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The game of souTh sTream

Issue No 2 July - August 2014

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01IS EUROPE READY TO ABANDON SOUTH STREAM OR IS IT JUST BLUFFING ?

EditorialBy the publisher

Let us face the truth: Europe’s dependence on Russian gas (and oil) is so strong and deep that makes even the thought of an energy war between the two sides look like a bad joke. The facts are bold: Europe’s gas consumption reached 541 billion cubic metres (bcm) in 2013, of which 161,5 bcm, or about 30%, were supplied by Gazprom. Indeed, in 2013, Russia’s market share in Europe increased significantly (26%) compared to 2012, due to a growth in exports (23 bcm or 16%) and stagnating demand. This is a reality which cannot change easily or in short time.

This makes Ukraine an extremely important country, for both sides, because neither Europe nor Russia can afford losing it forever... The explanation is simple: About half of the Russian gas supply reaches European

markets via Ukraine, mainly through the “Brotherhood” pipeline. Another 55 bcm flow through the Nord Stream pipeline, which is almost fully operational and reaches European soil through the Baltic Sea, bypassing Ukraine.

But, unfortunately, since the beginning of 2014, Ukraine looks increasingly like a ticking timebomb ready to explode, triggering an unprecedented energy crisis in Europe – much more serious than the previous ones, in 2005 and 2009. So, theoretically, Moscow and Brussels should consider South Stream (Nord Stream’s “twin” pipeline) not as a curse, but as a blessing, because it has been designed to supply Europe with 63 bcm of gas per year from 2018, bypassing also Ukraine – this time through the Black Sea.

But this is not the case, as we have learned from recent developments in Southeastern Europe. In Bulgaria, after intense pressure from both the EU and the US, the (outgoing) government decided to postpone the project, at least until fall, as the country is heading for early elections. At the same time, the Serbian government is facing similar problems with this project and the demands of its European allies.

As a result, the future of South Stream seems to be uncertain. Are the Europeans and especially the Germans ready to abandon it once and for all, because of the crisis in Ukraine and the annexation of Crimea by the Russian Federation? Or are they just bluffing on the big energy chessboard? Time will tell...

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02THE GEOPOLITICAL GAME OF SOUTH STREAMThe fight to force Gazprom to play by the EU rules turned to be a weapon against Russian actions in Ukraine. However, it is highly unlikely that Russia will bow to Western pressure to restore the former status quo in Ukraine and South Stream will not be the most significant casualty if Kremlin decides to retaliate. The possible demise of this pipeline project will change drastically the overall strategy that Russia has been following over the last years.

Geopolitics of energyNikolay Jekov

It was not even at the eleventh hour. A moment later and it would have been too late when Bulgarian Prime Minister Plamen Oresharski decided to put the brakes on South Stream. “I have ordered all construction activities to be suspended. We will decide on further developments following consultations with Brussels,” Mr. Oresharski said at a press conference after meeting with three US senators on June 8th.

The sudden announcement came after massive EU and US pressure on Bulgaria to suspend the gas pipeline project which would bypass Ukraine.

The decision seemed unexpected because the contractor for the Bulgarian section of the pipeline had been chosen just two weeks earlier and preliminary work had already begun. Moreover, the Bulgarian government had been resisting EU pressure for quite some time. Just days before the announcement, Sergei Stanishev, leader of the Bulgarian Socialist Party, the leading partner in the minority coalition government, insisted that Bulgaria will build South Stream despite EU objections.

The decision of the Bulgarian Prime Minister to freeze the construction of South Stream has significant and lasting consequences. It will definitely mess up the timetable and hamper works in the other countries involved. If the EU and US political will to punish Russia for annexing Crimea is not shaken, it will derail the South Stream project for the foreseeable future (if not forever). It is highly unlikely that Russia will bow to Western pressure to restore the former status quo in Ukraine and South Stream will not be the most significant casualty if Kremlin decides to retaliate. The demise of South Stream will change the overall strategy that Russia has been following over the last years – aggressively acquiring infrastructure in EU member states, while attracting established Western companies in joint ventures to promote the interests of Gazprom in Europe.

Bulgaria on their mindsThe decision shouldn’t have been such a surprise given the mounting pressure on Bulgaria in the last few months. Bulgaria came to the forefront of Brussels’ efforts to force Gazprom to play by EU rules (and to punish Russia for Ukraine)

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because South Stream is at a more advanced stage in Bulgaria compared to the other participating member states. Furthermore, the Intergovernmental Agreement (IGA) between Bulgaria and Russia gives much more generous privileges to Gazprom than the IGAs of the other countries. It did not help that members of the governing coalition sent conflicting messages regarding the Bulgarian position on Ukraine, thus questioning its Western loyalty despite its institutional allegiance.

Bulgaria is an important element in the South Stream game not only because it is the first country on the route of South Stream, but also because it is very difficult to bypass the country when it comes to gas transit via the Black Sea. The first idea was to double or even triple the capacity of the existing Blue Stream pipeline (a 16 bcm pipeline from Russia to Turkey), but Gazprom soon realized that this was not a viable option. Turkey is a picky partner that wants to be a gas reseller and not just a transit country (it kept postponing the Nabucco project for years and eventually killed it). Another idea was to split South Stream between Romania

and Bulgaria thus giving more trumps in the hands of Gazprom when negotiating transit agreements, but it turned out that it is much more expensive to build two separate infrastructures.

In 2008, Bulgaria signed three agreements with Russia for three major energy projects: the South Stream gas pipeline, the Burgas -Alexandroupolis oil pipeline and the Belene nuclear power plant. The agreements, in effect, tied Bulgaria even more firmly to Russian energy interests – a good guarantee for Gazprom projects as well.

The South Stream GameThe European Commission (EC) has never been very keen on South Stream. It originally backed the competing Nabucco pipeline that was supposed to carry natural gas from Azerbaijan via Turkey and Bulgaria to Austria. In 2008, Brussels expressed reluctantly their equal support for all projects in the so-called Southern Corridor provided that they comply with EU laws. Of course, this was just an empty talk, for South Stream does nothing to reduce Europe’s dependency on Russian gas. And it

didn’t have a powerful ally like Germany.

Since 2010 the European Commission has developed more or less a good understanding of South Stream, because Bulgaria invited EU experts as observers in the negotiation process. But the Commission waited until August last

If bigger quantities of Russian gas reached the EU spot markets, the competition would drive prices down. The EC was ready to give more capacity to Gazprom, but the Ukrainian crisis forced it to review its plans

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The South Stream Project

South Stream began in 2006 when Italy’s Eni and Russia’s Gazprom signed a strategic cooperation agreement, stipulating the conditions for the Russian gas to reach Italy via infrastructure owned by the two companies. Eni and Gazprom signed a Memorandum of Understanding on the construction of South Stream in 2007.

In 2008, the Russian Federation signed bilateral intergovernmental agreements with Bulgaria, Serbia, Greece, and Hungary, in 2009 with Turkey and Slovenia, and in 2010 with Austria and Croatia, for the construction of the respective onshore sections of South Stream.

On 15 May 2009, in the presence of the Russian president Vladimir Putin and Italian Prime Minister Silvio Berlusconi, the gas companies of Russia, Italy, Bulgaria, Serbia and Greece signed an agreement for the implementation of South Stream.

South Stream AG is a joint venture between Eni and Gazprom established on 18 January 2008. In 2011, a shareholders’ agreement was signed between OAO Gazprom, Eni S.p.A., EDF Group and Wintershall Holding GmbH to form South Stream Transport AG, the consortium building the South Stream gas pipeline across the Black Sea. The ownership structure is as follows: Gazprom (50%), Eni (20%), EdF (15%) and Wintershall (15%). Transit countries are offered minority shares for the onshore sections of the pipeline. Gazprom signs an agreement with a local partner in each country.

The offshore segment will be 900 km, and the onshore segment will have 6 compressor stations and will cost

approximately €6 billion. Two gas storage facilities will be built in Hungary and Serbia. South Stream’s projected cost was €16.5 billion. At first, it was estimated that South Stream would have a capacity of 31 billion cubic meters, of which 10 billion were supposed to go to Central Europe and Italy. The capacity was later raised to 63 and 42 billion cubic meters respectively. The total price therefore rises to above €20 billion.

The pipeline runs from Anapa, crosses the Black Sea, reaches Varna (Bulgaria), and then goes to Serbia, Hungary, Slovenia and Italy. In recent months, there are discussions to put the endpoint in Austria instead of Italy.

Bulgaria signed and ratified the intergovernmental agreement for the construction of South Stream in 2008. In November 2010, during a visit of Vladimir Putin in Sofia, the state-owned Bulgarian Energy Holding and its subsidiary Bulgargaz signed a contract with Gazprom to create a joint venture, South Stream Bulgaria, in which both own 50%. Its capital is 15.6 million levs. The investment agreement was signed in 2012. The construction began on October 31st, 2013. The subcontractor was chosen at the end of April 2014.

The pipelines connecting the gas fields in Russia with the starting point of the underwater section of South Stream, near the Russian city of Anapa, are almost completed. The orders for the first two pipelines (out of four) that will cross the Black Sea were already placed by South Stream Transport B.V, the company that will build and operate the sea gas pipeline. If the construction in Bulgaria had begun on time (this summer), the first gas quantities would come by the end of the next year.

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year to raise officially its objections. It claims that the IGA between Russia and Bulgaria is in clear breach of the Third Energy Package. In a letter to the Bulgarian government, the Commission pointed out eight areas that violate EU laws. Russia, however, claims that the IGAs had been ratified before the Third Liberalization Package entered into force and opposes any amendments to them.

Gazprom has never been satisfied with EU antitrust rules, because they limit its ability to use new infrastructure. For example, in the case of North Stream, South Stream’s counterpart in the Baltic Sea, Gazprom was unable to run Nord Stream at full capacity, because its land-based section, OPAL, had to reserve 50% of its capacity for third party users. But these are yet to be seen. This is not only impractical and costly for Gazprom (and its Western European partners), but also negative for gas prices in Europe. If bigger quantities of Russian gas reached the EU spot markets (most of the North Stream gas is not under long-term contracts), the competition would drive prices down. The EC was ready to give more capacity to Gazprom, but the Ukrainian crisis forced it to review its plans.

In addition, Gazprom doesn’t want to apply for an exemption from the rules (which would scale back the requirements of the Third Energy Package), as every other new gas pipeline project has done (OPAL, Nabucco, TAP and so on) because, if given, the exemption will be very restrictive compared to other projects. To provide a wider exemption, the

Commission needs to be assured that the new infrastructure will enhance competition in the relevant markets and South Stream clearly doesn’t do that.

When it became clear that Gazprom doesn’t intend to follow the European rules for the liberalization of the gas market (the Bulgarian authorities requested Gazprom’s opinion on a possible exemption already in 2010, but there was no answer), the Commission hardened its stance. Pressure started mounting in 2012 and by the end of the year a new regulation was adopted that allowed the Commission to help member states in renegotiating existing IGAs in the energy sector. The regulation clearly had South Stream in mind.

The Commission knows well that Russia will not change easily its IGAs. That is why Brussels waited for so long (the IGAs were signed in 2008) to publicly declare that they do not comply with EU laws. The Commission hoped that those IGAs could be renegotiated with Russia. That didn’t happen, so it has changed tactics. EU competition authorities have begun to use every bit of EU regulation that allows them to pressure Gazprom.

For example, they indicated that the rules of the Third Energy Package should be extended to the offshore section of South Stream as well. This would certainly be a major blow to the whole project. If 50% of the underwater pipeline is reserved for third-party access, Gazprom will have to pay an enormous transport fee to enable the shareholders of the pipeline

to recoup their investments, and the gas that reaches Europe will be very expensive.

However, this is a disputable matter. The pipelines reaching Europe from third countries are usually considered to be upstream pipelines, which means that they do not fall under EU regulation. But the offshore section of South Stream crosses both the economic zone and territorial waters of Bulgaria. Therefore, formally it should be regulated. To solve the problem, the Bulgarian Parliament amended the Energy Act and excluded sea gas pipelines from the scope of the EU’s Third Energy Package. “Such a regulation may be in line with the EU law, but most probably it isn’t”, said Katja Yafimava, Senior Research Fellow at Oxford Institute for Energy Studies, as quoted in Capital, a Bulgarian weekly newspaper. She explains that it seems that the Bulgarian parliament attempts to award sea pipelines a treatment similar to upstream pipelines, but she cannot say that conclusively.

However, the Commission refused to accept the reasoning of the Bulgarian parliament (later on it was revealed that the amendment was proposed by South Stream Transport). “EU law applies to infrastructure under EU jurisdiction (including Bulgarian territorial waters and Bulgarian exclusive economic zones). The length of the onshore section of the “sea gas pipeline” is irrelevant for the Commission’s assessment of the proposed amendments as regards their compatibility with the gas directive”, a spokesperson for the Commission said.

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No means no. Seriously. Bulgaria defied EU pressure for quite a long time. First, it officially launched the project on October 31st, just two months after the Commission informed Bulgaria that the South Stream IGA did not comply with EU law. Bulgaria then proceeded with the construction tender procedure that was in clear breach of EU procurement rules. Moreover, the technical specifications included in the tender dossier were so detailed that very few companies could meet them (for example, experience in constructing 300 km of 56-inch pipelines). Furthermore, the deadline for applying was set in just two weeks. In response to all that, in January the Commission launched a probe into the tender.

As expected, on 27th of May, Russia’s Stroytransgaz won the tender, in consortium with five well connected Bulgarian companies. It was on the very same day that Bulgarian Prime Minister Plamen Oresharski promised European Commission President Jose Manuel Barroso to take into account EU objections. Stroytransgaz is controlled by Gennady Timchenko through his Volga Resources SICAV-SIF SA investment

fund. Timchenko is said to have close ties with Russian president Vladimir Putin. As a result, Stroytransgaz was added to the Specially Designated Nationals List of the US Department of Treasury after the Russian annexation of Crimea.

In the end of May, the European Commission called in a new energy security strategy for the entire South Stream project to be suspended until full compliance with EU legislation is ensured. Despite the legalistic language, it was clear that the Commission made this statement with a view of the crisis in Ukraine. Talks on the South Stream gas pipeline project will not continue until Russia changes its course towards the political crisis in Ukraine”, EU Energy Commissioner Guenther Oettinger said in an interview with the Frankfurter Allgemeine Sonntagszeitung weekly on June 1st. And in order to dispel any doubts about it, the US embassy in Sofia issued a declaration on 6th of June stating that every Bulgarian company working with Stroytransgaz will face sanctions.

Now even though the contract with the Stroytransgaz Consortium is most

probably signed (South Stream Bulgaria said that it is a trade secret), it haven’t enter into force. According to rumors, afraid of possible sanctions, the Bulgarian banks refused to issue the financial guarantees required by the terms of the contract to the Bulgarian companies.

And now what?In Bulgaria, the words “South Stream” now go together with the word “arbitrage”. Bulgaria’s decision to abort the Belene nuclear plant project resulted in a billion euro claim launched by Rosatom which was supposed to build it.

Most probably Bulgaria will try to annul the tender for the construction of South Stream in order to halt the project, on the grounds that there is a violation of EU internal market rules. In the meantime, Sofia will try to transfer all negotiations to Brussels, because now it is clear that the gas pipeline will not proceed without EU blessing, which will depend on the situation in Ukraine. As things are going on there, the project may stay in limbo for quite some time.

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03ROMANIA FIGHTS

FOR ENERGY INDEPENDENCE

Geopolitics of energyEmilia Damian

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During his recent visit in Bucharest, U.S. Vice President Joe Biden said that U.S. energy companies could invest in Romania to discover more gas deposits and help the country escape from Russian dependence. How possible is it and to what extent? What is the position of the European Union?

By upgrading Romania’s infrastructure, Romania can be a lynchpin that holds together the energy markets from the Black Sea to Central and Eastern Europe, U.S. Vice President Joe Biden said at the Victoria Palace, the Romanian government headquarters in Bucharest, during his visit in Romania at the end of May. “National security and energy security come together in this part of the world and the European energy market has to be secure, diverse and interconnected,” Biden added.

U.S. Vice President also stressed that the United States are ready to help Romania develop its oil and gas pipelines. “We are ready to provide help […] Romania can find energy solutions for itself. By upgrading Romania’s infrastructure, Romania can be a lynchpin that holds together the energy markets from the Black Sea to Central and Eastern Europe. And by expanding domestic production of natural gas, Romania can be part of the energy solution for Moldova, a country that is now overwhelmingly almost 100 percent reliant on Russian energy. Romania’s sovereignty is based on the country’s economic development”, Biden concluded.

U.S. giants in RomaniaSome of the most powerful American companies are already operating in Romania. ExxonMobil, world’s biggest oil company, is exploring, together with OMV Petrom, a deep-water block in the Black Sea. The first results show that there are gas reserves of 42-84 billion cubic meters. That is six times

bigger than Romania’s total annual gas consumption. Production is estimated to begin in 2019 and in that year Romania will start exporting gas.

Another U.S. energy giant operating in Romania is Chevron - the second oil company in the U.S. Chevron is interested in shale gas exploration. Romanian authorities support shale gas exploration and production, but thousands of people have rallied across Romania in recent months to protest against government support for shale gas. Chevron has obtained the necessary exploration licenses and has already started working, but potential production is not expected until after 2020.

The hard hurdle of corruption Romania is a trustful ally and partner of the U.S., but it has to strengthen the rule of law and continue to fight corruption, the U.S. official also said.

“By expanding domestic production of natural gas, Romania can emerge as an alternative supplier for its neighbors. And by extending the Romanian pipeline network, Romania can be part of the energy solution for Moldova, a country that is now overwhelmingly almost 100 percent reliant on Russian energy,” said Biden.

The U.S. Vice President stated that he cannot imagine a completely free and secure Europe, without a strong Romania.

Energy and Defense CooperationDefense and energy cooperation are

currently the most advanced areas in the Romanian-U.S. relations, Romania’s Prime Minister Victor Ponta said during the visit of Biden.

“There are talks at an advanced stage on military hardware cooperation, which details I cannot provide, besides the missile defense facilities, besides the commissioning of the F16 aircraft purchased by Romania, and the Kogalniceanu Airport. From that point of view, defense and energy cooperation are, so to say, the most advanced areas of cooperation in the Romanian-U.S. relations,” Ponta said after welcoming U.S. Vice President Joe Biden.

Chevron will always be better than Gazprom…Prime Minister Victor Ponta said that he and Joe Biden talked about shale gas exploitation and that he told him that in Romania U.S. Chevron is more welcome than Russia’s Gazprom.

“Of course we talked about shale gas. It is quite clear that the U.S. is encouraging such exploitation. They already have a significant production that meets all environmental protection rules and Romania can learn from both U.S. successes and mistakes on environmental protection,” said Ponta.

Ponta described as “very important” for Romania to have a gas production capacity that will be able to meet domestic demand and that of Moldova as well.

“I told Vice President Biden how I managed

Pungesti residents have tried to prevent Chevron from starting exploration for shale gas near their village [AFP/Getty Images]

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to convince most of my interlocutors that Chevron will always be better than Gazprom,” Ponta said in a statement.

Asked whether he also addressed the possibility to extend tax exemptions for companies operating in the field, Ponta said that tax exemptions are not that interesting to companies as transparency

and predictability are.

“We discussed with the State Secretary of Commerce investment in energy and other U.S. investments in Romania at a technical level. We have a roadmap and improvements in transparency and predictability. That is what interests them the most; not necessarily lower or higher taxes, but how predictable they are. A system should be kept unchanged for 15-20 years, and we surely do that”.

Russia could never stop RomaniaRomania invests much in developing a strategic concept of energy independence, so Russia will never be able to impede Romania’s and Moldova’s normal functioning by using its energy supply. The Romanian Prime Minister added that, in the discussion with the U.S. Vice President, he underscored the importance of the investment that Romania has made from budget resources, and EU financing and private financing in order to develop a strategic concept and specifically energy independence.

“Romania is investing quite a lot. It is open to investments so as to be able to ensure for itself and for the Moldovan Republic an energy independence that is even more important in the current crisis conditions, an independence that will allow us to ensure to the Romanian and Moldovan population, to the economy of both countries that Russia will never be able to impede the normal functioning of these countries by using its energy supply,” Prime Minister Victor Ponta said.

Great progress Biden gave a speech before about 200 people at the Cotroceni Presidential Palace, which gathered the main actors of the Romanian political scene, eminent personalities from different sectors (finance, justice etc.) and civil society representatives.

“Your government is making great progress. The people of Romania are making great progress. I said to both your Prime Minister and your President, I cannot imagine a Europe whole, free and secure without a strong, united and independent Romania. So it’s not only in your interest and the interest of your countrymen to deal in a way that delivers for your constituents and for your people, the stronger you are, the more independent you are, the more capable you are, the better off we all are. As I said, it’s not what America can do for Romania, it’s what we can do together for one another,” said Biden.

The U.S. Vice President underlined that Romania has made great progress and that, as long as it follows the democratic path, it will find in the U.S. a reliable partner.

“Democracy is not a destination. It’s a road traveled. As long as you travel this road, you will never be alone. You will have the United States as your ally, your friend, standing by your side because we face a different kind of threat today than we did even a year ago”, Joe Biden said.

“Democracy is not a destination. It’s a road traveled. As long as you travel this road, you will never be alone. You will have the United States as your ally, your friend, standing by your side because we face a different kind of threat today than we did even a year ago.” – Joe Biden, U.S. Vice President

Romania’s Prime Minister, Victor Ponta (left), and U.S. Vice President, Joe Biden, during their meeting in Romania.

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04SOUTH STREAM IS NOT AN ISSUE FOR ROMANIAOnce again, this time thanks to the Crimea Crisis, there is much attention on gas pipelines to bring gas into Central and Western Europe via Eastern Europe. The focus is now on the South Stream Project and whether it will, or should, go ahead given that it is politically supported by some of the same people who are disrupting Ukraine. The question for Romania is to what extent does the South Stream Project have any impact on the country?

Geopolitics of energyIan Becker

First recall that, in Romania, it was not so long ago that the senior politicians and industry professionals were fixated on Nabucco. Now a failed (or perhaps failing) project, Nabucco was the front contender to bring an alternate route of gas from Central Asian into Europe outside of Gazprom’s influence. The pipeline debate had even greater profile because there was this intense competition with Gazprom’s own pipeline, the 63 Bcm pa South Stream Project. There is nothing quite like a fight between large adversaries to bring attention to the projects. Each side was lining up countries for their routes and gas for their supplies. The heavy use of geopolitical influence was not lost on all the players being courted, or more likely coerced, by both sides. Nabucco always had a big disadvantage. Although they had all the merits of a very compelling argument on their side they simply had no gas to fill their pipeline. The compelling, and very prescient, argument was that Europe needed to get out from under Russia’s monopoly supply of gas to avoid being held hostage on any number of political issues. Europe’s sovereignty itself was

at risk. What Nabucco needed, however, was a gas supplier. Azerbaijan was the best hope but they were playing the smart game on seeing which pipeline would ultimately prevail. Iranian gas was clearly abundant and geographically convenient but was politically dead. South Stream on the other hand had access to gas, all it needed was just a route avoiding Ukraine.

As countries lined up, Romania decided to jump in with Nabucco and in so doing removing itself from South Stream. Today it’s clear that South Stream has momentum and Nabucco is dead. Interestingly for Romania is whether any of this really matters. Its obsession towards Nabucco was premised on the idea that Romania had only one import supplier, Gazprom, and it needed to find alternatives to relying only on Russian controlled gas. What Romania was not appreciating at the time was that the best diversification source of gas away from Russian gas was gas from its own country. The Black Sea and Shale Gas had much higher probability of success than Nabucco and rather than just being a

15

pipeline route provider and continue to import gas from others, Romania could instead reap all the benefits of being self-sufficient, and better yet, a net exporter. Both self-sufficiency and exporting improves trade balance, increases energy security and provides taxes, royalties, investment and employment.

So now we turn to South Stream, the project that Romania was eliminated from because of its support of Nabucco. So how does not being part of South Stream impact Romania? Two things have conspired to actually benefit Romania. Firstly Azerbaijan, through the Shah Deniz project, found a 3rd way to get gas from Azerbaijan into Europe and that was via the TANAP, TAP and SCP projects or the Trans Anatolian Natural Gas Pipeline, the South Caucasus Pipeline and the Trans-Adriatic Pipeline. This “Southern Corridor Pipeline Project” doesn’t have the same headline grabbing name as Nabucco or South Stream but these pipelines, that route gas from Azerbaijan through Georgia, Turkey across Greece and up into Turkey,

are moving forward. So Romania, thinking as an exporter, needs to get gas out of Romania and into the rest of Europe. The three Transit lines that run through Romania already provide for 28 Bcm pa of capacity through Romania and into Turkey and Bulgaria. It’s not inconceivable that Romania could make use of the 10 Bcm pa TAP portion of the line to then move gas into Western Europe via Italy. So the Shad Deniz solution from Azerbaijan should benefit Romania by providing an export pathway into Central and Western Europe. Secondly, going back to South Stream, even if it goes ahead (now that Bulgaria is being pressured to abandon its participation), South Stream would likely route north into Serbia and through Hungary rather than south through Greece and up through Italy via TAP. With South Steam likely going north, if at all, it frees up competition for capacity along this southern corridor that Romania could use.

So for Romania, it needs to think ahead as an exporter trying to get gas to market rather than thinking of itself as an importer trying to find gas to bring

it into the country. Thankfully with Romania not being part of South Stream the senior politicians and industry professionals will not be tempted, as they were in the past, to become obsessed with a pipeline project and rather instead focus on finding solutions for developing indigenous gas resources and getting these resources to market both within Romania but also to external markets.

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05GAZPROM IS LOOKING FOR AN ALTERNATIVE MARKET IN CHINAThe outbreak of the Ukraine crisis has forced Gazprom and Kremlin to speed up their efforts to find alternative markets to sell the vast reserves of Russian gas. China, which consumes about half of the world’s coal, copper and iron ore and 4 percent of its gas, is set to become the biggest gas user by 2035. So, after a decade of talks on a major energy deal, the two sides eventually managed to overcome the problems regarding the pricing of gas and signed the deal during the recent visit of Vladimir Putin in Shanghai.

Geopolitics of energyGeorge Pavlopoulos

The conflict that has shocked and shaken Ukraine during the last six or seven months will not eventually lead to an energy war between Europe and Russia, as we have already pointed out in the first issue of EnergyWorld. However, it is causing serious problems for both sides, which are already obvious: For Europe, there is a clear risk of a crisis similar to the previous ones (in 2005 and 2009), which have led to severe turbulence regarding the flow of gas through Ukraine. As for Russia, the decision of the Bulgarian government to freeze (although not yet to cancel…) the construction of South Stream underlined the threats Gazprom could face in case the current crisis escalates and, even worse, spirals out of control.

Without a doubt, Vladimir Putin, his Kremlin advisors and, of course, Gazprom’s CEO Alexei Miller, are fully aware of all these risks. In fact, this was the real and only reason behind their rush to sign now the strategic energy deal they had been negotiating with China for the last ten years. And they desperately wanted to reach the final agreement during the recent visit of Putin

to Shanghai, on May 20-21, so that they could send a message to Europeans and Americans that Russia cannot be isolated by sanctions against it.

During the first day, there were clear signs that the efforts would fail, apparently because both Russians and Chinese didn’t seem willing to retreat from their claims regarding the most “hot” issue: which is the fair price Beijing should pay to Moscow to buy its gas. Whilst Gazprom argued that the price should not be less than 10.5-11 dollars per million Btu, China was not willing to pay more than 10 dollars the most, arguing that Turkmenistan was selling its gas to them for just $9.

The tension was more than obvious during the meetings between Putin and his counterpart, Xi Jinping. By the night of May 20, a large number of Western Media rushed to declare the negotiations dead – at least for the time being. As the departure time of the Russian president came closer, they seemed to be right and in Washington and many European capitals (although not every one of them…) satisfaction

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was more than evident.

Unfortunately for all of them, things changed suddenly. Putin was determined to leave China with the coveted deal in his pocket. And, at the same time, Xi knew he could exchange his signature for Russia’s support on China’s dispute with Japan, which has on its side the most powerful ally in the world: the Americans.

And so it happened, even though we still don’t know any details or numbers about the price… It seems as if the two countries decided to put aside this matter, to get the deal done at this very moment – mainly for political reasons.

For Alexei Miller, the agreement was “the biggest contract in the entire history of the USSR and Gazprom - over 1 trillion cubic meters of gas will be supplied during a whole contractual period”, starting in 2018. “Barack Obama should abandon the policy of isolating Russia: it will not work,” tweeted Putin loyalist and senior parliamentarian Alexei Pushkov, who was included on a U.S. list of sanctions imposed in the

wake of the crisis in Ukraine, referring to U.S. President, who has pushed for greater Western punishment of Russia. “The long-awaited agreement is a political triumph for Russian President Vladimir Putin, who is courting partners in Asia as those in Europe and the United States seek to isolate him over Moscow’s annexation of Ukraine’s Crimea peninsula”, was the comment of Reuters.

Of course, as Sarah Lain wrote in theguardian.com, “despite the deal with China, Russia in the short term will continue to need the European market. The 38bn cubic metres it plans to export to China is small compared to the 161.5bn cubic metres it exported to Europe in 2013 (…) Russia’s exports to China will not replace the revenue Russia relies on from its European exports”. But, as she pointed out in the same analysis, “in the long term, Russia gains the upper hand in pipeline politics over Europe by engaging with an alternative gas partner. It may threaten to divert gas earmarked for Europe to China” – especially because “Europe is unlikely to become completely free from

Russian gas in the near future”.

Last but not least, the deal opens the way for China to make bi investment in Russia’s power and transport infrastructure. According to Forbes magazine, the Russian Direct Investment Fund says that China has promised to put $20 billion of investment into domestic projects in Russia, particularly around infrastructure, and that China is aiming to increase investment in Russia four-fold by 2020. Meanwhile, the two neighbors aim to double the current volume of bilateral trade from $90 billion to $200 billion, within 10 years.

A new strategic alliance is about to be born…

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06ROMANIA AS AN ENERGY HUB IN SOUTHEASTERN EUROPECurrently, a whopping 84,72 percent of gas demand in Romania is met by domestic production while a 15,28 percent is imported from Russia. These data show that Romania is on the road to overcome dependence on Russian gas, while other EU Member States are importing more gas every year.

Legal insightLoredana Mihailescu*

Romania has a long history in gas exploration and production, as the first well became operational in 1861. Currently, Romania produces 11 billion cubic meters of gas per year, while the domestic demand is around 15-16 billion cubic meters per year. The gap between production and demand is covered by gas imports, mainly from Russia. Romania started importing gas from Russia in 1979 and until the end of 2013 it had purchased more than 125 billon m3 of Russian gas. Gas imports from Russia are organized based on contracts concluded with Wintershall and Conef, contracts which are valid until 2030. The average price of imported gas has increased from USD 299/100 m3 in 2007 to USD 418/100 m3 in 2013.

According to the latest annual gas market monitoring report released by the National Energy Regulatory Authority (“ANRE”), in 2013, 84.72% of gas demand in Romania was met by domestic production and the rest, 15.28%, imported from Russia. As we can see from the data above, Romania is on the road to overcome dependence on Russian gas, while other EU Member States are importing more gas every year.

According to data from Gazprom Export, Gazprom’s most important customer in Europe is Germany, which imported last year 40.18 billon m3 of gas, followed by Turkey (26.61 billon m3 of gas), Italy (25.33 billon m3 of gas) and UK (12.46 billon m3 of gas). In Eastern and Central Europe, according to Gazprom data, Romania is the seventh most important customer, after Poland, Czech Republic, Hungary, Slovakia, Austria and Bulgaria.

SNGN Romgaz SA, the state-owned company, and OMV Petrom SA, the former national oil company, dominate both production (i.e. 95%) and reserves. Onshore exploration outlook improved in July 2011, when OMV Petrom SA announced what could eventually be the largest onshore gas and condensate discovery in Romania in the last six years, in Oltenia, a region in Southwestern Romania. However, although the onshore production is considered to be depleted, Romania is among the first three European countries having high potential of unconventional gas exploration (e.g. shale gas exploration), because it has shale gas reserves of about 1,444 billion cubic meters,

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according to a report released by US Energy Information Administration. Most blocks with shale gas potential are located in Eastern Romania, close to the border with Ukraine, as this area is part of three sedimentary basins: Carpathian Foreland, Carpathian Foredeep and Moesian Platform. Moreover, the Domino-1 well drilled by Exxon Mobil Corporation/OMV Petrom SA led to the first gas discovery in the deep-water Black Sea. Estimated recoverable gas resources range from 1.5 to 3 trillion cubic feet and it is the largest single discovery in the Black Sea to date. There are a number of smaller fields which have been discovered in the shallower waters, including the Lebada, Ana and Doina fields.

The Romanian gas market continues to be a regulated market where the price is not based on offer and demand. It is a ‘basket price’ set by ANRE, an average of domestic and import prices weighted with the respective quantities. The percentage of the imported gas price is higher for non-residential consumers. However, as a member of the EU, Romania is bound to comply with EU requirements for gas market liberalisation and unbundling, which will lead to the gradual abolition of the social tariff.

According to the 2012 Memorandum signed between the Romanian government, the IMF and the European Commission, gas prices will be completely liberalized by the end of 2014 for industrial consumers and by the end of 2018 for domestic consumers (including industrial consumers using gas to produce heat

in heating plants or cogeneration plants, further sold to households). Under the Energy and Natural Gas Law no. 123/2012 (“Energy and Gas Law”), the schedule for the deregulation of the gas prices for industrial consumers could be extended by 1 year (until December 31st, 2015) if the difference between the domestic price and the imported gas price is too high. The schedule provides for price adjustments for both residential and non-residential consumers every 3 months. The adjustment is made by ANRE by increasing the percentage of the imported gas price in the ‘basket price’ for each category of consumers. The first increase in the price according to the deregulation schedule entered into force on February 1st 2013 for industrial consumers and on July 1st 2013 for domestic consumers. The last increase was approved on April 1st 2014, respectively by 2% for domestic consumers and for 5% for industrial consumers. According to ANRE reports, out of the total number of end users, domestic end users represent 22.34%.

As part of its efforts to increase transparency and liberalize the energy market, the Romanian Government has adopted recently a government emergency ordinance which states that ANRE will allot a certain gas production quota to be traded by producers and suppliers on the bourse each year until 2018. Romanian gas producers will have to trade a part of their output on the commodities market from July 1st (i.e. OMV Petrom SA and Romgaz SA, the two largest gas producers in the European Union, will be forced to trade

part of their natural gas output and the decree applies to imported gas as well), with natural gas suppliers expected to join in 2015. The draft law provided in the initial form for the full liberalization of the gas market for the non-household consumers starting on July 1st, but it has not been approved.

The Energy and Gas Law, as further amended and completed, transposing the provisions of Directive 2003/55/EC concerning common rules for the internal market in natural gas abrogated the distinction between ‘transit gas pipelines’ and the national gas transport system. According to the Energy and Gas Law, it seems that the principle of free access to the national gas transport system should also apply to access to former ‘transit pipelines” which are now considered to be part of the national gas transport system, provided that all the conditions for connection are observed as detailed in our previous note. In addition, almost

Although, under the Energy and Gas Law, gas export is permitted, currently the available export infrastructure is very limited

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2 years ago, Romania abolished the ban on export of natural gas in order to avoid the sanctions imposed by the European Commission. Traditionally, the ‘transit gas pipelines’ (i.e. gas pipelines allowing the flow of gas on the Romanian territory for gas exchanges between 2 different countries) were separated from the national gas transport system and had a special regime.

The provisions of the Energy and Gas Law regarding free access to the national gas transport system (including the former ‘transit pipelines’) and the ‘free export principle’, as a result of the abolishment of the ban on export of natural gas, have also been implemented in secondary legislation, such as ANRE Order no. 29/2012 and ANRE Order no. 66/2013.

Until the entering into force of the Order no. 29/2012, Gazprom was the only company which had access to Isaccea - Negru Voda ‘transit pipeline’, operated by the Bulgarian gas transmission operator (Bulgartransgaz EAD) allowing the flow of gas on the Romanian territory between Russia (through Ukraine) and Bulgaria. ANRE’s Order no. 29/2012 approved in principle the connection of third parties, producers of gas on the Romanian territory, to the Isaccea - Negru Voda ‘transit pipeline’ in order to export gas using the ‘transit pipeline’. The approval was limited to one year and to the available capacity of the ‘transit pipeline’. Also, based on the provisions of ANRE’s Order no. 66/2013, Isaceea I and Negru Voda I (the entrance and exit points Isaccea - Negru Voda ‘transit

pipeline’) operated by the Bulgarian gas transmission operator (Bulgartransgaz EAD) are officially included in the national gas transport system as relevant entrance or exit points of the national gas transport system.

Although, under the Energy and Gas Law, gas export is permitted, currently the available export infrastructure is very limited. The Romanian national gas grid is interconnected to the Hungarian market although the export capacity is very low. The interconnection with Hungary dates back to 2010 and until 1 January 2014 the interconnector was available only for imports, having an import capacity of 60,000 m3/hour. Starting on 1 January 2014 there is an available export capacity of 10,000 m3 per hour due to reach maximum export capacity by 2016 (4.4 billion m3/year). Petrom and Romgaz have expressed their intention to export. At the present time 95% of the internal production is realized by Romgaz and Petrom. Apparently four companies (MOL, Petrom, Wintershall and GDF Suez) have booked such capacity but no physical export has occurred so far. The pipeline is due to achieve maximum export capacity in 2016 after investments of €120 million.

The interconnector between Romania and Bulgaria is not yet operational because the section under Danube is still under construction. The interconnector Giurgiu-Ruse will have a maximum transport capacity of 1.5 billons m3 of gas per year, and the minimum capacity from Romania

towards Bulgaria will be 500 billons m3 of gas per year. The operator of the national grid is in discussions with Serbia on the Romania - Serbia interconnection. Romania and Ukraine share two interconnection points, at Isaccea (PIF 1978) and Mediesu Aurit (PIF 1999), since 1979 and 1999, and the entire capacity of the interconnector has been booked since 2000 by two companies that buy gas from Gazprom Export and sell it in Romania.

According to ANRE 2013 Gas Market Monitoring Report, the back-haul exports of gas, possible since 1 July 2013, so far have been carried out by small producers: Amromco Energy (3.68%), MOL Energy Trade Romania (52.32%), Arelco Power (1.58%), Wiee Romania (24.31%), Axpo Energy Romania (18.11%). Romgaz and Petrom have agreed with the Government not to export before 2015.

As a conclusion, one could say that there has been significant progress in the direction of opening the Romanian gas market to exports and any barriers -be it legal or lack of infrastructure-, will be abolished in a few years. Moreover, given the recent discoveries in the Black Sea and the development of shale gas exploration, Romanian gas exports seem to be closer than anyone would have expected.

*Loredana Mihailescu (pictured) – Partner,

Energy Projects & Construction, CMS

Cameron McKenna SCA Law Firm,

Bucharest office

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07THE NEW STRUCTURE

OF OIL AND GAS TAXES IN ROMANIA

Beginning in 2015, the Romanian Government will impose a series of new royalties for oil and gas companies. These royalties will be different for offshore and onshore fields. Moreover, the Romanian Government wants to pass a new law on shale gas and to impose separate taxes. However, Romanian Prime Minister Victor Ponta stressed that these new royalties will apply only to new field concessions and not to existing ones.

Oil & GasEmilia Damian

Romanian Prime Minister, Victor Ponta, announced in mid-June that the Romanian Government is working with World Bank experts to design such a system that would allow differentiating royalties from oil and gas production at the country’s onshore and offshore fields.

«On January 1st, 2015, we will have a new Oil Law, with new royalties. The idea is to get little out of very much, not very much out of little. We consider stability over 15-20 years», said Ponta.

He asserted that royalties should be differentiated between onshore and offshore fields, because there are huge differences in investments.

“We can’t have the same level of royalties for onshore and offshore resources, because there are huge differences in investments. I discussed it with Exxon and Petrom executives; they say that investments [in the Neptun block in the Black Sea] will exceed €1 billion. Companies have to recover their costs», Ponta said.

Only for the new field concessionsMr. Ponta stressed that the new royalties will apply only to new field concessions. “New laws cannot be applied to old agreements,” Ponta pointed out.

According to the law on the privatization of Petrom, the former national oil company, royalties could not be changed for ten years. This term ends in 2014.

ExxonMobil, the world’s biggest oil company, is exploring, together with OMV Petrom, a deep-water block in the Black Sea. The first results show that there are gas reserves of 42-84 billion cubic meters. That is six times bigger than the total gas consumption in Romania for one year. The production is estimated to begin in 2019 and in that year Romania will start exporting gas. The Black Sea is where the next big oil and gas discoveries are expected.

Exxon and Petrom dug a well in 2012 and this year they are prepared to dig again.

President Traian Basescu welcomed to the Cotroceni Presidential Palace

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a delegation from ExxonMobil and OMV-Petrom, headed by ExxonMobil Exploration Vice President Johnny L. Hall and OMV-Petrom CEO Mariana Gheorghe, as reported by the presidential office in a press release. During the meeting, President Basescu was informed about the transportation of a new oil drilling platform in Romania in the upcoming months, hired by the

ExxonMobil - OMV consortium to assess the size of oil deposits in the Neptun block in the Black Sea.

Romania and Moldova – a single marketThe President asked ExxonMobil and OMV-Petrom experts to consider both Romania and Moldova when analyzing the domestic market for the natural gas

resources to be exploited in the Black Sea.

“President Traian Basescu told ExxonMobil and OMV-Petrom experts that when they analyze the domestic market for the future natural gas resources to be exploited in the Black Sea they should consider not only Romania, but also Moldova, because Romania has pledged to meet the natural

Romanian Black Sea Titleholders Association

Companies involved in exploration and development activities in the Black Sea offshore Romania have established the Romanian Black Sea Titleholders Association (RBSTA). RBSTA members are titleholders of concessions offshore Romania and participate on a voluntary and equitable basis.

“The RBSTA aims to become the main knowledge point and voice among offshore oil and gas companies in Romania. We believe that a co-operation framework for operators in Romanian part of the Black Sea will bring significant benefits to the economic development of Romania”, John L. Knapp, RBSTA Chairman, ExxonMobil Exploration and Production Romania Limited.

The Association will represent the members’ interests in relations with central and local authorities, international institutions, media and

other organizations.

The RBSTA’s goals are to promote best available health, safety and environment industry practices, support education and strategic planning in the energy sector, and develop cooperation with national and international agencies and organizations, thus contributing to a stimulating business environment for Romania’s offshore oil and gas industry.

Current titleholders of the Romanian Black Sea concessions represented in RBSTA are: – ExxonMobil Exploration and Production Romania Limited – Gas Plus International B.V. – Lukoil Overseas Atash B.V. – OMV Petrom S.A. – Petro Ventures Europe B.V. – S.N.G.N. Romgaz S.A. –Sterling Resources Ltd.

For more information please see www.rbsta.ro.

“On January 1st, 2015 we will have a new Oil Law, with new royalties. The idea is to get little out of very much, not very much out of little. We consider stability over 15-20 years” – Victor Ponta, Romanian Prime Minister

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gas demand of Moldova,” according to the press release.

Prime Minister Victor Ponta also received at the Victoria Palace a delegation of investors, consisting of representatives from both ExxonMobil and OMV Petrom companies, in order to initiate discussions regarding the exploration and exploitation of energy resources in the Romanian sector of the Black Sea, in which these companies are involved.

During the meeting, Johnny Hall, the Executive Vice-President of ExxonMobil Exploration, acknowledged the investment conditions in the oil and gas sector in Romania and the Government’s interest to encourage projects in the deep waters of the Romanian sector of the Black Sea.

Prime Minister Victor Ponta complimented the efforts made by the two companies to develop these projects and encouraged, as the project develops, the involvement of possible service providers in Romania in these operations, as well as the development of Romanian professional skills in this field.

Law for shale gasGheorghe Dutu, the President of the National Agency for Mineral

Resources, also announced that shale gas exploration and production will be regulated by a specific law. At present, the Oil Law does not differentiate between conventional and unconventional gas, but Dutu explained that there are different technologies and different production costs, so there should be different royalties.

Chevron, the second oil company in USA, wants to explore shale gas. Romanian authorities are supporting shale gas exploration and production, but there are some environmental organizations which held many protests against shale gas. Chevron has now obtained all permits in order to proceed with the exploration of shale gas, but according to estimates the first production will not come until 2020.

“ExxonMobil and OMV-Petrom experts, when analyzing the domestic market for the future natural gas resources to be exploited in the Black Sea, should consider not only Romania, but also Moldova, because Romania has pledged to meet the natural gas demand of Moldova” – Traian Basescu, Romanian President

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08FINAL COUNTDOWN FOR THE CONSTRUCTION OF THE IGB PIPELINEThe problems and delays that have kept the IGB project “frozen” for several years seem to come to an end, under the pressure added by the Ukrainian crisis which highlights that having multiple sources of supply constitutes a critical factor for energy planning in Europe, Greece and Bulgaria.

Oil & GasPenelope Mitroulias

As it seems, construction works for the IGB pipeline (the Interconnector Greece-Bulgaria) will eventually start at the end of the year or early in 2015 at the latest. In fact, that is why the Bulgarian government has been trying to secure natural gas supply from Azerbaijan and Israel.

The interconnection of the Bulgarian gas network with the Greek one, through the IGB pipeline, is absolutely necessary to give shape to Bulgarian government plans for securing multiple sources of supply. This is also the reason why ultimately the problems with the environmental licensing of the project in Bulgaria have been solved and as it looks in the autumn we will have the final investment decision and in 2016, as planned, a gas flow from Greece to Bulgaria.

Greek Environment and Energy Minister Yiannis Maniatis and Bulgarian Deputy Minister of Economy Krasin Dimitrov have already agreed to speed up procedures, as much as possible, so that the new pipeline could operate simultaneously with the TAP pipeline that will transport natural gas from the

Caspian to Europe. In fact, the project is now considered to be very mature and also very important because it will contribute to the security of energy supply in the greater region.

According to the plans, IBG will have a capacity of 3 billion cubic meters of gas per year, expandable to 5 billion.

In fact, the launch of the project is directly linked to Bulgarian government plans for securing multiple sources of supply. That is highlighted by a recent statement by Bulgarian Economy Minister Dragomir Stoynev, who said that the construction of IGB will start by the end of 2014 or in early 2015 at the latest. This statement came after the meeting he had with his Azerbaijani counterpart, Natig Aliev, in Sofia, where they discussed among other things the possibility to supply Bulgaria with Azeri gas through the TAP and IGB pipelines.

Mr. Stoynev even admitted that the preliminary preparation phase for the IGB pipeline has been significantly delayed and, as known, the longest delays were due to the Bulgarian side, both in

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shaping of the corporate structure, and obtaining the necessary environmental approvals, despite the fact that the EU places great importance to the project, as it will also supply the countries north of Bulgaria, in order to reduce their dependence on Russia.

IGB is set to be constructed by a consortium formed by Bulgarian Energy Holding (BEH) with a 50% stake and Greek-Italian Poseidon with another 50% (50% DEPA, 50% Edison).

As for the issues of gas supply, through the pipeline, the Bulgarian side allegedly expresses concerns about the quantity it

will receive from Azerbaijan, invocating infrastructure issues. At this point, it should be noted that both Bulgaria and Greece, through DEPA, have agreed on a supply of 1 billion cubic meters a year by 2019, which is the year that theoretically the TAP pipeline will become operational. According to other information, Bulgaria, due also to the crisis in Ukraine, wants to have inflows of Azeri gas through the Turkish network well before 2019. This however requires an appropriate level of preparedness from Turkey, in a period when the Turkish network is facing adequacy problems in the Bosporus area due to the high demand in Istanbul. As a result, any exports to Greece have been carried out with interruptions.

Bulgaria’s strong interest in importing gas from Azerbaijan had been also evident at the recent discussions that Prime Minister Plamen Oresharski had in Baku, and the matter will be high on the agenda during the visit of President of Azerbaijan, Ilham Aliev, in Bulgaria this June.

At the same time, Bulgaria has been trying to gain access also to Israeli natural gas, something that cannot be done without the IGB pipeline. This issue was discussed at the meeting of Bulgarian Prime Minister Plamen Oresharski with his Israeli counterpart Benjamin Netanyahu in Tel Aviv where the first was on official visit, with the participation of Bulgarian businessmen.

According to statements by Mr. Oresharski, Bulgaria could receive gas from the new reserves of Israel’s

Exclusive Economic Zones (EEZ) through the Greek network. However, Bulgarian Prime Minister pointed out that this prospect is something considered in medium-term, and as he said “it is too early at the moment to discuss quantities and prices”.

However, irrespective of the emphasis that Bulgaria puts on the construction of South Stream (the new Russian pipeline) that will cross its territory, Bulgaria continues to have a strategic interest in upgrading the security of its energy supply by expanding its gas supplier base.

Moreover, it should be noted that the Revithoussa LNG Terminal, where upgrading works have already started, will play an important role in supplying Bulgaria, as well as other countries of SE Europe.

As announced by DESFA (the Greek National Natural Gas System Operator), works for the construction of the third tank, that will increase storage capacity from 130,000 to 225,000 cubic meters, the upgrading of port facilities to accommodate vessels with capacities of up to 260,000 cubic meters, and a 40% increase in LNG regasification capacity, have already started.

Finally, it should be noted that Bulgaria is still interested in the participation of a Bulgarian state company in the construction plan of the floating liquefied gas terminal in Kavala planned by DEPA.

Works for the construction of the third tank, the upgrading of port facilities to accommodate vessels with capacities of up to 260,000 cubic meters, and a 40% increase in LNG regasification capacity, have already started

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09THE OPPORTUNITY FOR A NEW CYPRIOT NARRATIVEThe energy outlook in Cyprus is bright. Part of the public opinion, several analysts and observers are aggressively pushing for immediate actions, immediate results. It is important, however, to state the obvious: the existing results are an encouraging start. It would be reasonable, though, to expect more developments and to find out if this encouraging start is also accompanied by an equally optimistic imprinting of other deposits.

Oil & GasGeorge Boustras*

The financial events of March 2013 with the “bail-in” and the dramatic events that followed created an entirely different situation. Recent developments in the hydrocarbons sector of Cyprus increasingly highlight the need for a central long and short term master-plan aiming to provide the best option for the future, the increased need for specialized expertise in conjunction with the reorganization of the state apparatus and the need to create a “new narrative” that will create a – very much needed - new national confidence. Amidst that, the higher educational scene needs to cope with the need for highly specialized skills in a short time. This “new narrative” is highly linked to higher education excellence.

The energy outlook in Cyprus is bright. Currently, we have a relatively precise representation of the gas fields in Block 12. In the immediate past there were statements from various sources talking about - big or small – chances of finding oil fields as well. Part of the public opinion, several analysts and observers are aggressively pushing for immediate actions, immediate results. It is

important, though, to state the obvious: the existing results are an encouraging start. It is necessary, however, to anticipate more developments and to find out if this encouraging start is also accompanied by an equally optimistic imprinting of other deposits. The possible discovery of more than one deposit paints a totally different picture. Different size and shape deposits in various locations, for starters, form a mathematical optimization problem and, on top of that, may result in a different processing proposal in the shape of an LNG plant, a CNG solution, a pipeline, even a floating LNG plant. Therefore, at the moment it is impossible to predict if and in what form the possible exploitation will take place.

The possible construction of a liquefaction terminal linked with the existence of sufficient gas reserves, along with the signing of presale contracts for the liquefied gas at current prices, would result in an immediate cash flow. Such a development would give Cyprus both a financial and a significant psychological boost, but reality shows it would be wise to also

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consider alternative scenarios, as mentioned above. At the same time, a number of highly skilled professionals are needed.

In anticipation of the results of the discovery phase, the Government of the Republic of Cyprus has launched a multi-dimensional reform program for energy-related services. The recent establishment of a Hydrocarbons Service within the Ministry of Energy has been a first step. This, eventually, will result in a better handling of bureaucratic issues and will facilitate a holistic management of the entire picture. A second dimension is that of long-term planning, in other words to create a long term vision, in all aspects of energy-related policy, e.g. management, environment, safety, etc. This second stage requires the creation of a National Council comprising of top-level scientists and professionals with expertise in every stage of the energy life-cycle. These first and second dimensions have a clear reference to each other.

In a small country like Cyprus, active and continuous collaboration between the Government, the Industry and Academia is indispensable. The higher educational system of Cyprus has to face an uphill challenge where a highly specialized industry will have to be supplied with experts in a relatively short timeframe. Energy safety, safety in general is a complex interdisciplinary academic / research concept. The Center for Risk, Safety and the

Environment at European University Cyprus aims at shedding light to the safety issue with an emphasis on the worker as well as infrastructures. The lab does exactly what was mentioned above: it collaborates with governmental sectors and the companies in order to provide research excellence, high level postgraduate education in the form of the only in the wider SE Europe MSc in Occupational Safety and Health (with an emphasis on energy safety) and provide consulting.

* George Boustras (pictured) is an Associate Professor at European University Cyprus – Dean of the Ioannis Gregoriou School of Business Administration - Director of the Centre for Risk, Safety and the Environment (CERISE).

In a small country like Cyprus, active and continuous collaboration between the Government, the Industry and Academia is indispensable. The higher educational system of Cyprus has to face a challenge where a highly specialized industry will have to be supplied with experts in a relatively short timeframe

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10SERBIA’S EPS POWER COMPANY TO SELL MINORITY STAKEThe development of the Serbian power industry will require investments of at least €5-6 billion by 2020, including €200 million needed to modernize the country’s hydroelectric plants, €1,1 billion for the construction of new thermal power plants, and €2,3 billion which are necessary for renewable energy sources. The new government and Prime Minister Aleksandar Vucic have already identified as a priority the restructuring of the EPS Power Company, with a focus on maximum savings. The option of selling part of the company to a minority shareholder has also been mentioned.

ElectricityMilena Gacevic

The devastating floods that struck Serbia in mid May have taken a grave toll not only on the country’s agriculture but on its power industry as well. Although officials and experts are refraining from commenting on the magnitude of the damage, it is apparent that the repercussions will be felt for a long time. Current efforts are focused on mitigating landslides and reconstructing damaged houses, roadways, power lines and other infrastructure. The Serbian government has been quick to act and has already requested that certain international loans be redirected, while the country is also entitled to aid from the EU’s Solidarity Fund, given that the total amount of damage sustained exceeds 0.64 percent of the gross domestic product.

The floods have forced some 30,000 people to leave their homes, including the entire population of Obrenovac, near Belgrade. Obrenovac is not only the largest city to be devastated by the floods, but also houses the Nikola Tesla Power Plant, located on the right bank of the Sava River. With six blocks and a total installed capacity of 1,650 MW, the plant is Serbia’s largest thermal power station

and is providing one-half of the country’s power supply. Its average annual production is over eight billion kW.

After a bitter fight to protect the grounds from flooding, the Nikola Tesla Power Plant is now gradually resuming normal operation despite problems with coal supply. While the successful efforts to protect the power station have spared it from potentially losing some €600 million – the estimated cost of shutting down its generators – its coal supplier, the Kolubara Mining Complex, has suffered damages amounting to at least €100 million.

The state-owned EPS (Elektroprivreda Srbije) Power Company, which owns both the Nikola Tesla Power Plant and the Kolubara Mining Complex and currently holds a monopoly on the electricity market in Serbia, has received an aid package of equipment from the Czech Republic. The equipment is intended to help restore power production in the Nikola Tesla Plant back to normal, and includes pumps to remove mud from the Kolubara coal mines, some of which

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are still flooded. The current plan is to have the Kolubara Complex provide the Nikola Tesla Plant with 65,000 tons of coal daily until September, which is 60 percent of the mine’s production capacity.

In a meeting with the Czech ambassador to Serbia, Deputy GM of the EPS Power Company Zivotije Jovanovic expressed his gratitude for the donation and stressed that the state-owned company sustained serious damage, amounting to tens of millions of euros.

Jovanovic emphasized that the company’s main goal for the summer – when power consumption is slightly lower than usual – is to try to repair the damage and to bring coal extraction back to normal, so that it will not be necessary to import electricity during the winter.

The state of emergency in the municipality of Obrenovac should be called off on Monday, June 16, although parts of the city still have no sewers and some power lines have yet to be restored. The people of Obrenovac that were taken to evacuation centers

in Belgrade have now been moved to centers in Obrenovac, so they will be closer to their homes and able to help in removing the waste left by the flood.

The May floods have also affected Serbia’s largest hydroelectric plant, Djerdap 1, located on the Danube River. Due to high water levels, the plant provided the EPS Power company with only 560 million kWh, which is three percent less that the 575 million kWh it was supposed to produce. The good news is that the overhaul of Djerdap 1’s A5 generator remains on schedule, and it is likely that work on all six of the plant’s generators will be finished by April 2018, as planned. The overhaul project is funded by Russia in return for clearing an old debt it had toward Serbia.

The wave of floods has come at a time when more and more experts are claiming that the current cost of electricity in Serbia is too low and unsustainable in the long run. They remind that a minimum of five to six billion euros must be invested in the development of Serbia’s power industry

The wave of floods has come at a time when more and more experts are claiming that the current cost of electricity in Serbia is too low and unsustainable in the long run. They remind that a minimum of E5-6 billion must be invested in the development of Serbia’s power industry by the year 2020

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by the year 2020, including €200 million needed to modernize the Serbian hydroelectric plants, €1,1 billion for the construction of new thermal power plants, and €2,3 billion necessary for renewable energy sources. The new government and Prime Minister Aleksandar Vucic have already identified as a priority the restructuring of the EPS Power Company, with a focus on maximum savings. The option of selling part of the company to a minority shareholder has also been mentioned.

Several days ago, Serbian media reported that Germany’s RVE, Europe’s leading power supplier, has shown interest in the Serbian power company. It is possible that the government is already looking for a strategic partner to invest in EPS, especially considering that it will be difficult to find a buyer on short notice for the state-owned telecommunications company, Telekom Srbije, and thus make up for the shortage of funds in the state budget.

“The government’s goal is to stabilize EPS’s network by introducing a strategic partner, which would be a minority shareholder and would provide complete security to our energy system. This is the plan for the future, because the law requires EPS to be restructured into a shareholding company,” said Serbian Minister of Energy Aleksandar Antic. Antic added that, although the process of restructuring EPS has been speeded up, many more steps need to be taken before the company can begin talks with a strategic partner.

New law unlikely to reduce EPS’s customer baseAlthough a new law will cancel the current monopoly EPS has over the market and provide Serbian consumers with the option of choosing their power supplier by the end of this year, it is unlikely that many people will be interested in switching their provider considering that EPS’ prices are lower than actual market prices. The experiences of other European countries have also shown that consumers are generally reluctant to change suppliers, which is another reason not to expect the new law to bring about much change. According to the state’s Energy Agency, increasing the price of power will be necessary to provide funds for investing in the country’s power system, but there are no plans for upping the cost of electricity in the near future. The average price of electricity in Serbia with all taxes included is about six euro cents per unit, which is over three times less that the EU average, and a third less than the price in neighboring Bulgaria.

“Unless our pricing provides us with the funds for constructing new power plants, Serbia is sure to face significant power supply problems. We have to create a climate in which we will be able to increase production capacities,” Ljiljana Hadzibabic, a member of the Energy Agency’s Council, has said. Any speculations regarding what this meant for electricity pricing in the near future were curtailed by the Agency announcing that there are currently no plans to raise the cost of power.

“The government’s goal is to stabilize EPS’s network by introducing a strategic partner, which would be a minority shareholder and would provide complete security to our energy system.”– Aleksandar Antic, Serbian Minister of Energy

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According to the Agency, the price of power for households and other small-scale clients which are exclusive customers of EPS will be changed gradually over the next few years, and in keeping with a program that has yet to be determined. Because of this, it is unlikely that Serbian citizens will be interested in changing suppliers even if they are given the option, probably as of January 2015, when the new law on energy should be adopted. Finding an alternative supplier might be of interest to customers who use electricity for heating, or whose power consumption exceeds 2,500 kWh per month – which applies to some four percent of the market.

South Stream and Serbia

Prime Minister Aleksandar Vucic has said that preparations for the construction of the South Stream gas pipeline which is of essential importance for Serbia are on schedule, and that the beginning of construction will not be delayed. Vucic has also said that the Serbian government would “monitor the situation”, since Bulgaria was pressured by the EU to suspend works on the pipeline. While Brussels is adamant to have the bilateral agreements regarding the South Stream gas pipeline adjusted in keeping with the Third Energy Package – which stipulates that Gazprom cannot own both the pipeline and the gas (although the Nord Stream gas pipeline is exempt from that rule), Serbian Energy Minister Aleksandar Antic has stated that Serbia has no intention of postponing construction, planned to begin in July.

The South Stream pipeline is planned to pass through several countries, including Serbia, and is very important to Serbia not only because of the taxes the country stands to collect, but also because of the thousands of jobs that it will create. For a country with a 20.8 percent unemployment rate, the latter fact is more than relevant. What’s more, while Serbia doesn’t have the funds to construct a pipeline, it is aiming to steer its economy toward using gas in an attempt to reduce power consumption.

Ivan Grachov, chairman of Russia’s State Duma Energy Committee, has told a Russian portal that the fate of the South Stream pipeline project rests solely with Russia. “If [Russia] reaches an agreement with the Europeans on jointly managing the Ukrainian gas system, [the Europeans] won’t oppose [the construction of the] South Stream”, he said.

A separate issue related to the pipeline is the pending transformation of the state-owned Srbijagas, a company for transporting, storing, distributing and trading in natural gas. According to plans, Srbijagas’s gas transportation and the underground storage facility that should be used for the future Russian gas should be separated from the company, because Srbijagas is running losses. One cause for the losses Srbijagas has suffered involves the unpaid debts of companies like the Agroziv meat plant and the Azotara fertilizer manufacturer from Pancevo that have been acquired by Srbijagas after their debts were transformed into majority shares. Another issue undermining Srbijgas is the fact that the cost of imported gas is slightly higher than the price gas is sold at. Even so, electricity is cheaper than gas so household consumption of gas is declining. It is clear that the state should address these matters thoroughly, but it should also be kept in mind that, in Serbia, electricity prices have always been a matter of social policy rather than a market issue.

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112013: A BAD YEAR FOR THE BULGARIAN ENERGY SECTORLast year, 2013, was one of the worst years for the Bulgarian energy sector in terms of financial results. The top 20 companies saw their revenues drop by 17 percent, while their profits were down 36% compared to 2012, according to their recently published annual financial statements. At the same time, electricity exports, a major export item for Bulgaria, have decreased considerably, while demand continues to shrink. As a result, the efficiency of energy companies has deteriorated, which spells difficult times ahead for the sector.

OverviewNikolay Jekov

Last year, the state-owned companies, accounting for 56% of the revenues of the 20 biggest energy companies, faced the most dramatic situation. The National Electricity Company (NEK), the backbone of the Bulgarian energy system, posted a loss of €170 million, the biggest loss in its history. All state-owned companies have seen their financial results suffering, with the exception of Bulgargas, which has been enjoying a 20% price cut in its Gazprom supply contract since the beginning of the previous year. The state-owned gas supplier reported profits of €31 million, compared to losses of €58 million in 2012.

NEK’s loss was the biggest one, and the most expected as well. In 2013, it had to absorb the increased costs associated with the boom of green energy production without proper compensation. The populist drive to keep electricity prices flat has left NEK without funds. This has resulted in piles of unpaid bills to the electricity producers, both conventional and renewable. Green energy is not the only headache for NEK. The company has accumulated uncompensated expenses from its

obligation to buy all the electricity produced by industrial and central heating cogenerations, two long-term Power Purchasing Agreements with ContourGlobal and AES power plants. The total deficit from these items alone amounts to €500 million, representing one-third of NEK’s revenues.

With such a burden, the only reason the company has not gone bankrupt yet is state ownership, which allows it to accumulate debts to the state-owned energy producers which are forced not to ask for NEK’s insolvency. At the end of last year, its total liabilities reached €1.61 billion (an increase of 30% compared to 2012).

As a result of the huge indebtedness of the state-owned energy companies, Bulgarian Energy Holding (BEH), which groups the nation’s state utilities, has turned into a depositary for the unserviced debts of its daughter companies and in particular NEK. NEK owes €810 million to BEH. In order to keep them going, BEH provides its subsidiaries with short-term financing. But there are limits to that which will be

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attained soon. Foreign creditors have made clear that they are not ready to extend new loans to BEH.

Working for nothing and electricity for freeEnergy producers, both public and private, with the exception of AES Galabovo, have seen their profits suffering - from 5% for Maritsa East 2 TPP (the second biggest electricity producer) to 19% for Kozloduy NPP (the biggest electricity producer) - from weaker export sales (a 25% drop compared to 2012), lower electricity prices in the region and shrinking local demand. The forth factor was the green energy boom, mainly photovoltaics. Green energy production rose by 105% (i.e. from 800 thousand MWh to 1641 thousand MWh) compared to the previous year.

The only power plants that could boast good financial results are the ContourGlobal Maritsa East 3 Thermal Power Plant and AES Galabovo, which have longer-term Power Purchasing Agreements. The only problem is that NEK is not paying its debts, so the cash flow in their financial statements is only on paper, at least in part.

Even the profits of the natural monopolies, the electricity grid companies (there are three of them, serving different parts of Bulgaria), are steadily moving towards the zero level. In 2013, they suffered heavily from the decision to reduce electricity prices for the households by 10%. Energo-Pro Grid had a profit of €5 million (with assets of €211 million) in the first quarter of 2013. However, after three consecutive price cuts, in the first quarter of 2014 Energo-Pro Grid posted a loss of €0.8 million. The results of CEZ Electro and

EVN Bulgaria Electricity Distribution were similar. The Electro Supply Companies have negative results traditionally, because of the regulators’ long-term policy to suppress their revenues.

Some good gas newsIn the gas sector, the most striking thing was the collapse of Overgas’ revenues, when the company (which is partly owned by Gazprom) stopped dealing with gas imports. Until 2013, Overgas supplied one-third of the natural gas consumed in Bulgaria. Then, Bulgarian gas imports came directly from Gazprom Export and now the Russian subsidiary in Bulgaria delivers gas only to its customers (approximately 5% of the gas consumption in Bulgaria). The revenue collapse, however, does not affect Overgas’ profits. Moreover, Overgas’ retirement from gas imports had no effect on import prices.

The good news comes from Bulgargas, which finally climbs out of the financial hole it has been in since 2011. A government-imposed policy forced the company not to raise its prices for the final consumers, while the company had

to bear, at the same time, a constant increase in the price of natural gas. Thus, at the beginning of 2012, the gas trader received less money for the product it supplied than the amount of money it had to pay to Gazprom. In the second half of 2012, it was agreed that Gazprom would make a concession of 11% in gas imports, in exchange for the final investment decision on the Bulgarian part of South Stream. Then, at the beginning of 2013, there was another price drop of 10%, related to the new long-term contract for gas deliveries from Gazprom. In addition, Bulgarian Energy Holding bought the debts of Central Heating Sofia towards Bulgargas, which resulted in a big decrease in its commercial claims.

Currently, the overall mood in the electricity sector is somber and all companies have something to complain about. The only variable in the energy equation that changes in 2014 is the electricity export demand, which is improving rapidly. But debts, efficiency and profitability are set to deteriorate further.

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12BULGARIA – THE ISLAND ON NON-LIBERALIZATIONSeven years after its accession to the EU, the Bulgarian energy market is still heavily regulated.

Alternative energyBy Atanas Georgiev*

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The political will in the EU was to liberalize electricity and natural gas markets in all member states as of July 1st, 2007. Bulgaria, which joined the EU on January 1st, 2007, shouldn’t be exclusion. However, the electricity (and gas) markets in the country are still heavily regulated and just 3000 consumers - none of them residential – are currently able to freely change their electricity supplier. A new deadline is coming soon – all energy markets in the EU have to be fully liberalized and coupled by the end of this year. Meanwhile, in Bulgaria, there is still no visible end date for the first stage of the liberalization process.

Liberalization or Planned Economy?The current Bulgarian market model comprises two segments. The first one is regulated, based on production quotas and regulated prices for the entire power market chain – from electricity generation in large conventional plants, through the administratively set feed-in tariffs for the growing number of renewable energy capacities and the wholesale price of electricity, to the end prices for households and small businesses. The second segment is the liberalized market, where all non-household consumers have the right to choose an alternative supplier.

In a well-structured European power market, the national regulatory authorities should intervene less in energy prices and would regulate mostly the grid infrastructure prices. In Bulgaria, the current legislation defines an all-

embracing role for the regulatory body, which sets power production quotas, wholesale prices, RES feed-in tariffs, end-user prices, and grid prices.

Unfortunately, all energy policy imbalances at EU level have been aggravated in Bulgaria. It is extremely difficult to combine the policy objectives for a fully liberalized electricity market in Europe, as defined by the Directive 2009/72/EC and the whole Third Energy Package, with the need to promote specific energy sources arising from the Renewable Energy Directive 2009/28/EC. However, the RES directive itself offers a viable solution – to support green energy through administratively set feed-in tariffs, or through market-based tradable green certificates. Bulgaria, for example, chose the feed-in tariffs model, which aggravated the delay in the local market liberalization program, while neighboring Romania is successfully

implementing the green certificates model. Another difference between the two neighboring markets is the presence of an experienced gas and electricity market operator in Romania, OPCOM, while Bulgaria is still struggling to set up its own energy exchange.

The planned economy feeling in the Bulgarian power market is further strengthened by the constant will of several successive governments to lower the regulated power prices, which is fully supported by the national regulatory authority – the State Energy and Water Regulatory Commission (SEWRC/DKEVR). There were 5 (five!) resignations of SEWRC chairmen in one year (in 2013), followed by the unanimous resignation of the 6 other members in the commission. The sense of a strong political dependence of the SEWRC is supported by several suggestions by different energy ministers that prices should drop with a given rate (e.g. 5%), strictly followed by the respective regulatory decisions. It seems that three institutions - the Ministry of Economy and Energy, its 100%-owned subsidiary, the Bulgarian Energy Holding (which owns about 60% of the generating capacity in Bulgaria), and the regulatory authority- speak with the same voice and may take instructions from one place.

The Strength of the ContractsPower market liberalization becomes even more complex, when all current long-term contracts are taken into consideration. As part of the

When consumers choose a new electricity supplier, the first effect is that there is not enough capacity to offer them real alternatives

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modernization of the national energy system, the Bulgarian public supplier and incumbent company NEK has concluded two 15-year contracts with large TPPs generating electricity from local lignite. One of the power-purchase agreements (PPAs) was concluded with the American company Entergy (later on replaced by the Italian Enel and then by the current US based ContourGlobal) for the rehabilitation of the TPP Maritsa East 3 (908 MW). The second contract is with AES for the construction of a new TPP with a capacity of 670 MW.

In addition to this, some of the capacities in the state-owned TPP Maritsa East 2 are also tied with a PPA to NEK. And last but not least, there are long-term contracts with renewable energy producers for 12 to 25 years and a total capacity of about 2000 MW, most of them photovoltaics. Also, NEK and the end suppliers (CEZ Electro Bulgaria, EVN Bulgaria Electricity Supply and Energo-Pro Sales) should purchase on priority the efficiently produced electricity from cogeneration plants at industrial sites and district heating plants, which have a combined capacity of over 1300 MW.

The maximum winter consumption of Bulgaria in the coldest days of January is about 7500 MWh and the lowest consumption, usually in April, is about 2500 MWh. With a total installed capacity of 14000 MW and priority purchasing of the electricity from capacities of over 5000 MW, the local market could not open up efficiently. The challenge is aggravated by the

strict contract conditions and the legal requirements to purchase this electricity production and be included in the mix of the regulated market. Thus, when consumers choose a new electricity supplier, the first effect is that there is not enough capacity to offer them real alternatives and the second one is that the “expensive” energy, generated through PPAs and feed-in tariffs should be distributed to a lower number of buyers. In order to solve this multiple variable equation, the government, the regulatory commission, generators and suppliers at both segments of the market should coordinate the swift transition of all current contracts in order to let the national market meet its EU obligations.

The Green Energy ConundrumRenewable energy is becoming a problem for liberalized markets not only in Bulgaria. The European Commission has published several communications in the last 2 years, suggesting that RES support should be changed for new projects in order to reflect changes in the market. However, current contracts cannot be changed one-sidedly and retroactively, but with the support of the RES sector itself.

In 2009, when the RES Directive was enacted, the situation still looked quite different than in 2014. The economic and financial crisis had just started, but it was not included in the initial assumptions of the pre-directive analyses. Also, no one expected that the Chinese PV manufacturers would catch up so quickly or the sudden drop

in PV modules prices. The shale gas boom was not expected so soon, and carbon prices were heading to their peak with no change of the situation in sight. Now, several years later, we can see what happened, but only in the rear-view mirror. Statistical data were not quick enough to show that actually the green energy market is over-investing, a fact that could lead to higher prices for local consumers. The industrial consumers were hit hard with high energy prices in comparison to their competitors overseas.

In Bulgaria, the green electricity was generously supported with high feed-in tariffs until 2012 and the national renewable energy action plan had a conservative view on their rise through 2020. Actually, the plan predicted that Bulgaria should have about 303 MW PV capacities and 1256 MW of wind capacity in 2020 in order to meet its 16 percent national target in the RES directive. The actual numbers in 2014 are strikingly different. The negative effects are spread throughout the energy mix: higher end prices; priority dispatch and purchase of RES power; lowering the production of conventional sources, including nuclear; increasing the share of generation in the regulated mix; etc.

One of the possible solutions is to sell the green energy (or at least internationally-accepted green certificates from it) at the regional and EU markets. In order to do this, there should be a serious review of the national legislation, followed by

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a consensus on the renegotiation of current contracts. Unfortunately, it seems that this is not an immediate priority for the current parliament and government. Moreover, the European Commission itself is not actively coordinating or supporting this process, even if their experts made a short consultative trip in the spring of 2013, underlining in written form most of the shortcomings in the Bulgarian energy market. It is now clear for many stakeholders in Bulgaria that the country needs the support and expertise of the EC and other international institutions from the World Bank Group in order to review the legislation, the regulatory framework, and the governance of the Bulgarian power sector.

Independence for the RegulatorsThe administrative capacity of the Bulgarian national regulatory authority, SEWRC, will be one of the largest hurdles to further liberalization in the energy market. The commission is responsible for licensing, pricing, control, and dispute resolution in 4 sectors – electricity, natural gas, water, and central heating. It has about 120 employees and an insufficient budget for its activities – about EUR 1.9 million per year. Both low remuneration levels and the public perception for the quality of the work of the SEWRC deter experts from joining its workforce. Meanwhile, its tasks have increased following the enactment of the Third Energy Package and the decision of Bulgaria to implement the Independent Transmission Operator (ITO) unbundling

model in both electricity and gas markets. Now the commission has to certify and monitor the activities of both the national gas ITO, Bulgartransgas, and the electricity one, ESO.

The capacity and the independence of the commission have been questioned by the market monitoring reports of DG Energy. They considered that it has an insufficient budget for the proper regulation of all 4 sectors and reminded that the government had interfered in decision making on many occasions. According to the DG Energy reports, a key factor for the liberalization of the Bulgarian energy market will be the strengthening of the SEWRC’s administrative capacity, combined with a sufficient level of independence from the government.

Further on, the obligations of the SEWRC have to be reconsidered and possibly seriously restructured.

A new market monitoring department will be very much needed in the process of market opening. Also, many stakeholders have suggested that the energy and water sectors have to be regulated by different entities in order to strengthen power sector regulation. And last but not least, some experts suggest that it is necessary to have a separate dispute resolution body in order to process about 12000 complaints each year. An ombudsman service like that, introduced for example in the UK, has shown very good results. In Bulgaria the positive effects may come from both lower costs and more free time for the specific regulatory obligations of the commission.

A new selection and appointment procedure will be needed as well. Currently, the 7 members of the SEWRC, including its Chairman, are appointed by the Council of Ministers with no formal nominations or selection procedures. There is a strong opposition now to this practice, suggesting the election of members of the national regulatory authority from the parliament after public nominations and hearing procedures in order to guarantee the transparency of the process, the independence from the executive power, and the high professionalism of the regulatory commission members.

Energy Island or Part of the Inland?Ultimately, the paradigm of the national energy policy has to be changed. Many national analyses of different governments and state-owned companies considered

The maximum winter consumption in the coldest days of January is about 7500 MWh and the lowest, usually in April, is about 2500 MWh

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Bulgaria as an energy island and not as part of the common EU market. For instance, the decisions to start the construction of NPP Belene and the decision to build a new nuclear capacity at NPP Kozloduy are based mainly on the assumption that the regional energy consumption will rise and that Bulgaria will be the only (and the first) country to satisfy it. Also, decision makers obviously believe that Bulgaria may keep its prices the lowest in the EU even after its market is fully integrated into the regional one and the European one.

Even if this sounds well for the Bulgarian voters, who have the lowest income in the EU, this may not be the case anymore. The coupling of national energy markets and further integration within the EU actually means that all producers and consumers will share the same marketplace. A true market cannot have different prices based only on the nationality of its consumers – it may be segmented, but based on the preferences and needs of its participants. Therefore, the concept of an “island” in energy terms is not only wrong, but extremely dangerous for all the stakeholders in the national energy market. The European Commission has the tools to promote liberalization in Bulgaria – through political pressure, European Court procedures, or otherwise. It is only a matter of time

when this will happen. After this is done, it will be late for Bulgarian producers and consumers to catch up. The preparation has to start now and it is already years behind schedule.

The Road AheadThe time to act and change the Bulgarian energy system is now. There is a set of actions, which have to be implemented in order to guarantee the timely and less harmful transition from fully regulated to fully liberalized prices. Some of the actions may and should include: - a political will for transparent, timely, and predictable changes in the power sector; - a clear message to all consumers and producers about the current challenges and the possible solutions; - calculating and agreeing on the current financial imbalances in the sector with a clear schedule how to overcome them; - public consultations sector-by-sector and in general in order to pinpoint and challenge each of the current problems; - introducing market measures, such as tradable green certificates, in order to give more opportunities for the liberalization of bilateral contracts; - reforming the current model of PPAs with the participation of the private partners in order to include them in the supply side of the liberalized market;

These are only part of the needed solutions. The full list may be defined only

through an enhanced discussion between all stakeholders and with the active participation of the government – mainly as a moderator. The current problems should be tackled in coordination and the process has to start immediately.

* Atanas Georgiev is Assistant Professor in the Faculty of Economics and Business Administration of Sofia University, Bulgaria, where he teaches Regulatory Economics and Utilities Management to grad students. Atanas is also a lecturer at the “Energy Diplomacy” courses, organized by the Diplomatic Institute in the Bulgarian Foreign Affairs Ministry. He is the publisher and chief editor of the Bulgarian “Utilities” magazine and the online portal Publics.bg, as well as a frequent author of articles in other energy-related publications. Atanas graduated from the “Economics and Management in Infrastructure, Energy, and Utilities” program at Sofia University and later visited trainings on Energy Pricing in the Public Utilities Research Center (Florida, USA), EU Energy Law at the Florence School of Regulation (Italy), Infrastructure Economics at the Turin School of Local Regulation (Italy), Energy Security at the Masaryk University (Czech Republic), etc. He is member of the International Association for Energy Economics and of the Scientific Committee at the Turin School of Local Regulation.

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13ALTERNATIVE ENERGY RESOURCES AND GOALS IN ROMANIARomania has already reached its 2020 goals in renewable energy: to assure 24% of the domestic energy consumption from renewable sources.

Alternative energyAda Gavrilescu

Romania has transposed all relevant EU Directives in the renewable energy field into its regulatory framework.

The mechanism for promoting the production of RES-Electricity (renewable sources), consisting of a quota obligation system coupled with tradable GCs (green certificates), the trading market for GCs and the targets set for the production of RESElectricity, comply with the EU provisions.

A guide on renewable energy in Central, Southern and Eastern Europe, conducted by the Wold Theiss law firm, shows that, with the enactment of EO 57/2013, the Romanian authorities may limit the accreditation of new RES–Electricity production facilities if certain annual capacity thresholds are exceeded.

Huge potential on biomassRomania has a huge potential in terms of biomass and hydro-energy production, perhaps higher than wind and photovoltaic one, and the installed power in the plants powered by biomass has doubled this year, to 70 MW, said Zoltan Nagy, a member on the Regulatory

Committee of the National Energy Regulatory Authority (ANRE).

“Among all the renewable resources, wind and photovoltaic energy has dominated the market and took attention away from the other fields. (...) We started in 2011 with this support scheme with high hopes, but we are noticing that a bubble that will burst is about to be created. As many as 2,500 MW of wind energy have been built and 1,200 MW of photovoltaic one, but almost nothing in terms of hydro or biomass-generated energy. In terms of biomass, we currently have 70 MW installed in plants, double compared to last year, but still very few. For the time being there is no market for this type of power stations,” Nagy told.

According to the ANRE official, the costs related to biomass power plants are higher and that is why the investor has difficulties in developing the business plan on this segment.

According to the Eurostat, Romania ranked 8th in 2012 among the EU member states in terms of the share of energy generated by renewable sources

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in gross end consumption.

Romania has committed to reach 24% of renewable energy in its total consumption in 2020, but ANRE has announced that this target has been already reached on Jan. 1, 2014.

Accreditation will stopIf the annual capacity threshold is reached, ANRE will stop the accreditation of new RES–Electricity facilities for the respective year and will queue the RES–Electricity capacities that have the accreditation documentation complete, but which failed to obtain such accreditation due to reaching the annual capacity limit.

The accreditation process will re-start after the new annual threshold is updated and new capacity is available for accreditation. The accreditation procedure will take into consideration the queued RES–Electricity producers, based upon their complete documentation for accreditation.

Feed-in tariffsIn accordance with Law 220/2008 as later amended and modified, RES-Electricity producers with power production facilities under 1 MW and under 2 MW for high efficiency cogeneration from biomass will be able to choose between the GCs support scheme or a feed-in tariff (FiT) system.

The methodology for setting up the FiT prices is expected to be enacted in 2014. The RES-Electricity producers

who will opt for the FiT will no longer be entitled to receive GCs.

How to qualifyProducers who generate RES-Electricity must obtain accreditation from ANRE in order to qualify for the GCs support scheme. The accreditation procedure is set forth in the regulation approved by Order 42/2011 as later amended and modified by Order 37/2012 and Order 55/2013 of ANRE.

In accordance with the regulation, the provisions of such must be observed by: (i) owners of a production licence for electricity in groups/generating capacities for RES-Electricity production; (ii) economic entities who own groups/generating capacities for RES-Electricity production in the testing period; (iii) economic entities who own groups/generating capacities for RES-Electricity production using the electricity produced for their own consumption, other than their own technological consumption; and (iv) natural persons who own generating capacities for RES-Electricity with installed capacity under 100kW which use RES eligible for the GC support scheme.

The accreditation can be requested directly, in one stage or in two stages – respectively a preliminary accreditation during testing period and a final accreditation. Such accreditation is performed by ANRE based upon a request registered by the applicant with ANRE, accompanied by accreditation documentation.

What happens with the big projects?The applicants that hold electric units of producing RES-Electricity with installed power over 125 MW must send to ANRE the accreditation request only after obtaining the decision from the European Commission by which the promotion system is individually authorised for GCs.

As an exception, those producers of electricity that already have an electricity facility for producing RES-Electricity with installed power over 125 MW, at the time the regulation comes into effect, will be temporarily accredited by ANRE for a period of twenty four (24) months, without prior approval from the

“Among all the renewable resources, wind and photovoltaic energy has dominated the market and took attention away from the other fields” – Zoltan Nagy, director in National Energy Regulatory Authority

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European Commission.

Moreover, those economic entities which have developed generating capacities of RES-Electricity with installed power over 125 MW and before 19 October 2011 and which are the beneficiaries of connection agreements concluded with grid operators to which they are connected, will be temporarily accredited by ANRE for a period of 24 months, without prior approval from the European Commission.

After the temporary accreditation from ANRE and within three months from such accreditation, the producers of RES-Electricity must submit to the relevant authorities the necessary documentation for the evaluation of the support scheme by the European Commission. Failure to do so triggers the suspension of the accreditation decision.

TimelinesThe request for accreditation must be submitted to ANRE, accompanied by the necessary documentation. After the request has been submitted, ANRE shall analyse it and if necessary, request the applicant to supplement within ten (10) days the information or documentation

provided. In case the applicant fails to submit the requested information or documentation, ANRE will dismiss the request as incomplete and return the documentation to the applicant.

In accordance with relevant legal provisions, if the entire documentation for the accreditation is complete, ANRE must issue the accreditation decision within thirty (30) days. Such accreditation qualifies the producer to participate in the GC support scheme. ANRE shall inform the applicant of its decision by sending the applicant a scanned copy of such decision.

The applicant shall further transmit the decision to: (i) the grid operator where the electricity facilities are connected; (ii) the transport and system operator –TSO in order to issue the GCs; and (iii) the green certificates market operator – Opcom SA in order to register on the GCs market.

Green certificate suspensionBecause of the fact that Romania already reached its target for 2012, in the period 1 July 2013 – 31 March 2017 the allocation of a certain number of GCs will be temporarily suspended, as follows: one GC

”A bubble that will burst is about to be created. As many as 2,500 MW of wind energy have been built and 1,200 MW of photovoltaic one, but almost nothing in terms of hydro or biomass-generated energy” - Zoltan Nagy, director in National Energy Regulatory Authority

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for new hydro plants, with installed power under 10 MW; one GC for wind farms; and two GCs for photovoltaic plants. No other technology qualifying for the GCs support scheme is currently subject to such GC suspension.

Suspended GCs shall be released for

trading on a monthly basis, as follows: starting from 1 April 2017, for new hydro-power plants with an installed power of maximum 10 MW and for solar power plants, in proportion to the average number of GCs suspended during the period 1 July 2013 - 31 March 2017, subject to observing the total number of GCs suspended for this period;

Starting from 1 January 2018, for wind power plants, in proportion to the average number of GCs suspended during the period 1 July 2013 – 31 March 2017, subject to observing the total number of GCs suspended for this period.

All GCs shall be released for trading according to the above procedure by 31 December 2020, at the latest.

Value of the green certificatesAs per Law 220/2008 as later amended and modified, the period for which the established value of the GCs will be traded on the GC market has been set from 2008 until 2025.

Starting from 2011, the trading value of the GCs has been indexed with the Euro zone inflation rate recorded in December of the

previous year by ANRE. The value of the GCs is provided in Law 220/2008 and may vary within a band of a minimum of EUR 27 and a maximum of EUR 55 per GC.

The failure of any electricity supplier to fulfil the annual quota obligations requires payment of an equivalent value of those GCs which were not purchased at a premium of EUR 110 for each un-purchased certificate.

More than 4,700 MW of renewablesThe projects related to the production of energy from renewable sources reached a total capacity of 4,728 MW at end-March 2014, up 146 MW compared with end-Feb, according to data revealed by Transelectrica.

Thus, wind energy projects totalling 2,901MW, photovoltaic parks totalling 1,171 MW, micro hydro power plants generating 555 MW and biomass capacities of 101 MW were operational.

At the end of February, the system’s installed capacities of renewable energy production totalled 4,582 MW.

”The projects related to the production of energy from renewable sources reached a total capacity of 4,728 MW at the end of March 2014, up 146 MW compared with end-Feb” - Transelectrica

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14Natural gas: the ideal solutioN for all your Needsfor households and businesses, heating or transport, for every possible use and everywhere, natural gas is a reliable, safe and affordable energy solution, which at the same time plays a critical role in helping greece meet its environmental commitments.

oil & gasDEPA / John Chatzinikolaou*

Natural gas has won the confidence of both residential consumers and professionals, as evidenced by its increasing use in households, businesses (industries, hotels, restaurants etc.) and in vehicles, public and private. Safe, 40%-70% cheaper than other fuels, clean and easy to use, natural gas is used for heating and air conditioning, hot water and cooking. At the same time, natural gas becomes increasingly popular as a fuel option, especially among businesses, for commercial fleets, public transportation and taxis.

Moreover, this “green fuel” is Greece’s basic tool for achieving the 20/20/20 European targets for greenhouse gas emissions, renewable energy and energy savings.

Natural gas and householdsNatural gas can be used to meet all the basic needs of a household and save energy and costs by more than 50%:

– Heating The use of natural gas for domestic heating (with condensing boilers, etc.) can cut home heating costs by 40% with an

efficiency that reaches 110%. Nowadays, natural gas emerges as the perfect choice for home heating, compared to other polluting and wasteful solutions such as oil boilers, wood-pellet boilers, wood boilers and biomass. As for the technical part, usually it is not necessary to replace old heating units. However, the technician can, during the relevant inspection, advise consumers on the best possible solution, depending on the condition of the existing heating system.

– Hot water Modern equipment for hot water production ensures hot water availability 24 hours a day. Natural gas tankless (instantaneous) water heaters or storage water heaters are commonly used to save up to 40% compared with an oil boiler and up to 60% compared to a conventional water heater.

– Cooking Natural gas can be used for cooking when the old cooker is replaced with a gas cooker (free or built-in). Domestic gas appliances have safety devices and deliver savings of up to 70% compared to electric cookers.

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As noted by Mr. Nikos Papaspiropoulos, owner of the Intergas-Energy company, natural gas can be easily installed both in new buildings and existing facilities in apartment buildings (by replacing the burner), always in collaboration with certified companies operating in the sector.

Mr. George Simos, owner of the Simos Aerio company, says that the use of natural gas for heating has enormous advantages. “The conventional heating boiler - oil burner system has a very low efficiency (max 85%), energy losses that exceed 15%, high exhaust temperature (250-300oC) and ON/OFF operation. Condensing boilers, when installed, ensure an efficiency of up to 110%, zero heat losses, very low exhaust temperature and inverter operation mode. The technical characteristics of condensing boilers combined with the lower cost of natural gas compared to heating oil, save us energy and money.”

Businesses save energy and moneyNatural gas is a fuel with significant comparative advantages in the commercial and industrial sectors - higher energy efficiency, ease of use, perfect control and, above all, cost saving. Every small or large business, industry, store, can enhance its competitiveness -a key issue in times of

economic crisis-, by using natural gas. It is not by chance that large energy-intensive industries, as well as bakeries, restaurants, craft businesses, and hotels are using natural gas. It is used for energy-intensive processes, such as combustion, but also for heating, hot water, air conditioning, etc. Large hotels use natural gas even for washing machines and dryers utilizing specific applications.

Natural gas as a vehicle fuelIn the streets of Athens and Thessaloniki, there are taxis, buses, garbage trucks and private cars (which are expected to increase in number in the next few months following the approval of the related ministerial decision) that run on natural gas and offer savings of up to 66% compared to gasoline. To promote the use of natural gas in vehicles in Greece, DEPA is creating the basic infrastructure, offering consumers the opportunity to power their vehicles with natural gas. It is already operating a few natural gas refueling stations under the name FISIKON, in Athens and Thessaloniki, and there is strategic planning for the further development of the FISIKON network in the next months.

how safe is natural gas?Natural gas is completely safe thanks to the strict standards and specifications

for the construction of gas networks and facilities, and the inspections carried out by gas suppliers. Natural gas will only ignite when there is a very specific air-and-gas mixture and a spark at the same time. The design and construction of the interior installation by responsible engineers and certified technicians, the installation of the equipment by qualified personnel, and their inspection by the gas suppliers are carried out according to strict specifications. In this way, the likelihood of such events is totally eliminated. In addition to mandatory specifications, there is always the possibility to install additional safety devices (gas detectors with audible and visual alarms, gas detectors with electromagnetic block valves, etc.). Natural gas is a fuel distributed through networks. Therefore, end users do not come into direct contact with it. Its natural properties, the strict standards applied for the construction and maintenance of gas distribution networks, indoor installations and appliances and the simplicity of these appliances in use make it safe to use, even from the first time.

* John Chatzinikolaou is Chemical Engineer, Cosmoaerion Company

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15THE GALATA GAS STORAGE PROJECT IN BULGARIAThe project for the second gas storage project in Bulgaria, namely the Galata gas storage project, is among the most important priorities of the energy sector of the country during the last 15 years or at least this is the impression from when we read the strategic documents of the sector. From a financial point of view the project is undoubtedly feasible. From a legal point of view the implementation of the project is possible upon the fulfillment of one legal opition provided under the existing gas production concession agreement and upon the fulfillment of two conditions, which are stipulated in the Bulgarian legislation.

Legal insightKostadin Sirleshtov*

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The Energy Strategy from 1999 provided for investments in securing the “long-term aims of the country … including in the security of supply”. The Galata concession production agreement signed in June 2001, which is the first production agreement for substantial quantities of natural gas to be produced in the Bulgaria’s section of the Black Sea provides that upon mutual consent the production from the site could be terminated prior to the depletion of the deposit and prior to the expiry of the term of the agreement, which is 2026. Such termination could be done with the purpose of transformation of the site from a gas production to gas storage facility under terms and conditions for the use of the gas storage, which need to be agreed prior to the start of the transformation.

The Energy Strategy from 2002 goes further and points out the specific condition for the development of the gas sector “the transparent and sustainable regulatory regime” with the aim of “increase of the security of the supply” of the natural gas. The lack of substance of these declared priorities and the lack of fulfillment of the legal options has been clearly felt by all of us in January 2009, when the lack of a second gas storage facility and the lack of investment in the existing one in “Chiren” led to huge losses for our country during the first short gas crisis between Russia and Ukraine. As a result of this the declared priorities has indeed increased and the new Energy Strategy from 2011, as adopted by both the Government and the Parliament

specifically pointed out that “the Republic of Bulgaria will imply its best efforts to … construct the second gas storage facility at Galata”, but even for those who are not following the gas regulatory matters in Bulgaria it is quite clear that this project has been practically frozen by series of Bulgarian Governments.

From economical point of view the project is undoubtedly feasible, as for its developments there is no need of any public funds to be spent (for a project exceeding 100 million EUR investment), it will increase by 300 percent the existing gas storage capacity of Bulgaria and its implementation could start immediately and to be completed within the next 2 years or so.

From legal point of view the implementation of the project is possible upon the fulfillment of one legal opition provided under the existing gas production concession agreement and upon the fulfillment of two conditions, which are stipulated in the Bulgarian legislation.

The contractual option The contractual option for the transformation of the Galata production field into a gas storage facility, as provided to the parties of the Concession production agreement to terminate the production and to negotiate the terms and conditions for the transformation of the gas production field into gas storage has been outlined above. This contractual option has been provided to the parties to the Galata

production agreement and if interpreted in relation to the other provisions of the agreement does not provide the right of the concessioners to (i) unilaterally terminated the production of natural gas and in principle to terminate the implementation of their contractual obligations in accordance with the Galata production concession agreement and/or (ii) to undertake unilaterally the transformation of the production concession into a gas storage facility. The transformation of the production concession could be implemented just only upon having the terms and conditions for the transformation agreed in advance between the parties to the Galata concession agreement. For the time being despite of the declared priorities by the Government and the Parliament, the Grantor of the concession rights has not expressed any willingness to exercise this contractual option. The legal authorities in Bulgaria also confirm that “the Concessions act does not provide for the option of any unilateral amendments to the concession agreement” (prof. Ivan Ruschev, “The Concession agreement”, Sofia 1999, page 523).

If for a moment we assume that the written priorities of the Bulgarian Government and the real such are aligned, then the legislation provides for two follow up conditions for the implementation of the project.

The two procedural steps The transformation of the production

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facility into a gas storage facility could be done in accordance with the applicable Bulgarian legislation upon the fulfillment of the following two procedural steps: (i) amendment to the existing production concession agreement, thus allowing the termination of the production of natural gas and transformation of the concession rights for production into concession rights for construction and exploitation of a gas storage facility, and (ii) provision of gas storage license to the concessionaires for maintenance of a gas storage facility in accordance with the Energy Act.

The amendment The transformation of the concession could be completed by means of the amendment to the concession agreement on the grounds of the Concession Act (art. 70, para. 4, points 2, 3 and 5). The concession agreement has to be amended by means of an annex, which needs to be negotiated between the Government (the Minister of economy and energy) and the concessionaires. The parties will need to follow the terms and conditions, which are adopted in advance by the Government to the annex of the concession agreement for the purpose of the transformation of the concession. In accordance with the applicable Concessions Act such an amendment of a concession agreement with a preliminary approved terms and conditions by the Government, and initiated by the Ministry of economy and energy has been successfully undertaken in the case of the Decision for the Medet

tailings (Decision of the Government No 81 dated 7 February 2007 for providing the consent for the amendment to the concession agreement for the “Medet Tailings” on the grounds of art. 70, para. 4, points 2 and 3 of the Concessions act as published in the State Gazette, issue 16 dated 20 February 2007). In accordance with the Bulgarian legislation in order to apply for a gas storage license in the continental shelf of Bulgaria one need to have the only legitimate form of rights as granted under a valid concession agreement.

From the technical data, which are available to the Ministry of economy and energy it is evident that it is objectively it is impossible for the object of the concession agreement to continue to be actively utilized in accordance to its purpose and in such a way the amendment to the concession agreement could be made under the terms and conditions of art. 70, para. 4, point 2 of the Concessions act. The legal authorities explain this development as a “status in which the activities, which are being implemented under the scope of the concession agreement have been seriously affected” (Meglena Kuneva, “Comments and practices under the Concessions act”, Sofia 2000, page 223.). The amendment to the applicable laws is one additional ground for the transformation of the concession agreement in accordance with art. 70, para. 4, point 3 of the Concessions act. The Concessions act has been signed under the repealed Concessions act, which is providing

Even for those who are not following the gas regulatory matters in Bulgaria, it is quite clear that this project has been practically frozen by several Bulgarian Governments

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additions grounds for the transformation of the concession rights.

It should be noted that even in case that there is an agreement reached for the transformation of the concession rights, the concessionaires could become operators of the gas storage facility at Galata just in case that they have been given a permission for the construction and exploitation of a gas storage facility in accordance with the terms and conditions of the Energy Act.

A license provided by SEWR In accordance with art. 21 of the Energy Act all licenses for gas storage shall be issued by the SEWRC. We need to take into consideration that there is no precedent for the issuance of a license for gas storage offshore Bulgaria, but there is such precedent for the onshore facility at “Chiren”. A necessary pre-condition for the issuance of such a license is the availability of rights by the applicant to the energy object (in accordance with art. 40, para. 1, point 2 of the Energy act), which could be property right, the right of use or construction right (art. 40, para. 2 in relation to art. 39, para. 3 of the Energy act).

The gas storage facility is located in the Bulgarian continental shelf where Bulgaria is exercising its sovereign rights. In accordance with the Bulgarian legislation the concession agreements are providing to the concessionaires the rights to exploit the resources and in order for the transformation of the concession rights to

be successfully completed the state will need to provide the concessionaires with concession rights for the construction and exploitation of the gas storage facility and upon the amendment to the concession agreement the concessionaires will need to be provided with a license issued by the SEWRC in order for the concessionaires to become operators of the Galata gas storage facility.

In accordance with art. 172 of the Energy act the operator of the gas storage facility will need to provide access to the gas storage facility to third parties under equal terms and conditions. The access to the gas storage facility could be rejected in the following cases: (i) lack of capacity; (ii) if the access could lead to exceeding the technical limitations of the object; and (iii) in case where the access could lead to lack of implementation of the obligations to the society. The gas storage is considered to be a deal related with natural gas in accordance with art. 173 of the Energy act and a party to such a deal shall be the operator of the gas storage facility, i.e. the Galata concessionaires. In accordance with art. 185 of the Energy act the orders of the transmission system operator of the gas pipeline (Bulgartransgaz EAD) shall be followed by the operator of the gas storage facility. In accordance with art. 195 of the Energy act the operator of the gas storage shall take a decision about the position and the type of the metering devices, as necessary for the commercial deals related to the gas supply and gas storage.

Main conclusionThe construction of the second Bulgarian gas storage facility at Galata site is not only feasible and extremely important for the security of the gas supplies in a country, which is 90% dependent unilaterally dependent on the gas supplies from Russia, but also it is quite easy to be accomplished from legal perspective. The implementation of the outlined above legal terms and conditions for the construction of the future object are additionally made simpler by the fact that there are similar precedents, for the amendment to the concession agreement, as well as for the licensing of the first Bulgarian gas storage facility “Chiren”. The existing substantial administrative capacity at the Ministry of economy and energy of Bulgaria, as well as with the SEWRC additionally contribute to the opportunities for the implementation of the project in extremely tight deadlines in case that there is a real political will, which is expressed very clearly in all strategic documents of the energy sector in Bulgaria.

* Kostadin Sirleshtov – Partner, CMS

Cameron McKenna LLP Law Firm,

Bulgaria Branch

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16developments in the Greek electricity marketmost of the Greek islands in the aegean sea are not interconnected with the electricity grid of the mainland and have local autonomous systems. there are 32 such autonomous island systems with a peak load demand ranging from 100kW to 700mW. most of them are small isolated systems, while the biggest systems are those of crete and rhodes.

legal insightYannis Kelemenis & Evangelos Tsachas*

Following a long period of consultations with the Greek electricity market stakeholders (from mid-2010 to mid-2013) the Greek Regulatory Authority for Energy (RAE), under delegation of Article 130 of Statute 4001/2011, issued the Operation Code for the Non-Interconnected Islands [Operation Code (Decision of RAE no 39/2014)], which came into force on 11.2.2014. It has been drafted on the basis of an initial draft issued by the Public Power Company (PPC), the respective guidelines provided by RAE and the comments and proposals of other electricity market participants. Drafting the Operation Code has indeed been a quite challenging task for RAE, given that the Greek autonomous island systems have several unique characteristics which have exempted them from the rules of the European 3rd Energy Package.

Most of the Greek islands in the Aegean Sea are not interconnected with the electricity grid of the mainland and have local autonomous systems. There are 32 such autonomous island systems with a peak load demand ranging from

100kW to 700MW. Most of them are small isolated systems, while the biggest systems are those of the islands of Crete and Rhodes. Oil is almost exclusively the fuel used for electricity production in them and PPC is the sole electricity generator using conventional sources. Nonetheless, in several islands the penetration of renewable energy sources (RES) is very high, covering up to 20% of the local load demand. Although the Greek RES market has been going through a difficult period due to liquidity problems and recent statutory reductions in feed-in tariffs, the challenge to increase this penetration to all island systems remains very much in place. Be that as it may, the feed-in tariff system regarding the electricity generators from RES compromises the prospects for the liberalisation of the electricity market in the non-interconnected islands.

There are more reasons that make the non-interconnected system peculiar: the Greek islands are typically summer peaking systems due to tourism, as a result of which the ratio between minimum and maximum load is high and electricity producers must

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have significant generation capacity reserves. Moreover, the increased cost for electricity generation in the non-interconnected islands is passed on the end-consumers through Public Service Obligations in the region of €600 million annually.

The recently introduced Operation Code is an attempt to overcome these peculiarities by opening the market of the autonomous island systems to electricity producers and suppliers on a non-discriminative basis. To this end, it provides for a transitional period of five years.

The main provisions of the Operation Code are the following: (a) The Greek Electricity Distribution Network Operator (DEDDIE), a subsidiary of PPC, acts as Market Operator of the Non-Interconnected Islands. DEDDIE shall exercise its powers through the Energy Control Centres as soon as the Manual related to their operation is issued and the necessary infrastructure is available. The Operation Code provides for the establishment of Local Energy Control Centres, each being responsible for the operation of an autonomous island system. The Central Energy Control Centre will be seated at the headquarters of DEDDIE, shall monitor the operation of the Local Energy Control Centres and shall be responsible for the functioning of the central electronic system. Within the central electronic system DEDDIE shall hold special registers for electricity producers, generating units and market participants representing the demand of

electricity in each autonomous island system (i.e. autoproducers, electricity generators through RES and hybrid plants absorbing power for their installations as well as power suppliers). It is DEDDIE’s duty to conclude contracts for the producers’/suppliers’ participation in the electricity market of the non-interconnected islands. Such model contracts are included in the Appendix of the Operation Code.

(b) DEDDIE is responsible for the daily energy planning regarding the delivery of electricity to the grid from the producers and the allocation of electricity to autoproducers, electricity generators through RES and hybrid plants absorbing power for their installations as well as to electricity suppliers. This planning is made in each autonomous island system separately and is updated every twelve hours on the basis of the respective declarations of the market participants. DEDDIE has the power to impose pecuniary sanctions on the market participants for any failure to observe the rules of the Operation Code regarding the daily energy planning.

(c) Within the daily energy planning it is explicitly provided that the electricity produced by RES, cogenerating units, hybrid stations and solar thermal power plants shall be given priority. Hence, DEDDIE is obliged to purchase all such electricity.

(d) For the optimisation of the operation of the systems, quality indices are adopted by the Operation Code for the

quality of the services rendered, the maintenance of the systems and the penetration of the RES. Such indices will be annually calculated by RAE, pursuant to the Market Operation Manual that will be issued, and following the information provided by DEDDIE. Furthermore, with the purpose of the optimisation of the system efficiency, the elimination of power production from conventional sources and the adoption of new technologies in the electricity generation, the Operation Code establishes the obligation of DEDDIE to develop respective applied research programmes on a regular basis.

(e) A further incentive towards the optimisation of the electricity generating units is the establishment of benchmarking rules for the remuneration of the producers via conventional generating units for the energy generation as well as the availability of the generating units.

(f) DEDDIE shall hold all accounts necessary for the operation of the market including any debit/credit related to each market participant. Furthermore, it shall hold special accounts for the settlement of the payments regarding the RES and Public Service Obligations. The clearance of these accounts takes place on monthly and yearly rate.

* Yannis Kelemenis, Partner, and Evangelos Tsachas, Associate - Kelemenis & Co. Law Firm (www.kelemenis.com)

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17AlbAniA – A country rich in renewAbleSAlbania enjoys a very strategic geographical location in Southeastern europe with a natural opening to european markets and the balkan region, located in the center of natural crossroads of major european corridors, Pan european corridor Viii, and entry gate with 4 ports: Durres, Vlora, Shengjin, Saranda.Albania’s strategic location and its liberal energy trade policies enable exports towards diverse markets to meet the increasing demand. the country is in the middle of a net electricity importing triangle: Greece, Macedonia and Kosovo. in addition, italy, the fourth largest consumer of electricity in europe, imports more than 15% of its energy needs.

legal insightMarco Lacaita*

Albania is very rich in renewable energy sources, which, along with the relatively low construction prices and labor force salaries, makes it very attractive to investors. Historically, most of the country’s electricity needs have been generated by hydropower plants, although the increased demand has led to regular power shortages. Unfortunately, climate change will likely have a negative effect on hydropower production in the years to come, reducing average electricity output from Albania’s hydropower plants by up to 15% according to Albanian Investment Development Agency (“AIDA”). For this reason as well as for Government’s will to reduce Albania dependence on energy imports, the national energy policy is focused on diversifying its energy supply and promoting other forms of renewable energy – such as solar, wind, and biomass energy.

water resources are Albania’s most important natural resources. At least eight large rivers, fed by hundreds of smaller ones, run through the country from the mountainous East side to the Adriatic and Ionian West sea side.

The total hydropower reserves of Albania are estimated at about 4,500 MW with a potential annual generation of about 16-18 TWh.

So far, the country has exploited around 30 - 35% of its hydropower potential. According to AIDA, the existing total installed capacity is about 1,446 MW, distributed in 11 large and medium sized HPPs and 83 small ones, generating more than 98% percent of country’s total electricity production. Several mid and small-sized HPPs are under construction with an additional total capacity of around 400 MW, whereas many others are in process.

Solar energy. Albania has favorable conditions to develop solar energy, due to its geographical position and climate, the high intensity of solar radiation and its relatively long duration. According to AIDA, Albania’s solar radiation is calculated at more than 1,500 kWh/m2/year. The country has an average of about 2,400 hours of sunshine per year. The western part gets 2,500 hours and certain locations get a record of about 2,850 hours of solar radiation. Solar

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energy is being increasingly used for heating purposes, while photovoltaic energy is still unexplored due to lack of economic incentives.

Albania is engaged in the UNDP/UNEP/GEF Global Solar Water Heating Market Transformation and Strengthening Initiative, intending to accelerate the market development of solar water heating in Albania, with expected continuing growth to reach the set target of 520,000 m2 of total installed SWH (Solar Water Heating) capacity by 2020. This has been estimated to correspond to over 300 MW of avoided, new fossil fuel power capacity by using solar energy instead of electricity for water heating, and an estimated cumulative GHG reduction potential of over 800,000 tons of CO2 by the end 2020. (UNDP data)

wind energy. Albania has considerable wind power potential, in particular along the Adriatic coast. Nevertheless, currently there are no wind power farms constructed or under construction. Several domestic and foreign investors have already been licensed to explore wind power production opportunities,

while a major investment for a 150 MW wind farm is at the very early stage. According to the National Energy Efficiency Action Plan 2010 – 2018, the Government’s target is to generate 5% of the overall electricity produced from wind sources.

The Energy Efficiency Directive (2012/27/EU) represents the European framework of measures on Energy Efficiency within the Union with the goal to achieve a 20% headline target on energy efficiency by 2020. The directive helps in removing energy market hurdles and provides guidelines on national energy efficiency. The main scope of government’s National Energy Efficiency Action Plan 2010 - 2018 is to align the Albanian legal system with the EU laws and regulations in the energy field.

Power Sector Law No. 9072 issued on 22/05/2003 sets forth the legal framework in the Albanian energy sector. In December 2009, the Parliament amended the Power Sector Law to regulate renewable energy and introduce incentives for the construction of power plants. (Official Gazette 184,

December 30, 2009).

In May 2013 Albania passed a new Renewable Energy Sources Law (138 / 2013), published in the Official Gazette No. 83 on May 20, 2013. This law is the first Albanian law on solar water heating (SWH) systems in particular, as well as an important part of Albania’s renewable energy policy. For the reason explained above, the Albanian Government has demonstrated its strong support to renewable energy and its commitment to further align Albanian legislation with EU Directive 2009/28/CE and legal standards.

The law requires builders to adhere to a minimum share of solar thermal heat for certain building types. Additionally, the law exempts solar thermal systems and components from custom tariffs and Value Added Tax altogether.

Albania has already suitable infrastructures to benefit from regional and international trade. It enjoys good access to European electricity grids, through transmission lines with Greece (400 kW) and Kosovo (220 KW). In March 2014, the Albanian and

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Kosovar governments agreed to have a unified common energy market, which will lead both countries to build a 400 kV interconnection line. This project is supported by the German bank Kreditanstalt für Wiederaufbau (KWF).

Access to international networks and markets will strengthen significantly in the near future through construction of new power transmission connection lines. As a matter of fact, Terna is presently building a new submarine electricity interconnection merchant line from Montenegro to Italy. At the end of 2012 Albania completed a 400 kW line with Montenegro. That connecting line with allow Albania energy producers to vehicle the power produced in Albania to Montenegro and from Montenegro through Italy to the European market. Moreover, a 400 kW line with Macedonia is planned to be built, while construction of three submarine lines with Italy has been contracted through concessions to private investors and works are expected to start in the next 2-3 years.

Also, one of the most important projects in Albania is the implementation of a natural gas pipeline project, Trans-Adriatic gas Pipeline (“TAP”). The pipeline will allow gas to flow directly from the Caspian region to European markets crossing, in its last kilometers, Greece, Albania, and the Adriatic Sea before coming ashore in Puglia, southern Italy. The 850 Km pipeline will bring as

much as 700 billion cubic feet of natural gas per year from the Shah Deniz natural gas field of Azerbaijan as early as 2019.

With regard to the largest transaction occurred in the energy market in 2013, it is worth mentioning the privatization of the four-hydropower plants Bistrica 1, Bistrica 2, Shkopet and Ulza. This transaction was the result of an open competitive tender procedure where the Albanian government sold all of its shares to the Turkish company Kurum Holding.

Another important deal in the energy sector was the acquisition by Heaney Assets Corporation of 70% of the shares of the Albanian Refining & Marketing of Oil (better known as “ARMO”). The Azerbaijani company purchased what is considered the most important refinery of crude oil in Albania currently operating two refineries with a refining capacity of 1.5 million tons per year. The selling party, Anika Mercuria Refinery Associated Oil, purchased ARMO’s shares in 2009 as a result of a privatization process.

In June 2013, Statkraft started the construction of the Devoll hydropower plants in Albania. The initial decision is to build two hydropower plants (Banjë and Moglicë) with a combined capacity of 243 Mw and an annual production of about 700 GWh. Overall, the Devoll project consists of three hydropower plants in the valley of Devoll, with

an installed capacity of 278 MW. On average the power plants will produce about 800 GWh annually, increasing the Albanian electricity production by almost 20 per cent. The investment decision for the third plant will be considered when the first two plants are completed. The investment frame for the two first plants is estimated at EUR 535 million. The plants are expected to be completed in 2016 and 2018, respectively.

International technology Group ANDRITZ, headquartered in Graz, Austria, built Ashta I & II hydropower project located on the Drin river near the city of Shkodra and consisting of two power plants of similar design.

The most controversial privatization tentative of the Albanian government was the failed attempted sale of Albpetrol, the state owned oil company. The government is reconsidering whether to upgrade Albpetrol technical ability to monitor contracts and development of the oil sector, or to partner with a foreign company and restructure it, or to sell it off entirely.

* Marco Lacaita (pictured) is a lawyer, partner of CMS Adonnino Ascoli & Cavasola Scamoni, a member of CMS, the organisation of independent European law and tax firms.

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18New eNergy Law iN Serbia – a New chaNce for reNewabLeS?Serbia’s potential in the renewable energy sector is huge though not utilized yet as a result of inadequate regulation. The new energy Law is to be adopted in the near future and is currently subjected to public discussion, involving the major stakeholders on the market. The new law along with the relevant sub-legislation is expected to resolve some of the most important practical hurdles to the sector’s growth, such as PPa’s bankability, control over the grid construction process, transferability of the privileged producer status, and the like.

Legal insightDjordje Popovic*

Serbia has a significant potential to generate energy from renewable energy sources consisting approximately of 63% of biomass, 14% of hydro, 14% of solar, 5% of wind and 4% of geothermal energy. The governmental strategies set the target at a 27% share of renewables in the overall energy production for 2020. Yet, the market is still facing notable challenges as the feed-in-tariffs and other incentives were introduced only for electricity generation and not for thermal power, while the implementation of renewable projects in the very electricity production is considerably hurdled by the lack of appropriate regulation to tackle the issues necessary for practical feasibility of these projects.

In particular, while the hydropower generation did experience notable development over the past few years, the wind and solar power projects are still on hold waiting for regulatory changes to allow for the resolution of major feasibility issues, such as (non)bankable PPA models, the investor’s control over the grid construction, transferability of the privileged producer status and

hands-on process of putting generation facilities into operation.

To meet these challenges and bring the regulation closer to the Third EU Energy Package (being the country’s principal commitment under the Energy Community Treaty), the Serbian government has put forward the draft new Energy Law in December 2013 and formally opened public discussion. This came as a surprise to major stakeholders who were apparently neither informed on time nor consulted on the draft’s content, addressing, inter alia, the mentioned practical issues. The stakeholders were, in effect, given only two weeks to provide their responses to the draft, which they did (mostly through professional associations), and are still awaiting for revisions by the government – as the entire process was postponed due to the general elections in March 2014 and the formation of the new Serbian government in late April 2014.

The draft new Energy Law - in its initial and currently the only publicly available version from December

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2013 – does provide for certain improvements in the relevant area when compared to the existing legislation. The improvements include the transferability of the privileged producer status (both temporary and permanent) to third parties, the clearer incentives’ entitlement scheme and the principal possibility for an investor, i.e. future generator, to construct the grid connection facility (and subsequently transfer the ownership to the state). However, the state operator incumbents are still allowed to refuse the generator’s offer to construct the grid and reserve the right to do that by themselves (i.e. this is still a matter of their discretion), which may put at risk some of the prospective generators as to the overall feasibility of the project, especially in large-scale projects where financiers are likely to condition (further) financing upon clear guarantees for the efficient grid’s construction and operability. Other downsides include the abolishment of the preliminary PPA concept - which may create a ‘contractual vacuum’ between the temporary and the permanent privileged producer status –

as well as the lack of clear rules as to issuance of the energy licenses (being a pre-condition for the generation and sale of electricity), the commissioning of generation facilities and transparent inter-play between the energy and real estate related regulations.

The stakeholders noted many of these shortcomings to the government during the ongoing public discussion, seeing the draft as a chance to improve the overall legal environment for the renewable energy sector in Serbia. While the state representatives appeared officially willing to comprehend the need to improve the draft, it remains to be seen to what extent this will occur in the end.

The most recent hints from the market indicate that the government’s revision of the draft new Energy Law is nearly completed - apparently, some of the stakeholders’ proposals have been implemented in the revised draft, which is yet to be made publicly available. Supposedly, among other things, the generators will now become fully entitled to construct the grid, i.e. it will be an

The most recent hints from the market indicate that the government’s revision of the draft new energy Law is nearly completed. apparently, some of the stakeholders’ proposals have been implemented in the revised draft, which is yet to be made publicly available

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option available to them subject to their own discretion. However, it remains unclear whether the real estate permits (necessary for valid grid construction) are in such cases to be issued in the name of the generator or in the name of the state operator incumbent; in the latter scenario, such a solution could complicate the projects that are currently being developed and may also impede new projects if the relation between the state and the investor/generator as to the grid construction is not set out in a transparent manner. To this end, it would be of great importance that the new Energy Law sets out clear principal rules to govern such arrangements, whilst leaving further details or – preferably - concrete models to be regulated in the accompanying sub-legislation.

Importantly, the novel solutions (to be) adopted under the new Energy Law would also require significant sub-legislative activity on the side of the relevant state bodies in order to become fully operable. The by-laws necessary for the new law’s implementation (either completely new ones or amendments to the current ones) would be needed to regulate in greater detail the matters related to PPA’s content and entry into force (the new by-law providing for PPA models is currently in the drafting phase), the construction of the grid, the commissioning of both the grid and

the generation facility, the transition between the temporary and the permanent privileged producer status, the obtainment of the energy license (without firstly requiring the issuance of the occupancy permit for the relevant facilities) and many other practically important matters.

Hopefully, this positive momentum emerging from the current public discussion and the resulting communication between the state and the relevant stakeholders will continue to grow in quality even after adoption of the new Energy Law and throughout the subsequent enactment of the necessary by-laws, allowing for the entire renewables sector to experience the growth it certainly deserves.

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

• Generators of renewable energy that qualify for privileged producer status become entitled to feed-in-tariffs which are ultimately passed down to consumers.

In order to benefit from the feed-in-tariff, the generator must enter into a power-purchase agreement (PPA) with the state supplier incumbent “EPS Snabdevanje d.o.o.” as the buyer.

The agreement is normally for a 12 year term although it may be unilaterally terminated by the generator on a 30-days’ notice.

• Current feed-in-tariff support levels range from 12,40 eurocents/kWh for hydro generating stations (up to 0,2MW) and 7,38 eurocents per kW/h (from 10MW to 30MW), to 15,66 eurocents per kW/h for biogas generating stations (up to 0,2MW) and 12,31 eurocents per kW/h (over 1MW), to 9,20 eurocents per kW/h for wind generating stations. Also, certain upper limits for using these incentives are legally set (i.e. the incentive measures apply until the total installed capacity reaches the value of (i) 10MW for solar generating stations, and (ii) 500MW for wind generating stations).

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19Croatia pushes

for exploration in the adriatiC sea

the ukraine crisis has renewed attention to regional energy diversification. finding alternatives to natural gas imports coming via the ukraine and the nord stream pipeline is a goal that does not concern only Croatia, but the entire region. for once, Croatia has not just responded to external challenges, but has made great efforts to prepare the country to hit the ground running when the crisis emerged as something that could possibly shake the energy market in winters to come.

legal insightJosip Marohnic, Marija Prskalo* and Mirna Milanovic - Lalic

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It was just over a year ago that Croatia announced it would publish the first international tender for oil and gas exploration in twelve months’ time. The last few months have proven all naysayers wrong. Croatia enacted a Petroleum Law that governs oil and gas exploration and production. The law was shaped according to international best practice based on the legislation of several European countries and wider international jurisdictions. In addition, the government has established the Croatian Hydrocarbons Agency, a specialized body that operationally supports and monitors petroleum activities. The Agency filled the data room with seismic and well data for the Adriatic, combining historic records of the former national oil company with new data acquired by using modern techniques. The data room was finally open to potential bidders in the first Croatian offshore licensing round festively announced on 2 April 2014. Over forty international oil companies, including all the supermajors, attended the announcement. The success came as a surprise to some, but not to those who recall the local oil industry tradition and the expertise it gathered from South Africa to Western Asia.

the offshore tender The 1st Offshore Licensing Round offered 29 licenses for the exploration and production of hydrocarbons on the continental shelf of the Croatian part of the Adriatic. The successful bidder will be granted a 30-year license to carry out exploration and production activities within the awarded block, and will,

simultaneously, enter into a production sharing agreement with the Croatian Government. The third legal component is the concession, which will be granted automatically once a commercial discovery is announced. The three predetermined elements ensure that the investor will not be affected by shifts in domestic politics or a lack of movement in administration. This represents a complete departure from the way most other permits are obtained in Croatia. It is also vital in preserving long-term commitments that must survive changes in government and regulations. In that respect, the Government also encoded a very strong promise in the model production sharing agreement. Where any legislative change substantially alters the original economic or commercial setup, parties shall renegotiate and supplement the agreement to reinstate the original balance.

Potential applicants should first have their best geologists visit the data room, to see if any of the geological Rorschach inkblots catch their attention. The data room does not reveal actual reserves, but indicators of gas and perhaps oil discovery potential, but only drilling will tell for sure.

Bidders or their consortia are allowed to bid on any number or all of the blocks. Although the tender is not subject to Croatia’s infamous public procurement routine, it does call for a considerable amount of information and submissions from the bidders. Perhaps the first stumbling block will be the requirement

to provide an all-Croatian application or a certified translation. Some tender elements aim to exclude companies with a history of corrupt practices or debt. Disclosure of group affiliation data, financial, legal and technical capacity all help rank bidders. Better scores shall be granted to bidders who assume the obligation to undertake more exploration activities (especially 3D seismic surveys and drill exploration wells) and those who propose a higher signature bonus. Applications are subject to a EUR 5,000.00 application fee per block, and must contain a bid bond in the amount of EUR 500,000.00. Bids can be submitted by 3 November 2014 at the latest. Winning bidders shall receive licenses within a one month period. Then, a three-month period to agree upon the negotiable production sharing agreement elements will begin. For this tender, Croatia opted for a fiscally-stable, cash flow-friendly production sharing model. In it investors recover their costs from gross production, share what is left with the government and pay profit taxes. As soon as the investor announces a discovery, it can use whatever is left of the total 30-year concession period for production.

Judging from the buzz it created, the offshore tender is bound to be a success. Investors are perhaps more drawn to the fact that Croatia is an EU Member State in proximity with and with access to major energy markets, rather to the estimated gas reserves. The Ukrainian crisis may be an immediate motive to strengthen these efforts, but

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the economic effect will not come about as swiftly as this first step did. The first gas or oil reserves are not likely to be available for at least six years from now.

Meanwhile in the neighbourhood…Croatia is not the only South Eastern European country to recognize the importance of oil exploitation. Bosnia & Herzegovina or, to be more precise, the government of its larger legal entity, the Federation of BIH (“Federation”), has adopted a four-year strategic plan aimed at creating favorable legal conditions and possibilities to continue an economically viable oil and gas exploration in the territory of this entity. Unlike the Croatian oil story, the government of the Federation has decided to use a slightly different approach. In 2011, a Memorandum of Understanding was signed with Shell Exploitation Company, an international oil giant. Shell has conducted a detailed Assessment of prospects for oil and gas exploitation in the Federation and the government has made efforts to create the promised favorable legal conditions, i.e. with the adoption of a modern Law on oil and gas research and exploitation and the related bylaws. The fact that Shell has officially expressed interest in commencing negotiations on granting concessions for the exploitation of oil shortly after the Assessment was published confirms that there are

reasonable grounds to “speculate” that the Federation’s limestone mountain area is hiding significant oil reserves.

Although the government has lately been constantly criticized for their political ineptitude and the economic crisis, they replied quickly and responsibly to this issue, a fact that took many by surprise. The government has recently published an international tender for the selection of professional consultants in order to conclude an agreement for the exploration and exploitation of oil and gas over a period of 25 years. The main goal of these negotiations is to achieve a good contractual modality that will bring financial profit to the Federation and open the door to foreign companies whose activities are connected with the production of oil and gas. Should these negotiations be successfully concluded, there is a possibility that this Balkan country could, along with the Croatia, represent an extremely necessary energy alternative in Europe.

*Josip Marohnic is attorney at law in cooperation with Karanovic & Nikolic, Zagreb, Marija Prskalo is Legal Trainee / Attorney-at-Law and Mirna Milanovic - Lalic (www.karanovic-nikolic.com)

Croatia is not the only southeastern european country to recognize the importance of oil exploitation. Bosnia & herzegovina has adopted a four-year strategic plan aimed at creating favorable legal conditions and possibilities to continue an economically viable oil and gas exploration in the country

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20THE TEN MOST SUSTAINABLE BUILDINGSIN THE WORLDFrom Santa Monica (U.S.) to Hyderabad (India), Brisbane (Australia) and Budapest (Hungary) a large number of world class sustainable buildings have been constructed in recent years. The most exciting new buildings in the world are now, almost all, environmentally aware, sustainable, and conceived to consume far less energy than ever before. The fact that architecture is one of the major sources of greenhouse gases in the world makes this new trend all the more significant.

General interestRepublished by energydigital.com

We have picked out the best buildings in the world that produce less CO2 emissions, use photovoltaic cells for their electricity needs, electronic sensors and green design! These building projects are the perfect example for companies willing to adopt more environmentally-friendly policies for their operation. The respect to the environment should be a lesson to all, starting from large structures, buildings and corporations.

Robert Redford BuildingThe Robert Redford Building in Santa Monica, Calif., the headquarters for the National Resources Defense Council, combines cutting-edge technologies and materials with elegant, energy-efficient architecture to create a showcase for green building design and to promote environmental activism. The building has earned a LEED Version 2 Platinum green building rating (the highest possible level of sustainable design), and it is the first structure in the United States to achieve this status.

The building uses 60 percent less water than a standard building of its size by capturing and filtering rain, shower and sink water to irrigate landscaping and flush toilets. It reduces electricity consumption by 60 to 75 percent by maximizing natural light and using efficient fixtures and appliances, task lighting, dimmable electronic ballasts, occupancy sensors and extra insulation. The building also meets 20 percent of its electricity needs through rooftop photovoltaic cells. The structure uses only recycled or recyclable materials, and 98 percent of the materials left over from dismantling the original building and constructing the new one were reused or recycled.

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Bank of America Tower The Bank of America Tower at One Bryant Park in New York City earned the U.S. Green Building Council’s LEED Core & Shell Platinum certification. This certification recognizes the building as the world’s most environmentally responsible high-rise office building. The building makes use of a 5.1 megawatt cogeneration system and conserves about 10.3 million gallons of water every year due to a combination of low flow plumbing fixtures and graywater storage system.

In 2010, the building received the Council on Tall Buildings and Urban Habitat Best Tall Building Award for the Americas Region, as well as a New York State Environmental Excellence Award from the New York State Department of Environmental Conservation.

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Council House 2 Council House 2 is an office building located in Melbourne, Australia, occupied by the City of Melbourne Council. In 2005, it became the first purpose-built office building in Australia to achieve a maximum Six Green Star rating, certified by the Green Building Council of Australia.

The building uses a gas-fired micro-turbine located in the roof plant room

to generate electricity, thus reducing reliance on the public electricity grid. The process produces waste heat, which is used to assist the building’s air-conditioning plant. The cogeneration plant has much lower CO2 emissions than coal-fired electrical generation and provides 60kVA of electricity, meeting up to 30 per cent of the building’s needs. In CH2, the waste heat is also used for heating hot water for the building and also for cooling via an absorption chiller.

Adam Joseph Lewis Center for Environmental Studies Adam Joseph Lewis Center for Environmental Studies, on the campus of Oberlin College in Ohio, uses sustainable building practices to keep it energy-efficient and comfortable. The building uses geothermal wells for heating and cooling, a photovoltaic system on the roof generates energy, and a water treatment system treats and purifies the water so that it can be reused for toilets.

The building has received many awards, including: Most important green building constructed in the last 30 years (July 2010), Architect Magazine; one of the 30 Milestone Buildings of the 20th Century, U.S. Department of Energy, William McDonough & Partners; and one of the Top 10 Green Projects (2002), American Institute of Architects (AIA).

Santos PlaceSantos Place is a 6-Star Green Star office building in Brisbane, Australia, which opened in 2009. The property incorporates the latest technology in Environmentally Sustainable Design and energy efficient initiatives to achieve a 5.5 Star target NABERS energy rating.

Over $10 million has been spent upgrading the design and specification to: improve environmental and workplace conditions for occupants; maximize building services efficiency; reduce ongoing building operating costs; “future proof” the value of the building. The savings in greenhouse emissions that result from the significant investment in green design will ensure that the asset value of Santos Place will continue to strengthen with the Carbon Tax being introduced.

Sohrabji Godrej Green Business Centre CII-Sohrabji Godrej Green Business Centre in Hyderabad, India, offers advisory services to the industry in the areas of green buildings, energy efficiency, water management, environmental management, renewable energy, Green business incubation and climate change activities.

The Centre is housed in a green building, which received the prestigious LEED Platinum Rating in 2003 and was named one of the most environmentally advanced buildings in the world. The building boasts a 50 percent savings in energy use, 35 percent reduction in water consumption, and usage of 80 percent recycled and recyclable material.

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Clinton Presidential Library The William J. Clinton Presidential Library in Little Rock, Ark., has been designated as one of the most energy efficient and environmentally friendly places to work in the United States by the U.S. Green Buildings Council under its Leadership in Energy and Environmental Design Green Building Program.

The Library is the first federal building to receive a platinum rating, the highest in the LEED for Existing Buildings (LEED-EB) Green Building rating system. Waste reduction was accomplished by increased recycling and source reduction for paper, light bulbs, batteries, metal, cardboard, plastic, glass, etc. The Clinton Foundation implemented several initiatives for water savings and energy conservation in the Clinton Library park grounds.

K&H Bank HeadquartersLocated on the banks of the River Danube, the K&H Bank Headquarters building in Budapest, Hungary, is the first LEED-NC rated building in the country. The energy-saving design and technologies have resulted in a building that consumes around 22 percent less than a comparable conventional building, while providing optimum occupant comfort. New technologies were also applied to curb potable water use, while a cistern captures and stores rainwater – relieving the public storm water system of more than 90 percent of rainfall, and irrigating roof top gardens and landscaped grounds.

Park Hotel in Hyderabad The Park Hotel in Hyderabad, India, is a 270-room hotel distinguished by its impressive facade of perforated metal, which serves as a sun and rain screen that protects the high-performance windows of the building. Daylighting, orientation, solar gain and local climate were all taken into account during the design of the building to maximize light and minimize heat gain.

The team also collaborated on incorporating an onsite waste water treatment plant that processes both graywater for reuse and wastewater before it is released back into the city’s sewer system. The hotel has been the first one in India to achieve LEED Gold certification and it has been designated as the Best New Hospitality Project of 2010 by Cityscape India.

Marco Polo Tower Directly on the Elbe, commanding a prominent position in Hamburg, Germany, stands the Marco Polo Tower right beside the new Unilever headquarters. The 55-meter-high tower brings together high-class living accommodation and a holistic ecological building concept. The recessed facades are protected from direct sun by the overhanging terraces above, so that additional sunshades are not necessary. Vacuum collectors on the roof, using a heat exchanger, turn heat into a cooling system for the apartments. Innovative sound insulated air louvers in the sleeping areas make natural ventilation possible without increased noise pollution from outside.

68 INTERNATIONAL

68 ALBANIA

68 BULGARIA

70 CYPRUS

72 GREECE

74 ROMANIA

78 SERBIA

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21ENERGY 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 Attikis31-33 Athinon & Sp. Patsi Str., 104 47 Athens Tel.: +30 210-3406000, Fax: +30 210-3406001 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

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