Issue No 5 January - February 2015

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2015ENERGY OUTLOOK SE EUROPE

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u AFTER SOUTH STREAM, RUSSIA’S EYES TURN TOWARDS TURKEY…

u IMF SEES SERIOUS FISCAL RISKS FOR SRBIJAGAS AND EPS

u CYPRIOT GAS TO EUROPE VIA EGYPT

u WORLD ENERGY IN 2040, THROUGH THE EYES OF EXXONMOBIL

u TOP 5 ENERGY COMPANIES THAT LEFT ROMANIA

Code: 210062

Publisher Apostolos Komnos

Publishing Assistant Dragos Zaharia

Deputy Editor Emilia Damian

Edition Advisor George Pavlopoulos

Editors Emilia Damian Ada Gavrilescu Penelope Mitroulia Nikolay Jekov Stevan Veljovic Vladimir Spasic Kostas Voutsadakis Ian Becker Yiannis PispirigosContributors Kostadin Sirleshtov Djordje Popovic Marija Marosan Jennifer Grubac Pavlin Stoyanoff Yiannis Kelemenis Anastasia Pelka Loredana Mihailescu Varinia Radu Marko Lacaita Solon Kassinis Antonis Paschalides Vasiliki Neophytou

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The english Edition for SE Europe & Eastern MediterraneanIssue Nr 5January - February 2015

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01A HAPPY NEW… ENERGY YEAR!

EditorialBy the publisher

The sudden decision of Moscow to cancel the construction of South Stream creates a new energy environment in Southeastern Europe, the region that was supposed to be most benefited from the new gas pipeline. Even though many believe that this is nothing more than a geopolitical bluff by Russian president Vladimir Putin and insist that South Stream is not “dead”, the change of course is significant and will affect many countries in the region. Either positively or negatively, this is something to be proven…

At the same time, Turkey seems ready to enter the energy game even more dynamically, taking advantage of

Russia’s desperate need for markets and allies, as Western sanctions and falling oil prices are biting the country, having already caused severe damages to its economy. Analysts estimate that the total cost of these two factors has exceeded $150 billion during 2014, while the ruble has tumbled, losing almost 50% of its value against the dollar –indeed, the situation could become worse if the conflict in eastern Ukraine continues or, even worse, escalates.

Of course, cheap oil is not bad news for everyone. Especially for the poorer countries in SE Europe, it is a relief for the budgets of governments, companies

and households. At a time of strict fiscal discipline, big deficits and debt, this development may bring some timid smiles. Whether they will last and for how long is also to be proven, as good news are rare.

But let’s be optimistic about 2015 – at least at the beginning of the New Year. Let’s hope it will bring less sadness and leave no child on this planet without water, food, sanitation, and, of course, electricity.

A happy new… energy year!

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02THREE PLUS ONE FACTS FOR ENERGY IN EUROPE IN 20152015 will be a very important year for Europe and SE Europe in particular, in terms of energy. One reason is the ongoing crisis in Ukraine and the prospect of a renewed conflict around gas supplies from Russia, despite the midterm deal that was reached in the end of October. Secondly, the new European Commission seems to be determined to move faster towards the integration of the internal energy market, forcing the Member States to accelerate their efforts. Last but not least, low oil prices are shaping a new environment for governments, enterprises and households – even though the most possible scenario is that the drop in prices will not continue forever…

OutlookGeorge Pavlopoulos

It was on that night of October 30th, just two days before the Commission of Jose Manuel Barroso left office and handed over to its successor. In Brussels, after seven rounds of failed negotiations, the gas talks between Russia and Ukraine, with the mediation of the then Energy Commissioner Guenther Oettinger, yielded finally a breakthrough.

“I am delighted that I can announce a major success at the end of my mandate as President of the European Commission. With our strong support, Ukraine and Russia have today found agreement on their outstanding energy debt issues, and on an interim solution that enables supplies to continue this winter. I am glad that political responsibility, the logic of cooperation and simple economic sense have prevailed,” announced Mr Barroso. From his side, Mr Oettinger, who was also Vice-President of the former Commission, said: “This breakthrough will not only make sure that Ukraine will have sufficient heating in the dead of the winter. It is also a contribution to the de-escalation between Russia and Ukraine.”

1. The Ukraine CrisisThe three sides – as we had already predicted in the EnergyWorld magazine – proved that they didn’t seek to solve their differences through an energy war, because the cost (both financially and politically) would be huge for all. They managed to reach a midterm deal, until next spring – while, at the same time, fighting is continuing in eastern Ukraine, turning into ashes the truce signed on September 5th. As a result, Europe can feel relieved and safer this winter of 2015 in terms of energy, even though the problems and the conflict with Russia are all but over and the worst case scenario is still on the table. The sudden “freeze” of the construction of the South Stream, announced simultaneously by the Russian president Vladimir Putin, and the boss of Gazprom Alexei Miller, is yet another proof that everything can happen in this front anytime…

Anyway, there is no doubt that the new Commission, which is headed by Jean-Claude Juncker, will continue the efforts to diversify the sources of the imported energy in the EU countries, in order to minimize the effects of a

Erratum – Issue 4, page 16: Please note that SEEC, Serbian Environment Energy Center, is an non governmental organization which goal is the monitoring and improvement of environmental protection systems in key industrial sectors of energy and mining.

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possible new crisis with Russia. But, as its predecessor pointed out in the report on the “Progress towards completing the Internal Energy Market”, which was published in mid-October, “a well integrated internal energy market is a fundamental pre-requisite to achieve these objectives in a cost-effective way”. According to the Commission, there are three main objectives: energy in the European Union should be affordable and competitively priced, environmentally sustainable and secure for everybody.

2. The Internal Energy MarketIt is interesting to notice a provision of the same paper, related to the costs of energy in Europe. “There is little doubt that a well-functioning cross-border energy market is the only realistic tool to maintain a healthy and efficient energy sector in the EU in the future. A recent study commissioned by the Commission estimates the net economic benefits from completion of the internal market to be in the range of 16 - 40 billion Euros per year”, it says. There is no reason why we should not admit that this sum is impressive, given the fiscal problems facing many countries, as well as the EU budget, and which are not

likely to be solved anytime soon.

So, there is every reason to believe that the efforts towards a fully integrated European energy market will intensify this year. Especially as, in the same paper, the intentions of Brussels are more than clear: “In 2011 the Heads of State or Government recognized the importance of having an internal energy market in place and set a clear deadline for its completion by 2014, underlining that no EU Member State should remain isolated from the European gas and electricity networks after 2015”.

3. The costs of energyThe cost is, of course, another important factor in the Energy Outlook for 2015 in Europe and especially in Southeastern Europe, where the countries are clearly poorer and more dependent than their northern partners. The decline in the prices of oil during the last six months of the previous year (by the time this article was being written, oil was almost 30% cheaper than in June 2014) was, of course, an optimistic sign for governments, enterprises and households. Although this trend will

not last forever, everyone can count on minimizing the expenses in order to cover the existing energy needs.

Thus, in terms of costs, things seem to go relatively well for the Europeans, making energy more affordable. Besides the fall in oil prices and the cuts in the price of gas Russia and Gazprom are supposed to make based on the new agreements with the EU, facts suggest that the increased competition in the wholesale market has driven prices down by 35-40% in the period between 2008-2012 – and the Commission estimates that the completion of the internal market will provide extra relief to consumers.

Ukraine vs Russia, internal market and oil prices – except those three factors, is there anything else we should look at during 2015, concerning energy? But of course! There are at least two reasons why we should pay attention to the developments in the area of the so-called “green market”.

…and the “green energy market”First of all, today, 23.5% of the electricity produced in the Union and

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14% of final energy consumption over all sectors is from a renewable energy sources, which puts the EU on truck to reach its target of 20% of energy consumption being from renewables

by 2020, and furthermore, provides a strong basis to continue and reach a more ambitious renewables target for 2030 (27% for all countries is the latest proposal by the Commission). But at the same time, many Member States, mainly the former “orbiters” of USSR, argue that the more ambitious the renewables target is, the more expensive energy becomes for their citizens and businesses. This means, in other words, that we are going to see some interesting political contradictions in this matter during 2015.

And secondly, because of the United Nations Climate Change Conference, which is going to take place in Paris from 30 November to 11 December 2015. The recent “green deal” between US and China - the world’s two biggest polluters - creates a new environment for green business and for Europe, which for years was the pioneer in this area. One way or another, should this summit also fail, following the path of Kyoto and Rio, it would give a reason to… cheer to its critics, who argue that it is much more grey than green…

Main energy events in 2015

• 27-29 January: European Gas Conference, Vienna-Austria• 27-29 January, Enertec, Leipzig-Germany• 25-27 February: World Sustainable Energy Days, Wels-Austria• 3-5 March: Russia Power Conference & Expo, Moscow-Russia• 10-12 March: Offshore 2015, Conference and Expo by EWEA, Copenhagen-Denmark• 11-13 March: Energy Efficiency & Renewable Energy, Congress & Expo, Sofia-Bulgaria• 22-23 April: International Conference for European Energy Managers, Prague-Czech Republic• 6-7 May: All Energy 2015 Conference & Expo, Glasgow-UK• 20-22 May: 12th International

Conference on the European Energy Market, Lisbon-Portugal• 1-5 June: World Gas Conference, Paris-France• 9-11 June: Renewable Energy World, Conference & Expo, Amsterdam-Netherlands• 23-27 June: EU Sustainable Energy Week• 6-11 September: European Wave and Tidal Energy Conference, Nantes-France• 8-11 September: SPE Offshore Europe, Conference & Expo, Aberdeen-UK• 13-15 October: Energetika, International Energy Fair, Belgrade-Serbia• 30 November-11 December: United Nations Climate Change Conference, Paris-France

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03AFTER SOUTH STREAM, RUSSIA’S EYES TURN TOWARDS TURKEY…Vladimir Putin chose Ankara and his meeting with Recep Tayyip Erdogan to declare the project of South Stream “dead”. Even though there are many who insist that the Russian president is playing another geopolitical game, the fact is that the cooperation between Russia and Turkey is becoming closer and more significant, disturbing the West. Energy is the main field of cooperation between the two most powerful countries of the Black Sea – but it is not the only one…

Geopolitics of energyYiannis Pispirigos

From Ankara Russian President Vladimir Putin announced that his country abandons the plans for South Stream pipeline, initiating a stronger energy relationship and synergy with Turkey, despite the political contrast between him and his Turkish counterpart, Recep Tayyip Erdogan, regarding civil war in Syria. Mr. Putin put the blame on European Union for stalling the project and underlined that “we see that obstacles are being set up to prevent its (pipeline’s) fulfillment”.

Alexei Miller, the chief executive of Russia’s state-controlled gas exporter Gazprom, told reporters in Ankara, where he was on a one-day visit with President Vladimir Putin, that South Stream was “closed. This is it”.

It is political…The pipeline, along with the North Stream pipeline that carries gas to Germany through the Baltic Sea, was meant to bypass Ukraine. Mikhail Krutikhin, a Russian energy analyst, said: “From the beginning this was a political project, and the goal was to punish Ukraine and cut it off from

gas flows. It was never economical to spend so much on this pipeline.”

Instead of South Stream, Moscow will increase gas supplies to Turkey and Putin said that a new hub could be built on the Turkish-Greek border to supply Europe with gas. He also issued a thinly veiled threat to Europe, hinting that since concluding a massive deal with China earlier this year, the European market was no longer that important for Russia, after a year during which the Kremlin has been targeted by western capitals for its role in Ukraine.

“We will re-concentrate our energy resources on other regions of the world,” said Putin. “We will work with other markets and Europe will not receive this gas, at least not from Russia”, Mr. Putin added.

Russian President accused the EU of denying Bulgaria, heavily dependent on Russian gas, its sovereign rights, and said that blocking the project “is against Europe’s economic interests and is causing damage”. Indeed, the Commission has put pressure

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on Bulgaria to freeze South Stream, citing breaches to EU law in the intergovernmental agreement for the construction of the pipeline.

A new allianceNevertheless, EU-candidate Turkey’s deepening energy ties with Russia are likely to raise eyebrows in Europe and the United States, as Western powers have imposed economic sanctions on Moscow over its actions in Ukraine, and as Europe tries to lower its energy dependence on Russia, which supplies about 30% of its gas needs, half of that via Ukraine.

“As our cooperation develops and deepens, I think we will be ready for further price reductions,” Miller told reporters in Ankara. “As we develop our joint projects … the level of gas price for Turkey could reach the one Germany has today.”

Russia is already Turkey’s main energy supplier, and Turkey Russia’s second biggest trade partner after Germany. Those economic interests have outweighed deep differences over Ukraine and especially Syria’s nearly four-year-old civil war.

While Russia backs Syrian President Bashar al-Assad, Turkish President Recep Tayyip Erdogan has become his most vocal critic, lambasting the UN Security Council, and Russia in particular, for stalling on an international response to the war.

“President [Putin] has a different assessment to us,” Erdogan told their joint news conference. “We agree a solution is needed, but we differ on the means.”

“Cracks” in the EUThe South Stream pipeline had exposed cracks in EU strategy as Hungary, Austria, Serbia and Bulgaria were among the countries that saw it as a solution to the risk of a repeat of supply disruptions via Ukraine, while Brussels and Washington saw the project as entrenching Moscow’s energy stranglehold on Europe. Yet its appeal has waned as economic growth has stalled, and with Azeri Caspian gas due to land in Italy from 2020.

Carlos Pascual, who until earlier this year was the top energy diplomat at the US State Department, said there was no

way that the cancellation of the pipeline damages Europe.

“One could actually argue that in the end, this will save European consumers money by eliminating an unnecessary high cost pipeline that would not have added any additional new supply,” he said.

Pascual said Gazprom’s action could show the effects of US and EU sanctions imposed on Russia for its aggression toward Ukraine. “At a point in time when capital was unlimited, perhaps Russia would not have taken this action,” he said.

A Gazprom analyst agreed the sanctions may have been a factor. “By invading Crimea, Putin has created a major barrier for the South Stream project,” said Mikhail Korchemkin, with East European Gas Analysis. “Gazprom was unable to raise money for the project,” after the sanctions went into place, he said.

Sources: The Guardian, BBC, EurActiv, Financial Times

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04ENERGY INDEPENDENCE: THE BIG PLAN FOR ROMANIA IN 2015Romania is taking all the necessary steps not only to ensure its energy security, but also to become energy independent, as it is the main energy, oil and gas producer in Southeastern Europe and will continue to play a strategic role in the region.

OutlookEmilia Damian

The Romanian Energy Department has completed half of the Energy Strategy plan for the period 2015-2035 and will open it up for public debate, Energy Minister Razvan Nicolescu announced publicly. “We have completed half of the Strategy, that is two out of four chapters, but we will wait until after the election to have serious discussions, without political implications. I do not want us to mock experts’ work or to have a document forgotten in a drawer,” Nicolescu said.

He added that the main objective of the Strategy is to ensure Romania’s energy security. “Romania has the chance to be, by 2020, the second country, after Denmark, which will produce more primary energy resources than it will consume. This will give our country a regional strategic role,” the minister said.

Competitive pricesAccording to Mr Nicolescu, the second important objective of the Strategy is to ensure competitive energy prices. Nicolescu reminded that the country’s GDP depends 30% on industrial output, unlike the European average, which is 18%. “So, it is vital for us to provide

competitive prices for the Romanian economy and industry,” Razvan Nicolescu said.

The third objective mentioned by the Energy Minister is related to environmental protection. “I will get involved personally in promoting renewable energy development. We have created a working group where we have gathered around the same table company representatives, consumers and financing institutions. There is a scenario being considered, but let’s see what we will do,” he said.

Why do we need a strategyRomania does not have an energy strategy adapted to current demands (economic and financial crisis, penetration of renewable resources, new hydrocarbon discoveries, repositioning in competition of cross-border hydrocarbon infrastructure projects, electricity market coupling, transposition of the acquis communautaire, mainly the energy / climate change package).

A set of strategic actions has been proposed in the field of electricity, by

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means of a study commissioned by Transelectrica on the outlook for the National Power System. However, there is not yet any comprehensive document available to guide the government, local administrations, investors, economic agents, in their efforts to align their commercial policy with the sustainable development of the Romanian energy sector.

Among the main challenges to be addressed by such an energy strategy are the following: covering the primary energy demand and limiting/confining import dependency at acceptable levels; reaching the established national targets according to EU energy and environmental policies; reinforcing institutions that would regulate security of supply, energy efficiency, environmental impact, and in general would ensure that the EU energy policy pillars are solid in Romania.

WeaknessesThe sustainable development of the Romanian energy sector remains a challenge. Some of the existing weaknesses, if not timely addressed, will

become acute and may lead to major imbalances in the national economy.

Such weaknesses include: aging power generation infrastructure and insufficient capacity to replace and environmentally upgrade them; inability to lure private investors into the conventional power generation sector due to the market power of state-owned entities; a too generous promotion scheme for electricity from renewable energy sources, that may lead to overcapacity in this subsector, with adverse effects on the operational stability and safety of the National Power System; a weak culture of energy efficiency, linked mainly to the long-term practice of using the energy sector as an economic and social protection tool; the aforementioned practice, a constant for more than two decades, has transposed into wrong energy price signals, both in the field of natural gas and in the field of hidden cross-subsidies.

Energy independenceRomania is the most independent country in the region with regard to energy imports. Romania is the main

energy, oil and gas producer in SE Europe and the fourth in the whole EU. The country wants to become energy independent by 2020 through the gas deposits in the Black Sea, where Exxon and OMV Petrom have discovered gas reserves of 42-84 billion cubic meters – that is more than six times the national gas consumption of the country in one year.

Besides this, Romania will continue its nuclear program. The country has two nuclear reactors of a total capacity of 1,400 MW and wants to build another two with the same capacity. Energy Minister Razvan Nicolescu said that the nuclear program will continue no matter what, because nobody will take the responsibility to stop it, given that Romania has already invested €1 billion in this project. “Up to now, we have invested €1 billion in the project of the new nuclear reactors and no one will dare to turn his back to the project, no matter if it will be ready in 2021, 2025 or later. There are partners willing to participate in this project, but we haven’t decided anything yet,” Nicolescu underlined.

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Coal remains a strategic priorityRomania has also big coal mines and power plants that have a strategic goal. In February, Prime Minister Victor Ponta said Romania needs electricity produced by thermal power plants to reach its goal of energy independence. Ponta said that two years ago the Oltenia and Hunedoara complex energy units were on the brink of bankruptcy and the government made huge efforts to rescue these companies and keep them in the energy market.

“In 2012, both the Oltenia Energy Complex - which I know better because it’s in the region I represent [as an MP] - and the Hunedoara Energy Complex were practically bankrupt; they were good to shut down. Well, since 2012 we have made huge efforts - and we continue to do so - because we must save these thermal power producers. Romania has this huge advantage of having all types of electricity - hydro, nuclear, renewable and thermal - and I’m not talking only about saving jobs, which is critical of course; I’m talking about our strategy of becoming energy independent; of course, for this we need the thermal power production” Ponta said.

He also stressed that the government tries to give a clear perspective to these energy units, with a radical technological upgrade that will help them achieve competitive production costs. “The price of the energy produced in Hunedoara will never be the same as the price of the windmill in Dobrogea [Southeast]. That is common sense! It’s impossible to want that! But managing to secure a place on the market for all four types of energy, from my point of view, is a fundamental goal for Romania’s energy independence”, the prime minister concluded.

There is not yet any comprehensive document available to guide the government, local administrations, investors, economic agents, in their efforts to align their commercial policy with the sustainable development of the Romanian energy sector

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05ANOTHER YEAR OF UNCERTAINTY IN BULGARIAThe energy sector of the country has been through one of its most difficult years and prospects for significant improvement are bleak. Years of poor investment decisions, mismanagement and populist attempts to keep prices low have led to an enormous financial deficit in the system. If this deficit continues to grow, taxpayers will need to pour enormous amounts of money to seal the wreckage.

OutlookNikolay Jekov

Since at least 2012, at the beginning of each year, the energy sector in Bulgaria faces an alarming question: is it going to collapse? Years of poor investment decisions, mismanagement and populist attempts to keep prices low have led to an enormous financial deficit in the system. If this deficit continues to grow, many energy companies will go bust.

The largest part of the deficit is accumulated by the National Electricity Company (NEK). For years, this state-owned company has been used either as a vehicle to promote politicians’ favorite projects or as a cushion to absorb the increased cost for electricity production, which resulted in an amassing huge debt on its balance sheet. Moreover, there are deficits in electro distribution companies (EDC), the state-owned gas trader Bulgargas and a number of other energy companies. The financial shortage, depending on whom you ask, is between €1-2.56 billion. To put the number into perspective, NEK’s annual revenue is just €1.52 billion. More alarmingly, the deficit equals the VAT revenues of the national budget (its biggest income source) for the first nine months of 2014.

The widening deficit in NEK trickles down to electricity suppliers, which cannot get their money and therefore cannot pay the coal mines, the banks, and the construction and maintenance companies. The overall effect on the economy is lower GDP growth, because of the drop in economic activity, decreased budget revenues and business climate deterioration due to uncertainty.

How big is the hole?The deficit is conservatively estimated between €307 million (NEK’s expected loss for the period 2014-2015) and €935 million (NEK’s short-term liabilities). NEK’s loss is due mainly to the mismatch between the regulated electricity prices for the households and small businesses and the real cost of the electricity. Short-term liabilities are the result of the unpaid bills to the electricity producers.

More realistic estimates, however, put the deficit around €2.56 billion. This is the sum of NEK’s current liabilities, uncompensated costs from previous years, losses from bad investments

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(mainly Belene NPP and Cankov Kamak HPP), urgent needs for investments in the grid by the EDCs and the losses of Bulgargas (which are difficult to be estimated because of the “byzantine” accounting and regulation standards). The sum doesn’t take into account the possible negative outcome of the billion worth arbitrage proceedings between NEK and Russia’s Rosatom after the unilateral termination of the Belene NPP project by the Bulgarian authorities.

The immediate effect of the deficit is an increase in the unpaid bills. As of now NEK pays approximately 70% of the invoices it receives from the electricity producers. In effect, the company is insolvent and the only reason it is still alive is the implicit state guarantee and the lack of a similar market player to assume its role as a single buyer for renewable and cogeneration energy, as well as the long-term PPA with two of the biggest electricity producers in Bulgaria. This, however, will not last forever, as there are already several claims against it in the courts.

The gloomy situation was exacerbated

by three consecutive price cuts for households and small businesses in March, August and December 2013. These were political steps (although formally taken by the independent State Commission for Energy and Water Regulation) which followed logically from the political developments of the previous year - at the end of 2012, electricity bills prompted a huge public backlash, with major demonstrations that forced the government of Mr Boyko Borissov to resign in February 2013. The 2013 cuts brought electricity prices back to the levels of 2011. But as they were not accompanied by adequate measures to lower the cost of electricity generation, as of the middle of 2013 NEK reports monthly losses of €50 million.

As if this were not enough, the increased pace of the liberalization of the electricity market has made most of the big and medium-sized companies leave the regulated market (where NEK acts as a single supplier) for the free market. This provided an excellent opportunity for businesses to gain access to better services and lower prices. But it was bad news for NEK. Every time its market

share shrank, its electricity mix became more expensive. NEK is obliged to buy a fixed quantity of expensive electricity, due to its PPAs with ContourGlobal and AES, as well as to buy electricity from renewable sources and industrial cogenerations. Now this expensive energy accounts for 80% of its electricity mix and the company cannot dilute it with cheaper energy, because it has fewer costumers. This increases NEK’s loss, since it is politically and socially unacceptable to increase the prices for the households.

Is there a political will to change the negative trend?In the last two years two governments promised to break the gridlock. The government of Mr Plamen Oresharski (2013-2014) definitely made the situation worse. The “cure”, applied by SCEWR, was simply not to recognize some of the expenditures of the energy companies. This artificially reduced energy prices, but led to a whole pile of unpaid bills.

This state of affairs became unsustainable and in September 2014

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the new make-up of SCEWR increased sharply the price of the electricity for the households by 10%. NEK’s deficit reduced by €100 million, which was not enough to cover the gap but, with the worsening condition of NEK, at least it was a step in the right direction. This was possible because a caretaker government, that did not need to think about winning elections, appointed new commissioners in the regulator.

Now the energy sector expects the decisions of the new big coalition government, formed by the right-wing GERB and the Reformist Bloc, the left-wing ABV (with the support of the nationalistic Patriotic Front). It faces the enormous task to either clear the Augean Stables of the Bulgarian energy sector or to adopt a wait-and-see approach. The format of the government allows for reforms, since the responsibility could be spread between more political players and because it faces weak opposition in the parliament.

The first steps of the government in the energy field are kind of a mixed blessing. The election programs of the parties don’t contain specific solutions to the problems (GERB’s platform envisages higher compensation for the poor families, which suggests possible price rises). Neither does the program declaration of the government. The new government formed a separate energy ministry and appointed as a minister the very active former chief of the state financial controller (ADFI) Temenujka Petrova. She was behind several

audits in the period 2011-2012 in the state-owned energy companies and public utilities that revealed significant irregularities.

Some people in the industry criticized heavily Mrs Petrova for a lack of experience in the energy sector. However, as one of them quipped, the Bulgarian energy system does not face problems of electricity generation, but difficulties in managing its cash flow. In this respect, Mrs Petrova is not a bad choice. The problem is her intention to carry out extensive audits in the energy companies. Such audits are undoubtedly necessary to shed more light on the operations of some companies, but might be used as a substitute of the much needed painful reforms. The results of the audits are always “sexy”, which is politically good for the government, but the energy sector in Bulgaria faces major structural problems that cannot be cured by caulking some cracks.

What to expect in the electricity marketThe full liberalization of the electricity market is the most expected event that will affect the energy system of Bulgaria. It is supposed to happen in the second half of 2015 and will put an end to the administratively fixed prices for the households and small businesses. SCEWR will control only the expenditures and the fees of the grid companies (the so-called natural monopolies), while producers will be free to sell at whatever price they want.

The increased pace of the liberalization of the electricity market has made most of the big and medium-sized companies leave the regulated market (where NEK acts as a single supplier) for the free market. This provided an excellent opportunity for businesses to gain access to better services and lower prices. But it was bad news for NEK

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Until now, the gradual liberalization of the market brought down prices, but mostly at the expense of the regulated market and increased losses in NEK. However, the preparations for the final phase of the liberalization process are still fledgling and the debate on further developments is not particularly lively.

The liberalization will require some form of renegotiation of the long-term contracts of TPP ContourGlobal Maritza Iztok 3 and TPP AES Galabovo. They are the third and the fourth biggest electricity producers in Bulgaria and both TPPs have 15-year PPAs at fixed prices that are well above market levels. Their PPAs create significant distortions in the Bulgarian market because they crowd out cheaper producers and put NEK at a perilous position. The talk on renegotiations has been going on for two years now, yet little has been done.

Renewable energy producers face

difficult times too. They are already responsible for 30% of the cost of the electricity for the households and small businesses. In order to reduce its financial problems, NEK is doing everything to avoid its legal obligation to buy all the expensive green energy. The state company manipulates the production schedules of PV and wind power producers, forces them to pay exorbitant balancing fees and sometimes simply disregards their invoices. There are some photovoltaic plants that have not received any payment for a year. This should change, but there are few ideas on how to reduce the cost of the green energy in a more transparent and fair way.

EDCs will continue to complain that the state regulator does not give them adequate resources to invest in the grid. It is difficult to foresee when serious problems with the grid will begin, but until then the situation will hardly change.

The liberalization of the market will affect also Bulgaria’s electricity exports. The cheapest producers might decide that they can get better deals in Bulgaria ousting the more ineffective competitors. This will bring down the amount of the electricity which is available for export. Of course any particular development depends on the liberalization model that will be adopted in Bulgaria.

What to expect in the gas marketThe drop in the oil prices puts a downward pressure on natural gas prices that will continue in the next year. This will significantly improve the financial situation of Bulgargas, but will reduce the urgency to work on alternative supply projects, like the Aegean LNG terminal. It is difficult to predict how long oil prices will remain low, but if it is long enough, it might cause less enthusiasm for deep sea drilling projects as well.

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06IMF SEES SERIOUS FISCAL RISKS FOR SRBIJAGAS AND EPSThe operations of the two largest energy companies - EPS and Srbijagas - present a huge risk to the consolidation of Serbia’s public finances. However, the increasing attention of the IMF toward public companies could be also used to boost reforms in this sector.

OverviewStevan Veljovic

After agreeing to a three-year stand-by arrangement with the International Monetary Fund, valued at €1 billion, the Serbian Government was given a strong incentive to implement ambitious fiscal consolidation and structural reforms.

In contrast to a small number of former arrangements, this time the IMF is expected to pay more attention to large public enterprises, whose losses threaten to sink Serbian public finances. The two largest energy companies - Serbia’s power utility EPS and gas distributor Srbijagas - are largely under scrutiny due to their size and their importance to the country’s economy and the fiscal risks they may trigger.

“The radical restructuring of large public enterprises - including electricity and power production, gas, railways, and road companies - will help reduce the budget’s leaking black holes, while ensuring adequate provision of services”, said the IMF’s delegation in its press release, following their visit to Belgrade in November.

Unlike the ever-diplomatic IMF, the

Fiscal Council, an independent body charged with analyzing Government’s fiscal policy, has been more direct. “The stabilization of public finances will depend on whether the public enterprises will be reformed or whether their losses will continue to strain the national budget,” Pavle Petrovic, chairman of the Council stated on November 18th.

“It is the very first time that the IMF acknowledged the importance of reforming the public enterprises in Serbia. That’s why they plan to monitor the implementation of the plans made in this sector, as a part of their program”, Petrovic stated.

Troubles in the Gas sectorThe Government agreed with the IMF to cut the budget deficit, which is now standing at almost 8 percent of GDP, to 4.25 percent over the next three years. The excessively high public debt, which reached 67.2 percent by the end of October, forced the Serbian Government to cut public sector salaries and pensions starting as of November and reduce subsidies to state-owned companies in 2015.

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However, the anticipated positive effects in the country’s budget could easily be called off, if the current situation in public companies is not sorted out as soon as possible. The Fiscal Council warned that the overall adverse effects of both state-owned and public companies have been aggravated over the past five years, reaching 3 percent of GDP in 2014. This includes subsidies, guarantees and unpaid taxes and contributions – all of which burden the national budget. In its recent analysis, the Council warned that “if we do not sort out finances in the state-owned and public enterprises, it is impossible to successfully implement fiscal consolidation measures and avoid a public debt crisis”.

Amongst other public companies, Srbijagas and EPS, along with Serbian Railroads, stand out as the companies that carry the highest fiscal risks.

After years of selling gas at low prices, taking over loss generating companies and continuing to supply non-payers, Srbijagas found itself in an unsustainable situation. The company ended 2013 with a loss of 50 billion

dinars [€414 million], 13 billion dinars [€107 million] more compared to 2012 and the highest loss percentage in the country’s entire economy.

The Government guaranteed for approximately €800 million of their loans, assuming the responsibility to repay the loans if the company failed to do so from the profits of its current operations. The company’s liabilities have already been paid for from the national budged. With no major change in the company policies, the state will continue to do so in the years to come.

Huge losses accumulated over the last two years are primarily the consequence of ineffective and politically inspired takeovers of other loss-making enterprises and uncollected receivables mainly from its subsidiaries and municipal heating plants. Huge debt write-offs to its customers in 2012 and 2013 resulted in huge losses for the company, which had already been recording operating losses. The operating losses had decreased after the adjustment of the selling and purchase gas price dating back from the last quarter of 2013, but are still present. However, the company is still bearing the consequences of insubstantial gas pricing policies applied from 2008 to 2012, which are to blame for around 40

Serbia’s power utility EPS and gas distributor Srbijagas - are largely under scrutiny due to their size and their importance to the country’s economy and the fiscal risks they may trigger

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percent of Srbijagas’ losses and debts.

During the last two years, the negative financial results eroded the capital of the company, as accumulated losses exceeded the actual value of the capital. In 2013, matured (expired) liabilities to banks amounted to 17 billion dinars [€141 million] and Srbijagas’ ability to repay previous loans and ensure its liquidity depends entirely on the state.

If Srbijagas does not undergo restructuring, the Government will most likely have to pay approximately 20 billion dinars [€180 million] per year, just on the basis of already activated guarantees in the next three years, according to Council’s estimates, and warns that the amount could rise to €30 million per year.

In order to avoid this scenario, the company must improve its efficiency and debt collection, including cutting off supply to non-payers, and resolving its connection to its troublesome subsidiaries. Restructuring will allow Srbijagas to generate operating profits, which would, along with possible debt rescheduling, significantly reduce the

pressure on budget. If this is not the case, the low profit collection percentage and unaltered operation procedures could lead to the issuance of new guarantees and further increase in the country’s public debt.

Better act nowWith its 38,000 employees, the second highest operating income of all enterprises and huge assets, EPS finds itself among the largest and most important Serbian companies. In spite of the company’s potential to be one of the leaders in the region’s energy sector, EPS is increasingly becoming a troubling issue for decision-makers in Serbia. It shares the first place along with Serbian Railroads as to the amount of accumulated losses (120 billion dinars or €1 billion), while the fact that it depends on external financing to maintain its liquidity is particularly distressful. The two main problems the company is facing are the electricity prices it offers, which are below market levels, as well as uncollected debts. Both issues have an important political dimension – an increase in the price of electricity would be politically

Prime Minister Aleksandar Vucic told the LSE blog in October that selling the majority stake in EPS is not an option for the Government, but they are seeking a minority strategic partner, prepared to invest in EPS

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expensive, while any determination to collect debts from other state-owned companies could result in bankruptcy for some of the debtors.

There is also a possibility to re-evaluate the cost of the workforce – including the number of employees and wage levels. Data analysis had shown that EPS is employing far more people than competitive companies, while its earnings are more generous compared to other companies in the public sector in Serbia. Over the last year, EPS re-acquired some of its previously spanned off companies, while the level of salaries – despite the austerity measures implemented throughout the entire economy – had been maintained with various types of loans and advance payments.

Certainly there are firm reasons for increasing the price of electricity, but is also reasonable to fear that, by following the present business model, additional revenues would be spent on an increase of the number of employees and their benefits, rather than for the payment of the debt or as an investment on new facilities.

There is still a slight margin to make company more efficient, and improve its internal organization. However, it is difficult to implement a strict control on expenses in a company with 13 subsidiaries, while simultaneously enjoying a great degree of independence, both in managerial and financial terms.

So far, EPS has not triggered any direct fiscal costs, but has a potential to do so. Experts therefore insist on a timely action before EPS turns into company with problems similar to those of Srbijagas. Loans taken out for liquidity reasons over the past two years indicate potential difficulties, and it is also worth noting that, despite the profits made in 2013, EPS was not able to pay off the relevant portion to the national budget. If the Government decides to focus on resolving financial difficulties within EPS, this could possibly affect company’s investment plans, which means that some of the scheduled investments will have to be implemented through private investments.

Attempts without successPrevious attempts to reform EPS and Srbijagas have not been successful, and the deal with the IMF offered the Government the opportunity to overcome strong resistance within the companies themselves.

Talks about reforms in Srbijagas, started more than two years ago, but had little effect on the way the company operates. The plan for restructuring Srbijagas was drawn up by the previous Ministry of Energy in spring of 2012, but it was never implemented by the Government. The current minister for mining and energy Aleksandar Antic announced in October 2014 that the baselines for restructuring Srbijagas would be validated soon and added that by the end of March 2015 “it should be a modern, well-organized energy

company, operating according to the European principles”.

In the case of EPS, the baselines for its restructuring were adopted by the Government in November 2012. These baselines provided the basis for greater centralization in the management of economic, financial and legal affairs and transforming EPS from a public company into a joint-stock company. These changes, however, have not been implemented yet, a fact that could be interpreted as a lack of straightforward decisions in regard to the future of EPS.

Prime Minister Aleksandar Vucic told the LSE blog in October that selling the majority stake in EPS is not an option for the Government, but they are seeking a minority strategic partner, prepared to invest in EPS.

Before this happens, the Government is expected to make certain changes in the organization of the company and the way it is currently operating. The company’s reorganization plan that was prepared by the Ministry of Mining and Energy provides that EPS will become a joint-stock company in September 2016, transforming the present company system, which includes 13 subsidiaries, into a Group with core activities in production, supply and distribution.

Prime Minister Aleksandar Vucic

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07THE GREEK PRIORITIES FOR 2015Greece tries to emerge as a regional energy hub in the turbulent eastern Mediterranean region and in Southeastern Europe, with an energy strategy that will help the country take advantage of its geostrategic position, its political stability, and participation in the European Union, as well as its mineral resources, to contribute to Europe’s energy supply security and foster conditions for peace, stability and economic growth in the wider region.

OutlookPenelope Mitroulia

The strategy adopted by the Greek government includes a number of individual projects and interventions that reflect the image of a regional energy hub, both as a natural transit hub, and through the establishment of a non-physical market that will serve the needs of the wider region and will be fully aligned with the European energy strategy for the development of regional energy markets in the individual geographic sections of the European Union.

The TAP and IGB pipelines which will run across Greece, the full utilization and further upgrading of the existing liquefied natural gas storage facilities in Revithoussa and the construction of new ones in Northern Greece, continuing oil and gas exploration in the country, and the plans for a Power Exchange that could become the center of the energy market in Southeastern Europe, for both electricity and natural gas, are just some of the pieces that make up the jigsaw of the Greek energy strategy - a jigsaw which also includes a series of political actions aimed at establishing alliances with other countries, such as Azerbaijan, which could become an important

alternative gas supply source for Europe, especially at a time when the relations between Europe and Russia are strained due to the Ukraine crisis.

At the same time, the natural alliance with Cyprus, and the trilateral cooperation schemes between Greece, Cyprus and Egypt and between Greece, Cyprus and Israel, which are at the top of the Greek foreign policy agenda, are inextricably linked with the energy strategy of the country, outlined in detail by Environment and Energy Minister Yiannis Maniatis during his recent trip to the US, where he sought to forge another strong alliance. As he said, “the leading role of Greece in Europe’s energy security, as a gateway for energy products, is fully understood in the United States. Greece is the new pillar that supports the energy security of the 28 Member States of the European Union. At the same time Greece can contribute to the stability of the wider region as a pillar of growth and regional cooperation.”

The Greek plan for reinforcing EU’s energy security and making Greece a

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“gateway” in the Southeastern Europe, includes the TAP gas pipeline, to transport gas from Azerbaijan to Europe, the creation of a “Central Corridor”, also known as the “Aegean – Baltic Corridor”, which will connect several interconnectors, beginning with Gas Interconnector Greece-Bulgaria (IGB), and a study for the construction of the East Med pipeline which will connect the Eastern Mediterranean region with Europe. These are supplemented by a set of other projects related to LNG, the first being the expansion of the Revithoussa terminal. Plans also include the construction of one or two floating LNG plants in Northern Greece (one at a quite advanced stage as it has already secured environmental permits) that could also supply the “Central Corridor”, and make use of the underground gas storage facility in Kavala.

The pipeline policy is supplemented by the policy on hydrocarbon exploration. During the last few years, the Greek government has developed a broad program to exploit its hydrocarbon reserves culminating in the International Licensing Round for 20 blocks offshore, in the Ionian Sea off western Greece and south of Crete. The Greek government aims to use the Greek reserves together with the deposits discovered in Cyprus to secure Europe’s energy supply with oil and gas located in Europe, and emerge as a factor of prosperity and peace in the region, as has happened in the cases of the UK and Norway.

The big question however remains Turkey. Ankara, now under Recep Tayyip Erdogan’s presidency, is acting rather unpredictably and at the limits, seeking to reap possible benefits. Facing the threat of being left out of the energy game in the eastern Mediterranean region, Turkey has started to provoke by sending a seismic data vessel named “Barbaros” to conduct seismic surveys within the Exclusive Economic Zone (EEZ) of Cyprus. Under such circumstances, Greece seems to adopt a de-escalating approach, trying not to give the

impression that it is hardening its stance against Ankara.

Meanwhile, Greece responds indirectly to the Turkish provocations by forming alliances with both Egypt and Israel. The first trilateral alliance is formed by Greece, Cyprus and Egypt and the second by Greece, Cyprus and Israel. In this trilateral alliance, the role of Israel can be more than crucial as the triangle could be eventually converted to a square. In the Cairo Summit, the three countries agreed to collaborate in order to set the boundaries of their EEZs, which is a very important step, completely integrated into the Greek energy strategy.

Towards a Power ExchangeThe Greek energy strategy also includes the creation of a Greek Power Exchange, aspiring to play an important role in Southeastern Europe. In fact, given that a similar plan to create an Energy Exchange Market in Istanbul is already underway in Turkey, Greek Energy Minister Yiannis Maniatis does not miss the opportunity to point out, whenever possible, that it would be a strategic mistake for Greece to cede this role to the neighbors. The new corporate structure will take over and upgrade the activities which are related to the operation of the electricity wholesale market, as well as the creation of appropriate clearing and settlement mechanisms, possibly by also incorporating commodity transactions. By establishing a Power Exchange, Greece will comply with the

The natural alliance with Cyprus, and the trilateral cooperation schemes between Greece, Cyprus and Egypt and between Greece, Cyprus and Israel, which are at the top of the Greek foreign policy agenda, are inextricably linked with country’s energy strategy

Cypriot Energy Minister Giorgos Lakkotrypis (center) shakes hands with his counterparts of Egypt,

Sherif Ismail (left), and Greece, Yiannis Maniatis, before a meeting at a conference center hall in capital Nicosia,

Cyprus, Tuesday, November 25 2014.

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European single market framework.

Currently, there are four Power Exchanges in the EU. On February 4, 2014, in a landmark move for the future of Europe’s power markets, the four Power Exchanges and 13 Transmission System Operators (TSOs) in the North-Western Europe (NWE) day-ahead price coupling project have successfully launched NWE Price Coupling. For the first time, in the NWE region, stretching from France to Finland, they have started calculating electricity prices at the same time and in the same way – a revolutionary first step towards a common European power market.

A Gas Price HubApart from the Power Exchange project, which currently concerns mainly the electricity market, there is also great interest for the development of a price hub in the natural gas market which could be part of the Greek Power Exchange. Given the pressing energy challenges Europe faces, meeting Europe’s needs in natural gas becomes increasingly important. In fact, the need to reform the natural gas sector is even more urgent in the case of SE Europe because of the regional market integration requirements, the risks arising from its troubled geopolitical environment, as well as because of the opportunities presented after the new hydrocarbon discoveries in the Eastern Mediterranean region.

According to a study carried out by the Institute of Energy of South-East

Europe (IENE) for Greek natural gas distributor DEPA, the prospects for establishing a Regional Gas Trading Hub for SE Europe are very promising. The use of hubs for natural gas price trading is gaining ground in Europe and internationally, although oil indexation is still the dominant pricing mechanism for natural gas. Gas hubs are virtual or physical locations where buyers and sellers of gas can meet and exchange gas volumes. Today, there are nine natural gas hubs operating across Europe, with an annual turnover of several billion euros each.

Today, in SE Europe, there is neither a market price mechanism for efficient gas trading, nor a pricing mechanism for spot markets or futures, and as a result natural gas prices are based on bilateral agreements. The countries in the region have organized (but not free) gas markets. The IENE study, after considering the natural gas market outlook in SE Europe, concludes that the contribution of a future hub to meet the needs of the region would be of great importance. Furthermore, it proposes the form under which one or more hubs would have the best results for regional energy security.

The pipeline policy is supplemented by the policy on hydrocarbon exploration. During the last few years, the Greek government has developed a broad program to exploit its hydrocarbon reserves culminating in the International Licensing Round for 20 blocks offshore, in the Ionian Sea off western Greece and south of Crete

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08CYPRIOT GAS

TO EUROPE VIA EGYPT

It has been confirmed that the Aphrodite gas field holds natural gas reserves of 4.5 tcf with a recovery factor of up to 50%. However, it is known that Texas-based Noble Energy which has the rights to exploit the deposit, together with Israel’s Delek Drilling and Avner Oil, has been considering other options for the commercial exploitation of the deposit. They give priority to providing gas to neighboring markets, through underwater pipelines, such as the most affordable Egyptian ones.

Geopolitics of energyChrysanthos Manoli

Amid a new crisis caused by Turkey in the Exclusive Economic Zone (EEZ) of Cyprus, the Government of the Republic of Cyprus launched official negotiations with British Gas Egypt on selling natural gas to be pumped from Aphrodite Block 12 in Cyprus. On October 20th, a Turkish research vessel, named Barbaros, entered the EEZ of Cyprus to conduct surveys, escorted by a couple of naval vessels - an unlawful act from the Turkish side since it had no authority from the Cypriot government to undertake such surveys.

At the same time, the Cypriot government’s plans for an onshore liquefaction terminal in the Vassilikos area, east of Limassol, cannot be implemented at this stage, according to the statements made by the Ministers of Foreign Affairs and Energy and the government spokesman.

Formally, this failure to construct the terminal was attributed to inadequate amounts of natural gas from the Aphrodite Block. But the fact is that Noble Energy and Delek Drilling give priority to supplying with

gas neighboring markets, through underwater pipelines, such as the most affordable Egyptian ones. The two companies are turning to the same direction also in the cases of the Leviathan and Tamar fields in Israel’s EEZ.

The two fields hold a total of about 30 tcf, but the government of Israel decided to allow an export rate of about 50%. They have already signed a Memorandum of Understanding or Letter of Intent with companies in Egypt, Jordan and Palestine, involving a total amount of about 400 billion cubic feet. Ongoing negotiations for the formalization of the non-binding agreements are expected to be completed by the end of 2014 or early in 2015, but this timetable could be eventually extended. As announced in the early stages, the responsibility for building the pipeline will fall to the buyers of the natural gas. Furthermore, it is possible to restore existing infrastructure, which had been used for carrying gas from Egypt to Israel until two years ago, to transport gas from Israel to Egypt.

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The needs in EgyptOn the Egyptian coast, there are two gas liquefaction terminals, one in Idku (7.2 million tons per year) managed by BG and one in Damietta (5.5 million tons), managed by Spanish utility Union Fenosa. However, the two terminals do not produce adequate amounts of LNG, because the government has set limits to the quantity of gas they use. Gas supply from Cyprus and Israel will allow the managers of the two terminals to implement international agreements for LNG delivery to large customers, mainly in Europe, and avoid huge financial damages. The Egyptian government, for its part, is looking forward to seeing their relations with the companies that operate the terminals get back to normal, having already implied that it will allow gas imports provided that BG and Union Fenosa withdraw their legal actions against the Egyptian authorities for damages of hundreds of millions of dollars. Apart from the natural gas that the terminals in Idku and Damietta want to buy, there is also interest from private companies or consortia of companies in Egypt, as well as from Egypt’s state-owned companies active in the

management of hydrocarbons.

On November 25th, Cypriot Energy Minister Giorgos Lakkotrypis and Egypt’s Oil Minister Sherif Ismail announced in Nicosia that they had reached an agreement to transport gas from Cyprus to the Egyptian coast, in order to meet the needs of both terminals in LNG. Mr Ismail stated that Egypt can take all the gas to be produced from the Aphrodite gas field. The two ministers also announced that within the next two months a technocratic committee of experts from the two countries will prepare a study on the potential options for implementing the decision.

On the way to EuropeSending Israeli and Cypriot gas to both terminals - and through them to European markets – is the only tangible way to strengthen European LNG stocks from the Eastern Mediterranean region in the next few years. The thoughts reportedly made by Noble Energy on shipping compressed natural gas from Cyprus and Israel to Southern and Southeastern Europe (Italy, Greece, Bulgaria) by sea do not seem to have

good chances to be implemented at this stage.

The plan of an underwater pipeline that would link the EEZs of Israel and Cyprus with Greece (the first point of contact being Crete and then the Peloponnese) to create an underwater corridor in southern Europe has not been warmly embraced by those directly involved, except Greek authorities, although the European Union has included the aforementioned plan in the projects that could be eligible to be co-financed by Community funds.

However, in the last few weeks, Israel has seemingly adopted a more positive stance on the East Med Pipeline project. At the conference of the Italian EU Presidency in Rome, on energy issues, Israeli Energy Minister Silvan Shalom backed the construction of the pipeline, arguing that it will meet the needs of the European countries in gas and will reduce their dependence on Russian gas. At the same time, the Energy Ministers of Cyprus and Greece, George Lakkotrypis and Yiannis Maniatis, agreed to make representations to the

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European Commission to get funding for a feasibility study.

But, while awaiting the completion of the drilling carried out by the ENI - KOGAS consortium in Block 9 of Cyprus’ EEZ, at the Onasagoras gas field, a few options for selling natural gas to European or Asian markets remain open. The ENI - KOGAS consortium will continue drilling in the Cypriot EEZ (in blocks 2, 3 and 9) for the next 9-12 months and if estimates derived from seismographic surveys on major deposits are confirmed, the plan for an onshore LNG terminal, which has been the initial strategic goal of the Republic of Cyprus, will have more chances to succeed. Moreover, the prospect of discovering important reserves in the area keeps alive the Greek vision for a pipeline that will connect the EEZ of Cyprus, Israel and perhaps Lebanon to Greece and the rest of Europe.

New round of contactsWhile negotiations between Noble Energy, the Delek Group and companies operating in Egypt were still pending, in mid-November the government of Cyprus launched a new round of consultations with Noble on the commercial exploitation of the Aphrodite deposit. Prior to that, the Texas-based

company had contacts in Egypt to confirm the saleability of Cypriot gas. The Cypriot Energy Minister and other officials have said that during November and until the end of 2014 or early in 2015 all decisions concerning the exploitation of the deposit will have been made. Until then, ENI-KOGAS will have completed exploratory drilling for gas deposits at the Onasagoras gas field, therefore the Cypriot side will be able to negotiate more options.

What seems to be final is the intention of the Republic of Cyprus to treat the Aphrodite deposit separately from other potential discoveries in the EEZ, in an effort to speed up the construction of the necessary infrastructure and start getting revenues to government coffers. The government is also considering using the gas discovered at the Aphrodite or Onasagoras fields for the production of cheaper electricity. Setting such a goal only for the limited needs of Cyprus (about 1 bcm per year) is considered to be a rather uneconomical approach, but it could be accomplished by connecting business with a broader solution which is the disposal of gas to neighboring markets.

The plan of an underwater pipeline that would link the EEZs of Israel and Cyprus with Greece (the first point of contact being Crete and then the Peloponnese) to create an underwater corridor in southern Europe has not been warmly embraced by those directly involved

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09TAP IS ENDING ALBANIA’S GAS ISOLATIONFaced with increasing risks and challenges on energy security, and the need to have multiple and secure supply sources, the European Union has intensified its efforts to invest in supply diversification. The Southern Gas Corridor is the fourth major gas route connecting the European market with the Caspian Sea Basin.

Geopolitics of energyMarco Lacaita

Unstable energy relationships and disagreements between Russia and Ukraine after the collapse of the Soviet Union have caused gas price hikes, major supply disruptions or complete cut-offs, and gas wars. Conflicting interests among Russia (supplier), Ukraine (transporter), and the European Union (consumer), have prompted each and every one of the impacted players to act in protecting and furthering their strategic interests.

Russia is intensifying its efforts to consolidate its political influence on the European countries by trying to dominate transport routes for oil and natural gas toward European consumer markets; undermining Ukraine’s negotiations with EU, and exploiting Gazprom contract conditions to maintain control over Ukraine’s gas transmission system.

Ukraine’s long term strategic interests in the energy sector are to maintain state control over its gas transmission system in order to be free to choose the companies it wants in the system privatization process. Also gas crisies triggered by Russia - Ukraine conflicts

prompted European Union to look at alternative routes, like Nord Stream and South Stream, bypassing Ukraine, and causing significant losses to the country which are expected to grow as these projects will be fully in function. In short term, Ukraine is locked in a dispute with Russia over gas debts, with the latter already introducing a prepayment system for gas supplies to Ukraine.

Facing a serious challenge, the European Commission advised all member states to facilitate reverse gas flows to Ukraine, prompting Russians to raise legal question over the right to reverse flow as a procedure against their gas export contracts obligations. According to the EU, member states can dispose and resell gas already purchased from Gazprom even to non EU members, fulfilling an EU regulation enabling transmission system operators to have permanent bi-directional capacity on all cross-border interconnections. This move exposes countries like Poland, Slovakia, or Hungary to considerable losses and challenges with Russia having already reduced gas supplies to countries providing reverse gas to

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Ukraine, keeping these countries and Ukraine under pressure.

The crisis may escalate and possible gas supply interruptions could also be expected in winter for Central and South-eastern European countries depending on Russian gas, as Kremlin has always found reasons to disregard agreements. These countries are exposed to significant challenges and have started to stockpile natural gas depending on every country’s needs. Other potential threats are the possible attacks on the pipeline caused by the separatists fighting the government in the eastern Ukraine.

Faced with increasing risks and challenges on energy security, and the need to have multiple and secure supply sources, the European Union has intensified its efforts to invest in supply diversification. The Southern Gas Corridor is the fourth major gas route connecting the European market with the Caspian Sea Basin. After a long wait on the selection of the Southern Corridor route, and based on a set of well established criteria the Trans Adriatic Pipeline (TAP) was the winning choice of Shah Deniz Consortium to bring for the first time energy resources from the Caspian region to the European market.

Representing a modest percentage

of EU’s gas consumption, TAP will give Europe access to natural gas from producers not controlled by Gazprom, corroding Russia’s monopolistic policies at a critical time. Natural gas from Azerbaijan will be available independently of Gazprom, with prices based more on market principles rather than on Gazprom’s manipulating policies. The pipeline is due for completion in 2019, offering the shortest direct link between the Caspian region and European markets. A new pipeline will be built from Kipoi at the Greek-Turkish border, through Turkey, Greece and Albania, across the Adriatic Sea to San Foca in southern Italy and further into Western Europe, with the most competitive gas tariffs. The Italian gas company has already announced major investments increasing country’s import and transit capacities.

TAP represents a major breakthrough with Azerbaijan having resisted Russian efforts to block or control Caspian Sea gas. In a longer term, the Southern Corridor is expected to expand doubling its capacity, with other sources of gas supply, including Turkmenistan, Israel, Cyprus, Iraq, and possibly Iran. Also within the Balkans there are talks to stretch the pipeline from Albania up to Montenegro, Bosnia-Herzegovina and onwards into Croatia and possibly

Slovenia. Bulgaria can get a gas connection through Greece, diversifying the supply with a new gas source.

The TAP project is also of great significance providing Shah Deniz with an access to the growing economies of the Balkan states through investments and lower energy prices. Some of them are entirely dependent of Russian gas, some others will establish natural gas infrastructure, and finally for the first time some states will have access to natural gas. For Albania having no domestic gas market, TAP will end country’s gas isolation connecting it to developed gas markets like Greece and Italy. One part of the project is a gas storage facility planed in Albania, in case of a supply shortage, due to any operational or political reasons threatening security of supply.

For Turkey, the TAP project comes at a time of many developments in the region. With a growing domestic demand, diversity of supply surrounded by several supply sources and neighboring the EU, Turkey has a unique opportunity to become an important energy hub.

The Southern Corridor is also considered a way to stabilize South Caucasus and to bring the region closer to Euro Atlantic structures.

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10WORLD ENERGY IN 2040, THROUGH THE EYES OF EXXON MOBILAccording to a recent study by ExxonMobil, under the general title “Outlook of Energy: A View to 2040”, the prospects are really bright for the oil and gas sector. The study concludes that “by 2040, about 65% of the world’s recoverable crude and condensate resource will have yet to be produced”. And furthermore, that “the world has about 200 years of natural gas at current production levels”. But at the same time, the study points towards a major change, suggesting that “by 2040, about 45% of liquids supply will be from sources other than conventional crude and condensate production”.

Overview

“Over the coming decades, energy sources will continue to evolve and diversify, driven by changes in technology, consumer needs, and public policies. But liquid supplies – primarily crude oil – are projected to remain the single biggest source of energy and vital to transportation. Ongoing advances in exploration and production technology continue to expand the size of the world’s recoverable crude and condensate resources. Despite rising liquids production, we estimate that by 2040, about 65 percent of the world’s recoverable crude and condensate resource base will have yet to be produced.

Even as global oil production rises, the estimated size of the global recoverable resource base continues to increase as a result of advancements in science and technology that have enabled the production of new sources of liquid fuels. In the early 1980s, the U.S. Geological Survey estimated that there were 55 years of crude and condensate supply given the demand at that time. In 2012, that estimate had risen to 125 years with current increased production”.

The abstracts come from a recent study

published by Exxon Mobil, a global energy major, under the general title “Outlook of Energy: A View to 2040”, establishing a new “reality” related to the global crude resources and the remaining lifetime of the sector. The same, more or less, seems to be the fact for natural gas.

“Natural gas will be the world’s fastest-growing major energy source through 2040. Global demand is projected to rise by close to 65 percent from 2010 to 2040 – and account for about 40 percent of the growth in global energy needs. By roughly 2025, natural gas is expected to overtake coal as the second-largest energy source, behind oil.

Non-OECD countries drive 80 percent of the projected global growth in natural gas demand. About 50 percent of the growth is expected to come from Asia Pacific, with China accounting for half that increase. In OECD countries, demand for natural gas is expected to rise through 2035, then plateau. About two-thirds of the increase in OECD demand will likely occur in North America, supported by abundant domestic resources.

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Natural gas resources are plentiful. The IEA estimates the remaining recoverable natural gas resource worldwide to be about 28,600 trillion cubic feet (TCF) – about 200 times the natural gas the world currently consumes in a year”, according to the same study.

Global productionIn its study, ExxonMobil also estimates the geography of the global production during the coming decades.

“North American liquids production is expected to rise by more than 40 percent from 2010 to 2040, boosted by gains in oil sands, tight oil and NGLs. With production rising and demand falling, North America is expected to shift from a significant crude oil importer to a fairly balanced position by 2030.

Latin American liquids production will nearly double through 2040 with the development of the Venezuelan oil sands, Brazilian deepwater and biofuels.

The Middle East is expected to have the largest absolute growth in liquids production over the Outlook period –

an increase of more than 35 percent. This increase will be due to conventional oil developments in Iraq, as well as growth in NGLs and rising production of tight oil toward the latter half of the Outlook period.

In Africa, large deepwater developments are expected to result in the continent seeing about a 10 percent rise in liquids production from 2010 to 2040”.

As for gas, the outlook for the sector seems to be also bright, at least for the next decades. “Natural gas production will expand and diversify over the coming decades. While North America and Russia/Caspian will continue to be the two leading natural gas-producing regions, other regions will also see strong growth. Asia Pacific, Africa and Latin America are each expected to more than double their gas production over the Outlook period. This growth will be spurred by both strong regional demand and export projects”.

The new reality for oilThe study of ExxonMobil predicts that the reality we are already living in the world

Instead of asking if the world will run out of oil and gas, many people are starting to wonder what other frontier energy sources we will be able to access as technology progresses.” – Center for Strategic and International Studies, The Shifting Geopolitics of Natural Gas, July 2013

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of oil will dominate the next years. “For decades, the vast majority of the world’s oil came from conventional sources – wells drilled on land or not far offshore. But that will change significantly over the next few decades. As conventional production declines, more of the world’s oil demand will be met by emerging sources that only recently became available in significant quantities – oil sands, tight oil, deepwater, NGLs and biofuels.

Growth in these emerging sources is largely due to advancements in science and technology; the exception is biofuels, which in most countries is linked to government policies that mandate the use of these fuels derived from agricultural products like corn, sugar, seeds or palm oil”.

“The largest contribution comes from NGLs, which should grow by 80 percent from 2010 to 2040. NGLs – such as ethane, propane and butane – are extracted from natural gas. NGLs are expected to approach 15 percent of global liquids supply in 2040 amid rising production in North America and the

Middle East. The projected strong growth in natural gas production, driven in part by unconventional drilling activity, means rising output of NGLs too. Like some oil-based liquids, NGLs can be used as feedstocks to manufacture plastics and other chemical products, as heating fuels or as additives to engine fuels”, it adds.

More specifically, “Deepwater supplies will grow by more than 150 percent from 2010 to 2040. Deepwater production, which refers to wells drilled in more than 400 meters (1,312 feet) of water, is concentrated in Angola, Nigeria, the Gulf of Mexico and Brazil. Globally, deepwater drilling is expected to plateau near the end of the Outlook. Another rapidly emerging source is tight oil. These are liquids extracted from low permeability rock formations, which until recently were not economic to produce. Tight oil production is projected to rise by more than 1,000 percent from 2010 to 2040, when it will account for 5 percent of global liquids production. Tight oil production will be led by North America, followed by Russia and then other areas. To put this in perspective with OPEC producers, North American tight oil supply in 2015 will

“Natural gas is poised to enter a golden age, but this future hinges critically on the successful development of the world’s vast unconventional gas resources. North American experience shows unconventional gas – notably shale gas – can be exploited economically.” – International Energy Agency

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Global demand for natural gas will rise by 215 billion cubic feet per day over the Outlook period. That is equal to adding more than three times the natural gas consumed in the United States in 2010

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likely surpass any other OPEC nation’s current oil production – with the exception of Saudi Arabia”.

Two changing facts for gasAs the same study points, there are also ongoing changes in the world of gas. “Two significant developments in natural gas – shale gas production in North America and the growth of the global LNG market – are likely to play a major role in expanding and reshaping natural gas supplies over the coming decades. Unconventional gas – including shale gas, tight gas and coalbed methane – accounts for about 40 percent of the world’s remaining recoverable gas resource, according to IEA estimates. Unconventional development is expected to play an increasing role in the global gas supply. Advances in technology and favorable market conditions have unlocked North America’s vast resources of shale gas and other unconventional sources such as tight gas and tight oil. From 2010 to 2040, unconventional gas production in North America is expected to grow by around 65 billion cubic feet per day, which is about the size of total U.S. gas production today. This abundant

supply is expected to enable North America to shift from a net importer to a net exporter of natural gas by 2020 as production outpaces demand”.

In fact, “About 65 percent of the growth in natural gas supplies through 2040 is expected to be from unconventional sources, which will account for one-third of global production by 2040. North America will lead unconventional gas production, accounting for more than half the growth through most of the Outlook period”.

“Like oil, natural gas is often found in remote areas, far from large, urban energy demand centers. LNG, or liquefied natural gas, can be transported by ship, enabling gas to be delivered economically to more distant markets than can be reached by pipeline. All around the world – from the highlands of Papua New Guinea, to the deep water off east Africa, to frigid far east Russia, to the U.S. Gulf Coast – LNG projects are in various stages of planning and development to produce gas destined for faraway ports. These projects will bring jobs and economic opportunity

to gas-rich regions, while supplying much-needed cleaner energy to burgeoning cities. An increasing share of global natural gas demand through 2040 is expected to be met by gas imported as LNG”.

And as a result, always according to ExxonMobil, “LNG volume is expected to triple over the Outlook period to meet approximately 15 percent of global gas demand. The growth of the LNG market will facilitate trade between regions, helping to balance global supply and demand of natural gas”.

“Overall, international trade of natural gas in 2040 is expected to be 2.5 times the 2010 level, growing from about 15 percent of gas demand in 2010 to 25 percent by 2040. Most of this traded volume will be LNG, particularly in Asia Pacific. By 2040, about 40 percent of Asia Pacific’s natural gas demand will be satisfied by LNG, with another 10 percent supplied by pipeline imports. Europe’s regional gas imports are also likely to increase from about 45 to 60 percent as local production declines”.

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11BULGARIA WILL STILL BE A BIG ELECTRICITY EXPORTER BY 2020Bulgaria expects to keep its current available electricity production capacity at least up to 2020 and sees a 1.5% annual increase in electricity consumption by the end of the decade. Thus the country will retain an important export potential and will continue to play a leading role in the Southeast European energy market.

ElectricityNikolay Jekov

These are the three most important pieces of information that can be extracted from the recently published annual Bulletin on the Status and the Development of the Bulgarian Energy System. The document, which usually contains already well-known data, and therefore it is rarely noticed, this time caused a little surprise. It includes part of the ESO (the Bulgarian TSO) report on the development of the electricity network in Bulgaria up to 2030 which is otherwise publicly unavailable. The last time the Ten-Year Network Development Plan (an EU-required) was published by ESO was at the end of 2010. Ever since any official forecast is met with great interest, especially if it is conspicuously missing from the public realm.

One of the most grievous problems of the Bulgarian energy system is the inadequate mid- and long-term forecasts. Most of them seriously overshot the real demand in the following years, creating unreasonable expectations among the policy makers. For example the National Electricity Company (NEK) forecasts in 2004-2005 predicted that in 2011, without a new

nuclear power plant, Bulgaria would need to import electricity. Instead, 2011 was a record year for Bulgarian electricity exports. Even in its last publicly available report (in 2010) ESO predicts that by 2015 Bulgaria might need to import electricity, if no new nuclear power plants (or corresponding big power facilities) are build. No such need is evident right now.

Export potentialIt turns out that by 2020 Bulgaria will have more than 6 TWh annually for export. It is half the quantities exported in 2011, but still it is a very good number given the previous dire predictions. The available electricity production power plants would be able to produce 50.5 TWh annually while the consumption in Bulgaria would reach 43.1 TWh annually according to the ESO forecast. Based on the previous ESO calculations, internal consumption is usually exaggerated and the available electricity exports from Bulgaria will be somewhat higher.

The excess production capacity in Bulgaria means that Southeastern Europe will continue to be flooded by relatively

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cheap Bulgarian (and Romanian) electricity for the foreseeable future. For Bulgaria itself, the forecast makes the plans for new big new power plants look redundant.

In 2015, TPP Varna (with 1240 MW installed power) is set to be closed down, as will a small unit in TPP Rousse. By the end of the decade, at least 300 MW of installed coal-fired TPP will be scraped as well.

The decommissioning of these units was used as a justification for new projects, like the ill-fated NPP Belene (which is now the reason for a major arbitrage case between NEK and Russia’s Rosatom in Paris after Bulgaria’s unilateral withdrawal in 2012), new coal-fired TPPs, big hydropower projects, etc.

It is interesting that, in comparison with the 2010 forecast, now ESO envisages almost a 10 million MWh higher production of electricity by 2020, without new power plants being planned. Most probably ESO finally took into consideration the serious growth of renewable energy in Bulgaria.

Only 5 years ago it was not taken into account seriously, but now it is responsible for 20% (with big HPPs) of all electricity production.

Key facts: – In 2013 Bulgaria’s gas production dropped by 28% – 28.6 million tons of coal were produced in 2013, 14.3% less than in 2012 – Russian gas imports reached 2.6 billion cubic meters annually. Gas

consumption increased by 2.3% compared to 2012. – The imports and the local production of oil increased by 5% and 17% in 2013 compared to 2012 – The annual production of electricity was 43.7 TWh annually, a 7.5% decrease compared to 2012. – Renewable energy sources increased their production by 33% in 2013 – Bulgaria has 2000 MW of nuclear power, 4208 MW of coal-fired TPPs, 791 MW of central heating and industrial cogenerations, 2346 MW of HPPs, 1018 MW of photovoltaics, 680 MW of wind turbines and 31 MW of power plants producing electricity from biogas.

Despite previous forecasts, even without new big power plants, Bulgaria will remain a significant player in the Southeast European electricity market

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12CHINESE NUCLEAR “INVASION” IN ROMANIAChinese utility China General Nuclear (CGN) will build two nuclear reactors in Romania. The project is estimated to cost a combined 6.45 billion euros, but this amount will be possibly reviewed after the feasibility study.

Nuclear energyAda Gavrilescu

Romania and China’s CGN recently signed a joint letter of intent to build two new nuclear reactors for the Cernavoda nuclear plant in Romania. According to a statement issued by Romania’s state-owned nuclear power producer Nuclearelectrica, the selection followed an investor qualification stage, completed on September 9, analyzing letters of intent and assessing prospective investors’ experience in similar projects, their financial capacity, and other requirements set by Nuclearelectrica. CGN was the only company to file a qualifying offer, Nuclearelectrica said.

The two parties will now negotiate and sign a Memorandum of Understanding on Joint Implementation of the Projects, to be sent for approval to Nuclearelectrica’s General Meeting of shareholders. Nuclearelectrica and CGN will also sign an agreement to create a joint project company, in which the qualified investor will hold at least 51%. The project for the two new reactors is currently estimated to cost 6.45 billion euros (US$8.26 billion), an amount which will be possibly reviewed after the feasibility study.

Cernavoda has already two operating Candu nuclear reactors, which came into service in 1996 and 2007. Combined, they account for almost 20% of electricity production in Romania. Cernavoda, in southeastern Romania, is home to two operating Candu 6 pressurized heavy-water reactors supplied by Atomic Energy of Canada Ltd and built by a Canadian-Italian consortium formed by AECL and Ansaldo. Unit 1 started up in 1996, but works on the other four units were suspended in 1991. Unit 2 was subsequently completed and has been in operation since 2007. Efforts to resume works on Cernavoda 3 began in 2002 and a new project company, EnergoNuclear, was established in 2009 to oversee the completion of Units 3 and 4.

The “competition”Initial partners GDF Suez, CEZ, RWE Power, Enel, ArcelorMittal and Iberdrola withdrew, one by one, and the company is currently 100% owned by Nuclearelectrica. The Romanian state has ever since been looking for new investors for the project to enable Nuclearelectrica reduce its share. According to CGN, the agreement with Nuclearlectrica signals

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a new step toward their goal of “going global”, following a letter of intent signed with EDF in October giving CGN a share in the planned Hinkley Point C nuclear plant in the UK.

A Priority for RomaniaNuclear energy is and will remain a priority for Romania’s energy policy, and the project of Cernavoda reactors

3 and 4 will be completed, Energy Minister Razvan Nicolescu said. “After the revision of Romania’s energy strategy, some of the first conclusions show clearly that nuclear energy is and will remain a priority for Romania’s energy policy. The decision on setting up the reactors 3 and 4 at Cernavoda has already been made, we want to implement it as soon as possible,” Nicolescu said at a press conference last summer, during a visit to Cernavoda.

He also said that it’s necessary that

Transelectrica’s development plan for the next ten years includes the reinforcement of energy transport lines from Cernavoda to the rest of the country, in order to take over the energy produced by reactors 3 and 4. “A part of this capacity is currently used by the wind energy in the Dobrogea region. Nuclearelectrica estimates that Transelectrica needs at least 100 million euros for this investment,” Nicolescu said.

At the Top of the WorldAccording to the same official, operation standards of Cernavoda Units 1 and 2 are very high, and the Nuclear Engineering International magazine placed Romania at the top of world rankings on the highest utilization factor of a nuclear power plant. There are 73 nuclear power plants worldwide, with 404 reactors. Unit 2 of Cernavoda ranks 5th in the world and Cernavoda reactor 1 ranks 16th, Nicolescu stressed.

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

About CGN

China General Nuclear Power Corporation (CGN) operates 11 nuclear units of 11,620 MW each and has another 15,000 MW under construction, as well as a turnover of over 4.25 billion euros and assets worth 37.49 billion euros. In November 2013, Nuclearelectrica and CGN signed a letter of intent for the development of two units for the Cernavoda nuclear power plant, during Chinese Premier Li Keqiang’s visit to Bucharest. During the same visit, the two countries also signed numerous bilateral agreements, including a memorandum of understanding to foster peaceful uses of nuclear energy.

“Nuclear energy is and will remain a priority for Romania’s energy policy. The decision on setting up the reactors 3 and 4 at Cernavoda has already been made, we want to implement it as soon as possible” - Razvan Nicolescu, Energy Minister

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13TOP 5 ENERGY COMPANIES THAT LEFT ROMANIA“Divorces” between countries and major companies are usually painful – either for the country or for the company and, sometimes, for both of them. But what happened in the case of Romania that made 5 top energy companies leave the country during the last years?

OverviewEmilia Damian

1. Royal Dutch ShellIn 2004, MOL Hungarian Oil and Gas Company and the Romanian division of Royal Dutch Shell annouced that MOL would take over Shell Gas Stations. That meant the end of Shell’s business activities in Romania, after 12 years of massive investments. In April 2015, MOL announced that, following the necessary regulatory approvals, it has closed the Shell Romania acquisition transaction, that was settled in November 2004. The deal included a network of 59 retail service stations across Romania, and Lubricants, Aviation and Commercial business activities.

The re-branding and selective modernization of the acquired filling stations was completed by the end of September 2005. Through this transaction the total number of MOL-operated filling stations in Romania exceeded 130 stations at that time and MOL’s retail market share reached approximately 10%.

2. RWEIn January 2011, three of the main investors at Cernavoda nuclear reactors

3 and 4 left the project. They were the Germans from RWE, the Spanish from Iberdrola and the French company GDF Suez. Iberdrola and GDF Suez had other businesses in Romania, but for RWE that meant the exit from the Romanian market.

At that time, RWE spokesman, Martin Pack, said that the problems of the Cernavoda project were related to the uncertainties of the Romanian energy market. These were due to the economical crisis that brought an abrupt drop in energy consumption in Romania. He said that the Romanian market is an uncertain place for foreign investors.

Pack also stressed that, according to RWE, the Cernavoda project has been significantly delayed, by several years, and that would put in danger the capacity of a company to anticipate the way of achieving the targets for such a project. The Romanian authorities showed that the three foreign investors have also contributed in the delay, because they did not reach an agreement on who would carry out the Engineering project and that was the main reason for the delay.

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3. MechelRussian metals and mining giant Mechel has sold all five of its metals factories in Romania for a symbolic price of 230 Romanian lei ($70), the company announced in February 2013.

Mechel has signed a series of agreements for the disposal of its Romanian steel assets - Ductil Steel Mechel, Campia Turzii S.A., Mechel Targoviste S.A., Mechel East Europe Metallurgical Division SRL, Laminorul S.A - to a privately held Romanian group, Romania’s Invest Nikarom SRL, Mechel said in a statement.

Mechel notified investors in November 2012 that production at its Romanian steelmaking facilities had been suspended due to unfavorable prices on European steel markets linked to rising scrap iron prices and weak demand for finished products.

4. EniIn May 2014, MOL Group announced a sale-purchase agreement with Eni for its downstream businesses in the Czech Republic, Slovakia and Romania,

including the retail network currently under the Agip brand.

In Romania, after the addition of the 42 acquired service stations, MOL Romania will have a network of 189 stations, located in high-traffic and premium locations, thus the Group will achieve its growth targets for the Romanian fuel retail market and will increase its network coverage. The acquisition package also includes the wholesale activities as well as taking over the management of the headquarters. Eni is the bigget Italian oil and gas company. It was present in Romania since 1995 in oil and lubricants distribution.

5. EnelThis summer, Italian energy giant Enel annouced that it wanted to sell its Romanian assets, that is three of the eight energy distributors in the country, together with the supply activities. They needed money to reduce their big debts. Two Romanian state-owned companies and another one from China expressed interest in buying Enel’s assets, but there was a problem: Enel wanted to get 1,8 billion euros out of this transactions, but the worth of its three Romanian subsidiaries was only 1,5 billion euros. So there is a big possibility for Enel not to sell any of its companies in Romania. Enel bought the three distributors in the period 2005-2008. The companies are the most profitable of the eight distributors in Romania, because they include also Bucharest and the rich areas in the country, where energy consumption is at its highest levels.

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14ROMANIA PUTS RENEWABLES ON HOLDRenewable energy investments in Romania slowed down in 2014 following Government’s decision to stop subsidizing renewable energy projects, following the example of many (even Western) European countries. The result is that only 400 MW will be installed in 2014, compared to 3,000 MW during the previous year.

Renewable energyAda Gavrilescu

Renewable energy in Romania was a sector with a great potential for growth in the previous years because of government subsidies – the biggest in the EU. But consumers had to pay for these subsidies, so the energy bills rose significantly because of the green certificates. Thus, subsidies were cut back, which, in turn, cut back the pace of renewable energy investments. Only 400 MW will be installed in 2014, compared to 3,000 MW during the previous year.

Renewable energy projects reached a total installed capacity of 4,725 MW at the end of September, according to data compiled by power grid operator Transelectrica.

Thus, the wind farms connected to the system account for 2,805 MW in total; photovoltaic parks have a total capacity of 1,245 MW; micro-hydro power plants and biomass energy projects have a cumulative capacity of 101 MW.

The renewable energy capacity installed in the system thus progressively advanced from 4,664 MW at the end of July and 4,709 MW at the end of August, respectively. At the end of 2013, renewable

energy production capacity in the system stood at a combined 4,349 MW.

Romania reached its 2020 targetData compiled by the Energy Department show that projects with a total capacity of about 2,500 MW are set to become operational in 2014-2015, based on the licensing files sumbitted to the National Energy Regulatory Agency (ANRE).

Producers of electricity from renewable energy sources receive subsidies in the form of green certificates for each MWh produced and delivered to the grid. Electricity suppliers need to purchase a mandatory quota of green certificates and fully pass on the costs of the green certificates to the final consumers, households included, on their monthly electricity bills.

Romania undertook to establish a 24% share of total energy consumption from renewable sources by 2020, but the National Energy Regulatory Authority (ANRE) announced that Romania had already attained this target on January 1, 2014. As a result, the mandatory green energy acquisition share remained at

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11.1% in 2014, as in 2013, compared to 15%, as it should had been in 2014.

To curb the rise in electricity bills, the Government decided on July 1, 2013, to defer the assignment of green certificates for the period 2017-2020. Photovoltaic projects receive just four green certificates per MWh, compared to six certificates before. Wind projects qualify for just one certificate, instead of two, and micro-hydropower plants for two out of three certificates, as under the previous legislation.

In addition, the new projects that join the system after January 1, 2014, receive fewer subsidies right from the beginning. According to Government Resolution No. 994 adopted in December 2013, new photovoltaic parks get only half of the subsidies they received, i.e. three certificates instead of six.

For wind farms, the number of certificates has been cut down by 0.5 certificates until 2017 and by 0.25 certificates as of 2018. Therefore, new investors will receive only 1.5 green certificates until 2017 and 1.75 certificates as of 2018.

Also, small hydropower stations receive 0.7% less green certificates per MWh, i.e. only 2.3 certificates for new facilities.

New cuts for industrial consumersMoreover, in 2014, big industrial consumers saw a decrease in the number of the green certificates they need to buy from green energy producers. As announced by the European Commission, the Romanian green certificate reduction scheme, reducing the contributions of certain energy-intensive users to the financing of renewable energy, is in line with EU state aid rules.

The Commission has concluded that the partial compensation for the cost of financing renewable energy support is necessary to ensure the competitiveness of energy-intensive industries without unduly distorting competition in the Single Market.

Commission Vice President in charge of competition policy Joaquin Almunia said: “The Romanian scheme enables companies that are both electro-intensive and exposed to international trade to remain competitive without unduly distorting

competition in the Single Market.”

In July 2014, Romania announced plans to reduce the contribution to the financing of renewable energy for certain companies active in sectors with particularly high electro-intensity and trade exposure. The beneficiaries will pay 85%, 60% or 40% less RES support if they demonstrate an electro-intensity of more than 20%, between 10% and 20%, or between 5% and 10%, respectively, the release said.

The Commission assessed the compatibility of the measure under the provisions of its new Energy and Environmental Aid Guidelines adopted in April 2014. The investigation found that reductions are limited to companies active in sectors recognized by the guidelines as being both energy-intensive and exposed to international trade.

The green certificate reduction scheme will enter into force on December 1, 2014, and will expire on December 31, 2024. The yearly budget is estimated at around €75 million with approximately 300 beneficiaries.

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15THE GEOPOLITICS OF NATURAL GAS IN THE EASTERN MEDThe three main players in the region are Cyprus, Greece and Israel. A trilateral regional cooperation between these three states regarding hydrocarbon development and exploitation can therefore be of a great benefit for the Eastern Mediterranean Region discoveries. Such a cooperation can also set the baseline, for a future extension towards Egypt, Lebanon and possibly Palestine, which also have an important role to play in the Eastern Mediterranean Region.

Geopolitics of energySolon Kassinis

The Eastern Mediterranean Region (map shown in the picture that follows) has been a hydrocarbons producer for many decades. Especially in Egypt, but also in Israel (although at a much lower level and only for gas), hydrocarbon production facilities have been in operation for many years. Moreover, Palestine has an offshore gas field located at 30km off the coast of the Gaza Strip, pending development.

Cyprus only joined lately, with many ongoing hydrocarbon exploration activities, while Lebanon is taking the necessary steps to launch hydrocarbon exploration activities in its Exclusive Economic Zone (EEZ).

Greece, which has been producing oil for some years now, seems to follow Cyprus’ model and is also expected to launch a new round of hydrocarbon exploration and exploitation activities within its EEZ, following a successful ‘open door’ procedure for three areas with promising geological prospects for hydrocarbons.

From the above mentioned facts, it can

be deduced that currently, the three main players in the region are Cyprus, Greece and Israel. A trilateral regional cooperation between these three states regarding hydrocarbon development and exploitation can therefore be of a great benefit for the Eastern Mediterranean Region discoveries. Such cooperation can also set the baseline, for a future extension towards Egypt, Lebanon and possibly Palestine, which also have an important role to play in the Eastern Mediterranean Region. Overall, the Eastern Mediterranean Region presents many opportunities, in parallel with some challenges, which can be offset as the facts today reveal (see figure 1).

The Role of Israeli Natural Gas in the Eastern MediterraneanIsrael discovered substantial quantities of natural gas within its EEZ. In the last six years, a series of successful exploration wells offshore Israel have resulted in the discovery of approximately 35 trillion cubic feet (tcf) of gas resources (see figure 2).

Gas production from the Tamar field (10 tcf of gas resources) began in

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March 2013, just over four years from its discovery. The target for initial production from the Leviathan field (reserves estimate was increased in 2013 to 21.93 tcf, or 620 billion cubic metres, from 18.91 tcf) is 2017.

The Israeli Government has already reached a decision to export 40% of its current gas resources as reported above.

Part of Israel’s gas resources will be utilized for domestic market needs (Israeli domestic demand growth expectation has increased to 17%). On the gas export side, various regional market opportunities are being evaluated by Noble Energy Inc.; these include the following options (see also figure 3) – power and industrial needs in Jordan – existing liquefaction facilities in Egypt – domestic market in Cyprus – liquefaction plant in Cyprus – floating LNG – pipeline to Turkey

The Role of Greece in the Eastern Mediterranean RegionBetween the 1960s and mid-1970s, around 40 exploration drillings took place by various international companies in both onshore and offshore locations in Greece. As a result, oil and gas were discovered in two different offshore fields. Various other exploration attempts

followed (both seismic exploration and exploration drilling), leading to the discovery of oil in the offshore Katakolo area in North-West Peloponnese, gas in Epanomi, an area adjacent to Thessaloniki in Northern Greece, and, in some instances, biogenic gas accumulations.

There has been a 15 year break in hydrocarbon exploration in Greece, since most seismic data acquisition and drilling occurred between 1977 and 1987. This activity identified some plays, drilling led to one discovery and several wells with shows, but nothing commercial was revealed then.

In 1996 the first International Licensing Round, involving 6 concession areas, was carried out, and as a result, 4 licenses were finally granted for the areas in North-West Peloponnese and Ioannina to Enterprise Oil and for the areas of Aitoloakarnania and offshore Western Patraikos Gulf to Triton Ltd. The surveys within these areas failed to deliver results and well drilling did not reach the depth envisaged by the original agreements.

In 2012/2013, PGS acquired MultiClient 2-D (MC2D) seismic data in the Western and Southern Greece for the Hellenic Republic (Ministry of Environment, Energy and Climate Change).

Fig. 2: Gas Fields discovered offshore Israel

Fig. 3: Regional Market Opportunities evaluated by Noble Energy

Figure 1: Opportunities, Challenges and Facts for the Eastern Mediterranean Region

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The program comprised 12,500km new data acquisition using GeoStreamer technology, with 6,000km vintage data re-processing that was combined into a regional interpretation. The seismic data acquisition (see previous figure), which also included marine gravity and magnetic data acquisition, was completed within 2013 and the full processing of the data was completed in early January 2014.

Regarding the ‘open door’ procedure, which was launched in 2012, the Greek Government granted three concession agreements in May 2014 (after around

29 months of evaluation of the proposals received), for the areas of offshore Katakolo, offshore Patraikos Gulf (West) and onshore Ioannina (see figure 4).

Following the great success of a special information and promotion event held in London in early July 2014 and the interest shown by international oil and gas companies, a second International Licensing Round was launched on the 31st of July 2014, with 20 offshore exploration blocks on offer in the Ionian Sea and the area south and west of Crete (see map on next page). In addition, an Individual Express of Interest was announced regarding 3 onshore areas in Western Greece.

Bilateral Projects of Common Interest between Cyprus and GreeceCyprus and Greece are both included in the European Southern Corridor for Gas and Electricity, with two jointly proposed projects of common interest. Through these bilateral projects of common interest of the Southern Corridor, Greece can become a major transit country for the supply of Eastern Mediterranean gas to Europe.

In addition, through these projects, Cyprus can have the role of a central and integrated energy hub for gas

Cyprus can have the role of a central and integrated energy hub for gas exports from the Eastern Mediter-ranean Region to both Europe and the Far East

Figure 4

Fig. 6: Bilateral projects of common interest between Cyprus and Greece

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exports from the Eastern Mediterranean Region to both Europe and the Far East. The example of the European Southern Corridor is shown in figure 5.

The two bilateral projects jointly submitted within the context of the Southern Corridor by Cyprus and Greece (see figure 6), are the EuroAsia Interconnector, a submarine cable for the transmission of electricity between Israel-Cyprus-Crete-Greece(mainland), and the Trans-Med / East-Med Gas Pipeline, a subsea gas transmission pipeline between the Levantine (offshore)-Cyprus-Crete-Greece (mainland). Both projects can provide diversification and additional means for hydrocarbon exploitation. In addition, the EuroAsia Interconnector project could provide an ‘interim solution’ to Cyprus and security of energy supply

to Cyprus, Greece and Israel.

Facts about Egypt and LebanonEgypt had proven gas reserves of 65.2 trillion cubic feet (tcf) at the end of 2013. The map below shows the locations of the existing oil and gas discoveries in Egypt.

The total gas production from all Egyptian fields during the year 2012 reached 2.27 tcf. However, due to the increased internal consumption, the two liquefaction plants (namely the Damietta & Idku LNG Plants) have been idled. In addition, there was a continuous political instability in the country, which in turn seems to have discouraged investments in oil and gas activities.

The newly inaugurated Government is

hoped to restore political and social stability in the country, but still more investments will be needed for the oil and gas industry in Egypt to flourish once again.

As far as Lebanon is concerned, it is worth highlighting the following statement made in 2013 by the Lebanese Minister of Energy: “Preliminary surveys of Lebanese offshore fields show reserves of 30 tcf of natural gas and 660 million bbl of oil”. The launching of the 1st Licensing Round offshore Lebanon is expected by the end of 2014, while there has been a large interest from international oil companies who have bought the relevant seismic data.

Map with Offshore Blocks on offer in Greece Fig. 5: The proposed European Southern Corridor

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16DEPA’S CONTRIBUTION TO MARKET INTEGRATION IN SEEGreece has been active over the last ten years in pursuing a role as an enabler country in the supply of natural gas from East to West. Greece’s advantageous geographic location in conjunction with its traditional good economic and commercial ties with all surrounding countries, has placed it in a unique position to act as a transit country for the supply of gas to European destinations.

Oil & GasKostas Karayannakos*

Since November 2007, DEPA in cooperation with the Turkish BOTAS, have initiated the operation of the Interconnector Turkey - Greece (ITG), which is considered the first step for the opening of the Southern Gas Corridor.

DEPA’s goal has been to assume a leading position in the region and to foster the development of those market conditions which characterize the more liquid and more competitive markets of North- Western Europe.

Facts indicate that this is the right course to take. Prices in wholesale markets across the globe continue to differ among them - to Europe’s detriment. Three main zones have been formed, the States, Europe and the Far East.

The increasing growth in production of shale gas, coupled with American market-based hub pricing mechanisms, has led to a widening price gap between the United States and Europe: A development with high social costs, which seriously undermines Europe’s competitiveness. In fact, gas prices to industry last year were four times higher than those in the United

States and prices for power production were twice as expensive.

Following, comparing prices at European Gas Hubs and our Region’s prices, it is interesting to note a significant differential to the detriment of end consumers in our neighborhood. Specifically, prices in our region have a premium on Central European prices. This occurs due to two main reasons: Lack of diversification and lack of gas on gas competition.

In order to bridge the aforementioned gap and narrow the divergence within Europe, access to diversified sources of gas as well as market integration through network connections and regulatory harmonization is crucial.

A sound example to the point is the convergence of the Italian market price, signaled by PSV, to the North-Western European competitive gas prices, signaled by TTF, which was triggered by the permission of third party access (regulatory harmonization) to the TAG pipeline (network interconnection) between Italy to Central Europe.

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Another important element affecting the evolution of gas prices is the LNG market. There is a tendency for LNG prices to fall because of new capacity constructed in Asia. Despite initial forecasts for a supply gap in Asia by the end of the decade, recent developments show that this supply gap can be met easily when the new liquefaction projects hit the market, in conjunction with the demand drop in the Far East.

Consequently, all these developments point to a possible LNG supply surplus in Europe, which could cause a price reduction even from this coming winter, anticipating normal market conditions and no gas interruption through Ukraine.

Focusing in our region, South Eastern Europe (SEE) is the closest market to new sources (Caspian Region, Middle East, Eastern Mediterranean). Moreover, Greece constitutes the crossroad for various gas sources including LNG through the Greek existing and planned terminals.

In addition SEE is a market with growth potential in urgent need of both diversified competing sources and the

corresponding infrastructure, while it is also the one with the most “catching up” to do in the region, in order to bridge the gap with NW Europe in terms of market liquidity. New infrastructure, regulatory framework, market reforms are the necessary fields to be further elaborated.

DEPA’s strategyDEPA’s strategy towards the development and integration of the SEE Market is to enhance its portfolio diversification and competitiveness as well as to promote investments in new infrastructure that will enable new gas flows in the region.

The tangible result of this long term company’s view is a number of gas supply pipelines and local interconnectors as well as new LNG re-gas facilities and other infrastructure projects which have gained support not only from Greece but also from the EU.

Among these projects are the Greece-Turkey Interconnector (in operation since 2007), its extension to Italy (ITGI), TAP, the Aegean LNG, the Greece-Bulgaria Interconnector (IGB) and the Eastern Mediterranean Pipeline.

IGB, which is a project sponsored by BEH, DEPA & Edison, constitutes a gateway to SEE, providing access of diversified sources of gas, including those of the Southern Corridor, to the markets and creates synergies with smaller interconnectors in the region such as the Interconnector Bulgaria-Romania.

IGB significantly enhances the region’s energy security and it is ideally located to carry gas from existing (Revythousa) and planned (Aegean LNG) regasification terminals in Greece. That is why the Governments of both Greece and Bulgaria back its realization strongly.

It must be noted that IGB is well advanced and close to take the Final Investment Decision. Construction is expected to start in 2015 and first gas to flow in 2017. EU has allocated 45 million euros towards IGB’s construction and the project is being considered as a PCI.

DEPA is also working on the Aegean FSRU LNG terminal. While today only 20% of Europe’s gas supplies are imported through shipping, the EU is encouraging investments in LNG as

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a means to boost liquidity and security, given the expectation for competitive prices of LNG in the future.

The advantages of this project are that it will facilitate the SEE region’s access to more LNG capacity. Working in conjunction with the IGB, it has the potential to make a real contribution to the market’s integration and development. In this context, the Aegean LNG has been selected as a PCI project.

DEPA has also proposed Eastern Mediterranean Pipeline, pipeline which will connect the Leviathan and/or Block 12 area with Crete, and then Peloponnese aiming at transporting gas

through Greece to Bulgaria and other markets in the Balkans via IGB pipeline and/or to Italy via ITGI.

The Eastern Mediterranean Pipeline is technically feasible, because this has been conclusively demonstrated in the pre-feasibility study carried out by J P Kenny (Wood Group Kenny today). Moreover, the project’s feasibility has been confirmed by a study conducted by M.I.T., which has been carried out on behalf of the Cypriot Authorities and concluded in August 2013.

DEPA launched an international tender for the Feasibility Study of the Eastern Mediterranean Pipeline, following the restricted procedure. Twelve world class engineering companies and/or consortiums have submitted their expressions of interest and the evaluation procedure will be completed in the following days. The feasibility study and the relative surveys, will be implemented by IGI POSEIDON S.A., the company developing the gas interconnector to Italy (IGI).

It is important to note that the Eastern Mediterranean Pipeline has been included in Projects of Common Interest list and furthermore the Greek Inter-Ministerial Decision of 3rd June 2014 already included EASTMED and IGI to a fast track legislation procedure for strategic investments.”

Finally, the IGI project will allow transport of natural gas produced in the areas of the Caspian Sea, the Middle

East and the East Mediterranean to Italy through Greece.

The project obtained the full environmental authorization in both Greece and Italy, and the license to build and operate the pipeline in Italy. The Technical pre-FID activities are completed and FID (Final Investment Decision) can be taken as soon as gas availability will allow proceeding with the investment decision.

TAP and Southern CorridorThe opening of the Southern Corridor is fundamental to enhancing security and to the successful liberalization of regional markets.

Following the selection of TAP by the SDII consortium, consideration has to be given to countries which comprised Nabucco’s route, so they also benefit from the Southern Corridor. In this respect, synergies between TAP, the IGB and interconnectors between Bulgaria-Serbia, Bulgaria-Romania and onwards to Hungary could significantly contribute to this objective.

DEPA supports these projects and is at the same time focusing on a diversified and competitive gas supply mix to exploit them to the benefit of the regional market. DEPA is committed to contribute to the efforts for the development of the necessary infrastructure and those market conditions which are necessary for the achievement of an integrated market in SEE.

DEPA is committed to contribute to the efforts for the development of the necessary infrastructure and those market conditions which are necessary for the achievement of an integrated market in SEE

* Kostas Karayannakos is Dr.- Ing., Division Head, International Projects - Division Head, Gas supply, DEPA

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17THE WAY TO ELECTRICITY

FROM LIGNITE AND HYDROELECTRIC POWERIn May 2014, the Greek Regulatory Authority of Energy (RAE) launched a public consultation on the proposal for the establishment and operation of a forward market, which will allow suppliers to access electricity produced from lignite and hydroelectric power. The above proposal implements the provisions of the detailed Roadmap and Action Plan on the reform of the domestic wholesale electricity market, which was drafted and published by RAE in December 2011.

Legal insightDr. Yannis Kelemenis, Partner, and Anna Vamiali, Associate, Kelemenis & Co.

This reform aims at the gradual harmonization of the Greek electricity market with those of other EU member states and at fulfilling the commitments undertaken by Greece under its Memorandum with the EU Commission, IMF and ECB on the support mechanism. These commitments include, among others, a provision for the creation of a forward auction-based mechanism for the allocation of electricity products, in accordance with the mechanism implemented in France under the NOME law (Nouvelle Organisation du Marche de l’Electricite), pursuant to which the French energy market was reformed in December 2010. In doing so, the French legislation introduced a mechanism that regulated third party access to nuclear power produced by EDF (which held a dominant market position) so as to remove some of the distortions of competition due to the exclusive access of the former state monopoly (EDF) to low-cost electricity.

Regulatory FrameworkThe mechanism proposed by RAE for the Greek electricity market provides for the compulsory allocation of forward

products covering the domestic electricity load, corresponding to 20%-30% of the overall annual lignite and hydroelectric power produced by the Public Power Corporation (PPC). The compulsory sale of forward products will be made according to the regulated auction process. Apart from PPC, the remaining holders of a supply license will be entitled to participate in the auction procedure, provided that they serve only domestic retail consumers. Moreover, buyers/suppliers are required to serve domestic retail consumers based on the consumption and the category within which these fall, as determined by their consumption characteristics. In particular, the proposed mechanism provides for the creation of a secondary market for the sale of forward products, in which the resale price will be equal to the purchase price, so that the abuse of dominant market position is avoided. Finally, the mechanism provides that, during the daily clearance and the weekly settlement of the day ahead market, the Operator of Electricity Market (LAGIE) shall be able to offset the quantities corresponding to forward products with other energy quantities of daily energy planning. This

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aims at transferring the producer’s excess from the cheaper domestic resources directly to retail customers.

Initial Public ConsultationThe impression that was created by the long initial consultation during the summer of 2014 was that of a deadlock. And this is because the main three stakeholders, namely PPC, the independent power producers and large industrial consumers, advanced diametrically opposed views starting from completely different positions. In particular: PPC In its letter during the consultation, PPC highlighted that the auction’s starting price is a key issue to the proposed mechanism. In PPC’s opinion, the starting price cannot be lower than the company’s cost, i.e. auctions cannot be made with prices that do not cover PPC’s costs. According to PPC, the cost is specific and documented by the company’s official cost records and by relevant independent studies.

Independent power producers The independent power producers agree with the process but note that it does not improve competition in the electricity production market. Such improvement can only be achieved

with third party access to energy production from lignite and water sources. Therefore, the auctions should only be a transitional measure for the opening of the market until competitors are vertically integrated. Until then, the starting price should be regulated.

Industrial consumers The industrial energy consumers suggested that, in accordance with the French model, an opportunity should be given to the domestic industrial consumers to be supplied with base-load products for the whole year and that access should be made to a specific and administratively defined price. Furthermore, they suggested that the rights granted to customers should be determined based on their consumer profile. Essentially, they asked for discounts or charges, according to the profile and the consumption during the hours of low and high electricity demand. In case of surplus of energy, this could be returned to the daily energy planning or, later on, to a domestic energy stock market. As regards the offer price, they suggested that the offer price should not be calculated according to the monopoly standards, as suggested by PPC, i.e. just below 60 euros, but according to the international

standards and, thus, stand at €30/MWh.

Second Public ConsultationIn September 2014, RAE, having taken into consideration the positions and comments expressed by the stakeholders during the initial proposal, launched a consultation on a new proposal for the operation of the market in relation to the access of suppliers to electricity produced from lignite and hydroelectric power. In its latest proposal RAE provides for the creation of a mechanism of mandatory energy sale through forward products, corresponding to part of the country’s lignite and hydroelectric power. The buyers shall be obliged to serve domestic retail customers in proportion to their consumption and the category in which they belong, as determined by their consumption characteristics. Therefore, the price of products resulting from the auction shall vary depending on the categories of consumers, for which the above products will be used by their suppliers. This price diversification ensures that the potential pricing by the suppliers to consumers will be at the same level as the current pricing, without creating large margins to some of the consumer categories. The above proposal further provides for the creation

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of a regulated resale or/and repurchase of certain quantities of forward products during the daily consumption zone. However, it sets a limit to the maximum revenue earned by the users. This particular provision aims to allow end consumers, who have the ability to manage their load, to collect the relevant revenue by selling part of the product to consumers who do not have the ability

to manage their load at a higher price.

At the same time, the proposal provides for an initial deposit of 1% of the total value of the reserved product upon the award of the auction and for a monthly prepayment of 50% of the value of the product declared to be used during the month to follow.

Finally, a check of the rights of each supplier shall be performed based on the actual consumption of its customers. In case of a surplus quantity, this shall be returned to the seller and a penalty shall be imposed on the purchaser/supplier for the quantities exceeding the final rights, based on measurements and following the implementation of an appropriate margin of tolerance. The above provision aims to reinforce the suppliers’ initiatives for a realistic planning and also to avoid unfair competition practices.

ConclusionFollowing the expiry of the second public consultation in late September, RAE, having taken into consideration the results of the two public consultations, proceeded with its final proposal. Thereafter, the final proposal regarding both the auctions and the methodological approach and the amounts for the reference price, will be submitted to the Ministry of Energy, Environment and Climate Change for approval in cooperation with the Troika. Subsequently, the final proposal

shall be submitted for approval to the General Directorate of Competition of the European Union to ensure that there are no infringements of conditions of competition provisions.

The auctions will begin following the completion of the required approvals by the Ministry and the European Commission. It is expected that the first auction will take place on 20.2.2015, when 800 Mw/hour will be auctioned for a twelve-month period (1.4.2015-31.3.2016). On the same date the auction for the three-month product of 400 Mw/hour for the period 1.4.2015-30.6.2015 will also take place. Three more auctions will follow for the three-month product of 400 Mw/hour to cover the sum of 1200 Mw/h for the twelve-month period (1.4.2015-31.3.2016).

The NOME-type auctions will last from two to three years, until the electricity market is fully opened, i.e. until PPC’s privatization and until the creation of vertically integrated companies. Companies such as Elpedison, Protergia, Watt & Volt and Green, which are already active in the Greek energy supply market, are expected to participate in the above auctions in their effort to develop more competitive prices (as compared to those of PPC) and widen the services /offers to low and medium voltage consumers.

The mechanism proposed by RAE for the Greek electricity market provides for the compulsory allocation of forward products covering the domestic electricity load, corresponding to 20%-30% of the overall annual lignite and hydroelectric powerproduced by the PPC

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18ROMANIA’S PATH TO GREATER ELECTRICITY EXPORTSRomania has taken important steps to increase its international outlook and improve its position as a significant electricity supplier in Central and Eastern Europe (CEE) region. The recent remarkable increase in installed capacities from renewable source, now over 4000 MW according to Transelectrica data, confirms that Romania has a growing potential for electricity exports.

Legal insightLoredana Mihailescu*

Romania has a total electricity installed capacity of around 20 000 MW, a high value for the wider region. Bulgaria, Hungary and Serbia are all around the 10.000 mark.1 Moreover, according to Transelectrica data concerning daily consumption in November, the medium consumption level in Romania is around 7 000 MW. These figures taken together show that Romania has a huge exporting potential for its region.

However, the export prices were not competitive, given that Romania had to implement EU legislation regarding the cogeneration support scheme, which was completed by means of Government Decision (GD) No 219/20072 and GD No 1215/20093. The latter legislation has recently been the subject of an important legislative change, through GD No 494/2014. In the previous GD No 1215/2009, the support scheme for the promotion of high efficiency cogeneration based on useful heat demand applied generally to all electricity suppliers, including Romanian electricity suppliers which export electricity. Now, electricity suppliers which export electricity are excluded from paying the

cogeneration tax, for the energy quantity which is exported.

High electricity demand, low cross border capacity and prospects about increasing itThe most important advantage resulting from this legislative change is that Romania’s electricity is now going to be much cheaper than Bulgaria’s for example. Although in Bulgaria there is a growing debate on eliminating the cogeneration tax on exports, this is still only in the talks phase. As a result, many traders might turn to Romania to purchase electricity and use Bulgaria as a transit country to export electricity to Turkey and Greece.

The cross-border capacity between Romania and Bulgaria currently in place does not match this very high demand. According to the Transelectrica website, the net transport capacity with Bulgaria, for December 2014, for flows going in both directions was 200 MW. This cross border capacity between Romania and Bulgaria is too small to meet the demand and it should be increased.

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At the same time, we must also consider that there is a European interest in improving the infrastructure between these two countries. Regulation No 347/2013 lays down the guidelines for the development and interoperability of priority corridors and areas of trans-European energy infrastructure. One of the EU’s priority corridors is the Central Eastern and South Eastern Europe Priority Corridor. There are currently seven projects of common interest throughout the whole territory of Romania for this corridor. Three of them, namely the 400 kV internal lines between Cernavoda and Stalpu, Gutinas and Smardan and Gadalin and Suceeava are included in a cluster for electricity titled “Bulgaria – Romania capacity increase”. Similarly, there are also three projects included in this cluster and supported by the EU for consolidating internal lines inside Bulgaria.

The removal of the cogeneration tax on exports has been a step in the right direction, especially when considering the increased amount of exported electricity produced in cogeneration plants. ANRE’s report for monitoring

the cogeneration support scheme for the second quarter of 2014 has shown that the quantity of exported energy to which the cogeneration scheme was applied increased significantly: from 248 GWh in the second quarter of 2013 to 1366 GWh for the same period of 2014, an increase of 450.81%. This will potentially grow even more, especially when considering the massive investments which are currently under way, such as the ones made by the China Huadian Engineering company in the Rovinari thermal power plant.

The 4M MC ProjectThe EU internal energy market in electricity The internal energy market in electricity is a key issue for the European Union. The creation by the European Regulators Group for Electricity and Gas of the seven electricity Regional Initiatives following public consultation in 2006 aimed at speeding up the integration of Europe’s national energy markets in electricity faster, through regional cooperation. The 8th region was established following a decision by the Ministerial Council of the Energy Community Decision on 27 June 2008 and it includes Italy, Slovenia,

Croatia, Hungary, Romania and Bulgaria as EU Member States and some other European countries as contracting parties, such as Serbia, Moldova, Ukraine and others. Eventually, the Regional Initiatives should be integrated into a single internal electricity market, under the supervision of the Agency for the Cooperation of Energy Regulators (ACER).

Probably the most successful cross regional project concerning the internal market in electricity is the Single European Price Coupling which optimises the day-ahead cross-border capacities and decreases price volatility. Regulation No 714/20094 is the main EU legislation on this matter. The greatest achievement across the European Union has been the full market coupling in the North West Europe (NWE) region, which has been successfully running since 4 February 2014.

The Czech, Slovak and Hungarian Market Coupling (CZ-SK-HU MC) Romania has taken important steps to join the CZ-SK-HU MC. The markets in the Czech Republic, Slovakia and Hungary have been coupled since 11

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September 2012, as an intermediary step to the coupling of the CEE region. The parties to this network view their cooperation as an intermediary step towards joining with Central Western Europe region and the NWE day-ahead market coupling, adapting their technical solutions to be compatible with these regions, including using the Price Coupling of Regions (PCR) solution used in the NWE region. CZ-SK-HU MC have observer status in the NWE.

Both Romania and Poland have declared their intention to join the CZ-SK-HU MC. The coupling of all five countries has been called 5M MC. With this purpose in mind, on 11 July 2013 they signed together a Memorandum of Understanding5. Subsequently, in August 2013, Poland has declared its observer status to the 4M MC project, which includes CZ-SK-HU and Romania. Since then, steps have been taken towards the implementation of the market coupling project. In January 2014, the power exchanges have adapted their IT system technologies in order to implement the PCR solution. The European Commission certainly supports regional integration projects such as the 4M MC as long as they are compatible with the internal market target models. The 4M MC is an important step for Romania considering its position in the regional electricity market.

Finally, in a press release issued on 19 November 2014 the four countries declared that the 4M MC project was successfully launched on that date, ran

smoothly and without any incident.

This achievement will bring positive change to the electricity market in Romania. Equalising the prices across the region will result in less price volatility, benefiting both producers and consumers. The implicit allocation method increases welfare for everybody, as it allows for a more efficient allocation of interconnection capacities, better liquidity, transparency and competition.

By implementing the above measures, Romania is clearly taking the steps in the direction of the regional electricity market, with the intention of becoming a key regional player given its resources and recent investments in newly built generation capacities.

1 The approximate installed capacity indicative figures

have been taken from the website of the US Energy

Information Administration (www.eia.gov);

2 GD No 219/2007 on the promotion of high efficiency

cogeneration based on useful heat demand;

3 GD No 1215/2009 regarding the criteria and conditions

for implementing the support scheme on the promotion of

high efficiency cogeneration based on useful heat demand;

4 Regulation No 714/2009 on conditions for access to

the network for cross-border exchanges in electricity,

repealing Regulation No 1228/2003;

5 The Memorandum of Understanding on the Cooperation

leading to Accession of the Romanian and Polish Parties

to the CZ-SK-HU MC;

* Loredana Mihailescu – Partner, Energy

Projects & Construction, CMS Cameron

McKenna SCA Law Firm, Bucharest office

Many traders might turn to Romania to purchase electricity and use Bulgaria as a transit country to export electricity to Turkey and Greece. The cross-border capacity between Romania and Bulgaria currently in place does not match this very high demand

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19ENERGY IS IN THE TOP

OF THE AGENDA FOR BULGARIA

Even prior to the extraordinary general election in Bulgaria held on 5th October 2014, it was somewhat clear that the energy matters would be on the top of the agenda of the next Parliament and the coming Government. But the reality exceeded the expectations.

Legal insightKostandin Shirlestov

Following some timely and difficult negotiations, the new coalition between the parties of the Reformist Block and the winner of the elections, the party of the new Prime Minister Boyko Borisov – Citizens for European Development of Bulgaria (GERB) was established based on the Coalition Agreement and the Program declaration attached to it, which put the energy matters as one of the main priorities. The political focus on the new Government is right from the center with strong support in Parliament by two additional parties and coalitions.

The main priorities of the new coalition, as stipulated in the Coalition Agreement, are to overcome the existing deficits in the energy sector and to focus on the energy independence of Bulgaria. By establishing a separate Ministry of energy the Coalition aims on creating grounds for efficient and proper management of the Bulgarian energy sector.

The Program declaration stipulates that one of the main focuses of the new Government would be to establish a credible, efficient and long-term policy in the energy field. Bulgaria will support and

actively participate in the establishment of the European Energy Union and the Government plans to adopt the Energy Strategy of Bulgaria until 2030 with a focus to 2050. At the same time, the Government will assess the feasibility of the energy projects under development and will decide on their future based on their compatibility with the EU laws and in case of a proven viability. The extension of the lifetime of Units 5 & 6 of Kozloduy Nuclear Power Plant is a key priority, as well as new projects with no any carbon footprint. The least-cost planning will be the key criteria when taking any future decisions on building new electricity generation capacities with no sovereign or corporate guarantees provided by state-owned companies. The Bulgarian consumers and the producers of energy will get electricity at “fair price” by means of decrease of the energy inefficiencies and appointment of new members of the independent energy regulatory body – the State Energy and Water Regulatory Commission by applying terms and conditions, which guarantee its independence and political impartiality.

The focus on energy efficiency measures

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is demonstrated in the Program declaration with the undertaking for a huge national-wise energy efficiency program covering 50% of the apartment blocks in the next two years and the overall approach for putting specific preference to energy efficiency against the alternative of investment into new generation capacities.

In the electricity sector the main priorities are the financial strengthening of the National electricity company, the start of the electricity exchange and the completion of the process of liberalization.

The energy independence of Bulgaria will be guarantee by undertaking several measures, being: the start of further tenders for exploration of oil & natural gas block onshore and offshore Bulgaria; the strong focus on the completion of the construction of the reverse gas flow interconnectors with the neighboring countries; etc.

In clearly negative and populist statement the Program declaration also assumes that the current moratorium

over the shale gas exploration by the utilization of the technology of hydraulic fracturing will continue thus hopefully leaving some room for interpretation and speculation regarding the potential use of new technologies for shale gas exploration and production.

Last, but certainly not least among the priorities of the new Government in Bulgaria, is the start of a complex study of the expenses in the energy sector, which lead to the end-customers’ price of electricity, the results of which will be publicly disclosed.

A new ministry of energyBy means of Decision dated 7th of November 2014 of the Bulgarian Parliament and on the grounds of art. 84 in relation with art. 108 of the Bulgarian Constitution the Ministry of economy and energy was split into two and a separate Ministry of Tourism has been established. By means of another Decision dated 7th of November 2014 of the Bulgarian Parliament Mrs. Temenuzhka Petrova Petkova (former deputy minister of finance and head of the state finance audit unit) was appointed as a minister of energy. By means of a further Order of the Prime Minister Mr. Borisov, the deputy Prime Minister in charge for the EU funds and economic policy Mr. Tomislav Donchev was appointed as deputy Prime Minister in charge for the energy sector.

The extension of the lifetime of Units 5 & 6 of Kozloduy Nuclear Power Plant is a key priority, as well as new projects with no any carbon footprint

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Based on the official draft Rules of operation of the newly established Ministry of energy, the Ministry will indeed cover not just the energy sector, but all the resources and will incorporate the Unified body for the management of the national resources in Bulgaria, as established with the amendments to the Underground resources act from December 2010.

The first steps for new prioritiesAs a demonstration of the first steps that the new Bulgarian Government is taking towards the implementation of its priorities, on 3 December 2014 it launched the new tender round for the Bklack Sea offshore oil & gas exploration blocks “Teres” and “Silistar”.

The exploration rights will be provided for an initial term of 5 years, which is subject to three further extensions up-to additional 5 years. Both exploration blocks are quite big: Silistar covers 6893 sq.km and Teres – 4032 sq.km. The annual exploration fee will be 275 720 BGN and 161 280 BGN respectively. In the period 2002-2007 there have been partial exploration activities made at both blocks with limited results. In 2013 the Government launched a tender for block Teres, but back then the expectations and the requirements of the tender documentation were such that made all interested bidders walk away and wait for re-tendering.

Upon launching the new tenders the Bulgarian Government clearly stated its view that the guarantee of the energy independence of the country will be a key priority of the Governmental program of the Government, which is expected to be finalized by the end of 2014. Such independence could be achieved mainly by means of exploration and production from national deposits of oil & natural gas.

It is furthermore expected that in the coming weeks the Government will take a decision for extension of the exploration rights of Petroceltic in the “Galata” exploration block, the work in which resulted into four production concessions awarded to the company and average of 10% of the domestic consumption covered by the quantities of natural gas produced in the Bulgarian part of the Black Sea.

Special energy commissionA further demonstration of the focus that the new coalition is putting on the energy matters is the fact that there is a special Energy Commission formed in the Parliament chaired by the former minister of economy and energy Mr. Delyan Dobrev and co-chaired by two previous chairmen of the Commission for economy and energy in previous Parliaments. The members of the Energy Commission include former ministers of economy and energy and former chairman of the energy efficiency agency, which is a clear demonstration of the importance of the energy sector for both the coalition partners and the opposition in Parliament.

The new coalition in Bulgaria has put some strong focus on the energy sector and its first steps clearly demonstrated that both the Government and the Parliament have strong intentions to implement the main priorities of the Coalition Agreement and the Program declaration in this sector. The challenges in both the electricity and gas sectors in Bulgaria are unprecedented, further escalated by the surprising decision for the termination of South Stream project. It remains to be seen whether the strong start will be followed by an equally ambitious Governmental program and Legislative program, as well as with thorough implementation of the intentions for the energy sector of Bulgaria, which are mainly positive.

In the electricity sector the main priorities are the financial strengthening of the National electricity company, the start of the electricity exchange and the completion of the process of liberalization

The deputy Prime Minister in charge for the EU funds and economic policy Mr. Tomislav Donchev

The Prime Minister of Bulgaria, Mr. Borisov

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20THE TEN RICHEST COUNTRIESIN THE WORLDWhen it comes to wealth, a country’s status in the world is best measured by its GDP per capita. The higher this is, the more disposable income its people have, allowing them access to more goods and services and a higher standard of living. Below is a list of the richest countries in the world, as analyzed recently by the International Monetary Fund (IMF) on the basis of GDP per capita. When it comes to the ten richest countries of the world, at least for the most of them, energy is one of the main sources of their wealth, as the following facts and analysis shows.

OverviewYiannis Pispirigos

1. Luxemburg, GDP per capita: 89,520 eurosServices, especially banking and finance, account for the majority of economic output. Luxemburg is the world’s second largest investment fund centre (after US), the most important private banking centre

in the Eurozone and Europe’s leading centre for reinsurance companies. Skype and Amazon are just two of the many Internet companies that have shifted their regional headquarters to Luxemburg.

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2. Norway, GDP per capita: 75,576 eurosNorway has obtained one of the highest standards of living in the world, in part by having a large amount of natural resources, including fish, forests, minerals but especially oil and natural gas, the discovery of which changed the country’s economy in the 1960s. As estimated 30% of state revenues are now generated from the petroleum industry.

3. Qatar, GDP per capita: 74,793 eurosThe economic growth of Qatar has been almost exclusively based on its petroleum and natural gas industries, which began in 1940. It is the leading exporter of LNG and, in 2012, it was estimated that Qatar would invest over 120 billion dollars in the energy sector in the next decade. The country has been member of OPEC since 1961.

4. Switzerland, GDP per capita: 65,125 euros

Its important economic sector is manufacturing, the production of chemicals, health and pharmaceutical products, as well as musical instruments. The biggest Swiss exports are chemicals (34%), electronics (20,9%), and watches (16,9%). The services sector –especially banking and insurance, tourism and international organizations- is also important.

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5. Australia, GDP per capita: 48,387 eurosThe service sector of the economy, including tourism, education, and financial services, accounts for about 70% of GDP. Rich in natural resources, Australia is also a major exporter of agricultural products, minerals and LNG-coal. Australia is the world’s fourth largest exporter of wine.

6. Denmark, GDP per capita: 44,155 eurosOnce a predominantly agricultural country, Denmark has expanded its industrial base over the years. Its main exports are manufactured goods, fuels (oil, gas), chemicals, meat and fish products. According to the IMF, Denmark has the world’s highest minimum wage. Among its biggest companies are Carlberg, Danske Bank, ECCO and the Lego Group.

7. Singapore, GSP per capita: 40,861 eurosSingapore is the world’s fourth leading financial centre, one of the top three oil-refining centres and its port is one of the five busiest in the world. It is also the world’s fourth largest foreign exchange trading centre after London, New York and Tokyo. It attracts a large amount of foreign investment and there are more than 7,000 multinational corporations there.

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8. Canada, GDP per capita: 40,283 eurosA net exporter of energy, Canada possesses 13% of global oil reserves. It is one of the world’s largest suppliers of agricultural products leading exporter of gold, aluminum and steel. It ranks 17th in the world of Internet users as a proportion of the population.

9. Sweden, GDP per capita: 40,268 eurosTimber, hydropower and iron ore constitute the resource base of the Swedish economy, while its engineering sector accounts for 50% of output and exports. Telecommunications, the automotive industry and the pharmaceutical industries are also of great importance. Sweden is also the world’s night largest exporter and the country ranks among the highest for telephone and Internet access penetration.

10. USA, GDP per capita: 39,388 eurosWhile its services sector constitutes 67,8% of GDP, the United States is the third largest producer of oil in the world, as well as its largest importer. It is also the world’s number one producer of electrical and nuclear energy, as well as LNG, sulphur and salt. The USA is the world’s largest importer of goods and the second largest exporter.

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68 INTERNATIONAL

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68 BULGARIA

70 CROATIA

70 CYPRUS

72 GREECE

75 ROMANIA

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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 & 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 Email: investorrelations@bankerspetroleum.com www.bankerspetroleum.com

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./ Fax: +355 4 2274 521 Email: sokol.nako@wolftheiss.com www.wolftheiss.com

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 Street, 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

CROATIA

01. GOVERNMENT INSTITUTIONSCroatian Energy Regulatory Agency (HERA)14, Grada Vukovara Street, 10000 Zagreb Tel.: +385 1 6323 777, +385 1 6323 700 Fax: +385 1 6115 344 Email: hera@hera.hr www.hera.hr/en/html/index.html

Ministry of the Economy78, Grada Vukovara Street, 10000 Zagreb Tel.: +385 1 6106 113, Fax: +385 1 6109 113 E-mail: energetika@mingo.hr http://www.mingo.hr/en

02. OIL & GASINA – Industrija nafte d.d.10, Veceslava Holjevca Avenue, p.p. 555, 10002 Zagreb Tel: +385 (0)1 6450 000 Email: ina-besplatni.telefon@ina.hr http://www.ina.hr

PLINACRO d.o.o.88a, Savska Road, 10000 Zagreb Tel.: +385 1 6301 777, Fax: +385 1 6301 724 Email: plinacro@plinacro.hr www.plinacro.hr

03. CONSULTANTSCEI24, Miramarska, 10000 Zagreb Tel.: +385 1 64 30 600, Fax: +385 1 64 30 626 Email: cei@cei.hr http://cei.hr/en/

04. PRAction Global Communications11, Franje Rackog, 10000 Zagreb Tel.: +385 1 455 22 27 Email: maksima@maksima.hr www.actionprgroup.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, Griva Digeni Ave. & 3 Deligiorgi 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 Hydrocarbons Company Ltd53, Strovolos Ave., Victory Building 2018 Strovolos, Nicosia Tel.: +357 22 203880, Fax: +357 22 311646

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 Energy68, Evangelistrias Street, 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 22 761 761 Email: info@defa.com.cy www.defa.com.cy

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Presidency of the Republic of CyprusPresidential Palace, 1400 Nicosia Tel.: +357 22 867400 Email: infopresidency.gov.cy www.presidency.gov.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 COMPANIESBAKER TILLYC Hatzopoulou & 30, Grivas Dighenis Avenue 1066 Nicosia Tel: +357 22 458500 Fax: +357 22 751648 Email: info@bakertillyklitou.com www.bakertillyklitou.com

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

Deloitte Cyprus24, Spyrou Kyprianou Avenue, 1075 Nicosia Tel.: + 357 22 360300 Fax: + 357 22 360400 www.deloitte.com

KPMG Limited14, Esperidon Str., 1087 Nicosia Tel.: +357 22 209000 Fax: +357 22 678200 Εmail: nicosia@kpmg.com.cy www.kpmg.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

05. LAW FIRMSAntonis Paschalides & CO. LLCMakarios Ave. & Agias Elenis 36, Galaxias Building, Office 502, Nicosia 1061 Tel: +357 22 661 661 www.paschalides.com

Christos 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, Fax: +357 22 672 333 Email: info@cypruslegalanswers.com www.cypruslegalanswers.com

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

Michael Damianos & Co LLC42E, Arch. Makarios Avenue, 1065 Nicosia Tel.: +357 22 021212, Fax: +357 22 021213 http://damianoslaw.com

Pamboridis LLC45, Digeni Akrita Avenue, 1070 Nicosia Tel.: +357 22 752525 Fax: +357 22 752800 Email: info@pamboridis.com www.pamboridis.com

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

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

BIZSERV32, Georgiou Griva Digeni Ave., 1066 Nicosia Tel.: +357 22 375504 Fax: +357 22377583 Email: info@bizserve.eu

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, Egyptou 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

EDT OffshorePO Box 54548, Yermasoyia, Limassol 3725 Tel: +357 25 899000 Fax: +357 25 899002 Email: info@edtoffshore.com www.edtoffshore.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

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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/

MedServ (Cyprus) Limited13, Karaiskaki Street, 3032 Limassol

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

Schlumberger Limited (SCYL Limited)2-4, Makariou III Ave., 1065 Nicosia

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: info@dei-quantumenergy.com www.dei-quantumenergy.com

09. CENTRAL HEATINGLAKO241, Protaras Avenue, 5311 Paralimni Tel.: +357 23 821939 Email: 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 Ltd1, 28th October Ave, Block C, Office 208, 2414 Egkomi Tel.: +357 22 444660 Email: info@aristidesaircontrol.com www.aristidesaircontrol.com/

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 Email: 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. PRACTION GLOBAL COMMUNICATIONS6, Kondilaki Street, 1090 Nicosia Tel.: +357 22 818 884 Email: natalie.c@actionprgroup.com www.actionprgroup.com

Gnora2, 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 INSTITUTESEuropean University of Cyprus6, Diogenis Str., Engomi, 1516 Nicosia Tel: +357.22.713000 www.euc.ac.cy

Levantine 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

UClan Cyprus 12-14 Panepistimiou Avenue, 7080 Pyla Tel.: +357 24 694000, +357 24 812121 Fax: +357 24 81 21 20 info@uclancyprus.ac.cy www.uclancyprus.ac.cy

University of Cyprus1, Panepistimiou Avenue, 1678 Nicosia Tel.: +357 22 894000 Email.: info@ucy.ac.cy

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

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Greek Atomic Energy Commission (GAEC)Patriarhou 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./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. NON GOVERNMENTALInstitute 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./Fax: +30 210-6854035 Email: info@spef.gr www.spef.gr

Hellenic Association of Photovoltaic Investors (PASYF) 1, Archimidous 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, kifissias Ave., 1st Floor, 152 32 Athens Tel./Fax: +30 210-8081755 Email: eletaen@eletaen.gr www.eletaen.gr

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 Gas5-7, Patroklou Str., 151 25 Marousi Tel.: +30 210-68777300, Fax: +30 210-6877400 Email: info@mytilineosgroup.gr www.mytilineos.gr

Protergia S.A.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, Kifissias 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.: +30 210-7705201, 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

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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, Chimaras 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 Email: info@copelouzos.gr www.copelouzos.gr

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

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

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

EPA Thessalonikis 256, Monastiriou & 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

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

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

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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 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 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 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

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

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

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

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

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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

04. OIL & GASAggreko7A, Centura Avenue, Tunari, Ilfov 077180 Tel.: +4 031 405 2208 Email: office.romania@aggreko.ae www.aggreko.com

Chevron 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, 011013 Bucharest Email: info@gasplus.it www.gasplus.it

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

Lukoil Romania6, Elena Vacarescu Str., 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 Str., Petrom City, Sector 1, 013329 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 Str., 011841, Sector 1, Bucharest Tel.: +4 021 231 3256 Email: info@sterling-resources.com www.sterling-resources.com

Upetrom Group Romania97, Pipera-Tunari Str., 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

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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 Str., 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 Email: 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

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 Str., 020492, Sector 2, Bucharest Tel.: +4 021 408 8900 Email: office@bulboaca.com www.bulboaca.com

Clifford Chance Badea28-30, Academiei Str., 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 Str., 010113, Sector 1, Bucharest Tel.: +4 021 314 0200 Email: office@vf.ro www.voicufilipescu.ro

Wolf Theiss58-60, Gheorghe Polizu Str., 011062, Sector 1, Bucharest Tel.: +4 021 308 8100 Email: bryan.jardine@wolftheiss.com www.wolftheiss.com

09. EDUCATION INSTITUTESOil&Gas University Ploiesti39, Bucuresti Ave., 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

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10. PR COMPANIESAction Pr35 Alexandru Constantinescu Str., Bucharest Tel.: +4 021 224 2270 Email: ruxandra.s@actionprgroup.com www.actionprgroup.com

Aegis Media Central Services (AMCS)11, Grigore Mora Str., 011885,Sector 1, Bucharest Email: razvan.varabiescu@aemedia.com www.aemedia.com

AMICOM39, Louis Pasteur Str., 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 Str., 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

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 Ave, 030016, Sector 3, Bucharest Tel.: +4 021 407 4200 Email: contact.center@bcr.ro www.bcr.ro

ING Bank Romania48, Iancu de Hunedoara Ave, 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 Str., 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 Str., Domus Cntr, 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

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Romania-France Chamber of Commerce21, Poet Andrei Muresanu Street, 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 Str., Grivco Building, 013721, Bucharest Tel.: +4 021 301 9700 Email: grivco@grivco.ro www.grivco.ro

18. CONSULTANTSISPE-Institute for Studies and Power Engineering1-3, Lacul Tei Avenue, 20371, Sector 2, Bucharest Tel.: +4 037 282 1076 Email: office@ispe.ro www.ispe.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 11 3616-603 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

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

80

Jugoistok46a, Zorana Dindica Boulevard, Nis Tel: + 381 18 51 85 00 Fax: + 381 18 53 33 15 Email: kabinet@jugoistok.com www.jugoistok.com

NIS a.d. Novi Sad (Petroleum Industry of Serbia)12, Narodnog fronta Street, Novi Sad Email: office@nis.eu www.nis.eu

Panonske Te-To100, Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 785 Fax: + 381 21 661 49 44 Email: zoran.ivancevic@panonske.rs www.panonske.rs

Rudarski Basen Kolubara1, Svetog Save Street, Lazarevac Tel: + 381 11 8123 130 Fax: + 381 11 8123 210 Email: milorad.grcic@rbkolubara.co.rs www.rbkolubara.co.rs

South Stream12, Narodnog Fronta Street, Novi Sad Tel: +381 21 210 1323 www.south-stream.info/

Termoelektrane Nikola TeslaBogoljuba Urosevica Crnog, Obrenovac Tel: + 381 11 2054 501 Fax: + 381 11 8755 500 Email: cedomir.ponocko@tent.rs www.tent.rs

Termoelektrane I Kopovi Kostolac5-7, Nikole Tesle Street, Kostolac Tel: + 381 12 5388 01, Fax: + 381 12 5387 11 Email: kabinet@te-ko.rs www.te-ko.rs

04. ALTERNATIVE ENERGYContinental Wind Serbia23, Resavska Street, Belgrade Tel: +381 11 785 0020 Email: serbia@continentalwind.com www.continentalwind.com

Electrawinds-S6, Vladimira Popovica Street, Belgrade Tel: +381 11 660 0955 www.electrawinds.be

Energo Green115E, Mihajla Pupino Boulevard, Belgrade Tel: +381 11 353 9522 Email: ivan.stanisavljevic@energogreen.com www.energogreen.com

NIS Energowind115v, Mihajla Pupina Boulevard, Belgrade Tel: +381 11 301 5000 Email: office@nis-energowind.com www.nis-energowind.com

Solaris Energy42, Kralja Aleksandra Street, Kladovo Tel: +381 (11) 24 64 580 Email: info@solarisenergy.co.rs

Vestas Central Europe 6, Mihaila Pupina Boulevard, Belgrade Tel: +49 4841 971 722 www.vestas.com

WindVision Operations18-20 / VII Obilicev venac Street, Belgrade Tel: +381 11 328 3527 Fax: +381 11 630 1527 www.windvision.com

05. LAW FIRMSKaranovic & Nikolic23, Resavska Street, Belgrade Tel: +381 11 3094 200 Fax: +381 11 3094 223 Email: KNSerbia@karanovic-nikolic.com www.karanovic-nikolic.com

Moravcevic Vojnovic i Partneri in cooperation with Schoenherr27, Francuska Street, Belgrade Tel: +381 11 32 02 600 Fax: +381 11 32 02 610 www.schoenherr.rs

Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz3, Cincar Janka Street, Belgrade Tel.: +381 11 3208900 Fax: +381 11 3208930 Email: belgrade@cms-rrh.com www.cms-rrh.com/Belgrade-Serbia

TURKEY

01. ELECTRICITYPPC Elektrik Tedarik ve Ticaret Anonim SirketiMaslak Mah., Bilim Sk., No:5 Sun Plaza, Kat:13, 34398, Maslak, Istanbul Tel.: +90 212 367 4963 Fax: +90 212 366 5802 Email: ppc.elektrik@ppc.com.tr

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