate charged by the public supplier is 10% lower than the market value. Moreover, this kind of activity is associated with a number of administrative and other problems, but it will certainly be interesting at some point in the future”, he concluded.

EPS, on the other hand, claims they are already preparing for the next phase of liberalization after successfully overcoming the first challenges. They remind that EPS Supply faced competition from the very first day and still attracted a large number of consumers, for several reasons. “EPS produces electricity and sells its own energy, while other suppliers are importing it to sell it in Serbia, which allows us to offer a competitive price.

Moreover, because of its leading position in the market, EPS has the lowest cost of balancing, which allows us to offer better prices”, the company said.

Since January 1, 2014, the average increase in EPS electricity bills in the segment of commercial supply was 17.71%, while for reserve supply, bills increased on average by 37,49%. Price increases are not linear, as the structure of consumption varies for each customer, the company added. Zeljko Markovic, director of EPS Supply, said in April that the mean value for the single electricity price, which has been achieved in commercial supply, was 44.35 euros per megawatt-hour (MWh).

The optimism of EPS, on one hand, and the caution of traders, on the other, seems understandable having in mind that households after January 1, 2015, will be free to choose their power suppliers, still keeping the option of buying electricity from the public supplier. At current price levels, there is no reason for them to change supplier, with the exception of those who use much electricity for heating, where there is some space for other suppliers to offer better prices.

Closing the price gap, however, could start before the end of this year if the Energy Agency lets EPS increase the price of electricity. Having in mind that the damages that power plants and coal mines suffered during the recent floods amounted to around €500 million, such a decision would not be a surprise. The last time the electricity price increased

facts about the electricity market in Serbia

Electricity production in 2013 – 37,537 GWh

Final consumption of electricity in 2013 – 28,501 GWh

Exports of electricity in 2013 – 3,671 (GWh)

Imports of electricity in 2013 – 485 (GWh)

Regulated vs. Free market in 2014 – 57:4

Grid fees for household consumers– 2.7 euros per MWh

Electricity prices for households (second half of 2013) – 6,14 €cent/kWh

Electricity prices for the industry (second half of 2013) – 6,35 €cent/kWh

Number of registered electricity suppliers - 79

Source: Energy Agency of the Republic of Serbia

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was in August 2013, by 10.9% for households and 12.8% for the industry.

Encouraging improvementsIn regulatory terms, the process of liberalization did not go as smoothly as it might look, especially in the second phase. Out of more than 3,200 companies that found themselves in the free market in January this year, around 1,000 are still having EPS as a reserve supplier, which supposed to be a short-term solution for companies that had not signed commercial contracts on time. According to EPS, these are mostly state-owned companies in the process of restructuring that do not have the economic capacity to enter into commercial contracts and are forced to use a backup supply. “Based on a governmental decision, they are allowed to have a reserve supply until the end of this year,” the company told EnergyWorld.

Another issue to be solved is that of the distribution system operator, as it is important both for EPS and for the other players in the market. In the plan for the reorganization of EPS, adopted in December 2012, the Government said it would transform five distribution companies - operating both as suppliers

and distribution system operators - into one supplier, competing in the free market, and one operator, providing network services for all suppliers at same conditions.

The public supplier, EPS Supply, started its operations in July 2013, but the creation of a single operator for the distribution system faces strong resistance inside the company. To prevent having different grid fees charged by five distribution companies,

the Government adopted a Decree imposing uniform tariffs for access to the distribution system for all customers that lose their right to public supply.

On the scale between fully liberalized markets, such as those in Hungary and Slovenia, and markets still closed to competition, such as in Montenegro or Bosnia and Herzegovina, the Slovenian company GEN-I places Serbia somewhere in the middle.

“The improvements made in the last two years are encouraging, and it is understandable that writing a law is not enough for a market to be effective, without deregulation of the energy sector, bylaws and rules. Unfortunately, the fact that the distribution system operator is not separated from EPS is another cause for the relatively slow market opening and the lack of competition, because the distribution system operator has no interest to be transparent and treat equally all suppliers, ” Dejan Paravan said, adding it normally takes some time before all customers realize the benefits of liberalization.

“It normally takes some time before all customers realize the benefits of liberalization” – Dejan Paravan, Executive Director responsible for sales at gEn-I

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10SeriouS playerS Still avoid Serbia end uSerSSerious players involved in trading electricity still avoid Serbia, but also the entire balkan region. this is primarily related to the supply of final customers, but not the wholesale market where they are very active. the prospects for the liberalization of the electricity market in Serbia are not poor, but obstacles are big and most are sure that the next phase of the liberalization process will not change anything. answers must be given soon.

electricityVladimir Spasic

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Serbia opened its electricity market to competition for all customers, except households, in 2008, but the first customers came out to the market in 2013, when consumers at high voltage had to choose a supplier. Since 2014, this obligation pertains also to medium- and low-voltage consumers that do not have the status of a small consumer. From 2015 onwards, households will be entitled to take up the free energy market too, but not necessarily.

In early 2013, all end users whose facilities were connected to the electricity transmission system were required to buy electricity on the free retail market. Out of 26 such customers, only one changed the traditional supplier, Electric Power Industry of Serbia (EPS). At the end of 2013, 72 companies were licensed to supply electricity on the free market, but except for EPS, there was only one active: GEN-I d.o.o. Belgrade.

The Energy Agency of the Republic of Serbia (AERS) states in its report for 2013 that the free wholesale electricity market in 2013 was based on trade between suppliers, given that significant independent producers do not exist.

The activities of the suppliers in the free market were focused on cross-border trading, mostly for transit through Serbia which is dominant due to the central geographic position of the power system in the region and the eight borders, as well as for imports and exports. Exports were significantly higher than imports. In 2013, the right to report work plans

based on an appropriate contract signed with the electric power grid of Serbia (Elektromreza Srbije - EMS) pertained to 37 participants in the electricity market, of which 33 dealt with cross-border exchanges, while the remaining four dealt only with trading between suppliers in the internal electricity market of Serbia, the Report says.

According to the Report, during 2013, transit of electricity (commercial data) was slightly increased compared with total turnover in 2012. In addition, a significant increase was recorded in the purchase of electricity from the Electric Power Industry of Serbia in the open market. This company was the dominant supplier of end customers in the free market.

Asked why serious players do not operate in Serbia, Ljiljana Hadzibabic, member of the Council of AERS, says for EnergyWorld that serious players are engaged in wholesale trading.

Out of 79 licensed companies, only 43 are active. In Serbia, trading between suppliers (including EPS) and transit are highly developed. Because this year EPS is the dominant supplier in the free market, electricity to final customers comes mainly from the production of EPS and EPS’s imports during the coldest days. Suppliers trade among themselves in Serbia and in case they need energy and have rented cross-border capacity, the energy is mostly in transit. We have no detailed analysis, there are plenty of commercially sensitive data, she explains.

Hadzibabic points out that now 5-6 retailers sell electricity to end users in Serbia: EPS, GEN-I, New Commodities, Vukovic, Rudnap. Some retailers announced that they will wait to start with this business after facing initial difficulties, and some do not plan to do business with end users.

When asked how the Serbian market

the next step of liberalization will not change anything

Ljiljana Hadzibabic believes that nothing significant will change with the next step of liberalization, when households will have the opportunity to tap the market. The regulated price is lower than the market price and households will continue to buy from the public supplier, EPS. Maybe new suppliers can offer

lower prices for consumers in red zone, but if they have to purchase electricity from EPS or on stock exchanges, prices are high in the winter and she does not think it would be worthwhile. Suppliers who are not interested in consumers at high voltage will not be interested in households, she explains.

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could become more competitive in supplying final customers, she said that EPS as a major producer, with a favorable ratio of hydro and thermal generation, offers the best prices, which are higher than the regulated ones but lower than the market price. She is convinced that Serbia will have greater competition in business with final customers when the regulated price reaches the market price, and other suppliers can offer the same as EPS. The ultimate goal is to make prices for all customers as low as possible, and to ensure that competition helps mitigate price growth.

The biggest benefit of liberalization is the elimination of the monopoly in production and trade. Liberalization also means that prices are market-driven, which in our case means higher prices. Customers do not like when prices go up, but without a real, economically viable price, there will be no new

investment in production facilities and security of supply will be in danger. About 65% of consumption (households and small customers) has a regulated price and this percentage is not significantly reduced. Regulated prices should, in accordance with the Energy Development Strategy, adopted by the previous government and submitted to the Parliament, reach a market value for 2-3 years. The issue of the poor and vulnerable energy customers must be addressed in parallel with the increase in prices, regardless of the energy entities. Market opening has allowed EPS to increase revenue because it achieved higher prices than regulated, Hadzibabic points out.

EnergyWorld heard the same opinion expressed also by EFT officials. EFT is the leading retailer in the Serbian market. They said that liberalization, so far, has obliged EPS to be closer to market prices, which is good for them, although

Stock exchange in 2014

Nikola Petrovic, the CEO of Elektromreza Srbije (EMS), said that Serbia will get stock exchanges next year. The stock exchange will start operating at full capacity by 2018. Officials of EFT say that, depending on liquidity, the Serbian market could be dominant in the region, even better than the Hungarian one, and this will increase the transparency and visibility of the market. Ljiljana Hadzibabic believes that the stock exchange will increase supply security and promote a more dynamic market. The stock exchange enables a better understanding of price movements in the market, which is important not only to suppliers and customers, but also to potential investors in generation and network capacity, she said.

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it remains the largest supplier.

EFT says that serious players avoid the Balkans as a small, uneven and regulatory complicated market. All countries in the region, they add, have their own rules. They are all small markets. Profits are low and risks high. And the fact that the nearest liquid stock market is Hungary means that big traders stop at its borders.

If we want more competition, we need standardization of regulations, full compliance with the European Union regulations and the EFET Agreement, i.e. a clear legal system that will monitor electricity suppliers and will collect hourly data on consumption. Then a large number of retailers will be able to provide competitive bids. Moreover, it is crucial to ensure equal conditions for all market participants, EFT sources said.

Market participants 2008 - 2013 year 2008 2009 2010 2011 2012 2013 number 30 31 35 35 45 37 AERS

input / output cross-border transactions by borders in 2013 (GWh)

border with input in Serbia output from Serbia Romania 1.591 675 Bulgaria 760 613 FYROM 243 2.956 Albania 413 1.235 Montenegro 1.233 2.472 BiH 1.699 762 Croatia 774 885 Hungary 3.381 4.341 All borders 10.094 13.939 AERS

Suppliers with highest turnover in 2013 transit GEN-I d.o.o. Beograd, EFT TRADE d.o.o. Beograd, Danske commodities Serbia d.o.o. Beograd, Rudnap Group a.d. Beograd i EZPADA d.o.o. Beograd; exports EFT TRADE d.o.o. Beograd, GEN-I d.o.o. Beograd, EZPADA d.o.o. Beograd, PLC INTERENERGO d.o.o. Beograd, purchases from epS EFT TRADE d.o.o. Beograd, GEN-I d.o.o. Beograd, EZPADA d.o.o. Beograd, PLC INTERENERGO d.o.o. Beograd, ALPIQ ENERGIJA RS, d.o.o. Beograd purchases/sales between suppliers EFT TRADE d.o.o. Beograd, ALPIQ ENERGIJA RS, d.o.o. Beograd, Rudnap Group a.d. Beograd, GEN-I d.o.o. Beograd, EVN Trading d.o.o. Beograd, PLC INTERENERGO d.o.o. Beograd, EZPADA d.o.o. Beograd AERS

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11A new energy StrAtegy for romAniAromania is elaborating a new energy Strategy for the next 25 years. nuclear energy and biomass will be top priorities, according to romanian energy minister, razvan nicolescu. the first draft will be released for public consultation in october.

overviewEmilia Damian

The current Romanian Energy Strategy was adopted in 2007, but since then the market has changed dramatically. At the time, energy consumption was expected to rise, but in fact energy consumption fell by 9% in the last two years. Moreover, the energy market in Romania has suffered a severe blow from the financial crisis, prices are different than those estimated in 2007 and the renewable energy sector has experienced explosive growth in the last 2-3 years.

In addition, many European projects have changed. The Nabucco gas pipeline project, which had been a priority for Romania, is now dead and the problems with the Russian gas supply were not so dramatic in 2007.

So Romania needed a new Energy Strategy for a longer period, that is for the next 25 years, to underline its vision, its goals and the ways of achieving these goals.

Huge investment needs“We need at least €3-4 billion a year to modernize the Romanian Energy System”, Energy Minister, Razvan Nicolescu, said.

Nuclear energy is and will remain a priority for Romania’s energy policy, and the project of the Cernavoda Nuclear Power Plant (reactors 3 and 4) will be completed, Nicolescu said, revealing one of the pillars of the new strategy.

“Given the revision of Romania’s energy strategy, some of the first conclusions show very clearly that nuclear energy is and will remain a priority for Romania’s energy policy. The decision on setting up the reactors 3 and 4 at Cernavoda has been already made, we want to implement it as soon as possible, and find partners for this project,” Nicolescu said.

He also argued that it is necessary that the development plan of Transelectrica, the Romanian Transmission and System Operator, for the next ten years includes the reinforcement of energy transport lines from Cernavoda to the rest of the country, in order to take also the power produced by reactors 3 and 4.

“A part of this capacity is currently used by the wind energy in the Dobrogea region. The calculations made by Nuclearelectrica reveal that Transelectrica

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needs at least €100 million for this investment,” Nicolescu said.

At the top of the worldAccording to minister Nicolescu, the operation standards for Cernavoda Units 1 and 2 are very high, while the Nuclear Engineering International magazine placed Romania at the top of world rankings for the high utilization rates of its nuclear power plant. There are 73 nuclear power plants worldwide, with 404 reactors. Unit 2 of Cernavoda ranks 5th worldwide, and Cernavoda reactor 1 ranks 16th, Nicolescu stressed.

“Two or three weeks ago, we launched a discussion topic in Brussels, to use European funds to finance research on the improvement of operation standards for nuclear units and nuclear fuel storage. Just as European funds are given for research in renewables or emission abatement, there is also the need for new research and long-term solutions for nuclear fuel storage,” Nicolescu pointed out.

Strategy for biomassThe Romanian Association for Biomass and Biogas (ARBIO) has proposed to the Government the drafting of a national strategy for biomass and biogas, an industry with huge potential in Romania, according to ARBIO’s chairman Ilias Papageorgiadis.

ARBIO is a member of AEBIOM and the European Biogas Association (EBA), and intends to be the voice of this industry in Romania, covering biomass, biogas, waste-to-energy, and geothermal energy.

“At first, we regarded biomass just as an investment; however, this was a mistake, as it is more than that. Biomass is a solution for Romania’s problems related to the environment, cogeneration, jobs, energy independence, and infrastructure,” Papageorgiadis said.

He underlined that Romania has great biomass potential, resulting from 14 million hectares of farmland, seven million hectares of forests, thousands of factories producing waste, and five million tons of urban waste per year.

“We will ask the government to prepare a national strategy for biomass and biogas. There are funds of more than €400 million available for our sector, therefore we shall forward concrete proposals for the development of this sector,” ARBIO’s chairman underlined.

the next star in renewables‘Due to various reasons, the bioenergy sector in Romania has been relatively quiet so far, with roughly 96 MW from operational programs in January 2014, a figure growing year by year. After the latest legislative changes and the fixed tariff (FiT) proposed for projects up to 2 MW, however, things are about to change. Biomass, biogas, energy from waste, anaerobic digestion, recycling and biofuels appeal to many investors, especially as the banks and other financing sources begin to offer financing opportunities,’ ARBIO stated in a release.

The Ministry of Energy has also announced that biomass will be one of the key issues in the next energy strategy, because Romania has a great potential for biomass production and consumption. The development of wind and solar energy should be prudent, but biomass will be the next green energy star in Romania.

Biomass will be one of the key issues in the next energy strategy, because romania has a great potential for biomass production and consumption

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12EnEl to sEll powEr distribution assEts in romania

oil & GasAda Gavrilescu

italian energy giant Enel said in July its board agreed on a plan to sell its power distribution assets in romania. the romanian state accused the company that it does not comply with the obligations set forth in the privatization contract. Enel’s market share in romania is estimated at 20%.

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All the commitments undertaken by Italy’s Enel under the privatization contracts should be fully honored, Minister Delegate for Energy Razvan Nicolescu said.

Italian energy group Enel announced that its Board of Directors agreed on a plan to sell its power generation assets in Slovakia and its distribution and sales assets in Romania.

“The plans of the new management of Enel Group to reduce their presence abroad are not a surprise for us. As far as the Romanian state is concerned, we want all commitments undertaken by Enel under the privatization contracts to be further fully honored. The Energy Department takes all necessary action in this respect,” Nicolescu said.

the second largest wind producerIn 2005-2006, Enel acquired in Romania three power distribution and supply companies, namely former subsidiaries Electrica Muntenia Sud (including Bucharest), Electrica Banat and Electrica Dobrogea.

The company also ranks second in renewable energy, having several wind farms in Romania.

The announced sale of the holdings in Slovakia and Romania are part of a broader 6 billion euro program of asset sales which begun in 2013 and aimed at reducing Enel’s debt. The program has generated 1.6 billion euros so far.

The Slovakian and Romanian assets,

along with other non-strategic assets, are expected to contribute more than 4.4 billion euros ($6 billion), the company said in a statement.

The disposals will involve a 66 percent stake in Slovenske Elektrarne in Slovakia; 64.4 percent in Enel Distributie Muntenia and Enel Energie Muntenia; 51 percent in Enel Distributie Banat, Enel Distributie Dobrogea and Enel Energie; and all of Enel Romania Srl.

Enel specified that last year these companies had revenues of 1.1 billion euros and EBITDA of 289 million euros. They distributed 14 TWh of electricity and had sales of 9 TWh in 2013. Enel has 2.4 million residential customers in Romania, holding a market share of 20%, while another 200,000 are businesses, accounting for a market share of 38%.

In 2013 the company had revenues of 1.118 billion euros and generated an operational profit of 289 million euros.

Italian group Enel said it had officially notified its subsidiaries in Slovakia and Romania, as well as the minor shareholders (companies or entities controlled by the state) about the beginning of the sale process and that its designated financial advisors are BNP Paribas and Deutsche Bank for the sale of assets in Slovakia, and Citigroup and UniCredit for the process in Romania.

Moreover, the company said that it will provide the Governments with relevant information in a timely manner.

to the Court in parisThe Energy Shares Administration Company (SAPE), a company detached from the Romanian energy company Electrica and currently subordinated to the Department of Energy, will file a case against Enel at the International Court of Arbitration of the International Chamber of Commerce (ICC) in Paris regarding the sale by Electrica of the minority participation in its former Muntenia Sud branch, the Department of Energy said.

According to the quoted source, Minister Delegate for Energy Razvan Nicolescu has already presented a note to the Government to this effect.

“The members of the Executive were informed that the Romanian state, through SAPE, will request Enel to pay 521.583 million euros, invoking the “put” option, as stipulated in Government Decision 1163/27.11.2012. According to the clauses in the privatization contract signed in July 2007, Electrica has the right to sell to Enel, and Enel has the obligation to buy, part or all of its 23.57% share in the former Electrica Muntenia Sud”, the release reads.

“I have informed the Government that we have decided not to extend the agreement memorandum signed with Enel on July 7, 2013, which is to expire on July 31, 2014. As a consequence, SAPE will initiate arbitration procedures against Enel at the International Court of Arbitration of the International Chamber of Commerce in Paris”, Nicolescu said.

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13FISIKON aNd dEPa PrOmISE EcONOmy aNd clEaNEr ENvIrONmENtdriving a natural gas vehicle can deliver savings of over 50% compared to a gasoline-powered vehicle, while the cost is at least 30% lower compared to a vehicle powered by diesel. moreover, vehicles running on natural gas emit 25% less carbon dioxide than those powered by gasoline and 35% less carbon dioxide than those powered by diesel. In Europe, promoting the use of natural gas in vehicles constitutes a strategic goal for reducing dependence on imports of oil distillation products. In Greece too, expanding the use of natural gas has emerged as a high priority issue on the agenda of all official bodies.

Oil & Gas

When the financial management team of Pepsico was asked a few months ago to reduce the operating costs of this multinational giant, they were asked to accomplish a Herculean task. Among others, they had to find a way to reduce the fuel costs for a fleet of hundreds of thousands of commercial vehicles all over the world. Only at Frito-Lay Company, the Pepsico’s subsidiary that produces the well-known Lay’s potato chips, the number of commercial trucks operating daily all over the world amounts to 76,000. So, by the end of the year, the bill at the gas station for refueling all these cars amounted to a whopping $16 billion!

Therefore, Mike O’Connell, Senior Director for Fleet Operations, was invited to cut fuel costs by 50%. Sounds unreal? Yet, it is not. Mike O’Connell found the solution! He turned to natural gas and in particular to Compressed Natural Gas or CNG. A fuel now available also in Greece, under the brand name FISIKON, from DEPA, which - in cooperation with Hellenic Petroleum – has been developing a growing number of refueling stations in Athens, Thessaloniki

and other central points of the country.

Mike O’Connell, in a recent statement, revealed that his plan works. “We are already half the way to our goal,” he said, adding that where there is an available refueling network the existing fleet of vehicles would be replaced immediately by CNG vehicles. World average natural gas fuel prices show that driving on natural gas delivers cost savings of 66% compared to the use of a gasoline-powered vehicle. As a result, natural gas vehicles have been operating in Europe -and in other regions of the world, especially Asia- for years, but in the current world economic conditions, characterized by high oil prices, the development of natural gas refueling infrastructure and fleets gets faster and faster, reducing at the same time the environmental footprint of vehicles.

To be honest, Mike O’Connell did not discover something surprising. He applied just what lies right in front of our eyes. In addition, more and more large and smaller companies follow his lead. At a recent conference held in Long Beach, California, in which O’Connell

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was invited to present his business plan, he was joined on the panel by his counterparts at United Parcel Service (UPS) and Verizon Communications. Both companies follow the same path and so does AT&T. Mike Britt of UPS oversees a fleet of 96,000 vehicles worldwide and is looking for those countries that best support this so-called “green fuel” to switch his vehicles to natural gas. On the other hand, Verizon employs approximately 50,000 commercial vehicles for the installation and maintenance of its mobile network only in the U.S. So far, it has switched to alternative fuels almost 2,000 vehicles and moves on. The same applies to Enterprise Holdings, a company which operates several rent-a-car schemes on an international level.

the European project Many European countries have taken steps to promote natural gas mobility by adopting various measures. In Belgium and Germany, cars running on natural gas have lower tax burdens, move freely in areas where they would otherwise have to pay a toll, circulate freely in the ring etc.

More generally, promoting the use of natural gas in vehicles is a strategic goal for the governments as a basis for an energy policy aimed at reducing dependence on imports of oil distillation products.

But in Greece too, all official bodies seem to support the idea of a strategic plan to expand the use of natural gas to all sectors. However, there have not been any significant incentives in this direction. It is worth noting that large groups of professional drivers, such as taxi owners/operators etc., have been also asking for stimuli, such as tax breaks and installation subsidies.

a “breath” for the city On Greek roads there are already quite a lot of private cars, 600 buses, over 100 garbage trucks and lately enough taxis running on CNG, and their numbers are expected to increase further with the enactment of the related law and the expected ministerial decision. It is worth noting that the first factory-equipped CNG cars have already made their debut on Greek roads.

many European countries have taken steps to promote natural gas mobility by adopting various measures. In Belgium and Germany, cars running on natural gas have lower tax burdens, move freely in areas where they would otherwise have to pay a toll, circulate freely in the ring etc.

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According to European studies, by 2018 the number of buses running on natural gas will amount to 12.7% of the European fleet. Greece is considered to have one of the largest fleets of buses powered by natural gas in Europe. At the same time, in Attica, there are 102 municipal garbage trucks running on natural gas, and the city of Volos is also considering adopting the CNG solution for its garbage trucks.

DEPA, in an attempt to open the way for natural gas mobility, proceeds, in cooperation with Hellenic Petroleum, to the development of new refueling stations in Larissa and Volos, in addition to the five stations that are already operating in Athens and Thessaloniki.

According to estimates, driving a vehicle running on natural gas delivers savings of over 50% compared to a gasoline-powered vehicle, while the cost is at least 30% lower compared to a vehicle running on diesel. DEPA sells FISIKON natural gas at price levels of around €1 /kg. The energy content of one kilogram of natural gas corresponds to 2 liters of LPG, to about 1.6 liters of petrol and 1.4 liters of diesel. Given the selling prices for each fuel, the savings that businesses and households could make by switching to natural gas are impressive.

Besides the great cost savings it

delivers, natural gas has also excellent environmental characteristics as a fuel. Given that more than a fifth of carbon emissions in Europe come from cars and taking into account that air pollution from road transport has increased by over 26% in the last 20 years, the EU is promoting measures to bring down carbon emission limits by 2020. Natural gas is a fuel that meets the demands for lower greenhouse emissions, because it is considered to be the “cleanest” fuel available. Vehicles running on natural gas produce 25% less carbon dioxide than gasoline ones and 35% less than those powered by diesel. At the same time, natural gas vehicles produce 95% less carbon monoxide emissions, 80% less hydrocarbon emissions and 30% less nitrogen oxide emissions.

cNG and lPG

Compressed Natural Gas or CNG is a different fuel than Liquefied Petroleum Gas or LPG which is also used in vehicles. According to Vlasios Koutsoukos, President of the Hellenic Society of Automotive Engineers, CNG is often confused with LPG, as drivers have not been informed about the greater performance and savings achieved with CNG. This is due in part to the fact that the price of natural gas is calculated per kilogram, and not per liter as with other fuels. That means that drivers cannot do immediately the necessary conversion that would help them understand that natural gas is cheaper than other fuels.

CNG consists mostly of methane whereas LPG consists mainly of propane and butane (65% is produced as a by-product of oil refinement). Moreover, the combustion of natural gas is extremely clean and different (slower) than the combustion of gasoline and LPG and thus it is considered as a very safe fuel. LPG is a by-product of oil refinement, heavier than air and collected in low spots in case of leakage.

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14Kurdish oil

feeds the dream of independence

in July, massoud Barzani, the emblematic leader of 7 the million iraqi Kurds, pledged a referendum on independence, as the first tankers with Kurdish crude had already sailed from the turkish port of ceyhan. in the following weeks, the Jihadi militants of the islamic state, a sunni organization aiming at establishing a “chalifate” in syria and iraq, marched to the gates of erbil, the Kurdish capital in northern iraq. us and Baghdad rushed to help the “peshmerga” forces from facing a humiliating defeat. the dream of Kurdish independence froze and so did oil exploitation efforts in their region. But, sooner or later, the geopolitical map of iraq and the middle east will change…

Geopolitics of energy George Pavlopoulos

In mid-August, as the Kurdish forces in northern Iraq – the so-called “peshmerga” – battled the Jihadi militants of the Islamic State, just a few kilometers from their capital Erbil, the question about the future of the oilfields in their territories was “frozen”. But it remained untouched, ready to emerge as soon as the battles are over and the status of the area is cleared - at least for some time.

According to existing estimates, the region has reserves of about 45 billion barrels of crude oil and as much as 6 trillion cubic meters of natural gas. These numbers represent 32% and 5.5% of the total Iraqi reserves respectively. And it is no secret that oil (and gas) wealth is seen as the biggest asset of the Kurds in their efforts to establish their own independent state, transforming the geopolitics of the Middle East. A prospect that, at the same time, amounts to a nightmare for the rest of the peoples of Iraq and the central government in Baghdad, but also for Turkey, Syria, Iran and the United States.

All of them have every reason to fear that

a Kurdish state would not only accelerate the breakup of Iraq, but it would also multiply and intensify the conflicts in the whole region, which is already in flames, with the ongoing civil wars in Syria and Iraq, the new Israeli invasion in the Gaza Strip, the deadly tensions in Lebanon and Jordan. But to be honest, they also understand that – regardless of what happens now – it is impossible to bury forever the will of 31 million Kurds (6-7 million of them live in northern Iraq, while the rest are spread between Turkey, Iran and Syria) to create their own state. And, of course, to exploit the oil wealth which belongs to them.

In this context, the latest efforts of the Kurdistan Regional Government (KRG) to export big amounts of oil without the mediation of the Baghdad authorities are of great importance. It is well known that Kurdish crude is already flowing for months to the Mediterranean Turkish port of Ceyhan, at a rate of around 120,000 barrels a day and, so far, the KRG has pumped about 6.5 million barrels to Turkey, according to the energy ministry in Ankara. More important is the fact that Kurdish

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leaders have the ambition to quadruple this amount by December and raise it to one million barrels by the end of 2015.

But on May 22, something happened which could potentially be a game-changer. The United Leadership crude oil tanker, carrying a $100 million cargo of one million barrels of Kurdish crude, set sail from Ceyhan into the Mediterranean. After almost two weeks, it stuck off the Moroccan coast, unable to deliver its cargo, as the US and the central Iraqi government threatened with serious legal setbacks.

But KRG didn’t stop there. In June, three more tankers loaded with Kurdish oil sailed from Ceyhan. One of them, sailed from Ceyhan to Malta to Cyprus and then crossed the Suez Canal towards Sri Lanka. Another one, the United Kalavryta, reached the port of Galveston, in Texas, by the end of July, trying to deliver the crude it was carrying to a US refinery. But the US authorities seized the cargo, after a judge approved a request from Baghdad, which threatened “to sue any company, refinery or trader that

buys the Iraqi crude that KRG is illegally offering”.

The US government acted to comply with the court ruling, but there is no doubt that its stance was also politically motivated – and, at the same time, it is obvious that the Americans try to keep all ways open. “We have made people aware that whatever they buy entails certain risks, and we have consistently told them about that”, said Carlos Pascual, head of the US State Department’s Energy Bureau, referring to the incident with United Kalavryta, to add immediately after that: “At some point, Baghdad and Erbil have to come to an understanding of how the development and the export of those resources can contribute to Iraq’s overall development”. In other words, the following message was sent: if you don’t reach an agreement on Kurdistan’s oil wealth, then the breakup of the country might be inevitable and Washington might think to eventually support the Kurds in their efforts.

The stance of the Turkish government, which provides KRG with the port

according to existing estimates, the region has reserves of about 45 billion barrels of crude oil and as much as 6 trillion cubic meters of natural gas. these numbers represent 32% and 5.5% of the total iraqi reserves respectively

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of Ceyhan to export the Kurdish oil independently, was also politically motivated. Ankara fears an independent Kurdish state but, at the same time, keeps in mind that in case it is created, it would be better to keep it under control and not to be viewed as an enemy by the 17 million Turkish Kurds.

The choise of the Israeli government to silently reach a deal with KRG and buy the cargo of another tanker that sailed from Ceyhan in the beginning of June, is also clearly political. According to information published in the Wall Street Journal on July 23, the United Emblem sailed from Ceyhan to Malta on June 9 – the same day that the gunmen of the Islamic State were storming the city of Mosul. A week later, anchored in international waters, it transferred its cargo to another tanker, the SCF Altai, “completing the first sale of Kurdish oil, according to people familiar with the transaction”, as the WSJ wrote, although no authorities confirmed the buyer’s identity.

The Altai then sailed east, to the opposite direction, docking after some days in the Israeli port of Ashkelon, where the oil was unloaded into a storage facility. After that, the Kurdish energy ministry trumpeted the move as a diplomatic and political victory, “accomplished despite almost three weeks of intimidation and baseless interferences from Baghdad”. Finally, as the WSJ suggests, “two days after the oil was unloaded, $93 million appeared in the KRG’s account at Turkiye Halk Bankasi AS, the state-owned Turkish lender”.

Undoubtedly, this transaction is of great significance, but it cannot solve by itself the serious problems the Kurdish authorities are facing, neither can it fill their (almost empty) bags with fresh money. The gamble is still open and, among others, it costs KRG a lot, as it is obliged to pay thousands of dollars on a daily basis, in the form of insurance premiums for the other ships that remain at sea.

a deal that was never kept

In the months before the latest developments in Iraq, US tried to broker a deal between Baghdad and Erbil for Kurdish oil. Under the agreement, Baghdad would have to pay KRG the 17% of its total budget and the Kurds would be given more say in their oil sales. But negotiations broke up well before the April 30 national elections, which lead to a deadlock. So, by August, the central government has refused to pay the Kurds, as well as to release the frozen payments which amounted to more than $5 billion.

The answer of the KRG was to intensify the efforts to sell its oil independently. “The KRG has the right to sell oil if Baghdad continues to cut KRG budget, disrupt the livelihood of its people and impose an embargo”, said on July 29 Sherko Jawdat, head of the Kurdish parliament’s energy committee.

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15InterconnectIvIty In the Balkan electrIcIty marketa legal overview of the situation in the electricity markets of Serbia, montenegro, Fyrom and Bosnia & herzegovina. the significant “players”, the path and tempo of liberalization and the new laws regarding this area. a useful “guide” for companies and potential investors, for journalists and government officials.

legal insightPetar Mitrovic, Leonid Ristey, Milan Keker, Marija Prskalo

Serbia – removing Barriers The Serbian electricity market is characterised by the predominant participation of state owned entities, significant usage of conventional energy sources in generation (primarily coal), and partial liberalisation of the market.

Sources - The vast majority of electricity is generated in thermo power plants. According to the Energy Balance for 2014, 75% of electricity generated in Serbia will be generated by thermo power plants and combined thermo power heating plants. An amount equivalent to a third of that generated by thermo power plants is generated by hydropower plants. Other (renewable) sources of energy are insignificant.

Even though Serbia has significant potential and is witnessing a gradual increase of investors participating in renewables over the last several years, the renewables sector is still vastly underdeveloped. It is expected that the new Energy Law (currently in preparation) will remove some of the obstacles facing investors – primarily, the lack of bankable PPA. This should

ultimately lead to increased investments in renewables and their more significant participation in overall energy generation.

Players - Almost the entire annual generation of electricity comes from state-owned enterprises. Participation of the private sector is insignificant and comes to several small-scale hydro and solar power plants and state owned enterprises are responsible for the operation of transmission and distribution grids.

Participation of the private sector is notable only regarding the supply (including wholesale) sector, with approximately 80 private companies holding supply licenses. This is a direct result of the gradual liberalisation of the supply market (currently also controlled by state-owned EPS), which promises to increase competition and new investments in the sector.

liberalisation - At this point, the electricity market in Serbia is partly liberalised. The market should be fully liberalised in 2015, at which point households will become entitled

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(although not required) to be supplied under market terms.

Market liberalisation has been a long-lasting process, which commenced back in 2008. In the first phase, supply under market terms was a possibility, rather than an obligation. Due to the fact that regulated prices are naturally lower than market prices, consumers have opted to be supplied under regulated tariffs. Only by introduction of the 2011 Energy Law, did Serbia establish a framework for the effective liberalisation of the market through the introduction of milestones, whereby different categories of consumers are required to purchase electricity under market prices.

As a result of this gradual liberalisation, more than 3,300 corporate consumers lost their right to supply under regulated prices. Unlike other categories of consumers, households will remain entitled to supply under regulated prices even after 1 January 2015, although it is expected that regulated prices will significantly increase.

new law – A New Energy Law is

currently being prepared and the first round of public debate has finished. It is expected that the new law will implement the Third Energy Package (a requirement under the Energy Community Treaty), introduce additional requirements in terms of unbundling, improve framework relevant for investments in renewable energy and remove some of the obstacles noted in implementation of the current law in practice.

montenegro – regionally connectedIn Montenegro, the Government has recently adopted the Energy Balance Report for 2014, which once again confirmed that production capacities cannot meet consumer demand for electricity. It was reported that Montenegro will face an energy balance shortfall amounting to 9.2% of overall consumption, or cca 316 GWh. Other key characteristics of the 2014 Montenegrin Energy Balance Report as well as the reasons for the energy shortfall can also be found in the present congestion of transmission facilities in the SEE region that are directly related to the import of electricity in Montenegro – under very strict UCTE rules, capacity

In montenegro, the Government has recently adopted the energy Balance report for 2014, which once again confirmed that production capacities cannot meet consumer demand for electricity

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is divided bilaterally on the basis of load flow calculations for two months in advance. Also, in 2013 EPS (Electric Power Industry of Serbia) terminated a long-term agreement on technical cooperation with EPCG (Electric Power Industry of Montenegro). The agreement, which should have been valid until 1 January 2016, provided for the delivery of 1 mW of peak power from EPCG from its Piva hydro-power plant, as an exchange for the 1.4mW of base power delivered from the EPS production units. The peak power from Piva was used for running major thermal-power plants and hydro-power plants in Serbia.

Facing the loss of 0.4mW of output from Piva, EPCG turned to the Republic of Srpska and concluded a similar long-term agreement with ERS (the Electric Power Industry of the Republic of Srpska).

Another uncertainty marking the consumption of electricity in Montenegro is the fate of the only aluminium smelter in the country – Kombinat alumijuma Podgorica (KAP), which faced bankruptcy in mid-2013. As a key purchaser, KAP consumed in excess of 50% of the energy available on the market and their continued consumption will depend on the outcome of the bankruptcy proceedings, which has generated a fair amount of uncertainty for all market participants.

In terms of interconnectivity, the Tivat-Pescara cable project is still ongoing. This high-voltage electric interconnection

project is being implemented by the Italian company Terna and will connect the electricity networks of Montenegro and Italy by 2015. The project will ultimately facilitate the export of energy from renewable sources produced in Montenegro and the Balkans to Italy. Recent information claims that 2015 deadline will be extended.

The EUR 760 million cable is at the centre of the Montenegro-Italy power deals, which form part of a broader Italian strategy to make Italy the “energy hub of Europe” and to meet EU requirements for higher consumption of energy from renewable sources.

As for renewables, Montenegro has granted several concession agreements for the construction of small hydro-power plants (with output capacity up to 10 mW per annum) in 2012 and 2013. Past tenders have also generated significant interest from both Montenegrin and international investors, attracted by incentives. Three projects are scheduled for grid connection in early 2015.

Fyrom - latest trends and Developments in electricity Production – FYROM is unable to meet its electricity needs with domestic production and this shortfall in the energy balance constitutes 20-25% of total consumption. In 2013, domestic production covered only 70% of the need for electricity in FYROM. This percentage is mainly dependent on the production of hydro power plants and TE-TO, the largest natural gas power station in

macedonia is unable to meet its electricity needs with domestic production and this shortfall in the energy balance constitutes 20-25% of total consumption. In 2013, domestic production covered only 70% of the need for electricity in macedonia

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FYROM. The two major Thermo Power Plants, operated by the 100% state owned joint stock company ELEM, remain the primary domestic generators of electricity in FYROM, producing approximately 80% of the total domestic production of electricity.

electricity and reS - Nearly 70 small hydro power plants are expected to be fully operational by 2015, with a planned average annual production of 260GWh. Currently, more than 80 licenses for production of electricity from photovoltaic power stations have been issued by the Energy Regulatory Commission of the Republic of FYROM, which indicates that a larger share of renewable energy is expected to be supplied by photovoltaic power stations in the future. It is also expected that this year the first wind power park, which is located near Bogdanci and operated by ELEM, will become operational. The park, an investment worth EUR 55 million, has an installed capacity of 36.8 MW, which is planned to increase in the near future.

transmission - The transmission of electricity is operated by MEPSO, a 100% state owned Joint Stock Company. Two 400kV interconnection lines are planned as upcoming investments by MEPSO. Connections are planned from Bitola to Elbasan and from Skopje to Kosovo, which will connect the electric power systems between these countries. The projects are expected to be completed in 2015 and are worth approximately EUR 23 million.

Distribution & Market Liberalisation - The distribution and supply of electricity is operated by the private joint stock company EVN Macedonia. EVN Macedonia has an exclusive license for the supply of electricity to final tariff consumers until 31 December 2014, after which all electricity consumers should become eligible to purchase electricity at market prices.

From 1 July 2013, in accordance with the Energy Market Rules, approximately 220 middle sized companies (which are eligible as qualified consumers) are able to purchase electricity at market prices on a daily basis. Supply to qualified consumers is currently provided by 47 companies licensed for the wholesale trade in electricity. Further liberalisation is expected after 1 January 2015, when it is expected than a significant increase in competition and regulated prices will become available with the opening of the markets for households as well.

Bosnia & herzegovina – a Small country with enormous energy potential Bosnia & Herzegovina (BH), with a population of only 4 million people, has enormous energy potential, being able to fully satisfy its electricity demands by domestic production while at the same time exporting electricity to its neighbours. However, energy production capacities are not fully exploited and there is great potential for a significant increase in production.

The main sources of energy in Bosnia

& Herzegovina are traditional sources - coal and water. According to the European Association for Coal and Lignite , the total production capacity of the BH’s power plants is approximately 4,300 MW, where 55 % of the overall production is provided by thermo power plants (hereinafter, “TPP”), and the remaining 45 % by hydro power plants (hereinafter, “HPP”).

Three major producers, distributors and suppliers of energy are state-owned public enterprises, which operate production companies that are in charge of HPP and TPPs, as well as energy distribution and supply companies. Recently, there has been an increase in the number of private companies registered for the production and trade of electricity. The owner of the coal mine “Stanari” and holder of the concession for a TPP in Stanari and HPP Ulog in Neretva River is Energy Financing Team (EFT), a unique European energy trading & investment group. Gas and oil production sectors, as sectors that are traditionally characterised with low production and export dependence, also mark an increase in private investments.

*Petar Mitrovic is Associate in Serbia, Leonid Ristev is Senior Associate in FYROM, Milan Keker is Associate in Montenegro and Marija Prskalo is Associate in Bosnia & Herzegovina of Karanovic & Nikolic Law Office, Belgrade (www.karanovic-nikolic.com)

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16The See-CAO And The inTegrATed eleCTriCiTy mArkeTThe South east europe Coordinated Auction Office (See-CAO) can play an important role in the integration of the electricity market in Southeastern europe, which will help the development of a single energy market throughout the eU and the countries of the region. The establishing of a single mechanism for the cross-border transmission and/or transportation of electricity is indeed, the key condition for a borderless electricity market to be possible.

legal insightDr. Yannis Kelemenis, Partner & Evangelos Tsachas LL.M, Associate Kelemenis & Co.

The Treaty establishing the Energy Community was signed on 25 October 2005 in Athens by the European Union and nine, at the time, contracting parties from South East Europe (i.e. Albania, Bosnia & Herzegovina, the former Yugoslav Republic of Macedonia, Montenegro, Serbia, the territory of Kosovo, Bulgaria, Romania and Croatia, the last three eventually becoming full members of EU). The task of the Energy Community is to organize a regional electricity market in SE Europe which will help integrate the EU and SE Europe into a single energy market. To this end, the Treaty provides, amongst others, that the Energy Community must take measures establishing a single mechanism for the cross-border transmission and/or transportation of electricity. Indeed, in light of the many countries in the region, this is the key condition for a borderless electricity market to be possible.

The so-called 8th region and the See-CAOThe “Treaty establishing the Energy Community” requires that the parties to the Treaty harmonize their legislation with the provisions of EU

“acquis communautaire”, including the Regulation for cross-border exchanges in electricity and the Congestion Management Guidelines (Annex to the Regulation) which set the framework on the management and allocation of available transfer capacity of interconnections between national systems. Indeed, an efficient, transparent, market-based and non-discriminatory congestion management mechanism is a necessary condition for eliminating barriers to electricity trade. To this effect, seven (7) regional electricity markets had already been established in the EU, following Commission Decision of 9 November 2006. Crucially, South East Europe was not one of these regional markets but once the Energy Community was established it became imperative that a Coordinated Auction Office for the region in South East Europe be set up. Thus, under the Ministerial Council of the Energy Community Decision dated 27 June 2008 (2008/02/MC-EnC: On the implementation of Commission Decision of 9 November 2006 amending the Annex to Regulation (EC) No 1228-2003), the Parties to the Energy

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Community Treaty decided to implement a common procedure for congestion management and transmission capacity allocation at the SEE regional level. This is how the so-called 8th region came into being. At its inception the 8th region included Albania, Bosnia & Herzegovina, Croatia, the former Yugolsav Republic of Macedonia, Montenegro, Serbia, the territory of Kosovo, Bulgaria, Greece, Hungary, Romania, Slovenia and Italy.

This decision of the Energy Community was a key step towards the creation of a regional electricity market in South East Europe and its integration with the European energy market. The setting up and operation of a Coordinated Auction Office in South East Europe (i.e. SEE-CAO) was, and still is, intended to be the fundamental instrument towards the creation of this regional electricity market. Due to developments in neighbouring regions, the SEE-CAO is intended to target coordinated capacity allocation on Net Transfer Capacity (NTC) basis. The NTC values will be agreed bilaterally among the TSOs. Additionally, at a later stage, within the SEE CAO indicative NTC values may

be calculated and the values will be compared with the NTC values provided by the TSOs.

According to the 5th Ministerial Council decision on 11 December 2008 in Tirana and the agreement of the TSOs, the location of the SEE-CAO was decided to be Montenegro. In 2012, the Transmission System Operators (TSOs) of Albania (OST), Croatia (HOPS), Bosnia and Herzegovina (NOS-BiH), FYR of Macedonia (MEPSO), Greece (IPTO), Montenegro (CGES), Romania (Transelectrica), Slovenia (ELES), Kosovo (KOSTT) and Turkey (TEIAS) established a Project Team Company in Montenegro, whose main goal was to establish the SEE-CAO. The goal is for the Project Team Company to have prepared the necessary legal, financial and technical framework for the start-up of the SEE CAO in 2014.

Operational and transactional structure of the See-CAO The SEE-CAO will have the following operational and transactional structure:

1. The general overview of the

service the SEE-CAO provides is the carrying out of coordinated auctions (“Auctions”) regarding the allocation of cross-border capacity on the national borders of the 8th Region. The Auctions are conducted “in the name of the SEE-CAO” but “for the account and on behalf of the national TSOs”.

For an integrated and liberalized electricity market in Se europe, See-CAO is an instrumental tool in both strategic and (more crucially) operational terms

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2. The contractual relationships between the SEE-CAO, the Auction Participants and the TSOs will be the following:

a. The SEE-CAO executes, in its own name, coordinated daily, monthly and yearly auctions of cross border capacity on the borders between the TSOs in the 8th Region for the account and on behalf of the TSOs.

b. The SEE-CAO represents and binds the TSOs vis-à-vis the Auction Participants and the TSOs commit themselves vis-à-vis the Auction Participants to accept the results of the Auctions carried out by the SEE-CAO in its name but for the account and on behalf of the TSOs.

c. The contractual relationship arising from the result of any Auction are directly between the SEE-CAO and the Auction Participants who will have submitted the winning bids. According to this contractual relationship, the SEE-

CAO allocates the capacity to the Auction Participants who submitted the winning bids.

d. The TSOs commit themselves to accept the results of the common Auctions executed by the SEE-CAO. In other words, the TSOs assume the obligation that any cross border capacity allocated on the national borders of the 8th Region to the Auction Participants by the SEE-CAO for the account and on behalf of the national TSOs will be honoured and carried out by the licensed TSOs.

e. The Auction Participants may be residents of the country of the TSO who allocated the Physical Transmission Rights (the “PTRs”) or a resident of a foreign country. They may be tax residents of the EU or non EU.

f. The SEE-CAO sends monthly reports to the TSOs regarding the daily, monthly and yearly auctions conducted at each

The task of the energy Community is to organize a regional electricity market in Se europe which will help integrate the eU and Se europe into a single energy market

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border during each month.

g. For the allocation of cross border capacity, the SEE-CAO is used purely for re-invoicing purposes and does not make any profit on this transaction.

h. The SEE-CAO charges the TSOs a service fee for conducting the Auctions (the “Service Fee”). The Service Fee is calculated on the basis of the overall cost of financing, operating and maintaining the SEE-CAO with no mark up.

3. The SEE-CAO signs Declarations of Acceptance (the “DoAs”) with the Auction Participants in the name of the SEE-CAO but for the account and on behalf of the TSOs.

4. As concerns the invoicing and payments that take, the SEE-CAO is responsible for the following:

a. Invoicing between the SEE-CAO and the Auction Participants: SEE-CAO issues its own invoices to the Auction Participants in connection with the allocated capacity and curtailment.

b. Collection of the auction revenues from the Auction Participants;

c. Invoicing between the SEE-CAO and the TSOs

d. Within the framework of re-invoicing between Auction Participants and TSOs,

the SEE-CAO does not make any gross or net profit either from the allocation of cross border capacity or the Resale of Capacity.

e. The SEE CAO issues a yearly debit invoice for the charging of the TSOs service fee (the “Service Fees”) for conducting the Auctions. This fee is calculated on the basis of the overall cost of financing, operating and maintaining the SEE CAO, which is provided at cost, taking into consideration a small amount for contingency.

f. Distribution of auction revenues to the TSOs.

The scheme above indicates, in broad lines, the flow of invoicing.

institutional, regulatory and tax obstacles in efficiently operating the See-CAO In its opening stages, SEE-CAO needs to face a wide range of institutional, regulatory and tax challenges in undertaking this most instrumental role in integrating and liberalizing the SE electricity market. The most pressing of these relate to (a) the harmonization of EU Legislation with the legal orders of the SEE region to ensure uniformity of rules regarding conditions for access to the network for cross-border exchanges in electricity; (b) implementation of the appropriate “Outsourcing Model” (i.e. assignment structure vs agency

structure vs service provider structure); (c) licensing requirements for national TSOs for their participation in the SEE-CAO; (d) Regulatory – Supervisory Authority over the performance of Auctions; (e) cooperation among Regulators and Supervisory Authorities; (f) capacity allocation auction rules (e.g. coordinated auction rules need to be approved by each national Regulator individually, according to existing national legislation); (g) accounting and taxes (e.g. self – billing invoices as per Council Directive 2006/112/EC, invoicing by the SEE-CAO to the TSOs for the Resales, VAT, withholding taxes, offsetting funds attributable to the TSOs against funds attributable to the SEE-CAO); (h) publication and confidentiality of market data; (i) antitrust competition (e.g. in some jurisdictions, the participation of their TSO in the SEE CAO may create an obligation for notifications or approval from the national Competition Authority); and (j) dispute settlement mechanisms.

For an integrated and liberalized electricity market in SE Europe, SEE-CAO is an instrumental tool in both strategic and (more crucially) operational terms. Much work has already been undertaken, yet all this work together with lots of operational fine-tuning is now in the implementation phase and is expected to bear fruits in the near future.

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17A SiSyphuS tASk: liberAlizing romAniA’S energy mArketAlthough officially the energy market in romania started the liberalization process in 2007, there is still a long way to go before the new free market is fully functional. generally speaking, liberalization isn’t true until the price of a commodity or a service is created as a result of supply and demand.

legal insightRamona Dulamea and Varinia Radu *

Although officially the energy market in Romania started the liberalization process in 2007, there is still a long way to go before a free market will be fully functional. For instance, in the power sector, after diving RENEL, the state-owned monopoly, a bunch of other companies were created with the purpose of nurturing free competition in supply, trade and distribution.

Another goal was to eliminate the influence of politicians in the sector because it was starting to perform poorer and poorer, and to grant consumers alternatives regarding their supplier. Although relative progress has been made, when analyzed carefully it can be seen that there are still practices that tamper the mechanisms of free market, practices encouraged by vague or indecisive regulations and by fear of losing secure markets and prices.

From the beginning, the power market had a better start at deregulation. The power exchange Opcom, the largest regional power exchange, was created in 2000, and although not all the necessary components were in place from inception,

after 14 years can be seen as an example for other south-eastern European states.

Of course, on the exchange for many years only a small fraction of all power production in the country was sold. Most contracts were signed in bilateral understandings, without accountability. For all its history, the power exchange functioned together with a regulated market, with prices set by the state and were only a few power producers were hand-picked to deliver. For industrial and household consumers, that changed radically after 2012 and now the power market is more competitional than ever. For industrial clients is 100% liberalized, and households will have the market freed by the end of 2017.

two exchanges for trading gas In the gas sector, the National Authority for Energy Regulation (ANRE) licensed two trading exchanges in Romania for gas transactions, namely Opcom and Romanian Commodities Exchange, to break the monopoly of internal production and import sources by promoting more competition. Until promotion of such measures, energy

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market liberalization in Romania simply meant that the state changed the direction of its intervention.

Generally speaking, liberalization isn’t real until the price of a commodity or a service is created as a result of supply and demand. In this case, liberalization meant, for the most part, that from keeping the prices artificially low by using an array of tricks and non-transparent understandings, the state jumped to raising energy prices at a quarterly rate, eliminating gradually the regulated tariffs without real market reference.

The gas liberalization, conducted simultaneously with the one for power market, raised much more concerns from the national industrial base, and from distributors that accused the rapid deregulation. The industrial consumers brought up the issues of erosion of their productivity and loss of competitive edge in relation with competition from other countries or continents. After a year and a half of systematic pressure from key economic actors, ANRE proposed to the Government the annulment of the liberalisation calendar

of the gas market for non-household consumers starting July 1, 2014.

The measure was declared as necessary because the market price became lower than those established in the liberalisation calendar, following the price decline on the international markets and diminished gas imports. ANRE president brought to the public’s attention that, when the liberalization started, the difference between the domestic production gas price and the imported gas price was of 1 to 3, the import price being USD 590/1.000 cubic meters, while the domestic production gas price stood at USD 150-160/1.000 cubic meters.

In order to encourage the creation of a real gas market at to give incentives for consumers to pull themselves out of the regulated market and to become more active players on the exchange, ANRE took the decision to oblige producers and suppliers to trade 20% of their gas on the exchange starting with 2014, respectively 2015. While the initial intention was good, the base formula suffered some changes that diminished the quantities made available for trading

on centralized platforms. Before such a measure was signed into law, the two licensed platforms registered only a few minor transactions, not even worth mentioning on a balance sheet.

The formulation was modified to mean that the gas producers and suppliers will trade on the exchange 20% of whatever internal produced gas is left on the free market after all bilateral contracts are honored (including exports), the regulated market consumption and their own consumption is secured. As a result, the quantities made available for exchanges are to small and insignificant to create a real culture of trading gas, believes the Energy Minister. He made as far as to ask publicly the energy regulator to review the formula in order to increase the importance of the free market. Until now, no signal in this direction coming from ANRE is visible.

* Varinia Radu is International Partner CEE Head of Oil & Gas, Deputy CEE Energy Coordinator in CMS Cameron McKenna.

Ramona Dulamea is Senior Associate in CMS Cameron McKenna SCA

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18Bulgaria under the new eu PuBlic Procurement ruleson march 28th, 2014, the new eu directives on public procurement were published in the official Journal. a month later, Bulgaria adopted significant amendments to its Public Procurement law. despite the chronological sequence, the national amendments did not mean to and do not reflect the new eu public procurement regulations. anyway, here we would like to comment some of the interesting moments in the new directives which will affect the public procurement in Bulgaria and the other eu member-states.

legal insightPavlin Stoyanoff

Since the initial preparatory works on the new Directives, the importance of the public procurement sector for Europe has been many times manifested. Currently, it comprises about 19% of the EU’s GDP. Public resources have shown to be one of the main and most stable economic drivers in the years after the outburst of the financial downturn in 2008. This is particularly relevant to countries like Bulgaria where the direct investments drastically decreased after 2009. However, the volume of public procurement in the state constantly grows since 2010. Not surprisingly, public procurement is a key part of Europe 2020 strategy for smart, sustainable and inclusive growth.

After more than a two-year’s work of the EU administration, the new rules are now in place and the EU states should start working on their implementation. Main aspects of the changes are: modernisation, simplification, rationalisation, accessibility. Of course, the leading principles of receiving best quality for a best price, non-discrimination and equality, objectivity, transparency, proportionality still

construe the public procurement legal framework in the EU.

The thresholds: the European thresholds for applying public procurement procedures have not been changed. In some countries, the national thresholds are quite lower. This could be re-considered with the implementation of the new Directives although the countries with lower social standard tend to keep the thresholds lower, which could be preserved to certain extent in the future.

Contracting authorities / entities: the two-folded approach has been preserved. That is public contracting authorities’ activities shall be regulated by Directive 2014/24/EC, and the sectorial purchasers will comply with the new Directive 2014/25/EC. The national regulations do not always follow this approach. In many countries one main piece of legislation regulates both the public and private sector. In Bulgaria, for example, this creates quite often significant problems to the sectorial purchasers as the law is not adapted to the private sector. Stringent formalities that are meant to “tame”

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the administration in discretionary spending public funds prove to actually be insurmountable obstacles to deals carried out by purely private companies in the utilities sectors. The law in such cases does not take into consideration that the sectorial purchasers are often foreign investors and the transactions are made at an international level and based on long established international good practices. Therefore, it turns to be smarter the national legislation to recognise, alike the EU law, the differences between the private and the public sector and to adapt its public procurement rules. No matter whether this shall be done in a common or different pieces of legislation.

As regards the potential bidders, the new EU Directives do not limit the scope of economic operators who can participate in tenders, which includes natural or legal persons or a group of such persons.

Small and medium enterprises (SME): the European Commission is happily reporting to have introduced various measures encouraging SMEs’ participation in public procurement and

winning contracts. Two of those are particularly highlighted. The division of contracts into lots is being tolerated through the “apply or explain” principle. I.e. the purchasers are supposed to divide the contracts and the work under a general project into smaller-value lots so SMEs which can perform a definite part of the work can bid for a specific lot. The second designated measure relates to the limit of the turnover the purchasers can require the bidders to have for being admitted to participation in the tender. This requirement for a definite minimum turnover will be limited to twice the estimated contract value, except in duly justified cases. In this respect, Bulgaria could be given as an example where this requirement is even further limited at the moment. With the amendments to come into force in July, the requirement for financial resources that the bidder has is limited to 50% of the estimated contract value. Further, the purchaser must justify its requirement for financial resources and may not ask for a specific turnover only. This measure in Bulgaria is also manifested to be advantageous to SMEs.

after more than a two-year’s work of the eu administration, the new rules are now in place and the eu states should start working on their implementation. main aspects of the changes are: modernisation, simplification, rationalisation, accessibility

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19Is serbIa ready to fInally become energy effIcIent?serbia’s need to improve its energy efficiency is both obvious and immense. the new law on efficient Use of energy sets out the comprehensive legal framework for energy performance contracting for the very first time in serbia. still, the new law will apparently become fully operable only after all the pertinent sub-legislation thereunder is adopted, which is generally expected to happen by the end of this year. other remaining challenges include introduction of the industry-specific incentive schemes and greater familiarity of the financiers with the overall energy efficiency concept.

legal insightDjordje Popovic*

Serbia is currently one of the countries in the CEE region with the smallest rate of energy efficiency. Prospective savings in energy could result in significant reduction of public expenditures, stabilization of the overall energy supply and further development of the energy sector, fostering thus development of the entire economy to a noteworthy extent.

The Law on Efficient Use of Energy as the first coherent and wide-ranging piece of legislation regulating the area of energy efficiency in Serbia has finally been adopted in 2013 but is yet to become fully applicable by the end of 2014, once all the requisite by-laws thereunder are adopted. The Law, for the first time in Serbia, explicitly defines the energy services company (ESCO) and sets out the rules for energy performance contracting (EnPC) generally in line with the EU acquis, aiming at providing the overall legal framework for the energy efficiency arrangements.

On the whole, the Law: • defines energy services as services which, under normal circumstances, result in verifiable and measurable

or assessable increase in the energy efficiency of building, technical system, production process, public and private services and/or savings of primary energy;

• defines ESCOs as entities registered for provision of the energy services which assume a certain degree of financial risk in doing so, because the payment for the services provided is based - either wholly or in part - on the achievement of energy efficiency improvements and on compliance with the other agreed performance criteria;

• principally provides for ESCO, third party and energy-user financing schemes;

• stipulates that provision of the energy services is to be governed by the Energy Services Agreement concluded between ESCO and the relevant energy user. Mandatory elements of this agreement, inter alia, shall include relevant efficiency criteria, measures for increasing the energy efficiency, manner of financing of the project, energy consumption within the reference period, fees for the provided energy services, and the like;

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• sets the system of energy management, the subjects of which are the Serbian Government, the Ministry of Energy, the licensed energy managers and the authorized energy consultants as well as the so-called ‘obligors of the energy management system’, those being (i) companies predominantly engaged in the production sector and/or trade and services sector, if they consume energy in excess of respective thresholds prescribed by the Government, (ii) companies predominantly engaged in production not exceeding the threshold applicable to such companies but owning facilities the aggregate consumption of which exceeds the thresholds set for companies engaged in trade/services; and (iii) public authorities and other public services using the publicly owned facilities;

• defines activities subjected to public financing or co-financing under the Law that are related to improvement of the energy efficiency, which include (i) implementation of technical measures in production, transmission, distribution and consumption of energy; (ii)

incitement of energy management’s development for entities that are not aforesaid ‘obligors of the energy management system’; (iii) promotion/implementation of energy inspections/audits of facilities, production processes and services; (iv) stimulation of energy services’ development on Serbian market; (v) encouragement of the usage of renewables for own use and (vi) other activities aimed at the more efficient use of energy. The Law prescribes that said activities are to be financed from the central budget and the budgets of the local units as well as from the financial means provided via EU funds and other international funds, credits of international institutions, donations and other sources;

• provides for establishment of the Budget Fund for Energy Efficiency Improvement (EE Fund) for the purpose of registration of financial means envisaged for public financing of the activities related to energy efficiency. The EE Fund is founded for an indefinite period and is governed by the Ministry of Energy. The EE Fund’s funds are to be provided from the central budget’s

the law on efficient Use of energy explicitly defines the energy services company (esco) and sets out the rules for energy performance contracting (enPc) generally in line with the eU acquis, aiming at providing the overall legal framework for the energy efficiency arrangements

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appropriations for the current year as well as from the credits and donations - in line with applicable public policy acts - and disbursed to EE Fund’s users for the purpose of financing aforesaid energy efficiency activities on the basis of public tenders announced by the said Ministry. Especially, if the financing of services as per the third-party financing agreement is to be done by using the EE Fund’s funds, the Law prescribes that in such cases the relevant funds are to be disbursed under the applicable public procurement law;

• expressly entitles the competent authority of the autonomous province or local municipal units to (i) determine specific financial and other incentives; (ii) establish specific budgetary funds and/or (iii) use the existing funds of their own for projects and other activities related to efficient use of energy in their respective territory;

• prescribes criteria and manner of labelling of energy efficiency of products affecting the energy consumption as well as the rules relating to products’ eco-design;

• makes the energy audit mandatory in respect to (i) facilities used by the public ‘obligors of the energy management system’ (having more than 500 sqm of usable area); (ii) facilities, i.e. their respective parts that are classified within the prescribed energy classes; and (iii) facilities, i.e. their respective parts in case of change of their purpose or owner or if they are intended for renting;

• obliges entities applying for issuance of (i) energy permit for construction or reconstruction of facilities for production of electricity and/or heating as well as for transmission of electricity or transport/distribution of natural gas; and/or (ii) construction permit for construction or reconstruction of distribution of electricity or heating energy, to provide an elaborate on energy efficiency of such facilities proving that the criteria setting the minimum energy efficiency of the system are complied with;

• specifically prescribes that production of electricity or heating energy via renewables is to be deemed a measure of energy efficiency, provided that the energy is produced for own use.

the new law, although providing for a cohesive legal framework for the energy efficiency sector in serbia, is yet to become fully operable

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remaining challengesIt is important to note that the new Law, although providing for a cohesive legal framework for the energy efficiency sector in Serbia, is yet to become fully operable. The main sub-legislation under the Law relevant for hands-on development of the EnPC arrangements, that being the Model Contract for Energy Efficiency in Public Buildings, i.e. Public Lighting, has not been adopted yet.

The complexity of the relevant matters that the said Model Contract is to tackle has so far prolonged the completion of the first draft within the relevant working group in the Ministry of Energy. These matters, by and large, relate to the overall relation of the public procurement and public-private partnerships in Serbia, the multi-annual budgeting and the (non)public debt matters, the differentiated public ownership over various parts of the energy infrastructure and equipment, the prospective cooperation with the public energy supply companies and the need to fully harmonize the said by-law with diversified and ever-changing regulations relating to

factoring, energy supply and real estate development in Serbia.

Still, the said group has reportedly made a significant progress in finalization of the said by-law recently and its submission to the Government for final adoption may be expected in the third quarter of 2014.

Other challenges regarding the operability of the new Law certainly include the need to introduce the concrete sector-specific incentives for the energy efficiency and, moreover, the feasibility of the EnPC projects from the private lenders’ perspective. While some of the banks and other market players in the Serbian financial sector has most recently become acquainted with the overall EnPC concept, the remaining challenge is that the said players often assess the creditworthiness of the client instead of the project itself. Yet, similarly to other countries where these concepts were introduced for the first time, it could still be expected that, gradually - and with very first projects becoming (successfully) implemented - the

financiers would become more and more receptive for engaging in the financing of these projects.

Hopefully, the above challenges will be successfully resolved based on the best comparable practices existing on the surrounding and other successful European markets (e.g. Germany, where this concept exists and continues to develop for two decades), resulting thus in the increased energy efficiency of the Serbian market and the overall positive impact on the economy.

* Djordje Popovic is Senior Attorney - Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hain Law Firm (www.cms-rrh.com)

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20AlbAniA’s steps to the emerging see electricity mArketstarting in the early 90’, and lasting for about twenty years, the break-up process in the Western balkans doubled the number of states in the region, creating a new climate for changes and continuing modifications of the geopolitics in the region. most of the south east european (see) states have been oriented toward greater integration with the european Union since the fall of berlin wall, but experiencing expansion fatigue eastward and with all exhausting integration procedures, eU has delayed the development of competitive and integrated markets in the south east of europe, depriving the region of the energy security and supply advantages. meanwhile, russia is been ramping up its efforts at approaching individual countries of this region with attractive offers for investment in the energy sector.

legal insightMarco Lacaita

With an energy reform toward integration into EU electricity market and already planned construction of strategic natural gas pipelines circumventing Russia, the region will better exploit its unique position as major transit corridor and develop sustainable energy sectors, in compliance with EU requirements and standards, giving way to greener renewable means of electricity production.

Regionally, while expecting foreign investments each one of the region’s states is looking at the solution in its own perspective, engaging in a race to build up national power assets, using and imposing its potential over the neighboring states, instead of trying to coordinate the necessary legal framework and create a regional electricity market that would benefit everyone. Rivalries between nations or between sub-national groups, internal disunity as to energy policy goals, all present obstacles for regional energy cooperation. The presence of a grid interconnection between countries has the potential to give one country political leverage over another.

Domestically, major disagreements on energy policy between ethnic, or interest groups in a country, make it politically more difficult to agree on energy policy goals and make it harder for potential partner countries or companies to trust the country’s government in respecting energy agreements. Electricity plays an important role in the national strategy of many SEE countries. This is because electricity is a high social impact factor and is a necessity of industrialization. There are financial uncertainties, including price, security, and delivery in all forms of electricity generation, making investments in this sector even more challenging. Generating energy is a capital-intensive process that is why governments must commit to pass harmonized energy reform legislation with incentives, balancing the risk and encouraging vast investments in the electricity sector.

SEE countries are generally net importers of energy, inheriting most power generation plants and power grids from communist times, built using Eastern European technology; with an electricity landscape characterized by fragmented

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energy markets, lack of market considerations, growing demands on electricity and dependent on weather conditions. The inability of states to finance new investments, or to maintain the existing infrastructure, raises serious questions and challenges for their future. There is a dire need for significant rehabilitation and infrastructure replacement, in order to avoid issues affecting generation and transmission capacities. Lack of infrastructure and transmission interconnection capacity with neighboring operating systems, necessary for a fully integrated electricity market and cross-border trading in the region, causes chronic electricity imbalances. Renewable energy, based mostly on thermo and hydropower, has at the present day further growth potential across the region.

The Albanian power sector is facing a number of difficult challenges exposing the country to supply disruptions and growing contingent liabilities. The combination of total dependence on hydropower generation, high level of distribution losses, and bill collection is adding financial stress to the sector.

World Bank’s engagement in the Albanian energy sector, in collaboration with IFC, has included support for distribution reform using Partial Risk Guarantee, with IFC financing; the development of electricity sector through several projects helping to increase energy supply and security; and reforming and restructuring power sector, adapting it to a market-based environment. The Bank financed the study ‘‘Optimization of the Operation of Hydroelectric Plants in Albania,’ in order to maximize the use of the country’s hydro resources.

One of the Bank’s important power sector projects is the development of Energy Community of SEE Adaptable Program Loan (APL) - Fifth APL for Albania Dam Safety Project, resulting in safeguarding the major hydroelectric plants on Drin and Mat river cascades, improving their operational efficiency and enhancing stability of power supply for the regional electricity market.

According to World Bank information construction works have already started at the Komani Power Plant

(electromechanical rehabilitation). The power house cranes are commissioned and Unit 2 was dewatered on February 3, 2014. Evaluation is underway for the Spillways Packages for Rehabilitation of Komani and Fierza HPP and the Vau Dejes Spillway Gates and construction of new stoplog. The contracts for Project Implementation and for Safety of Dam Experts Panel have both been extended. Consultant selection process is progressing for Institutional Strengthening of Dam Safety and Emergency Preparedness and for Safe Flood Management of Drin River Cascade.

One serious challenge for the electricity sector is transforming from a state-driven, and isolated, to a modern and market oriented industry, based on free market principles. Some of SEE countries have already privatized their traditionally government owned electricity power generators and system operators and others are in the process, or have already plans to go through privatization.

Czech energy group CEZ entered the Albanian market in May 2009 by acquiring a 76% equity stake in the

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Albanian power distribution company. However, in January 2013, the Energy Regulatory Entity (ERE) revoked the license of CEZ Shperndarje, based on the Energy Law, for noncompliance on licensing conditions and assumed administrative control of the company and its operations.

In June 2014 the Albanian government and CEZ Group signed a settlement agreement brokered by Energy Community Secretariat. The Secretariat welcomed the agreement as a positive move avoiding costly long arbitration proceedings with an unclear outcome, preventing the urgently needed reforms, and holding the whole energy sector hostage. Albania’s reputation was at danger. The settlement increases investors’ confidence, serving the long-term interests of the country, and creates a clear ownership structure in the energy sector, which will facilitate further reform and investment.

Albania is under preparation of a new power sector recovery improving the distribution sector and key investments. On August 8, the World Bank and the Government of Albania successfully completed negotiations for a US$150 Million Power Reform and Recovery Project. According to World Bank info, the proposed program will help Albania’s power sector reforms, particularly efforts to improve the reliability of the electricity supply and the financial viability of the sector. Critical infrastructure investments under the project will include sizeable financing earmarked for electricity

distribution and upgrading of the transmission system.

Giving the positive results of electricity market liberalizations in the early 90, European Commission put legislation in place to facilitate the establishment of European internal electricity market as the most effective method for the European energy security. The strategy for achieving European energy security requires discussions at EU level on coordinating member states decisions, supporting key infrastructure developments, and engaging EU neighboring regional markets.

In order to ensure energy security and cure energy problems, SEE states are going through energy reforms consisting in market liberalization and common approaches. The impacts of energy reform go beyond energy sector itself. They affect directly many issues of public concern. As demand for electricity is expected to expand, SEE region electricity sector faces particular challenges including political will, transformation of monopolized sector into a market oriented industry, meeting the EU standards, attracting investments, drafting corresponding legal frameworks, ensuring continuing security of supply, maintaining affordability, price deregulation, risk management, storage, interconnection, etc. All EU member states have faced many of these challenges, so streamlining with best European examples is recommended from an efficiency point of view. Alignment with

electricity reform is a continuing complex process for Albania, needing careful thought and willingness as the country takes the necessary integrating steps. this reform will not be successful unless there is adequate institutional reform in the rest of the related fields sustaining developments in the power sector

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European experience of course needs to take into account national and regional specifics of every state.

With the purpose of benefiting from a competitive trading market capable of attracting investments, Albania has signed a treaty together with other seven Contracting Parties including: Bosnia and Herzegovina, Kosovo, FYR of Macedonia, Moldova, Montenegro, Serbia, Ukraine; and European Union, to establish Energy Community of South East Europe, extending the European Union’s acquis communautaire to the territories of the above contracting parties. The focus is on meeting the January 1, 2015 deadline for the implementation of the Third Energy Package into national law, as a part of integration of electricity markets.

Also, the Albanian Transmission System Operator (TSO) is a member of South Eastern Europe Coordination Auction Office (SEE CAO), established together with TSOs from six other regional countries, intending to harmonize capacity distribution and congestion management, optimizing cross border capacity allocation. This implies application of a single set of auction rules and one single allocation platform

in the entire region. The core business of SEE CAO is preparation (coordination and drafting of necessary documents, such as Auction Rules and process descriptions together with SEE TSOs) and conduction of auctions for cross-border capacity allocations.

As already a member of the regional energy initiatives, Albania is in the process of introducing of the acquis into Albanian legal framework able to host the necessary changes. The Albanian Minister of Energy, Mr. Damian Gjiknuri, has mentioned the approval of a new energy bill as one important step for the electricity market liberalization of next year. Energy sector is regulated creating difficulties for public and private investors. He also stressed the need for interconnection lines. The Energy Community Secretariat already actively cooperates with the Albanian government to draft and comment the new energy laws and it will extend this service function to the Parliament as well.

In January 2014 Albania and Kosovo launched the construction works on a 400 kilovolt power transmission line linking the two countries, financed by German development bank KfW. The project is

expected to be completed in late 2015, integrating Albania into the regional energy market and increasing capacities needed for further development of trade and energy with Kosovo.

Electricity Reform is a continuing complex process for Albania, needing careful thought and willingness as the country takes the necessary integrating steps. This reform will not be successful unless there is adequate institutional reform in the rest of the related fields sustaining developments in the power sector. Moving away from self centered state energy policies, tailoring European best examples to customize them to country’s specifics is the way to attracting investments, promoting international exchanges, and boosting security of supply.

References: – http://www.energy-community.org/portal/page/portal/ENC_HOME – http://www.seecao.com/ – http://networkcodes.entsoe.eu/ – http://www.worldbank.org/projects – http://www.energjia.gov.al/ – http://www.ere.gov.al/index.php?lang=2

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21A “green ship” is born in greece

MArineLiVe is an initiative aiming at establishing a centre of excellence (coe) in the field of Marine electrical engineering at the school of naval Architecture & Marine engineering of the national Technical University of Athens (nAMe-nTUA), as well as at building a european community of ‘All electric ship’ (Aes) research and technology.

renewables

The National Technical University of Athens (NTUA) is the oldest and largest Technical University in Greece, and shows a distinguished record of achievements, going back to its foundation in 1836. The School of Naval Architecture and Marine Engineering (S-NAME/NTUA), the only University Department in Greece in the field, has been providing for long the human resources for the Greek maritime industry, which in turn is leading worldwide. S-NAME/NTUA is co-ordinating a successfully running effort to establish a Centre of Excellence (CoE) in the “All Electric Ship” technology, namely “MARINELIVE” project (www.marinelive.org).

The MARINELIVE CoE has contributed to A) Investigating and resolving optimized design and operation problems in ship electric energy systems by processing solutions focused on “green shipping”. Representative examples are: energy conservation, deployment of renewable energy sources, introduction of electric energy saving devices, emission control, reduction of emissions via cold-ironing, reactive power compensation, harmonic distortion elimination, integration of Direct Current technology, etc) B) Familiarizing the maritime and academic community with the modern marine electrical engineering knowledge taking into account, among others, classification

society rules, IMO’s directives and ETO/STCW requirements of Manila amendment.

MARINELIVE, focusing on the AES technology, addresses the objectives of the FP7 Transport Calls for waterborne transportation, contributing to a safe and environmentally friendly ship. In the project of MARINELIVE, the development of NAME-NTUA builds upon the formation of a balanced interdisciplinary research team covering all major aspects of AES research, i.e. electric machines and grids, ship automation and control, as well as propulsion systems and prime movers. The MARINELIVE (Marine Electrical Initiative) project is coordinated by Assistant Professor John Prousalidis.

international developmentThe Centre of Excellence within the MARINELIVE project has already tangible results, as new funded research projects addressing a number of the above areas have been initiated, such as projects

“DEFKALION”, “DC-Ship” and “TRIBO-MARINE”. This development is expected to substantially increase the research output of the MARINELIVE team, and to expand the cooperation with established Hellenic and international research teams. Further, the outcome of this research is gradually being integrated in a number of relevant courses at NTUA, expanding the education content to new technological areas.

The research areas that are being developed: - Ship performance issues, in particular: • Emissions reduction • Combustion optimization • Heavy Fuel Oil modeling • Shaft generators, fuel cells and renewables • Cold Ironing - Electric Ship design (including EEDI for AES) - Electric machine parametric design (for main and auxiliary propulsion) - Investigation of Electric Power Supply Quality problems

project affiliated partnersMARINELIVE is a single-partner project. Nonetheless, the Coordinator (NTUA) is linked to a number of Collaborating Institutions, with expertise related to the project’s thematic area: - UK: Converteam, UCL, L-3 Marine Systems UK - France: DCNS, IFPEN, - Switzerland: Wärtsilä, ETH-Zurich, - Germany: EXA Corporation.

68 INTERNATIONAL

68 ALBANIA

68 BULGARIA

70 CYPRUS

72 GREECE

74 ROMANIA

78 SERBIA

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22ENERGY DIRECTORY

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INTERNATIONAL

DG Energy-European ComissionDM 2403/73 Rue J.-A. Demot 24, 1040, Brussels, Belgium Tel.: +32 229 92460 Email: address-information@ec.europa.eu www.ec.europa.eu/energy

EWEA80, Rue d’Arlon, B-1040 Brussels, Belgium Tel.: +32 2 213 1811 Email: ewea@ewea.org www.ewea.org/

International Energy Agency (IEA)9, rue de la Fédération, Paris Cedex 15, 75739 Paris-France Tel.: +33 1 40 57 65 00, Fax: +33 1 40 57 65 09 Email: info@iea.org www.iea.org

IRENA - International Renewable Energy AgencyCI Tower, Khalidiyah (32nd) Street Abu Dhabi, United Arab Emirates Tel.: +971 2 4179000 www.irena.org/

IRENA Innovation Technology CentreRobert-Schuman-Platz 3, 53175 Bonn, Germany Tel.: +49 (0) 228 391 79085 www.irena.org/

World Energy CouncilRegency House, 1-4 Warweek Street, 5th floor London, W1B 5LT, United Kingdom Tel.: +44 (0) 207734 5996 www.worldenergy.org

World Wind Energy Association5, Charles-de-Gaulle-Str., 53113 Bonn, Germany Tel.: +49 228 369 40 80 www.wwindea.org

ALBANIA

01. GOVERNMENT INSTITUTIONSMinistry of Energy and IndustryDëshmorët e Kombit Boulevard, 1001 Tirana Tel.: +355 4 22222 45 ext.74111 Email: sekretaria@energjia.gov.al

02. ENERGY COMPANIESAlbpetrol sh.aLagja 29 Marsi Patos Tel./Fax: +342 70 44 14, +342 70 44 13 E-mail: qendra_albp@albpetrol.net www.albpetrol.net

Bankers Petroleum Ltd.Lagjja Kastrioti, Rr. Vasil Pecuke, Fier Tel.: +355 34 220845 Fax +355 34 220850

Devoll Hydropower Sh.A. / StatkraftABA Business Centre, Office No. 1204, Papa Gjon Pali II Street, Tirana Tel: +355 4 450 1 450 Email: info@devollhydropower.al

Kurum HoldingRr. Jul Variboba, Nr.1/21, Tirana Tel.: +355 4 229 05 00 Fax: +355 4 229 05 22 E-mail: infoalbania@kurum.com.tr

03. LAW FIRMSCMS Adonnino Ascoli & Cavasola ScamoniRr. Sami Frasheri Red Building, 1001 Tirana Tel.: +335 4 4302123, Fax: +335 4 2400737 Email: marco.lacaita@cms-aacs.com www.cms-aacs.com, www.cmslegal.com

Wolf Theiss AlbaniaEurocol Centre, 4th floor, Murat Toptani Street, 1001 Tirana Tel: +355 4 2274 521

BULGARIA

01. GOVERNMENT INSTITUTIONSDKEVR8-10 Dondukov Blvd., 1000 Sofia Tel.: +359 2 988 8730, +359 2 9359 621 Email: dker@dker.bg www.dker.bg

Ministry of Economy and Energy8, Slavyanska Str., Sofia 1052 Tel.: +359 2 9407001, +359 2 940 7545 Email: e-docs@mee.government.bg www.mi.government.bg

Nuclear Regulatory Agency69 Shipchenski prokhod Blvd, 1574 Sofia Tel.: +359 2 9406-800 Email: mail@bnra.bg www.bnsa.bas.bg

Parliament Energy Commission 1 Knyaz Alexander I Sq., Sofia Tel.: +359 2 939 39 Email: ratalay@parliament.bg www.parliament.bg

Sustainable Energy Development Agency37 Ekzarh Yosiph Str., 1000 Sofia Tel.: +359 2 915 4012 Email: office@seea.government.bg www.seea.government.bg

2. NON GOVERNMENTAL Association of Producers of Ecological Energy 310 Vladislav Varnenchik Blvd., 9009 Varna Tel.: + 359 52 750 550 Email: info@apee.bg www.apee.bg

Balkan & Black Sea Petroleum Association2 Hristo Belchev Str., 1000 Sofia, Bulgaria Tel.: +359 2 986 06 85 Email: bbspetroleum@bbspetroleum.com www.bbspetroleum.com

BSK16-20 Alabin Str., Sofia 1000 Tel.: + 359 2 980 03 03, +359 2 932 09 28 Email: office@bia-bg.com www.bia-bg.com

Bulatom10 Vihren Str., 1618 Sofia Tel.: +359 2 439 03 02 Email: pr@bulatom-bg.org www.bulatom-bg.org

Bulgarian Chamber of Commerce and Industry9 Iskar Str., Sofia 1058 Tel.: +359 2 987 78 26, +359 2 8117 445 Email: bcci@bcci.bg www.bcci.bg

Bulgarian Photovoltaic Association42 Vitosha Blvd., Floor 2, App. 3, 1000 Sofia Tel.: +359 2 44 222 28 Email: office@bpva.org www.bpva.org

Bulgarian Wind Energy Association 7 Paris Str., 5th Floor, Sofia 1000 Tel.: +359 2 4833820 Email: info@bgwea.org www.bgwea.org

Energy Management Institute 5 Lege Str. 1st Floor, Sofia 1000 Tel.: +359 2 980 07 03, +359 2 950 62 10 Email: emi@emi-bg.com www.emi-bg.com

KRIB8 Han Asparuh Str., 1463 Sofia Tel.: +359 2 981 9169 www.ceibg.bg

PublicsN7, Stefan Karadja Str., Entrance A, floor 5, Sofia 1000 Tel.: +359 879436756 Email: office@publics.bg www.publics.bg

WWF Bulgaria38 Ivan Vazov Street, 2nd fl., 3th ap., 1000 Sofia Tel.: +359 29505040 Email: office@wwfdcp.bg www.wwf.bg

03. ENERGY COMPANIESAEC Kozlodui3321 Kozlodui Tel.: +359 973 7 2020 Email: info@kznpp.org www.kznpp.org/

AESAES Maritza Iztok 1, 72 Lyuben Karavelov Str., Sofia Tel.: +359 42 901 634 Email: peter.lithgow@aes.com www.aes.com

Brikel EADStara Zagora region, 6280 Galabovi Tel.: +359 8122000 www.brikel-bg.com/

Bulgarian Energy Holding16 Vesalec Str., 1000 Sofia Tel.: +359 2 926 38 00 Email: hq@bgenh.com www.bgenh.com

CEZ140 G.S. Rakovski Str., Sofia 1000 Tel.: +359 070010010 Email: cez@cez.bg www.cez.bg

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Contour GlobalContourGlobal Maritsa East 3 TPP, Mednikarovo, Stara Zagora 6294 Tel.: +359-42-663-251 Email: me3@ContourGlobal.com www.contourglobal.com

Dalkia5 Janosh Huniadi Blvd, PO Box 26, Varna Tel.: +359 889311218 Email: mail@dalkia.bg www.dalkia.bg

Energo-pro258 Vladislav Varnenchik Blvd, Varna Towers, Tower G, 9009 Varna Tel.: +359 52 660876 Email: press@energo-pro.bg www.energo-pro.bg

ESOTriaditsa District, 105 Gotse Delchev Blvd., 1404 Sofia Tel.: +359 2 96-96-802 Email: eso@eso.bg www.tso.bg

EVN37 Hristo G. Danov Str., 4000 Plovdiv Tel.: +359 700 1 7777 Email: info@evn.bg www.evn.bg

National Electricity Company 5 Vesalec Str., 1040 Sofia Tel.: +359 2 9263 636, +359 2 986 56 06 Email: nek@nek.bg www.nek.bg

TEC Bobov DolGolyamo Selo vilage, 2600 Bulgaria Tel.: +359 701 50531 www.tecbd.com

TEC Sviloza EAD51 Krastio Sarafov Str., 1 floor, ap 1, 1421 Sofia Tel.: +359 42 615615 Email: office@tpp-svilosa.bg www.tpp-sviloza.bg

Toplophikacia BourgasLozovo District, North Industrial Zone, Heating Plant, 8000 Bourgass Tel.: +359 56 87 11 11 Email: office@toplo-bs.com www.toplo-bs.com

Toplophikacia Pleven128 Eastern Industrial Zone, 5800 Pleven Tel.: +359 64 895 288 www.toplo-pleven.com

Toplophikacia RousseTEC Iztok Str., 7009 Rousse Tel.: +359 82 883311 Email: tecrus@toplo-ruse.com www.toplo-ruse.com

Toplophikacia Sliven23 Stephan Karadja, 8800 Sliven Tel.: +359 44 622 722 Email: toplo@sliven.net http://new.sliven.net/toplo/

TPP Martza Iztok 2 6265 Kovachevo village, Stara Zagora district Tel.: +359 42 66 20 14, +359 42 66 29 19 Email: tec2@tpp2.com www.tpp2.com

04. ALTERNATIVE ENERGYE.Mirolio EADIndustrial Zone, 8800 Sliven Tel.: +359 44612418 Email: miroglio.lana@emiroglio.com www.emiroglio.com

SolarPro Holding7 Sheinovo str., 1504 Sofia Email: office@solarpro.bg www.solarpro.bg

Smart Group35 N.Y.Vapcarov Str,. Floor3, ap. 3A, 1407 Sofia Tel.: +359 884 369000, +90 532 566 2753 Email: office@veistroy.com http://smartgroupint.com/

05. OIL & GASBulgargas47 Petar Parchevich Str., 1000 Sofia Tel.: +359 2 935 89 44, +359 2 935 89 88 Email: hq@bulgargaz.bg www.bulgargaz.com

BulgartransgasPOB 3, Housing estate ”Ljulin-2”, 66 Pancho Vladigerov Blvd, Sofia 1336 Tel.: + 359 /2/ 939 63 00 Email: info@bulgartransgaz.bg http://www.bulgartransgaz.bg

Citigas Bulgaria EAD4 Adam Mitskevich Str. Tel.: +359 2 925 9495 Email: sofia@citygas.bg www.citygas.bg/

DEXIA BULGARIA9160 Devnya Industrial Zone Tel.: +359 887077077 Email: pola.naydenova@mail.bg

Direct Petrolium Bulgaria/TransAtlantic16 Arh. J. Milanov str., 1164 Sofia Tel.: +3592 963 3244 Email: info@transatlanticpetroleum.com www.transatlanticpetroleum.com/portfolio/bulgaria

Lukoil42, Todor Alexandrov Blvd, 1303 Bulgaria Tel.: +359 2 91 74 316 Email: office@lukoil.bg www.lukoil.bg

Melrose Resources Bulgaria 32 Marko Balabanov, 9000 Varna Tel.: +359 52 699 556 Email: info@petroceltic.com www.petroceltic.com/

OMV Bulgaria 1, Sofiiski Geroi Str., Sofia 1612 Tel.: +359 2 93 29710 Email: info.bulgaria@omv.com www.omv.bg

Overgaz5 Philip Kutev Str., 1407 Sofia Tel.: +359 2 428 2000 Email: gas@overgas.bg www.overgas.bg

Petrol43, Cherni Vrah Blvd, 1407 Sofia Tel.: +359 2 4960 300 www.petrol.bg

Shell Bulgaria 48, Sitniakovo Blvd, Serdica Office, 8 floor, 1505 Sofia Tel.: +359 2 960 1752 Email: smartbul@shell.com www.shell.bg

Toplivo2, Solunska Str., Sofia 1000 Tel.: +359 2 9333 570 Email: toplivo@toplivo.net www.toplivo.bg

06. MAINTENANCEAtomenergoremontKozloduy NPP site, 3321 Kozloduy Tel.: +359 973 80018 Email: aer@aer-bg.com www.aer-bg.com/

Centralna Energoremontna Baza1 Lokomotiv Str., 1220 Sofia Tel.: +359 2 8105 454 Email: info@cerb.bg http://cerb.bg/

Chimcomplect205, Al. Stamboliyski, Blvd., 1309 Sofia Tel.: +359 2 822 34 60 Email: headoffice@chimcomplect-eng.bg www.chimcomplect-eng.bg

Enemona20 Kosta Lulchev Str., Sofia 1113 Tel.: +359 2 80 54 850 Email: office-sf@enemona.com www.enemona.bg

Energoremont Holding34 Totleben Blvd., 1606 Sofia Tel.: +359 2 8133577 Email: info@erhold.bg www.erhold.bg/bg

Energoremont – Galabovo6280 Galabovo Tel.: +359 418 62086 Email: info@energoremont-bg.com www.energoremont-bg.com

Risk Enegenering10 Vihren Str., Sofia 1618 Tel.: +359 2 8089 702 www.riskeng.bg

07. ELECTRICITY TRAdERSDANS120D, Simeonovsko Shose Blvd, 1700 Sofia Tel.: +359 2 42 100 10 www.dansenergy.eu

EFG10, Vihren Str., Pavlovo distr., Sofia Tel.: + 359 2 892 88 08 Email: office@efg.bg www.efg.bg

EFT19 George Washington Street, 1000 Sofia Tel.: +359 2 439 9010 Email: enquiries@eft-group.net www.eft-group.net

Energy MT8, Bacho Kiro, 1000 Sofia Email: office@emtbg.com www.emtbg.com/

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OET38, Bokar Blvd, 1404 Sofia Tel.: + 359 2 854 81 38, +359 894 777846 Email: office.bg@oet-energy.com www.oet-energy.com

08. LAW FIRMSBALMS2, General Totleben Street, floor 4, 1606 Sofia Tel.: +359 2 411 0004 Email: balms@balmsbulgaria.com www.balmsbulgaria.com

Batkov&Assocs.48, Alabin Str., 1000 Sofia Tel.: +359 2 9335611 Email: t.batkov@batkov.com www.batkov.com

CMS Cameron McKenna14, Tzar Osvoboditel Blvd, 1000 Sofia Tel.: +359 897860421 Email: konstantin.sirleshtov@cms-cmck.com www.cms-cmck.com/Sofia-CMS-CMCK-Bulgaria

Tocheva&Mandajieva26, Stoyan Mihaylovski Str., fl. 5, 1164 Sofia Tel.: +359 888584000 Email: tocheva@tmlawoffice.bg www.tmlawoffice.bg

Wolf Theiss 29, Atanas Dukov Str., Rainbow Centre, Sofia 1407 Tel.: +359 2 86 13 700 Email: radoslav.mikov@wolftheiss.com www.wolftheiss.com/index.php/Bulgaria.html

Vladimirov&Kiskinov43, Gen. Eduard Totleben Blvd, Fl.1, At.1, Sofia Tel.: +359 888 15 34 12, + 359 2 988 18 28 Email: lawyers@vladimirov-kiskinov.eu www.dvlmp.eu

09. CONSULTANTSEnergeo279 B Tzar Boris III Bd, Sofia 1619 Tel.: +359 2 902 6580 Email: office@energeo.bg http://energeo.bg

10. PRAMI Communications135 B, G.S.Rakovski Str., floor 2, Sofia 1000 Tel.: +359 2 989 5115 Email: office@amic.bg www.amic.bg

D&D54, W. Gladstone Str., 1000 Sofia Tel.: +359 2 866 98 99 Email: office@ddagency.com www.ddagency.com

Ikona43, Nishava Str., Sofia 1680 Tel.: +359 2 958 30 Email: office@icona-bg.com www.icona-bg.com

MARKETOR3A, Nikolay Haytov Str., ESTE Office Building, fl. 1, office 15, 1113 Sofia Tel.: +359 2 423 07 97 Email: valia@marketorbg.com www.marketorbg.com

CYPRUS

01. GOVERNMENT INSTITUTIONSCommission for the Protection of Competition (C.P.C) of the Republic of Cyprus53, Strovolos Ave., 2018 Strovolos, Nicosia Tel.: +357 22 606600 www.competition.gov.cy

Cyprus Association of Renewable Energy Enterprises (SEAPEK)30 Griva Digeni Avenue, 1080 Nicosia Tel.: +357 22 665102 Fax: +357 22 669459 www.seapek.com

Cyprus Chamber of Commerce and Industry38, Grivas Dhigenis Ave. & 3 Deligiorgis Str., Tel.: +357 22 889800 Email: chamber@ccci.org.cy www.ccci.org.cy/

Cyprus Energy Agency10-12 Lefkonos Street, 1011 Nikosia Tel.: +357 22 667716, +357 22 667726 Email: anthi.charalambous@cea.org.cy www.cea.org.cy

Cyprus Energy Regulatory Authority81-83 Griva Digeni Avenue, IAKOVIDI Building, 3rd Floor, 1080 NICOSIA Tel.: +357 22 666363 Email: info@cera.org.cy www.cera.org.cy

Cyprus Institute of Energy2 Agapinoros & Arch. Makariou III, Megaro IRIS, 1st Floor, 1076 Nicosia Tel. +357 22 606060 Fax:+357 22 606001/2 E-mail:cie@cytanet.com.cy

Cyprus Transmission System Operator of Electrical EnergyEvangelistrias 68, CY-2057 Strovolos Tel.: +357 22 611 611 Email: mail@dsm.org.cy www.dsm.org.cy/

Cyprus Organisation for Storage and Management of Oil Stocks (COSMOS)27, Heracleous Str., 2nd floor, Office 203, 2040 Nicosia Tel.: +357 22 81 81 00 Email: info@kodap.org.cy www.kodap.org.cy

Ministry of Agriculture, Natural Resources and EnvironmentLouki Akrita Street, 1411 Nicosia Tel.: +357 22 408305 Email: registry@moa.gov.cy www.moa.gov.cy

Ministry of Energy, Commerce, Industry and Tourism of the Republic of CyprusEnergy Sector 6, Andreas Araouzos Str., CY-1421, Nicosia Tel.: +357 22867100 Email: perm.sec@mcit.gov.cy www.mcit.gov.cy

Ministry of FinanceMichael Karaoli & Gregori Afxentiou, 1439 Nicosia Tel.: +357 22602723 Email: registry@mof.gov.cy www.mof.gov.cy

Ministry of Foreign AffairsPresidential Palace Avenue, 1447 Nicosia Tel: +357 22 651000 Fax: +357 22 661881 Email: info@mfa.gov.cy www.mfa.gov.cy

Natural Gas Public Company (DEFA)13 Limassol Avenue, Demetra Tower, 4th Floor, 2112 Nicosia Tel.: +357 22 761761 Email: info@defa.com.cy www.defa.com.cy

Presidency of the Republic of CyprusPresidential Palace, 1400 Nicosia Tel.: +357 22 867400 Email: infopresidency.gov.cy www.presidency.gov.cy

Natural Gas Public Company (DEFA)13, Limassol Avenue, Demetra Tower, 4th floor, 2112 Nicosia Tel.: +357 22 761 761 Email: info@defa.com.cy www.defa.com.cy

02. SEMI GOVERNMENT ORGANIZATIONSElectricity Authority of Cyprus11 Amfipoleos Str., 2025 Strovolos, 1399 Lefkosia Tel.: +357-22 20 10 00 Email: eac@eac.com.cy www.eac.com.cy

03. INSTITUTIONSCyprus Institute of Energy2 Agapinoros & 3 Arch. Makariou, Megaro IRIS, 1st Floor, 1076 Nicosia Tel.: +357 22 606060 Email: cie@cytanet.com.cy www.cie.org.cy

04. AUdIT COMPANIESC.O. Cyprus Opportunity Energy Public Company Limited13 Karaiskakis Str., Limassol 3601 Tel.: +357 25 800441 Email: Info@oilandgas.com.cy www.oilandgas.com.cy

Kyprianidis, Nicolaou & Associates48, Themistoklis Dervis Avenue, Office 401, 1066 Nicosia Tel.: +357 22 756585 Email: info@kyprianides.com www.kyprianides.com/

PRICEWATERHOUSECOOPERS3 Artemidos Avenue, Artemidos Tower, 7th & 8th Floors, CY-6020 Larnaca Tel.: +357 24 555 000 www.pwc.com/cy

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05. LAW FIRMSChristos M. Triantafyllidis2 Evagorou Str., Irini Megaron, 3rd floor, Office 31-33, 1521 Nicosia www.christriantafyllides.com

Cyprus Legal Answers31 Estias Street, Aradippou, 7041 Larnaka Tel.: +357 99 641265 Email: info@cypruslegalanswers.com www.cypruslegalanswers.com

Kyriakides & XenofontosTel.: +357 25 352352 Fax: +357 25 352353 www.oilandgaslawyers.eu

06. CONSULTANTSANETEL Larnaca District Development Agency2 Ag. Lazarou Str., 7040 Voroklini Larnaca Tel.: +357 24 815280 Email: info@anetel.com www.anetel.com/

Aspen Trust GroupElia House, 77 Limassol Avenue, 2121 Nicosia Tel.: +357 22 418888 Fax: +357 22 418890 Email: info@aspentrust.com www.aspentrust.com

Aristodemou Nicolas5A, Afxentiou Str., 2ndFloor, CY-1309, Nicosia Email: aristodn@cytanet.com.cy www.nea-consult.com

Cba Conquest Business Advisors176, Athalassis Avenue, CY2025 Strovolos, Nicosia Tel.: +357 22 820800 Email: louismloizou@cba.com.cy www.cba.com.cy/

Envitech Ltd9 Antonis Papadopoulos Str., Paralimni Tel.: +357 23 743440 Email: info@envitech.org www.envitech.org/el

Eurosuccess consulting56 Stavrou Avenue, Karyatides Business Center, Block A2, Office 205, 2035 Strovolos, Nicosia Tel.: +357 22 420110, Fax: +357 22 518248 Email: info@eurosc.eu www.eurosc.eu/

Hiteco Ltd33 Aigyptou Str., 3087 Limassol Tel.: +357 25 870634 Email: design@hiteco-eng.com www.hiteco-eng.com

Kassinis International ConsultingCentennial Building, Office 101 48 Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 663280 Fax: +357 22 669469 Email: info@kassinis-consulting.com www.kassinis-consulting.com

ServPRO Accoutants & Business Consultants28 Kennedy Avenue, Office 401, 1087 Nicosia Tel: +357 22 021100, Fax: +357 22 757566 E-Mail: info@servpro.com.cy www.servpro.com.cy

Shipcon Limassol Ltd5 Spyrou Kyprianou Street, Makedonias Court, office 401, 4001 Mesa Geitonia, Limassol Tel.: + 357 25 334250, Fax: +357 25 255262 E-mail: info@shipcon.eu.com shipcon.eu.com

Value Creation Consulting Ltd13A, Iras Street, 1061 Nicosia Tel.: +357 22 100206 Email: info@valuecreation.com.cy www.valuecreation.eu/

07. OIL & GASA.M.K. EcoLeaf Ltd - ENERGY MANAGEMENT SYSTEMS15 Dodekanisou Str., Anthoupoli, Nicosia 2302 Tel.: +357 22 720670 Email: info@amkgroup.eu www.ecoleaf.eu/

BP Eastern Mediterranean LtdDekhelia Rd, 6301 Larnaca Tel.: +357 24 812849 Email: Pambos.Lambrou@ec1.bp.com

Employers & Industrialists Federation2 Acropoleos Ave. & Glafkou Str., 1511 Nicosia Tel.: +357 22 66 51 02 Email: info@oeb.org.cy www.oeb.org.cy/home

Eni Cyprus Ltd81-83 Grivas Digenis Avenue, 1090 Nicosia Tel.: +357 22 503232, Fax: +357 22 503001 Email: christiano.salino@eni.com

Exxonmobil Cyprus Inc6 Ag. Prokopiou Str., Eggomi, Nicosia Tel.: +357 22 393101

Gulf Agency Company Limited83 Franklin Roosevelt Av., Limassol Tel: +357 25 209100, Fax: +357 25 209201 Email: cyprus@gac.com www.gac.com/cyprus

Hellenic Petroleum Cyprus Ltd3, Ellispontou Str., 2015 Strovolos Tel.: +357 22 477000 www.eko.com.cy

Intergaz LtdDhekelia Rd, 6303 Larnaca Tel.: +357 24 821 666 Email: info@intergaz.com.cy http://intergaz.com.cy/

Lanitis Green Energy Group Ltd107B Nicou Pattichi Str., 3070 Limassol Tel.: +357 25 822314 www.lgeg.com.cy

Lukoil Cyprus Ltd11 Limassol Ave., 5th Floor, 2112 Aglanja, Nicosia Tel.: +357 70001000 Email: lukoil@lukoil.com.cy www.lukoil.com.cy/

Noble Energy International ltd.73 Metochiou Street, 2407 Egnomi, Nicosia Tel.: +357 22 449190, Fax: +357 22 449208 Email: jztomich@nobleenergyinc.com www.nobleenergyinc.com

OAG Offshore Rentals East Med LtdTel.: +357 97 884535 Email: info@oageastmed.com www.oageastmed.com

PETROLINA1 Kilkis Str., 6015 Larnaca Tel.: +357 24 848000 Email: info@petrolina.com.cy www.petrolina.com.cy/

PPT Aviation Services Ltd1 Kilkis Str., 6015 Larnaca Tel.: +357 24 620885

SynergasDhekelia Rd, 6303 Larnaca Tel.: +357 24 635286

Total G&P Cyprus48 Themistocli Dervi, 5th floor, 1066 Nicosia Tel.: +357 22 202806 Fax: +357 22 202801 Email: jean-luc.porcheron@total.com total.com

08. ELECTRICITYFALCON ELECTRICITY POWER135 Omonoias Ave, 8th floor, 3045 Limassol Tel.: +357 25 028560 Email: info@falconelectricity.com http://falconelectricity.com/

ΔΕΗ Quantum EnergyTel.: +357 22 792200 Email: nktorides@dei-quantumenergy.com www.dei-quantumenergy.com

09. CENTRAL HEATINGLAKO241 Protaras Avenue, 5311 Paralimni Tel.: +357 23 821939 Eail: info@lako.com.cy www.lako.com.cy/

A.N.T. METALLOFABRICA LTD6 Rodionos K. Riga, Ag. Athanasios Industrial Estate Tel.: +357 25 724820 Email: info@metallofabrica.com www.metallofabrica.com/

Narkissos AirconCorner Makarious Ave. & Theodorou Potamianou www.narkissoscy.com/articles/view/home

PANARIS & ASSOCIATES ELECTROTHERM LTD42 Gregoris Afxentiou Str., Ayios Dometios, Nicosia Tel.: +357 22 783090 Email: panaris@spidernet.com.cy www.panaris.com.cy

iClima LtdOffice 1D, 16 August Str., 1040 Nicosia Tel.: +357 22 43 43 43 Email: iclima@mtnmail.com.cy www.iclima.com.cy

Build Shield8 Oidipodos Str., 6058 Larnaca Tel.: +357 24 102 830 Email: info@build-shield.com http://build-shield.com/

Aristides S. Air Control Services ltd 1, 28th October Avenue, Block C, Office 208, 2414 Egkomi Tel.: +357 22 444660 Email: info@aristidesaircontrol.com www.aristidesaircontrol.com/

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Terza Solar Power22 Archiepiskopou Kyprianou Str. Tel.: +357 24 664532 Email: terzasolarpower@gmail.com / info@solarpowercyprus.com www.terzasolarpower.com/

MTV WATER SERVICES146 Vasileos Kon/nou, Shop 1,2 Tsirio, Limassol 3080 Tel.: +357 25 389155 Email: info@mtvwaterservices.com www.mtvwaterservices.com/

CHR SKARPARIS LTD 22 Mixalakopoulou Str., 1685 Nicosia Tel.: +357 22 764308 Email: skarpa@cytanet.com.cy www.skarparis.com/

10. ALTERNATIVE ENERGYA.S.G. Solar Technologies Ltd28 Kinyras Street, Shop A, 8011 Paphos Tel.: 7777 7652, Fax +357 26 822 513 Email: solartech@cytanet.com.cy

Aeoliki Ltd41 Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 875707 Fax: +357 22 757778 Email: info@aeoliki.com www.aeoliki.com

Energy Sequel3 Costa Loizou Street, Latsia, 2222 Nicosia Tel: +357 96 276761 E-mail: energysequel@gmail.com www.energysequel.com

Ergo Energy47 28th October Street, 2414 Engomi - Nicosia Tel.: +357 22 505404 Eail: pharconides@ergohomegroup.com www.ergoenergy.com.cy

Neon Energy41-43 Sp. Kyprianou Avenue, 6051 Larnaca Tel.: +357 24 636004, Fax: +357 24 636012 Email: info@neonenergy.com.cy www.neonenergy.com/en/cyprus

Save Electricity Solutions4 Elenis Loizidou Street, 2042 Strovolos, Nicosia Tel.: +357 99 905645, Fax: +357 22 540277 Email: info@save-electricity.com.cy www. save-electricity.com.cy

11. PRGnora2 Agathokleous Street, 2000 Strovolos Tel.: +357 22 441922, Fax: +357 22 519743 Email: george@gnora.com www.gnora.com

MarketwayMarketway Building, 20 Karpenisiou Street, 1077 Nicosia Tel.: +357 22 391000, Fax: +357 22 391150 Email: ngavrielides@marketway.com.cy www.marketway.com.cy

12. EdUCATION INSTITUTESLevantine Training Centre5 Spyrou Kyprianou Street, Makedonias Court, Office 401, 4001 Limassol Tel.: +357 25 334250, Fax: +357 25 255262 Email: ltc@shipcon.eu.com www.levantinetrainingcentre.com

GREECE

01. GOVERNMENT INSTITUTIONSMinistry of Environment, Energy and Climate Change (YPEKA)17 Amaliados Str., 115 23 Athens Tel.: +30 213 1515000, Fax: +30 210 6447608 Email: info@ypeka.gr www.ypeka.gr

Public Gas Corporation S.A. (DEPA)92 Marinou Antipa Ave., 141 21 Heraklion Tel: +30 210 2701000, Fax: +30 210 2701010 Email: pr@depa.gr www.depa.gr

Hellenic Transmission System Operator (DESMIE)72 Kastoros Str.,185 45 Piraeus Tel.: +30 210-9466700, Fax: +30 210-9466766 Email: contact@desmie.gr www.desmie.gr

Independent Power Transmission Operator (ADMIE)89 Dyrrachiou Str., 104 43 Athens Tel.: +30 210-5192281, Fax: +30 210-5192504 Email: info@admie.gr www.admie.gr

Hellenic Gas Transmission System Operator S.A. (DESFA)357-359 Messogion Ave., 152 31 Chalandri Tel.: +30 210 6501200, Fax: +30 210-6749504 Email: desfa@desfa.gr www.desfa.gr

Greek Atomic Energy Commission (GAEC)Patriarxou Grigoriou & Neapoleos, P.O Box 60092, 153 10 Agia Paraskevi Tel.: +30 210-6506700 , Fax: +30 210-6506748 Email: info@eeae.gr www.eeae.gr

Hellenic Electricity Distribution Network Operator S.A. (DEDDIE)20 Perraivou & 5 Kallirrois Str., 117 43 Athens Tel.: +30 210-9281698, Fax: +30 210-9281698 Email: infodeddie@deddie.gr www.deddie.gr

Centre for Renewable Energy Sources and Saving (KAPE) 19th km Marathonos Ave, 19009 Pikermi Tel.: +30 210-6603300, Fax: +30 210-6603301 Email: cres@cres.gr www.cres.gr

Regulatory Authority for Energy (RAE) 132 Pireos Str., 118 54 Athens Tel.: +30 210-3727400, Fax: +30 210-3255460 Email: info@rae.gr www.rae.gr

Foundation for Economic and Industrial Research11 Tsami Karatasou Str., 117 42 Athens Tel.: +30 210-9211200, Fax: +30 210-9228130 Email: info@iobe.gr www.iobe.gr

02. INSTITUTESInstitute of Energy For South-East Europe (IENE)3 Alex. Soutsou Str., 106 71 Athens Tel.: +30 210-3628457 Fax: +30 210-3646144 Email: secretariat@iene.gr www.iene.gr

Operator of Electricity Market S.A.72 Kastoros Str., 185 45 Piraeus Tel.: +30 211-880700, Fax: +30 211-8806766 Email: info@lagie.gr www.lagie.gr

03. FEdERATIONS - UNIONSFederation of Hellenic Recycling & Energy Recovery Industries57 Ethnikis Antistaseos Str., 152 31 Halandri Tel.: +30 210-6931 011 Fax: +30 210-6931012 Email: info@sevian.gr www.sevian.gr

Hellenic Federation of Enterprises (SEB)5 Xenofontos Str., 105 57 Athens Tel.: +30 211 5006000, Fax: +30 210 3222929 Email: info@sev.org.gr www.sev.org.gr

04. ASSOCIATIONSHellenic Association for the Cogeneration of Heat and Power7 Ioustinianou Str., 114 73 Athens Tel.: +30 210 8219118, Fax: +30 210-8821917 Email: hachp@hachp.gr www.hachp.gr

Hellenic Association of Independent Power ProducersEmail: info@haipp.gr www.haipp.gr

Hellenic Association of Photovoltaic Energy Producers (SPEF)3 Dimokratias Str., 151 21 Pefki Tel.: +30 210-6854035 Fax: +30 210-6854035 Email: info@spef.gr www.spef.gr

Hellenic Association of Photovoltaic Investors (PASYF) 1 Archimdous Str., Nea Alikarnassos 716 01 Iraklio Creta Tel./Fax: +30 2821-078409 Email: info@pasyf.gr www.pasyf.gr

Hellenic Biofuels & Biomass Association (SBIBE)4 Ioanni Tsalouchidis Str., 542 48 Thessaloniki Tel.: +30 2310 330501 Fax: +30 2310 330502 Email: info@sbibe.gr www.sbibe.gr

Hellenic Petroleum Marketing Companies Association46 Ionos Dragoumi Str., 115 28 Athens Tel.: +30 210 7291050, Fax: +30 210-7245172 Email: info@seepe.gr www.seepe.gr

Hellenic Small Hydropower Association (HSHA)23 Agias Lavras Str., 141 21 Iraklio Tel.: +30 210-2811917 Fax: +30 210-2837372 Email: info@microhydropower.gr www.microhydropower.gr

Hellenic Union of Industries Consumers of Energy (UNICEN) 57 Ethnikis Antistaseos Str., 152 31 Halandri Tel.: +30 210-6861489, Fax: +30 210-6283496 Email: info@unicen.gr www.unicen.gr

Hellenic Wind Energy Association (HWEA) ELETAEN306 Leoforos kifissias Str, 1st Floor, 152 32 Athens Tel.: +30 210-8081755 Fax: +30 210-8081755 Email: eletaen@eletaen.gr www.eletaen.gr.

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Greek Association of RES Electricity Producers85 Mesogion Str., 115 26 Athens Tel.: +30 210- 6968418, Fax: +30 210-6968031 Email: info@hellasres.gr www.hellasres.gr

Greek Biomass Association (HELLABIOM)150 Andrea Papandreou Avenue, 165 61 Glifada Tel.: +30 210 9652031, Fax: +30 210-9652081 Email: info@hellabiom.gr www.hellabiom.gr

05. ELECTRICITYElpedison Energy8-10 Sorou Str., Building C, 151 25 Marousi Tel.: +30 211-2117400, Fax: +30 210-3441255 Email: info.energy@elpedison.gr www.elpedison.gr

Heron S.A.85 Mesogion Ave., 115 26 Athens Tel.: +30 213-0333000, Fax: +30 210-6968690 Email: info@heron.gr www.heron.gr

M&M GasPatroklou 5-7 Str., 151 25 Marousi Tel.: +30 210-68777300, Fax: +30 210-6877400 Email: info@mytilineosgroup.gr www.mytilineos.gr

Protergia SA.8 Artemidos Str., 151 25 Marousi Tel.: +30 210-3448300, Fax: +30 210-3448471 Email: dinos.benroubi@protergia.gr www.protergia.gr

Public Power Corporation S.A. (DEH)30 Halkokondili Str., 104 32 Athens Tel.: +30 210-5230301, Fax: +30 210-5237727 Email: info@dei.com.gr www.dei.gr

06. FUELSAegean S.A.10 Akti Kondili Str., 185 45 Piraeus Tel.: +30 210-4586000, Fax: +30 210-4586241 Email: info@aefeanoil.gr www.aegeanoil.gr

Avinoil S.A.12A Herodou Attikou Str., 151 24 Marousi Tel.: +30 210-8093500 Fax: +30 210-8093555 Email: info@avinoil.gr www.avinoil.gr

BP Elliniki S.A. Petroleum26 Kiphissias Av. & 2 Paradissou Str., 151 25 Marousi Tel.: +30 210-6887777, Fax: +30 210-6887697 Email: info@bp.com www.bp.com

Coral S.A.12A Herodou Attikou Str., 151 24 Marousi Tel.: +30 210-9476000, Fax: +30 210-9476500 Email: info@coralenergy.gr www.coralenergy.gr

Coral Gas (Hellas)26-28 G. Averof Str., 142 32 Perissos Tel.: +30 210-9491000, Fax: +30 210-9407987 Email: info@coralgas.gr www.coralgas.gr

Cyclon Hellas S.A.124 Megaridos Avenue, 193 00 Aspropyrgos Tel.: +30 210-8093900, Fax: +30 210-8093999 Email: info@cyclon.gr www.cyclon.gr

Eko AEBE8 Chimaras Str., 151 25 Marousi Tel.: +30 210-7705.201, Fax: +30 210-7705847 Email: info@eko.gr www.eko.gr

Elinoil S.A.33 Pigon Str., 145 64 Kifissia Tel.: +30 210-6241500 Fax: +30 210-6241509 Email: info@elinoil.gr www.elin.gr

Eteka S.A.142 Dimokratias Avenue, 188 63 Perama Tel.: +30 210-4022401, Fax: +30 210-4415879 Email: info@eteka.com www.eteka.com.gr

Hellenic Fuels S.A.8_ Chimaras Str., 151 25 Marousi Tel.: +30 210-6887111 Fax: +30 210-6887100 Email: info_hellenicfuels@helpe.gr www.hellenicfuels.gr

Hellenic Petroleum Group (ELPE)8A Chimarras Str., 151 25 Marousi Tel.: +30 210-6302000 Fax: +30 210-6302510 Email: info@helpe.gr www.helpe.gr

Mamidoil-Jetoil S.A.27 Evrota & Kiphissou Str., 145 64 Kifissia Tel.: +30 210-8763100, Fax: +30 210-8055850 Email: lenam@jetoil.gr www.jetoil.gr

Motor Oil Gas S.A.12A Herodou Attikou Str., 151 24 Maroussi Tel.: +30 210-8094000, Fax: +30 210-8094444 Email: info@moh.gr www.moh.gr

Revoil S.A.5 Kapodistriou Str., 166 72 Vari Tel.: +30 210 8976000, Fax: +30 210 8972137 Email: info@revoil.gr www.revoil.gr

07. OIL & GASCopelouzos Group209 Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106-115 Fax: +30 210-6140371-2 Email: info@copelouzos.gr www.copelouzos.gr

Energean Oil & Gas32, Kifissias Ave. Atrina Center, 17th floor 151 25 Marousi Tel.: +30 210-8174200, Fax: +30 210-8174299 Email: info@energean.com www.energean.com

EPA Attikis11 Sof. Venizelou Ave. & Serron Str., 141 23 Lykovrisi Tel.: +30 210-3406000, Fax: +30 210-3406060 Email: info@aerioattikis.gr www.aerioattikis.gr

EPA Thessalias219 Farsalon Str., 413 35 Larissa Tel.: +30 2410-582300, Fax: +30 2410-582323 Email: info@epathessalia.gr www.epathessalia.gr

EPA Thessalonikis 256 Monastiriou Str & 7 Glinou Str, 546 28 Thessaloniki Tel.: +30 2310-584000, Fax: +30 2310-500577 Email: info@epathessaloniki.gr www.epathessaloniki.gr

Prometheus Gas 209 Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106 Fax: +30 210-6140371 Email: info@copelouzos.gr www.copelouzos.gr

Trans Adriatic Pipeline AG Greece, BranchAthens Tower, 21st Floor, 2-4, Messogion Avenue 115 27 Athens Tel.: +30 210-7454613 Fax: +30 210-7454300 Email: tapgreece@tap-ag.com www.trans-adriatic-pipeline.com/gr

08. ALTERNATIVE ENERGYABB13th klm National Road Athinon-Lamias 144 52 Metamorfosi Tel.: +30 210-2891500, Fax: +30 210-2891599 Email: abb@gr.abb.com www.abb.gr

Big Solar 100 Nato Avenue, 193 00 Aspropyrgos Tel.: +30 210-5509090, Fax: +30 210-5594559 Email: info@bigsolar.gr www.bigsolar.gr

Biosar Energy Aktor-Ellaktor25 Ermou Str., 145 64 Kifissia Tel.: +30 210-8185200, Fax: +30 210-8185201 Email: biosar@biosar.gr www.biosar.gr

EDF EN Hellas120 Vas. Sofias Avenue, 115 26 Athens Tel.: +30 210-6462079, Fax: +30 210-6431420 Email: een@eenhellas.gr www.edf-energies-nouvelles.com

Enteka2 Tichis Str., 152 33 Chalandri Tel.: +30 210-6816803 Fax: +30 210-6816460 Email: enteka@enteka.gr www.enteka.gr

Gamesa9 Adrianiou Str., 115 25 Athens Tel.: +30 210-6753300, Fax: +30 210-6753305 Email: gehellas@gamesacorp.com www.gamesacorp.com

Mechatron226 Kifissias Avenue, 152 31 Chalandri Tel.: +30 210-6899314 Fax: +30 210-6899314 www.mechatron.eu

PPC Renewables S.A.3 Kapodistriou Str., 153 43 Ag. Paraskevi Tel.: +30 211-2118000, Fax: +30 211-2118089 Email: info@ppcr.gr www.ppcr.gr

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Rokas Renewables S.A.3 Rizareiou Str., 152 33 Chalandri Tel.: +30 210-8774100, Fax: +30 210-8774111 Email: info@rokasgroup.gr www.rokasrenewables.gr

Schneider Electric Greece19th klm National Road Athinon-Lamias 146 71 Nea Erithrea Tel.: +30 210-6295200, Fax: +30 210-6295210 Email: marc.pelletier@gr.schneider-electric.com www.schneider-electric.gr

Silcio38-40 Kapodistriou Avenue, 151 23 Marousi Tel.: +30 210-6848506, Fax: +30 210-6838215 Email: info@silcio.gr www.silcio.gr

SMA Solar Technology AG 102 V.Tsitsani Str., 166 75 Glifada Tel.: +30 210-9856660, Fax: +30 210-9856670 Email: Info@SMA-Hellas.com www.SMA-Hellas.com

Solar Cells Hellas64 Kifissias Avenue & Premetis Str., 151 25 Marousi Tel.: +30 210-9595159, Fax: +30 210-9537618 Email: info@schellas.gr www.schellas.gr

Terna Energy S.A.85 Messogion Avenue, 115 26 Athens Tel.: +30 210-6968300, Fax: +30 210-6968096 Email: info@terna-energy.com www.terna-energy.com

09. LAW FIRMSKelemenis & Co. Law Firm5 Tsakalof Str., Melathron Centre, 106 73 Athens Tel.: +30 210-3612800 Fax: +30 210-3612820 Email: enquiries@kelemenis.com www.kelemenis.com

Metaxas Law154 Asklipiou Str., 114 71 Athens Tel.: +30 210-3390748, Fax: +30 210-3390749 Email: info@metaxaslaw.gr www.metaxaslaw.gr

Rokas International Law Firm25 & 25A Boukourestiou Str., 106 71 Athens Tel.: +30 210-3616816 Fax: +30 210-3615425 Email: athens@rokas.com, m.todorovic@rokas.com

10. CONSULTANTS Asprofos Engineering S.A.284 El. Venizelou Ave., 176 75 Kallithea Tel.: +30 210-9491600, Fax: +30 210-9191610 Email: etsapra@asprofos.gr www.asprofos.gr

Consolidated Contractors Company 62B Kifissias Avenue, PO Box 61092, 151 10 Maroussi Tel.: +30 210-6182000 Fax: +30 210-6199224 Email: nsaid@ccc.gr www.ccc.gr

11. EMBASSIES Embassy of Canada4, Ioannou Gennadiou Street, 115 21 Athens Tel.: +30-210-7273400, Fax: +30-210-7273480 Email: athns@international.gc.ca www.canadainternational.gc.ca/greece-grece/

Embassy of Israel1 Marathonodromon Str., 154 52 P. Psychiko Tel.: +30 210-6705500 Fax: +30 210-6705555 Email: pr@athens.mfa.gov.il embassies.gov.il

Embassy of Germany3 Karaoli & Dimitriou Str., 106 75 Athens Tel.: +30 210-7285111 Fax: +30 210-7285335 www.athen.diplo.de

Embassy of Romania7 Emmanouil Benaki Str., 154 52 P. Psychiko Tel.: +30 210-6728875, Fax: +30 210-6728883 Email: secretariat@romaniaemb.gr atena.mae.ro

Embassy of Boulgaria33A Stratigou Kallari Str., 154 52 P. Psychiko Tel.: +30 210-6748105, Fax: +30 210-6748130 Email: Embassy.Athens@mfa.bg www.mfa.bg

Embassy of Cyprus16 Irodotou Str., 106 75 Athens Tel.: +30 210-3734800, Fax: +30 210-7258886 Email: cyempkl@hol.gr www.mfa.gov.cy

Embassy of United States Of America91 Vas. Sofias Ave., 101 60 Athens Tel.: +30 210-7212951, Fax: +30 210-7212951 Email: AthensAmEmb@state.gov athens.usembassy.gov

Embassy of the Russian Federation 28 Nikiforou Lytra Str., 154 52 P. Psychiko Tel.: +30 210-6725235, Fax: +30 210-6749708 Email: embraf@otenet.gr www.greece.mid.ru

Embassy of France7 Vas. Sofias Ave., 106 71 Athens Tel.: +30 210-3391000 Fax: +30 210-3391009 Email: ambafran@hol.gr www.ambafrance-gr.org

Embassy of Ucraine2 Stephanou Delta Str., 152 37 Filothei Tel.: +30 210-6800230, Fax: +30 210-6854154 Email: emb_gr@mfa.gov.ua greece.mfa.gov.ua

12. CHAMBERS American-Hellenic Chamber of Commerce109-111 Messoghion Ave., 115 26 Athens Tel.: +30 210-6993559, Fax: +30 210-6985686 Email: info@amcham.gr www.amcham.gr

Greek-German Chamber10-12 Dorileou Str., 115 21 Athens Tel.: +30 210-6419000, Fax: +30 210-6445175 Email: ahkathen@mail.ahk-germany.de griechenland.ahk.de

Union of Hellenic Chambers 6 Akadimias Str., 106 71 Athens Tel.: +30 210-3387104 Fax: +30 210-3622320 Email: info@acci.gr www.acci.gr

13. INdUSTRY Mytilineos Group5-7 Patroklou Str., 151 25 Maroussi Tel.: +30 210-6877300 Fax: +30 210-6877400 Email: info@mytilineos.gr www.mytilineos.gr

Hellenic Halyvourgia86A Othonos & Kokkota Str., 145 61 Kifissia Tel.: +30 210-6283400 Fax: +30 210-8015614 Email: info@hlv.gr www.hlv.gr

Allouminion Ellados8 Artemidos Str., 151 25 Maroussi Tel.: +30 210-3693000, Fax: +30 210-3693108 Email: info@alhellas.gr www.alhellas.com

Metka Group8 Artemidos Str., 151 25 Maroussi Tel.: +30 210-2709200, Fax: +30 210-2759528 Email: info@metka.gr www.metka.com

Elemka8 Artemidos Str., 151 25 Maroussi Tel.: +30 210-8117000 Fax: +30 210-8117070 Email: info@elemka.gr www.elemka.gr

ROMANIA

01. GOVERNMENT INSTITUTIONSANAR-National Agency Romanian Water6 Edgar Quinet Street, 010018, Sector 1, Bucharest Tel.: +4 021 312 2174 Email: relatii_cu_publicul@rowater.ro www.rowater.ro

ANRE-National Energy Regulator3 Constantin Nacu Street, 020995, Sector 2, Bucharest Tel.: +4 021 327 8174 Email: anre@anre.ro www.anre.ro

Competition Council Romania1 Piata Presei Libere, building D1, 013701, Sector 1, Bucharest Tel.: +4 021 318 1198 Email: presedinte@consiliulconcurentei.ro www.consiliulconcurentei.ro

Constanta County Council51 Tomis Avenue, 900725, Constanta Tel.: +4 0241 488 404 Email: consjud@cjc.ro www.cjc.ro

Environment Protection Agency Constanta23 Unirii Street, Constanta Tel.: +4 024 154 6596 Email: office@apmct.anpm.ro apmct.anpm.ro

Mayor of Corbu38 Principala Street, Corbu, Constanta County Tel.: +4 024 176 5100 Email: secretariat@primariacorbu.ro www.primariacorbu.ro

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National Agency for Mineral Resources36-38 Mendeleev Str., 010366, Sector 1, Bucharest Tel.: +4 021 313 2204 Email: namr@namr.ro www.namr.ro

Nuclear Agency & Radioactive Waste21-25 Mendeleev Str., 010362, Sector 1, Bucharest Tel.: +4 021 316 8001 Email: contact@nuclearagency.ro www.agentianucleara.ro

Romanian Government1 Victoriei Square, 011791, Sector 1, Bucharest Tel.: +4 021 314 3400 Email: drp@gov.ro www.gov.ro

Romanian Ministry of Economy152 Victoriei Avenue, 010096, Sector 1, Bucharest Tel.: +4 021 202 5426 Email: dezbateri_publice@minind.ro www.minind.ro

Romanian Ministry of Environment and Climate Changes12 Libertatii Avenue, Sector 5, Bucharest Tel.: +4 021 408 9500 Email: srp@mmediu.ro www.mmediu.ro

Romanian Ministry of Regional Development17 Apolodor Street, North side, Sector 5, Bucharest Tel.: +4 037 211 1409 Email: info@mdrap.ro www.mdrap.ro

02. NON GOVERNMENTACUE-Association of Energy Utilities Companies54B Nordului Road, 014104, Sector 1, Bucharest Tel.: +4 021 230 3265 Email: office@acue.ro www.acue.ro

AFEER-The Association of Electricity Suppliers in Romania7-9 Tudor Stefan Street, 1st floor, ap 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

APER-Romanian Energy Policy Association13 13 Septembrie Road, 050711, Sector 5, Bucharest Tel.: +4 021 411 9829 Email: aper@aper.ro www.aper.ro

CNR-CME-Romanian National Comitee of World Energy Council1-3 Lacul Tei Avenue, 020371, Sector 1, Bucharest Tel.: +4 021 211 4155 Email: ghbalan@cnr-cme.ro www.cnr-cme.ro

CRE-Romanian Energy Center16-18 Hristo Botev Ave, 030236, Sector 2, Bucharest Tel.: +4 021 303 5741 Email: office@crenerg.org www.crenerg.org

EURISC Romania82-84 Mihai Eminescu Street, B entrance, ap. 19, Sector 2, Bucharest Tel.: +4 021 212 2102 Email: eurisc@eurisc.org www.eurisc.org

Foreign Investors Council Romania11 Ion Campineanu Street, 3rd floor, Sector 1, 010031, Bucharest Tel.: +4 021 222 1931 Email: office@fic.ro www.fic.ro

Greenpeace CEE Romania18 Ing. Vasile Cristescu Str., 021985, Sector 2, Bucharest Tel.: +4 031 435 5743 Email: info.romania@greenpeace.org www.greenpeace.org

Institute for Studies and Hydropower - ISPH SA293 Vitan Road, 031293, Sector 3, Bucharest Tel.: +4 021 314 7270 Email: info@isph.ro www.isph.ro

ISPE-Institute for Energetical Studies and Design1-3 Lacul Tei Avenue, 20371, Sector 2, Bucharest Tel.: +4 021 210 1095 Email: office@ispe.ro www.ispe.ro

Petroleum Club of Romania38 Dragos Voda Street, ap. 1, 020747, Sector 2, Bucharest Tel.: +4 031 102 0605 Email: petroleumclub@petroleumclub.ro www.petroleumclub.ro

Romania Energy Center319 Calarasilor Road, 030622, Sector 3, Bucharest Tel.: +4 031 432 8737 Email: energy@roec.ro www.roec.ro

Romania Photovoltaic Industry Association58-60 Gheorghe Polizu Street, Sector 1, Bucharest Email: office@rpia.ro www.rpia.ro

Romanian Association of Biomass and Biogas (ARBIO)37 Putul lui Zamfir Street, 4th floor, 011684, Sector 1, Bucharest Tel.: +4 021 308 6271 Email: office@arbio.ro www.arbio.ro

Romanian Black Sea Titleholders Association169A Floreasca Road, building A, office 2099, Sector 1, Bucharest

Romanian Electricity Suppliers Association7-9 Tudor Stefan Street, ap. 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

Romanian Wind Power Association17 C.A. Rosetti Street, office 216, Sector 2, Bucharest Email: contact@rwea.ro www.rwea.ro

03. ENERGY COMPANIESCEZ Romania2B Ion Ionescu de la Brad Street, 1st floor, 013813, Sector 1, Bucharest Tel: +4 021 269 2566 Email: office@cez.ro www.cez.ro

E.ON Romania12 Justitiei Street, 540069, Targu Mures, Mures County Tel.: +4 0265 200 366 Email: office.eero@eon-romania.ro www.eon.com

Electrica Furnizare S.A.1A Stefan cel Mare Road, 011736, Sector 1, Bucharest Tel.: +4 021 208 5999 Email: office@electricafurnizare.ro www.electrica.ro

Enel Romania127 Giurgiului Road, 04066, Sector 4, Bucharest www.enel.ro

GDF SUEZ Energy Romania4-6 Marasesti Avenue, 040254, Sector 4, Bucharest Tel.: +4 021 301 2000 www.gdfsuez.ro

General Electric Romania169A Floreasca Street, 014472, Sector 1, Bucharest Tel.: +4 0372 074 517 Email: adrianamirela.mircea@ge.com www.ge.com

Hidroelectrica S.A.15-17 Ion Mihalache Avenue, 011171, Sector 1, Bucharest Tel.: +4 021 303 2500 Email: secretariat.general@hidroelectrica.ro www.hidroelectrica.ro

InterAgro1-3 Verii Street, 011971, Sector 2, Bucharest Tel.: +4 021 210 3700 Email: office@interagro.ro www.interagro.ro

Monsson Group Romania158 Mamaia Avenue, 900534, Constanta Tel.: +4 0241 550 353 Email: office@monsson.eu www.monsson.eu

Nuclearelectrica S.A.65 Polona Street, 010505, Sector 1, Bucharest Tel.: +4 021 203 8200 Email: office@nuclearelectrica.ro www.nuclearelectrica.ro

Renovatio Trading S.R.L.55 Primaverii Avenue, Sector 1, Bucharest Tel.: +4 021 318 2010 Email: office@renovatiotrading.ro www.renovatiotrading.ro

Termoelectrica S.A.1-3 Lacul Tei Avenue, Sector 2, Bucharest Tel.: +4 021 303 7305 Email: office.economic@termoelectrica.ro www.termoelectrica.ro

Transelectrica2-4 Olteni Street, 030786, Sector 3, Bucharest Tel.: +4 021 303 5822 Email: office@transelectrica.ro www.transelectrica.ro

Verbund Romania31-33 Carol Avenue, Bucharest Tel.: +43 (0)50313-53744 Email: florian.seidl@verbund.com www.verbund.com

Vestas Romania11-15 Tipografilor Str., Building B3, 013714 Bucharest Tel.: +4 031 403 3099 Email: vestas-romania@vestas.com www.vestas.com

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04. OIL & GASChevron Romania Exploration and Production3-5 Presei Libere Square, City Gate South Tower, 013702, Sector 1, Bucharest Tel.: +4 021 207 6110 www.chevron.ro

Exxon Mobil Romania169A Floreasca Road, building A, 014472, Sector 1, Bucharest www.exxonmobileurope.com

Gas Plus75-77 Buzesti Street, 7th floor, rooms 52-53, 011013, Bucharest Email: info@gasplus.it www.gasplus.it

GSP-Petroleum Services Group97 Pipera - Tunari Street, 077190, Voluntari, IIfov County Tel.: +4 0372 080 243 Email: sales@gspoffshore.com www.gspoffshore.com

Lukoil Romania6 Elena Vacarescu Street, 020271, Sector 1, Bucharest Tel.: +4 021 227 2106 Email: office@romania.lukoil.com www.lukoil.ro

MOL Romania4-6 Daniel Danielopolu Avenue, Sector 1, Bucharest Tel.: +4 021 204 8500 www.molromania.ro

OMV Petrom22 Coralilor Street, Petrom City, 013329, Sector 1, Bucharest Tel.: +4 021 402 2201 Email: office@petrom.com www.petrom.com

Petro Ventures4 Constantin Daniel Street, Sector 1, Bucharest Tel.: +4 0721 936 235 Email: office@ijdelea.ro

Petroceltic Ireland3 Ermil Pangratti Street, ap. 4, Sector 1, Bucharest Tel.: +353 1 421 8300 Email: info@petroceltic.ie www.petroceltic.com

Petrolexportimport SA72 Unirii Avenue, building J3C, Sector 3, Bucharest Tel.: +4 021 318 8459 Email: office@petex.ro www.petex.ro

PetromarConstanta Harbour, Berth 34, 900900, Constanta Tel.: +4 0241 555 255 Email: valeriu.irimioiu@petromar-resources.ro

PETROTEL - LUKOIL S.A.235 Mihai Bravu Street, Ploiesti, Prahova County Tel.: +4 0244 504 000 Email: office@petrotel.lukoil.com www.lukoil.ro

Romgaz S.A.4 Constantin Motas Square, 551130, Medias, Sibiu County Tel.: +4 0269 201 020 Email: secretariat@romgaz.ro www.romgaz.ro

Rompetrol3-5 Presei Libere Square, City Gate Building, Northern Tower, Sector 1, Bucharest Tel.: +4 021 303 0800 Email: office@rompetrol.com www.rompetrol.ro

Sterling Midia Resources11-13 Andrei Muresanu Street, 011841, Sector 1, Bucharest Tel.: +4 021 231 3256 Email: info@sterling-resources.com www.sterling-resources.com

Upetrom Group Romania97 Pipera-Tunari Street, 077190, Voluntari, Ilfov County Tel.: +4 021 308 0200 Email: office@upetrom.com www.upetrom.com

05. GAS dISTRIBUTIONDistrigaz Sud Retele S.R.L.4-6 Marasesti Avenue, 040254, Sector 4, Bucharest www.distrigazsud-retele.ro

Transgaz1 Constantin Motas Square, 551130 Medias, Sibiu County Tel.: +4 0269 803 333 Email: cabinet@transgaz.ro www.transgaz.ro

06. COALOltenia Energetical Complex5 Alexandru Ioan Cuza Str. Targu Jiu, Gorj County Tel.: +4 0253 205 401 Email: office@ceoltenia.ro www.ceoltenia.ro

Romanian National Coal Company S.A.2 Timisoara Street, 332015, Petrosani, Hunedoara County Tel.: +4 0254 506 100 Email: office@cnh.ro www.cnh.ro

07. EqUIPMENT ANd MAINTENANCEABB S.R.L.169A Floreasca Road, building A1, 014459, Sector 1, Bucharest Tel.: +4 0372 158 200 www.abb.com.ro

Adrem Invest20A Aleea Alexandru, 011823, Sector 1, Bucharest Tel.: +4 021 233 5920 www.adrem.ro

Alstom Romania63-69 Iacob Felix Street, Premium Plaza building, 12 floor, 011033, Sector 1, Bucharest Tel.: +4 021 306 9500 www.alstom.com/alstom-worldwide

Ansaldo Nucleare SPA - Romania65 Dacia Avenue, ap. 2, 010405, Sector 1, Bucharest Tel.: +4 021 211 3991 Email: villabruna@ansaldo.ro www.ansaldonucleare.it

CONDMAG S.A.52 Avram Iancu Street, 500075, Brasov Tel.: +4 0268 414 954 Email: condmag@condmag.ro www.condmag.ro

Egnatia Rom65 Sf. Maria Street, 011495, Sector 1, Bucharest Tel.: +4 021 208 2934 Email: egnatia.rom@egnatia-rom.com www.egnatia-rom.ro

Energheia Group Romania SRL34 IC Bratianu Avenue, 6th floor, ap.16, Sector 3, Bucharest Tel.: +4 031 432 9031 Email: info@energheiaitalia.it www.energheiagroup.it

ICME ECAB SA 42 Drumul intre Tarlale Street, 032982, Bucharest Tel.: +4 021 209 0111 Email: Bucharest@icme.vionet.gr www.cablel.ro

Luxten76 Parang Street, 012328, Sector 1, Bucharest Tel.: +4 021 668 8819 Email: office@luxten.com www.luxten.com

RIG Service SA18 Marc Aureliu Street, nr. 18, 900744, Constanta Tel.: +4 0241 586 406 Email: office@rig-service.com www.rig-service.com

Romenergo242-246 Floreasca Road, Sector 1, Bucharest Tel.: +4 021 233 0771 Email: office@romenergo.ro www.romenergo.ro

Schneider Electric Romania11 Dinu Vintila Street, Euro Tower, 1st floor, 021101, Sector 2, Bucharest Tel.: +4 021 203 0606 Email: ro-csc@ro.schneider-electric.com www.schneider-electric.ro

Siemens Romania24 Preciziei Street, West Gate Park, Building H3, 062204, Sector 6, Bucharest Tel.: +4 021 629 6400 Email: siemens.ro@siemens.com www.cee.siemens.com

Smart Solar30 A. S. Puskin Street, Sector 1, Bucharest Tel.: + 4 0758 110 110 romania@smart.com.tr www.smart-solar.eu

TIAB S.A.17 Pictor Verona Street, Sector 1, Bucharest Tel.: +4 021 302 1230 Email: office@tiabsa.ro www.tiab.ro

08. LAW FIRMSBiris Goran77 Emanoil Porumbaru Street, 011424, Sector 1,Bucharest Tel.: +4 021 260 0710 Email: office@birisgoran.ro www.birisgoran.ro

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Bostina si asociatii70 Jean Louis Calderon Street, 020039, Sector 2, Bucharest Tel.: +4 021 319 4466 Email: office@bostina.eu www.bostinalawyers.eu

Bulboaca si Asociatii31 Vasile Lascar Street, 020492, Sector 2, Bucharest Tel.: +4 021 408 8900 Email: office@bulboaca.com www.bulboaca.com

Clifford Chance Badea28-30 Academiei Street, 010016, Sector 1, Bucharest Tel.: +4 021 666 6100 Email: daniel.badea@cliffordchance.com www.cliffordchance.com/people_and_places/places/europe/romania.html#

CMS Cameron McKenna211-15 Tipografilor Str., B3-B4, Sector 1, Bucharest Tel.: +4 021 407 3800 Email: gabriel.sidere@cms-cmck.com www.cms-cmck.com

Dentons28C C. Budisteanu Str., 010775, Sector 1, Bucharest Tel.: +4 021 312 4950 Email: anda.todor@dentons.com www.dentons.com

DLA Piper89-97 Grigore Alexandrescu Street, East Wing, 1st Floor, 010624, Sector 1, Bucharest Tel.: +4 0372 155 800 Email: bucharest@dlapiper.com www.dlapiper.com

IK Rokas&Partners45 Polona Street, Sector 1, Bucharest Tel.: +4 021 411 7405 Email: bucharest@rokas.com www.rokas.com

Kinstellar Romania8-10 Nicolae Iorga Str., 010434, Sector 1, Bucharest Tel.: +4 021 307 1619 Email: daniel.torsher@kinstellar.com www.kinstellar.com

Musat & Associates43 Aviatorilor Avenue, 011853, Sector 1, Bucharest Tel.: +4 021 202 5900 Email: musat@musat.ro www.musat.ro

NNDKP1A Bucharest-Ploiesti Road, Entrance A, 013681, Sector 1, Bucharest Tel.: +4 021 201 1200 Email: office@nndkp.ro www.nndkp.ro

PeliFilip169A Calea Floreasca Road, Building B, 014459, Sector 1, Bucharest Tel.: +4 021 527 2000 Email: office@pelifilip.com www.pelifilip.com

Popovici, Nitu & Associates239 Dorobanti Road, 010567, Sector 1, Bucharest Tel.: +4 021 317 7919 Email: office@pnpartners.ro www.pnpartners.ro

RTPR Allen&Overy15 Charles de Gaulle Square, nr. 15, 011857, Sector 1, Bucharest Tel.: +4 031 405 7777 Email: bucharest@rtprallenovery.com www.allenovery.com

Schoenherr & Associates30 Dacia Avenue, 010413, Sector 1, Bucharest Tel.: +4 021 319 6790 Email: office.romania@schoenherr.eu www.schoenherr.eu

Serban&Musneci Associates54 Mircea Zorileanu Str., Sector 1, 012056, Bucharest Tel.: +4 021 222 4478 Email: office@serbanmusneci.ro www.serbanmusneci.ro

Tuca Zbarcea & Associates4-8 Nicolae Titulescu Avenue, America House, West Wing, 011141, Sector 1, Bucharest Tel.: +4 021 204 8890 Email: office@tuca.ro www.tuca.ro

Voicu si Filipescu26-28 Stirbei Voda Street, etaj 5, 010113, Sector 1, Bucharest Tel.: +4 021 314 0200 Email: office@vf.ro www.voicufilipescu.ro

Wolf Theiss58-60 Gheorghe Polizu Street, 011062, Sector 1, Bucharest Tel.: +4 021 308 8100 Email: bryan.jardine@wolftheiss.com www.wolftheiss.com

09. EdUCATION INSTITUTESOil&Gas University Ploiesti39 Bucuresti Avenue, 100680, Ploiesti, Prahova County Tel.: +4 0244 573 171 Email: rectorat@upg-ploiesti.ro www.upg-ploiesti.ro

Romanian Academy125 Victoriei Road, 010071, Sector 1, Bucharest Tel.: +4 021 212 8651 Email: moancea@acad.ro www.acad.ro

Valahia University18-20 Unirii Av., 130082, Targoviste, Dambovita County Tel.: +4 0245 206 101 Email: rectorat@valahia.ro www.valahia.ro

10. PR COMPANIESAction Pr35 Alexandru Constantinescu Str., 1st floor, Bucharest Tel.: +4 021 224 2270 Email: ruxandra.s@actionprgroup.com www.actionprgroup.com

Aegis Media Central Services (AMCS)11 Grigore Mora Street, 011885,Sector 1, Bucharest Email: razvan.varabiescu@aemedia.com www.aemedia.com

AMICOM39 Louis Pasteur Street, 050534, Sector 5, Bucharest Tel.: +4 031 228 4437 www.amicom.ro

Centrade Saatchi & Saatchi133 Serban Voda Street, building D+E, 040205, Sector 4, Bucharest Tel.: +4 031 730 0600 Email: mona.opran@saatchi.ro www.saatchi.com

GMP PR4 Teodor Stefanescu Street, Sector 3, Bucharest Tel.: +4 021 212 1992 Email: office@gmp.ro www.gmp.ro

GolinHarris17 Ceasornicului Str., 014111, Sector 1, Bucharest Tel.: +4 021 301 0051 Email: office.bucharest@golinharris.com www.golinharris.ro

Grayling PR9 Maltopol Street, 011047, Sector 1, Bucharest Tel.: +4 021 335 5547 Email: Cristi.Cretzan@grayling.com www.grayling.com

Media Investment3 Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@mediainvestment.ro www.mediainvestment.ro

OMD55 Floreasca Road, Grand Offices Building, 014453, Sector 1, Bucharest Tel.: +4 021 222 1091 Email: romania@omd.com www.omd.com

Pi231 Primaverii Avenue, Bucharest Tel.: +4 021 232 0325 Email: office@pi2.ro www.pi2.ro

Premium PR23 Eroilor Sanitari Av., 050471, Sector 5, Bucharest Tel.: +4 021 411 0152 Email: office@premiumpr.ro www.premiumpr.ro

The Group3 Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@thegroup.ro www.thegroup.ro

Total PR68 Basarabia Avenue, 4th floor, Sector 2, Bucharest Tel.: +4 031 437 0110 Email: contact@totalpr.ro www.totalpr.ro

V+O Communication40 Hristache Pitarul Street, 011626, Sector 1, Bucharest Tel.: +4 021 231 9195 Email: office@vando.ro www.vando.ro

11. EMBASSIESCanadian Embassy in Romania1-3 Tuberozelor Street, 011411, Bucharest Tel.: +4 021 307 5000 Email: bucst@international.gc.ca www.canadainternational.gc.ca/romania-roumanie

Greek Embassy in Romania-Commercial Office1-3 Pache Protopopescu Avenue, 021403, Sector 2, Bucharest Tel.: +4 021 210 0748 Email: ecocom-bucharest@mfa.gr www.mfa.gr/bucharest

United Arab Emirates Embassy in Romania4 Modrogan Alley, 011826, Sector 1, Bucharest Tel.: +4 021 231 7676 Email: amb@uaeembassy.ro www.uae-embassy.ae

USA Embassy in Romania4-6 Dr. Liviu Librescu Str., 015118, Sector 1, Bucharest Tel.: +4 021 200 3300 Email: infobuch@state.gov romania.usembassy.gov

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12. BANKSBanca Romaneasca11 Dinu Vintila Street, Euro Tower Building, Sector 2, Bucharest Tel.: +4 021 305 9000 Email: office@brom.ro www.banca-romaneasca.ro

Erste Group Banca Comerciala Romana5 Regina Elisabeta Avee, 030016, Sector 3, Bucharest Tel.: +4 021 407 4200 Email: contact.center@bcr.ro www.bcr.ro

ING Bank Romania48 Iancu de Hunedoara Avenue, 011745, Sector 1, Bucharest Tel.: +4 021 222 1600 Email: contact@ing.ro www.ing.ro

International Finance Corporation (IFC)31 Vasile Lascar Street, UTI building, 020491, Sector 2, Bucharest Tel.: +4 021 201 0311 Email: amihaescu@ifc.org www.ifc.org

Piraeus Bank Romania34-36 Carol I Avenue, Sector 2, Bucharest Tel.: +4 021 303 6969 Email: office@piraeusbank.ro www.piraeusbank.ro

Raiffeisen Bank S.A.246C Calea Floreasca Road, Sky Tower, 014476, Sector 1, Bucharest Tel.: +4 021 306 3002 Email: centrala@raiffeisen.ro www.raiffeisen.ro

Romanian International Bank67 Unirii Avenue, Building G2A, Section 1 & 2, Sector 3, Bucharest Tel.: +4 021 318 9515 Email: office@roib.ro www.roib.ro

The European Bank for Reconstruction and Development (EBRD)56-60 Iancu de Hunedoara Avenue, Metropolis Center, West Wing, Sector 1, Bucharest Tel.: +4 021 202 7100 www.ebrd.com

The European Investment Bank (EIB)31 Vasile Lascar Street, 020492, Sector 2, Bucharest Tel.: +4 021 208 6400 Email: Bucharest@eib.org www.eib.org

13. INVESTORSCapital Partners56 Dacia Avenue, 010407, Sector 2, Bucharest Tel.: +4 031 225 1000 Email: office@capitalpartners.ro www.capitalpartners.ro

Enterprise Investors36 Stirbei Boda Street, Domus Center, 010113, Bucharest Tel.: +4 021 314 6685 Email: info@ei.com.ro www.ei.com.pl

Maison Economique - Ubifrance- Roumanie11 Nicolae Lorga Street, 010432, Sector 1, Bucharest Tel.: +4 021 305 6780 Email: bucarest@ubifrance.fr www.ubifrance.com

14. AUdITDeloitte Romania4-8 Nicolae Titulescu Road, Est entrance, 0111141, Sector 1, Bucharest Tel.: +4 021 222 1661 www.deloitte.com

Ernst & Young63-69 lacob Felix Street, Premium Plaza, 011033, Sector 1, Bucharest Tel.: +4 021 402 4000 Email: office@ro.ey.com www.ey.com

KPMG69-71 Bucharest-Ploiesti Road, Victoria Business Park DN1, 013685, Sector 1, Bucharest Tel.: +4 0372 377 800 Email: kpmgro@kpmg.ro www.kpmg.com

15. FUEL ANd LUBRICANTSENI Romania S.R.L.169A Floreasca Road, Building A, Sector 1, Bucharest Tel.: +4 0316 206 300 www.eni.com

16. CHAMBERS OF COMMERCEBucharest Chamber of Commerce and Industry CCIB2 Octavian Goga Avenue, 030982, Sector 3, Bucharest Tel.: +4 021 319 0114 Email: drc@ccir.ro www.ccir.ro

Constanta Chamber of Commerce185A Alex. Lapusneanu Ave, 900457, Constanta Tel.: +4 024 161 9854 Email: office@ccina.ro www.ccina.ro

Romania-France Chamber of Commerce21 Poet Andrei Muresanu Str., 011841, Sector 1, Bucharest Tel.: +4 021 317 1062 Email: ccifer@ccifer.ro www.ccifer.ro

17. IMFInternational Monetary Fund7 Halelor Street, 030118, Sector 3, Bucharest Tel.: +4 021 311 5833 Email: ldragan@imf.org www.fmi.ro

18. ENERGY TRAdERSFreepoint Commodities157-197 Buckingham Palace Road, SW1W 9SP, LONDON, UK Tel.: +44 (0)203 262 6000 Email: londonoffice@freepoint.com www.freepoint.com

Grivco SA1B Garlei Street, Grivco Building, 013721, Bucharest Tel.: +4 021 301 9700 Email: grivco@grivco.ro www.grivco.ro

SERBIA

01. GOVERNMENT INSTITUTIONSAgency for Environmental Protection27a Ruze Jovanovica, Belgrade Tel: +381 11 2861 065, Fax: +381 11 2861 077 Email: office@sepa.gov.rs www.sepa.gov.rs

Commission for Protection of Competition7 Kneginje Zorke Street, Belgrade Tel: +381 11 381 1911 Fax: +381 11 381 1936 Email: office.kzk@kzk.gov.rs www.kzk.org.rs

Energy Agency of the Republic of Serbia5 / V Terazije Street, Belgrade Tel: +381 11 3033 829 Fax: +381 11 3225 780 Email: aers@aers.rs www.aers.rs

European Integration Office34 Nemanjina Street, Belgrade Tel: +381 11 3061-100, 3061-102, 3061-103 Fax: +381 11 3061-110 Email: office@seio.gov.rs www.seio.gov.rs

Ministry of Agriculture and Environmental Protection22-26 Nemanjina Street, Belgrade Tel: +381 11 260-79-60, +381 11 3612-197 Fax: +381 11 260-79-61 Email: office@minpolj.gov.rs www.mpt.gov.rs

Ministry of Construction, Transport and Infrastructure22-26 Nemanjina Street, Belgrade Tel: +381 11 3614-652, Fax: +381 11 3616- 521 Email: pr@ms.gov.rs www.ms.gov.rs

Ministry of EconomyKneza Milosa 20, Belgrade Tel: +381 11 3642-600 Fax: +381 11 3642-705 Email: press@privreda.gov.rs www.privreda.gov.rs

Ministry of Mining and Energy22-26 Nemanjina Street, Belgrade Tel: +381 11 3604-403 Fax: +381 113616-603 Email: kabinet@mre.gov.rs www.merz.gov.rs

Ministry of Public Administration and Local Self-Government10 Vlajkoviceva Street, Belgrade Tel: +381 11 333-4105 Fax: +381 11 333-4181 Email: kabinet@mrrls.gov.rs www.mrrls.gov.rs

02. NON GOVERNMENTALDSW - Deutsch-Serbische Wirtschaftsvereinigung / German-Serbian Business Association19-21 Toplicin venac, Belgrade Tel: +381 11 2028 010 Fax: +381 11 3034 780 Email: dsw@ahk.rs http://serbien.ahk.rs

Foreign Investors Council 47 / IV Jevremova Street, Belgrade Tel: +381 11 3281 958 Email: office@fic.org.rs www.fic.org.rs

79

National Alliance for Local Economic Development – NALED30 / VII Makedonska Street, Belgrade Tel: +381 11 337 3063 Fax: +381 11 337 3061 Email: naled@naled-serbia.org www.naled-serbia.org

Serbian Chamber of Commerce13-15 Resavska Street, Belgrade Tel: +381 11 3300 900 Fax: +381 11 3230 949 Email: info@pks.rs www.pks.rs

Serbian Environment Energy Centre (SEEC)48 Vojvode Stepe Street, Obrenovac Tel: +381 69 10 19 488 Email: office@seec.rs

Serbian Wind Energy Association (SEWEA)6 Dure Jaksica Street, Belgrade www.sewea.rs

03. ENERGY COMPANIESCentar7 Slobode Street, Kragujevac Tel: + 381 34 37 00 83, Fax: + 381 34 37 01 56 Email: direktor@edcentar.com www.edcentar.com

Drinsko-Limske Hidroelektrane1 Trg Dusana Jerkovica Street, Bajina Basta Tel: + 381 31 8636 59, Fax: + 381 31 8643 54 Email: mijodrag.citakovic@dlhe.rs www.dlhe.rs

Elektromreza Srbije11 Kneza Milosa Street, Belgrade Tel: +381 11 3330 700, Fax: + 381 11 32 39 908 Email: kabinet@ems.rs www.ems.rs

Elektrovojvodina100 Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 030, Fax: + 381 21 422 847 Email: bogdan.laban@ev.rs www.elektrovojvodina.rs

Elektrodistribucija Beograd1-3 Masarikova Street, Belgrade Tel: + 381 11 3616 706, Fax: + 381 11 3616 641 Email: zoran.rajovic@edb.rs www.edb.rs

Elektrosrbija5 Dimitrija Tucovica Street, Kraljevo Tel: + 381 36 3 21 686, Fax: + 381 36 3 21 958 Email: Srdjan.Djurovic@Elektrosrbija.rs www.elektrosrbija.rs

EPS Obnovljivi Izvori2 Carice Milice Street, Belgrade Tel: + 381 11 2024 828, Fax: + 381 11 2629 489 Email: aleksandar.vlajcic@eps.rs www.eps.rs

EPS Snabdevanje2 Carice Milice Street, Belgrade Tel: +381 11 6556 747 Fax: + 381 11 655 6757 Email: kabinet@eps-snabdevanje.rs www.eps-snabdevanje.rs

Hidroelektrane Derdap1 Trg kralja Petra Street, Kladovo Tel: + 381 19 801 651, Fax: + 381 19 801 659 Email: goran.knezevic@djerdap.rs www.djerdap.rs

HIP Petrohemija82 Spoljnostarcevacka Street, Pancevo Tel: +381 13 307 000, Fax: +381 13 310 207 Email: info@hip-petrohemija.rs www.hip-petrohemija.rs

JP Srbijagas12 Narodnog fronta Street, Novi Sad Tel: +381 21 481 2703 Fax: +381 21 481 1305 Email: kabinet@srbijagas.com www.srbijagas.com

Jugoistok46a Zorana Dindica Boulevard, Nis Tel: + 381 18 51 85 00 Fax: + 381 18 53 33 15 Email: kabinet@jugoistok.com www.jugoistok.com

NIS a.d. Novi Sad (Petroleum Industry of Serbia)12 Narodnog fronta Street, Novi Sad Email: office@nis.eu www.nis.eu

Panonske Te-To100 Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 785 Fax: + 381 21 661 49 44 Email: zoran.ivancevic@panonske.rs www.panonske.rs

Rudarski Basen Kolubara1 Svetog Save Street, Lazarevac Tel: + 381 11 8123 130 Fax: + 381 11 8123 210 Email: milorad.grcic@rbkolubara.co.rs www.rbkolubara.co.rs

South Stream12 Narodnog Fronta Street, Novi Sad Tel: +381 21 210 1323 www.south-stream.info/

Termoelektrane Nikola TeslaBogoljuba Urosevica Crnog, Obrenovac Tel: + 381 11 2054 501, Fax: + 381 11 8755 500 Email: cedomir.ponocko@tent.rs www.tent.rs

Termoelektrane I Kopovi Kostolac5-7 Nikole Tesle Street, Kostolac Tel: + 381 12 5388 01 Fax: + 381 12 5387 11 Email: kabinet@te-ko.rs www.te-ko.rs

04. ALTERNATIVE ENERGYContinental Wind Serbia23 Resavska Street, Belgrade Tel: +381 11 785 0020 Email: serbia@continentalwind.com www.continentalwind.com

Electrawinds-S6 Vladimira Popovica Street, Belgrade Tel: +381 11 660 0955 www.electrawinds.be

Energo Green115E Mihajla Pupino Boulevard, Belgrade Tel: +381 11 353 9522 Email: ivan.stanisavljevic@energogreen.com www.energogreen.com

NIS Energowind115v Mihajla Pupina Boulevard, Belgrade Tel: +381 11 301 5000 Email: office@nis-energowind.com www.nis-energowind.com

Solaris Energy42 Kralja Aleksandra Street, Kladovo Tel: +381 (11) 24 64 580 Email: info@solarisenergy.co.rs

Vestas Central Europe 6 Mihaila Pupina Boulevard, Belgrade Tel: +49 4841 971 722 www.vestas.com

WindVision Operations18-20 / VII Obilicev venac Street, Belgrade Tel: +381 11 328 3527, Fax: +381 11 630 1527 www.windvision.com

05. LAW FIRMSKaranovic & Nikolic23 Resavska Street, Belgrade Tel: +381 11 3094 200, Fax: +381 11 3094 223 Email: KNSerbia@karanovic-nikolic.com www.karanovic-nikolic.com

Moravcevic Vojnovic i Partneri in cooperation with Schoenherr27 Francuska Street, Belgrade Tel: +381 11 32 02 600, Fax: +381 11 32 02 610 www.schoenherr.rs

Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz3 Cincar Janka Street, Belgrade Tel.: +381 11 3208900, Fax: +381 11 3208930 Email: belgrade@cms-rrh.com www.cms-rrh.com/Belgrade-Serbia

TURKEY

01. ELECTRICITYPPC Elektrik Tedarik ve Ticaret Anonim SirketiMaslak Mah., Bilim Sk., No:5 Sun Plaza, Kat:13, 34398, Maslak, Istanbul Tel.: +90 212 367 4963, Fax: +90 212 366 5802 Email: ppc.elektrik@ppc.com.tr

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