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energyworld No 16 | January-February 2017

Oil & Gas • Electricity • Renewables • Environment

www.energyworldmag.com

EU COMMISSION TARGETS CLEAN ENERGY TRANSITION

Jan.-Feb. 2017 Price: 3 Euros

NEGOTIATIONS FAIL REGARDING THE DESFA SALE TO SOCAR ROMANIAN GAS, MORE EXPENSIVE THAN THE RUSSIAN IS WINTER COMING FOR THE BULGARIAN COAL?


Code: 210062

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Editor in Chief Yiannis Pispirigos Editors & Contributors Emilia Damian Ada Gavrilescu Nikolay Jekov Ilin Stanev Atanas Georgiev Kostadin Sirlestov Stevan Veljovic Vladimir Spasic Lorenc Gordani Kostas Voutsadakis Penelope Mitroulia Ian Becker Solon Kassinis Dr Yannis Kelemenis Nikos Drakopoulos Art Director Anastasia Komnou Email: info@anastasiakomnou.com Atelier Sophia Sofikiti

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The english edition for SE Europe & Eastern Mediterranean Issue No 16 January - February 2016 ISSUE PRICE 3 Euros


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Romanian gas, more expensive THAN the RUssian

HELPE: IMPORTANT INVESTMENT PERSPECTIVES

600 MILLION WORTH OF INVESTMENTS FROM ALUMINIUM OF GREECE

Romania interested in Greek gas grid OPERATOR

NEGOTIATIONS FAIL REGARDING THE DESFA SALE TO SOCAR

SERBIA: Harmonizing environmental policy with the EU

The Energy Transition as a Governance Problem

Prosumerism – the Real Liberalization

EU COMMISSION TARGETS CLEAN ENERGY TRANSITION

NEWS IN BRIEF

EDITORIAL

Contents

01 02 03 04 05 06 07 08 09 10 11


ENERGY DIRECTORY

PARIS MOTOR SHOW: THE FUTURE IS ELECTRIC

WIND COULD SUPPLY 20% OF GLOBAL ELECTRICITY

THE GLOBAL VISION OF A SMART CONNECTED CITY

TRUMP’S PLAN FOR CLIMATE & ENERGY

Romania, less attractive for investments in res

Sales of electric and hybrid cars, up by 108% in Romania

NEW INSTITUTIONAL FRAMEWORK FOR CNG VEHICLES

The most profitable company in Romania

The AGRI interconnector project is not dead

Is Winter Coming for the Bulgarian Coal?

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12 13 14 15 16 17 18 19 20 21 22


Editorial

01 4

EU ATTEMPTS TO TRANSFORM ENERGY LANDSCAPE

The European Union’s executive set out proposals aimed at moving the bloc toward meeting its climate change goals in an overhaul of rules affecting the power and renewableenergy markets. The measures include a new, higher target for reductions in energy use, new rules for the use of renewable energy sources and a push to broaden consumer’s energy rights to give them greater choice in picking providers and providing energy to the grid. The proposals must be agreed by EU member states and the European Parliament in negotiations that could drag on for two years. The European Commission is pushing the measures when the global commitment behind the Paris climate change agreement has come into question. That agreement, signed in late 2015 and ratified earlier in November, committed nearly 200 nations to draw up national plans to prevent global temperatures from rising more than 2 degrees. The European Commission claims its proposals would bolster the region’s faltering economies by requiring some €177 billion a year in public and private investments from 2021, which would create jobs in the energy, construction and steel sectors. However business groups have questioned how plausible that was. Among other key measures in the package are new rules for the renewable sector, which will gradually seek to shift the bloc’s transport system away from basic food-based biofuels

toward more advanced, climate-friendly sources by 2030. The Commission is adjusting existing rules that oblige power providers to treat renewables as a priority under certain circumstances. The commission will also tighten the rules around the hundreds of billions of subsidies power companies still get to keep coal, nuclear and gas plants running, including measures to prevent them going to inefficient coal plants. The measures have drawn fire from some climate groups, who argue the commission should do more to end subsidies for fossil fuel and also want to see binding climate targets for each EU country, not for the bloc as a whole. However, energy groups welcomed changes that introduced what Roland Festor, EU Affairs Director at the International Association of Oil & Gas Producers called a “more level playing field in the electricity market.”


News in brief

02 6

The second line of the Turkish Stream has “good potential” The second line of the Turkish Stream natural gas pipeline has good potential, Russia’s Permanent Representative to the European Union Vladimir Chizhov said. “I think that the potential is quite good”, he said, adding that “the first line will meet Turkey’s demands” while “the second is aimed for consumers in Southeastern Europe”. Moscow needs guarantees that the European Commission will not block the construction of the second line of the Turkish Stream natural gas pipeline: “In order to make the second line (of the Turkish Stream - TASS) a reality, the Russian side and the participants of the consortium need guarantees that it will not see the fate of South Stream and other projects, that the European Commission will not veto the project in some form or other”, he said.

Abu Dhabi becomes a top BP shareholder Abu Dhabi has become one of BP’s biggest shareholders under a deal which gives the oil company a much bigger stake in the emirate’s oil output. BP will take a 10% share in ADCO, which owns onshore oil fields that account for most of Abu Dhabi’s production. The deal will dramatically raise BP’s share of oil and gas production in the emirate, from 95,000 barrels of oil a day to 260,000 barrels a day next year. In return Abu Dhabi will receive a 2% stake in BP worth almost £2bn. That would put Abu Dhabi among the company’s top 10 shareholders and ahead of Kuwait, which owns a 1.7% stake. Currently the investment firm Blackrock is the biggest single shareholder in BP with a 5.4% share. In a statement, BP’s chief executive Bob Dudley (pictured) said: “This agreement will provide BP with long-term access to significant and competitive resources that we already understand very well”. “We will bring our people, cutting-edge technology and experience of managing mature giant fields around the world to help maximize recovery from these assets”. BP’s business ties with the United Arab Emirates date back to the 1930s when it set up a depot in Sharjah to refuel the first aircraft travelling from the UK to India. In Abu Dhabi it owns stakes in several oil and gas operations, including a 15% interest in offshore oil and gas fields. In November BP blamed the falling price of oil for a near 50% fall in third quarter profits. It has been cutting back its investments in new fields to help restore profitability. In October it announced that it was abandoning a plan to drill for oil off the south coast of Australia.


Gazprom may halt gas transit to Europe Gazprom sees some risks for gas transit through Ukraine to Europe, and in case of unsanctioned gas tapping by Ukraine it may cut off supplies to the EU, CEO of Gazprom Alexei Miller (pictured). “Indeed there are risks for gas transit to Europe (via Ukraine). In the contract, which was signed in 2009, we clearly fixed all cases of force majeure. If Ukraine starts gas tapping, then we can either reduce supply by the volume of illegally taken gas or can carry out a disproportionate reduction. But we may stop deliveries all together even after a single unauthorized tapping of gas,” Miller said. Gazprom expects the strengthening of its positions on the markets of Europe and Asia-Pacific Region, the Russian gas holding said on Monday after its Board of Directors’ meeting. Gazprom continues its systemic work on the diversification of gas suppliers and increase of the company’s share on key markets of Europe and the Asia-Pacific Region, the company said. Implementation of Nord Stream-2 project, construction of Power of Siberia main gas pipeline (eastern route of Russian gas deliveries to China) and Amursky gas processing plant are strictly in line with schedules, the company reported. Gazprom’s long-term positions remain stable despite environment changes, the company said. In particular, this is owed to large gas resources, developed production and transportation infrastructures, long-term contracts and diversification of export routes.

UN: Iran is committed to nuclear deal The United Nations atomic energy watchdog chief, Yukiya Amano, told reporters in Tehran on December 18th that Iran has shown full commitment to an internationally-backed deal on its nuclear program. His statement follows Iran’s decision to start working on nuclear-powered vessels and complaints over the US disrespect for the deal. “We are satisfied with the implementation of the [agreement] and hope that this process will continue”, he said, Iran’s IRNA news agency. “Iran has been committed to its engagement so far and this is important”, Amano was quoted as saying after a meeting with Iran’s nuclear chief Ali Akbar Salehi. As reported by Tehran Times, Amano arrived at Tehran on December 18th for a “highlevel consultation with between Iran and the (International Atomic Energy Agency) IAEA”. Tehran has complained that the recent US Congress vote to a bill which extends sanctions against Iran for another ten years infringes on the terms of the nuclear deal. “We are satisfied with the implementation of the (agreement) and hope that this process will continue”, Yukiya Amano says. But Washington says the Iran Sanctions Act would not affect the overall implementation of the nuclear agreement. Under the deal reached in 2015, Iran rolled back its nuclear program in exchange for relief from economic sanctions, mainly imposed by the US and European countries.

In a separate report, the Associated Press (AP) noted that the IAEA in November said Iran exceeded its heavy water limit by 100kg over the 130 metric tonnes allowed under the agreement. Heavy water is used to cool reactors that produce plutonium, which can be used in atomic bombs. Iran later said it transferred 11 tonnes of heavy water to Oman.

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Energy Market Yiannis Pispirigos

03 8

EU COMMISSION TARGETS CLEAN ENERGY TRANSITION In November the European Commission presented a package of measures to keep the European Union competitive as the global clean energy transition is changing the energy markets.

As an encompassing element, the Commission proposes a binding EU-wide target of 30% for energy efficiency by 2030. The Commission noted that the package proposals have three main goals: putting energy efficiency first, achieving global leadership in renewable energies and providing a fair deal for consumers. European Commission Vice-President for Energy Union Maros Sefcovic said the package presented would boost the clean energy transition by modernising Europe’s economy. “Having led the global climate action in recent years, Europe is now showing example by creating the conditions for sustainable jobs, growth and investment. Today’s proposals touch upon all clean energy related sectors: research and innovation, skills, buildings, industry, transport, digital, finance to name but a few. These measures will equip all European citizens and businesses with the means to make the most of the clean energy transition”, Sefcovic said.

Meeting climate targets

On his part, the Commissioner for

Climate Action and Energy Miguel Arias Canete said the proposals “provide a strong market pull for new technologies, set the right conditions for investors, empower consumers, make energy markets work better and help us meet our climate targets. I’m particularly proud of the binding 30% energy efficiency target, as it will reduce our dependency on energy imports, create jobs and cut more emissions”. Europe is on the brink of a clean energy revolution, Canete said, adding that the Commission has cleared the way to a more competitive, modern and cleaner energy system. “Now we count on the European Parliament and our Member States to make it a reality”. The Commission’s ‘Clean Energy for All Europeans’ proposals are designed to show that the clean energy transition is the growth sector of the future – that’s where the smart money is. Clean energies in 2015 attracted global investments of over 300 billion Euros”, Canete said. “The EU is well placed to use our


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Maros Sefcovic, European Commission Vice-President for Energy Union (left) and Miguel Arias, Commissioner for Climate Action and Energy.

research, development and innovation policies to turn this transition into a concrete industrial opportunity. By mobilizing up to 177 billion Euros of public and private investment per year from 2021, this package can generate up to 1% increase in GDP over the next decade and create 900,000 new jobs”, he added. The clean energy transition is important for the current European strategy for jobs and growth, the number one priority of the Juncker Commission. When implemented by the Member States, some proposed measures would have immediate and tangible effects. Ambitious energy efficiency targets for 2030 can reduce a Member State’s dependence on energy imports, boost the local economy, increase its competitiveness and create additional green jobs, the Commission said.

Buildings directive

Moreover, changes proposed by the Commission in the Energy Efficiency Directive and the Energy Performance of Buildings Directive aim to speed up

the renovation rate of existing buildings with a view to decarbonizing the building stock by mid-century. On top of the legislative proposals, the Commission is also proposing a set of facilitating measures to support, already before the legislation enters into force, the objectives of the Energy Union and the modernization of the construction sector and its workforce. By 2020, the Ecodesign policy is expected to deliver yearly energy savings equivalent to the annual energy consumption of Italy. As a result, European households can save up to €500 per year on their energy bills. Moreover, this policy is estimated to deliver approximately €55 billion per year extra revenue for the industry, wholesale and retail sectors, which supports jobs and growth in Europe’s economy, the Commission said. In addition to this, the measures announced in the Ecodesign working plan for 2016-2019 have the potential to deliver further energy savings by 2030, which are equivalent to the annual energy consumption of Sweden

and deliver commensurate benefits for consumers, businesses and the environment, the Commission added.

Energy efficiency

Moreover, as the need to mobilize and unlock private investment is the key for a successful energy efficiency policy, the Commission is launching the Smart Finance for the Smart Buildings’ initiative. This initiative can unlock an additional €10 billion of public and private funds until 2020 by: encouraging more effective use of public funds through the development of flexible energy efficiency and renewable financing platforms to boost the combination of the European Fund for Strategic Investment and other public funds, including European Structural Investment Funds; helping project developers bring good project ideas to maturity with more project development assistance and aggregation mechanisms; making energy efficiency investments more trusted and attractive for project promoters, financiers and investors, the Commission said. Energy efficiency has a direct impact on lowering the energy bill. It is also a vast


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By 2020, the Ecodesign policy is expected to deliver yearly energy savings equivalent to the annual energy consumption of Italy. As a result, European households can save up to €500 per year on their energy bills

and growing business opportunity that European businesses are particularly well placed to exploit, the Commission said. Overall, the Commission noted that the entire 2030 energy and climate package could boost the EU’s GDP by up to 1% by 2030, pumping an additional €190 billion into the EU’s economy and creating up to 900,000 new jobs. Energy efficiency is also one of the most cost-effective ways to ensure energy security, the Commission said. “It has strong beneficial impacts on the security of supply and the level of gas imports, in particular. Compared to the 27% target, an ambitious 30% energy efficiency target will improve energy security by reducing fossil fuel imports by 12% in 2030 which correspondents to import saving of 70 billion euros”, the Commission said. Energy efficiency also contributes to the reduction of greenhouse gases and goes hand in hand with renewable energies to enable the energy transition, the Commission said, adding that it is also an integral part of the Energy

Union Governance – which frames the member states’ contributions to the binding EU-level efficiency target as part of their Integrated National Energy and Climate Plans.

Tackling energy poverty

The Commission also vowed to tackle energy poverty. The package released on November 30th sets out a new approach to protecting vulnerable consumers, including supporting energy efficiency investments. The Commission’s energy efficiency proposals ask Member States to take energy poverty into account, by requiring a share of energy efficiency measures to be implemented as a priority in households affected by energy poverty or in social housing. Their long-term building renovation strategies should also contribute to the alleviation of energy poverty, the Commission said.

Mixed reactions

Reactions to the Commission’s package were mixed. S&D Members of the European Parliament welcomed the package. “The Commission promised to deliver 90% of the Energy Union strategy by the end of 2016 and we are happy


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to see that under the leadership of vicepresident Maros Sefcovic it is keeping its word. We need to start working on these solid foundations as soon as possible”, Kathleen Van Brempt MEP, S&D Group vice-president for sustainability, said. “Nevertheless, significant improvement is needed, such as raising the level of ambition for both energy efficiency and renewables, especially in light of the COP21 climate change agreement. Jerzy Buzek, chair of the EP committee on industry, energy and research, said the European Commission has certainly lived up to its promise of making 2016 the year of delivery for the Energy Union. “With the robust package released today, the Commission has now proposed more than 80% of legislation needed to make this strategy work”, Buzek said. “The European Parliament has repeatedly underlined that the cornerstone of the Energy Union must be a well-connected and fully operational Internal Energy Market. The package should help us adapt the market to new trends in generation, consumption and saving of energy. It should also enable us to increase our independence and energy security by making efficient and sustainable use of all Europe’s indigenous energy resources, including renewable energy”, Buzek said. However, the WWF European Policy Office said the Commission’s clean energy package is still too dirty. “The

EU led the world on climate change. And the world has followed as the need for action becomes ever more urgent. Far from accelerating the energy transition the proposals leave the door open to subsidies for the next ten years, undermine support for renewables, and miss some large opportunities on energy efficiency. The Commission also seems to think that a good way of tackling climate change is to burn more trees,” Imke Lübbeke, Head of Climate and Energy at WWF European Policy Office, said. Greenpeace warned that the package of policy proposals released by the Commission threatens to derail efforts to accelerate the roll-out of renewables, while prolonging subsidies for coal. “These draft laws are designed for polluting power companies, not for European citizens”, Greenpeace EU energy policy adviser Tara Connolly said. “Not only is the Commission slamming on the brakes regarding renewables, it also wants to let governments dole out cash to almost all coal power stations in Europe for at least another decade. If this goes ahead, it will seriously impact the EU’s ability to meet its Paris climate commitments and constrain the potential of citizens as renewable energy producers”. Meanwhile, the European Solar Thermal Industry Federation (ESTIF) welcomed

the new focus on renewable heat in the new Renewable Energy Directive, although regretting several incoherences in the Winter Package, and an overall low level of ambition for the renewable energy sector. The UEAPME also welcomed the Clean Energy Package. As far as the proposed directive on Energy Efficiency is concerned, UEAPME welcomed the fact that the article on “Energy audits and Energy management systems” remains untouched and hence, energy audits for SMEs remain voluntary. UEAPME Secretary General Peter Faross said: “making energy audits mandatory for SMEs would be too expensive and burdensome for them. In spite of this, we are pleased with the current system where Member States have to put forward programmes supporting SMEs to undergo energy audits and, more importantly, they have to implement the recommendations from these audits”. Nevertheless, the UEAPME said it would like the Commission to ensure these programmes do indeed exist and are implemented at a national level.


Energy Market Dr Atanas Georgiev*

04 12

Prosumerism – the Real Liberalization The European Commission proposes measures that will set consumers free of their incumbent providers.

The Third Energy Package (TEP), presented in 2009, had several goals, united under one vision – to increase the transparency in retail energy markets for the benefit of consumers. In order to do this, the TEP relied on grids unbundling, strengthening the independence of national energy regulators, and ultimately – more competition, so that consumers can choose their electricity and gas suppliers freely. On November 30th, 2016 the European Commission announced its Clean Energy Package, which will take liberalization one step further, creating a new market environment providing consumers with more choices and allowing them to produce their own energy, turning themselves into “prosumers”. The new policy is part of the Energy Union, proposed by the European Council president Donald Tusk in 2014. Even though the brand is new, the concept has been around since the first internal electricity market directive in 1996, adopted during the Jacques Delors Commission. Now it steps on the policies already developed by the TEP and the Energy and Climate Package from 2009.

The Clean Energy Package develops the Energy Union strategy into very specific and comprehensive legislative measures. They deal with “old” priorities – sustainability, security, and competitiveness, but also with higher climate targets for 2030 as well as with all kind of European energy market details. This multifaceted approach, as well as the large volume of proposed legislation, means that every stakeholder and member-state searches for and promotes the exact measures that fit their specific challenges.

Bulgaria – still struggling with the current EU energy policies During the adoption of this “Fourth” energy package in the coming 2 years, Bulgaria will still be struggling with the implementation of the TEP. The retail electricity market is finally legally liberalized, but only several hundred households have switched their suppliers since April 2016 due to the heavy cross-subsidies. The gas liberalization is finally starting to move only at the wholesale level, but with mixed results. The legislative changes will mean that final consumers will have to be freed


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by their incumbent suppliers. Even more – they will have to be set free by the grid companies as well, if the new “prosumer” options enter into force.

The “brand” Energy Union may be new, but the concept has been around since the first internal electricity market directive in 1996 Consumers (and future prosumers) in Bulgaria may have fixed feelings for the new legislation because of its climate features as well. Less coal would mean less local jobs and less local energy production, if they are not immediately replaced by renewables. At the same time, the new legislation is alleviating the subsidies for renewables and finally putting the option for cross-border

green certificate transfers on the table. To put it in other terms – there will finally be a liberalization of support schemes, eventually integrating seamlessly national renewable energy markets into a European one. The Clean Energy Package proposal from November 30th is not an end, but a beginning of a long negotiation process. Many would remember how the ownership unbundling was the big change, promised by the Third Energy Package before its adoption. It was dropped in 2009 after a strong opposition of some member-states, including Bulgaria. We have to wait and see the new topical coalitions this time. It may be even tougher to negotiate in 2017 and 2018 – with several crises at the doorstep of the EU and even on its interior. This is a test for the Energy Union, but also for the European Union itself.

*Dr Atanas Georgiev is Assistant Professor in the Faculty of Economics and Business Administration of Sofia University, Bulgaria,

where he teaches Regulatory Economics and Utilities Management to grad students. Atanas is also a lecturer at the “Energy Diplomacy” courses, organized by the Diplomatic Institute in the Bulgarian Foreign Affairs Ministry. He is the publisher and chief editor of the Bulgarian “Utilities” magazine and the online portal Publics.bg, as well as a frequent author of articles in other energy-related publications. Atanas is also member of the Management Board at the National Committee of Bulgaria for the World Energy Council (NCBWEC), member of the International Association for Energy Economics and of the Scientific Committee at the Turin School of Local Regulation.


Energy Market Martin Vladimirov*

05 14

The Energy Transition as a Governance Problem Bulgaria has a traditional top-down approach which needs to change.

Getting rid of bad habits is always difficult. Just like people, governments likewise are rarely willing to shift their policies around to accommodate a long-term objective that does not seem necessary at the moment and that would require uncomfortable and sometimes even painful adjustments. Energy policy is exactly one of the areas least susceptive to major changes. However, the EU seems bent on changing behaviors and driving forward a major transition in the way people produce and consume energy. After three major legislative packages covering a wide range of energy issues, the EU launched a more ambitious plan of designing a common Energy Union in the beginning of 2015. Remaining more or less as a grand idea with little substance for around two years, the initiative is finally taking shape in the form of a comprehensive document (running at around 1,000 pages), colloquially known as the Winter Package. It aims at streamlining governance frameworks at a national level and to produce the so-called transition to a low-carbon energy sector.

While with the Winter Package, the Energy Union has developed a coherent plan for a sustainable energy transition, there are large differences between countries regarding their ability to sustain the costs of energy reforms and the investments required.

Strained problems

A low carbon energy transition requires disrupting the current energy system based on fossil-fuels, centralized generation, supply-side orientation, and all the practices, policies, technologies, norms and attitudes linked to this system, while at the same time developing and introducing sustainable alternatives. This raises the challenge of good governance and of consistent policy-making that is predictable and based on a long-term strategy that cannot be easily overturned in the future. In this respect, Bulgaria like most countries in the SEE region, finds itself again before the energy policy trilemma. Successive governments have introduced lavish renewable energy subsidy schemes boosting the share of renewables in the energy mix to above the country’s target


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of 16%. However, in the process, the state-owned energy sector has come under enormous financial stress as populist governments tried to keep a lid on rising prices. As energy poverty has risen since 2008, any attempt to raise regulated prices and thus pay off the EU-mandated regulatory framework has caused popular outcry against RES. In addition, despite the many available public financing programs, energy efficiency in households has not picked up leaving people dependent on hazardous and inefficient sources such as coal and wood. Hence, convincing Bulgarians that going beyond the 20% share for renewables in the energy mix might be an impossible task. Reducing energy intensity by 30% until 2030 also seems fanciful considering the enormous problems with incorrect governance, lack of administrative capacity and wide-spread corruption in the management of public energy efficiency schemes. Some argue that the energy transition in Bulgaria would happen almost automatically as the government fulfilled its mandate to phase out polluting coal power plants in the 2020s and 2030s. However, few could answer the question of what would replace this base load capacity, producing more than 40% of the electricity in the

country so that Bulgaria’s security of supply is guaranteed. Although much preferred by a corrupt oligarchic circle, the nuclear power option is not the answer. The Bulgarian state can simply not afford it. And even if it could, how would the country deal with the nuclear waste and the long-term risk of maintaining and later phasing-out this gigantic new generation capacity?

Power to the people

A number of policy papers and scenario exercises point that the path to decarbonization goes through major decentralization of power and heat generation, in which energy consumers are becoming producers. Unlocking Bulgaria’s presumption potential could be its way to energy transition. However, the renewable energy sector remains largely driven by top-down decision-making, in which local communities take very little part. Yet the Winter Package is targeting exactly at them as the leaders of the energy transition. Because at the end of the day, the successful implementation of the Energy Union objectives depends on energy production and energy consumption behaviors from consumers and businesses, and those behaviors will

be heavily shaped by past, present and future individual choices, whether they are related to the particular socio-economic prerequisites or value systems. The Bulgarian government can play a crucial role in enabling the change of habits by stripping away unnecessary regulatory burdens shielding regional monopolies, by providing material incentives to vulnerable citizens and by maintaining a consistent and predictable long-term policy approach. The latter will depend on the political will of leaders to prioritize strategic before ad-hoc decision-making based on the balancing of corporate interests.

*Martin Vladimirov is an energy security expert specializing in natural gas markets at the Sofia-based, Center for the Study of Democracy (CSD). His work at CSD focuses on analysis of the energy security and governance risks in Europe, political risk and international security. He is currently cocoordinating a multi-year EU research project studying the changing patterns of energy choices in Europe until 2050. Before joining CSD, Mr. Vladimirov worked as an oil and gas consultant at the The Oil and Gas Year, where he worked in Turkey, Kazakhstan and Saudi Arabia. He holds a Master’s degree from the School of Advanced International Studies (SAIS) at Johns Hopkins University.


Energy Market Ljubo Macic*

06 16

SERBIA: EU policy and energy production The way of harmonizing the Serbian environmental policy with EU and global requirements will significantly affect the structure of electricity production. The expansion of decentralized production will change the energy system architecture.

Two-thirds of electricity in Serbia is produced from lignite. This fact links climate and energy policy very deep. It imposes the need for thoroughly adopted frames of this policy with a lot of attention for consequences. This must also be the case with dealing with the Paris Agreement and the EU viewpoints towards climate change and use of renewable energy. Knowing all that, I believe that Serbia should put energy efficiency at the top of the priorities list in energy policy, said Ljubo Macic, president of the Council of the Energy Agency of the Republic of Serbia in an interview for EnergyWorld. What is the ultimate goal of EU energy transition - a mix of fossil and renewable or complete displacement of fossil? Does the “Winter Package” continue in the proclaimed direction or, as said by supporters of the “green energy”, help coal to survive and slow the development of renewable energy sources? Going back to history from today’s perspective we all know that the European Union emerged on “dirty” technologies: coal and steel.

Coincidentally, today we can ask ourselves whether clean energy technologies may contribute to the integration, or will they be a source of new issues which strengthen centripetal forces. With its key message “Clean energy for All Europeans”, the Winter package proclaimed three main objectives: – putting energy efficiency first – achieving global leadership in renewable energy – providing a fair deal for consumers The Winter package is the operationalization of the idea and the concept of the Energy Union but in coming years the Member States and the European Parliament decisions will make it a legally binding regulation. The Winter package is the most complex and broadest in scope compared to previous reform packages in the past 25 years. It certainly reinforces a course toward low carbon energy, continues incentives for renewable energy sources with certain modifications and attempts to introduce market elements,


Ljubo Macic

discourages or imposes restrictions on the use of fossil fuels, strongly encourages energy efficiency (it set a more ambitious target for 2030), further improves an integrated energy market, encourages customers to actively participate in the energy market, to manage their energy consumption and participate in the production, encourages the development of energy technologies, etc. From the perspective of our region, it is worth noting the attempt to ensure that the benefits from the implementation of the Winter package could be felt by vulnerable energy customers. An important novelty is an effort to introduce integrative mechanisms in the governance of the Energy Union, which should alleviate the current misunderstandings between national and EU priorities and appearance of pronounced national interests. As far as coal is concerned, mostly lignite (this will be interesting for Serbia and some other countries), the Winter package (probably under pressure from supporters of clean energy) has limit for specific emissions of CO2 in new power plants. This practically eliminates the construction of new coal power plants, which could be support for renewable energy sources and provide security of supply through capacity mechanisms. Until the Winter package’s legally binding adoption this will, among other things, surely be a topic of deeper discussions,

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a matter of compromise and request for compensation (by Poland for example). In parallel with the Energy union development, within the EU there was an ongoing attitude adjustment towards the Paris agreement on climate change, which adoption the EU helped a lot.

The Winter package is the operationalization of the idea and the concept of the Energy Union but in coming years the Member States and the European Parliament decisions will make it a legally binding regulation

We will see whether the measures envisaged by the Winter package are properly composed and sufficient to ensure the achievement of the set goals, particularly those numerical, also having in mind that measures are not fully binding on a national level. How does the current situation regarding energy regulation affect the company’s plans to invest? Adequate capacity in cross-border power and gas grids is the foundation of effective regional and pan-European markets, integration of renewable energy sources, a way to reach climate goals and to diversify routes and sources of supply. All EU regulations for the list of Projects of common interest have been transferred in the legal framework of the Energy Community. Projects of common interest were identified in our region and their implementation is underway. However, markets so far, primarily due to the low price of electricity which collapsed investment capacity even for some large energy companies, didn’t provide enough interest for the construction of generating capacities in many Member States. So Member States seek ways to provide reserves in the system for themselves, to support renewable energy sources and security of supply. Half of the EU Member States apply or prepare different capacity mechanisms to avoid future deficits.


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The Paris agreement on climate change has so far been ratified by 118 countries, with over 80% of the total (energy and non-energy) greenhouse gas emissions. Serbia is one of the remaining 76 Parties which haven’t yet ratified the Agreement

The European Commission is cautious towards these non-market mechanisms, but in the Winter package the EC opened up the possibility for their application on a regional horizon after the fulfillment of some preconditions and limitations. How does the EU energy policy affect the energy companies in Serbia and the Serbian energy policy? In compliance with the obligations deriving from the Energy Community Treaty Serbia entered into a reform of the energy sector. Our country is developing energy markets and adjusting its energy policy objectives with EU objectives in the field of renewable energy and energy efficiency. Energy is one of the most important chapters during EU integration process in which we can expect specific goals and requirements. Organizational changes in vertically integrated energy companies that need to ensure the effective functioning of the energy markets are not yet completed in the gas sector. The unbundling of the monopoly from non-monopoly activities should be adjusted with the Energy Law and EU regulations in 2017. It turned

out that some earlier adopted deadlines were not realistic. After the nullification of regulated prices for electricity and gas for all customers (except for households and small consumers), these prices are at the market level, which improved the economic situation of energy companies. Only regulated electricity prices for households and small customers are below the level corresponding to the wholesale market prices. This gap should be closed in a few steps, while ensuring the protection of poor households. Looking on a longer-term perspective, the way of harmonizing the Serbian environmental and climate change policy with EU and global requirements will significantly affect the structure of electricity production. The expansion of decentralized production will change the energy system architecture, relationships, roles, and the flows of energy and information. What should Serbia’s position be when it comes to reducing CO2 emissions


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and the development of renewable energy? The Paris agreement on climate change has so far been ratified by 118 countries, with over 80% of the total (energy and non-energy) greenhouse gas emissions. Serbia is one of the remaining 76 Parties which haven’t yet ratified the Agreement. CO2 emissions from fossil fuel combustion and from industry in Serbia are 0.12% of the total global emissions and per capita are 5.35 tons per year (4.5 globally, 16.2 USA, 8.9 Germany, 6,7 China). Two-thirds of electricity in Serbia is produced from lignite. This fact links climate and energy policy deeply. It imposes the need for thoroughly adopted frames, coordinates and dynamics of this policy with a lot of attention for constraints, consequences, costs and benefits. This also must be the case with dealing with the Paris Agreement and the EU viewpoints towards climate change and the use of renewable energy.

effective alternatives and substitutes. It is understood that all external costs in all countries will be internalized in a similar way. Now it is almost certain that the EU will provide support/compensation for some of the most affected states (Poland...), which will allow faster reduction of the coal use. Serbia and other EU candidates allow me to say, their electricity customers and national economies, in this regard should not be brought into an unfavorable position.

Serbia, as well as some other countries (such as Poland, Greece, Germany, the Czech Republic, Bulgaria), will rely on lignite in the following years until each of them is not able to provide viable, cost-

Secondly, we should accept that the transition from fossil fuels to renewable sources and action to fight climate change are global trends, which are uniformly spread in developed and

What lessons can Serbia be taught from the EU energy transition? Firstly, I think that Serbia should put energy efficiency at the top of the priorities list in energy policy, bearing also in mind the fact that room for improvement in our country is much higher than in the EU. This is the best contribution to sustainable development, but as a universal practice shows, the most difficult to achieve.

developing countries, and are also inevitable for Serbia. Thirdly, the energy transition goes beyond the scope of traditional energy technology, changes the structure of accompanying activities, equipment manufacturers etc. and can, as the European Commission points out, significantly influence employment and GDP. This fact must influence all the measures and decisions concerning the transition process and their scope and dynamics (adequate benefit from these changes should come for the Serbian economy as well). And lastly, because of the scope and depth of the changes, the complexity of these processes and uncertainty facing the global energy market requires continuous adjustment, it is necessary to improve the capacity of the state institutions and national research and analytically capacities.

*Ljubo Macic is president of the Council of the Energy Agency of the Republic of Serbia.


News Yiannis Pispirigos

07 20

NEGOTIATIONS FAIL REGARDING THE DESFA SALE TO SOCAR The ever so troubling privatization of DESFA ended up at a fail, which has been “crawling” since June 2013, when the transfer of 66% stake of the company to the Azerbaijani Socar for 400 million Euros was signed and solemnly announced.


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This negative ending came after difficult negotiations to no avail between the two sides in the last few days, and since Socar refused to renew the letter of guarantee, which expired on November 30th for the third consecutive time.

What the Greek Ministry states

What is strange is that the Department of Energy and Environment put an end to this, not the Hellenic Republic Asset Development Fund (HRADF) as the seller of State’s share to DESFA (31%) and Hellenic Petroleum (HP) (35%), which actually led the bid. However, not even the announcement of the Ministry refers to a “fail” of the competition, but to discussions started by the government in recent months with Socar and Snam that were not not completed. The Ministry’s announcement refers to the constant discussions that took place with the prospective investors in a “constructive” climate during recent months. “However, the proposal submitted by the side of the prospective buyers on the impairment of the price (repayment in installments), was legally impossible and would annul the

competition”, reads the statement of the ministry and continues: “alternative suggestions made by prospective buyers to improve the value by guaranteeing mechanisms were examined, which were as it was finally confirmed, inapplicable within the Community’s institutional framework. The government’s proposals aimed at improving the company’s financial position, based on the increase in the recoverable difference in previous years under the existing legislation. These proposals were not accepted, resulting in the conclusion of the discussions”.

A “loophole” for a new competition The particularly carefully written statement of the ministry is linked to the governmental decision to keep the existing competition open and proceed with restarting it in order to avoid the time-consuming procedures of a new tender. This will be the proposal it will submit to the European “Institutions”, since the completion of the privatization of DESFA is a prerequisite of the first evaluation. Within this framework, the HRADF and HP will undertake a new assessment of DESFA and ask for offers from the interested parties

anew. The entire process, according to competent governmental factors, will be completed in a year, while the main argument towards the “Institutions” for the negotiations with Socar to no avail will be that it set out demands that were not covered by the tender specifications, such as a price reduction. An interest for DESFA has reportedly been expressed by the Belgian Fluxys which had also appeared for the acquisition of 17% of the share that was to be transferred to Socar. Investors from Qatar and the US have also appeared to have been “knocking” on HRADF’s door, the interest of which is linked to the strategic position of the LNG station at Revithoussa. The government will also have to deal with the 188 million Euros “hole” in public revenues from the sale of 31% of DESFA, which corresponds to the government’s percentage to be sold.

Disagreement over the 40 million of the letter of guarantee Impression, however, was caused by the disagreement that was expressed by part of the Ministry and the HRADF on the issue of forfeiture of Socar’s letter of


The former Greek Energy minister, Panos Skourletis.

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guarantee worth 40 million Euros. “The letter of guarantee should have already forfeited, but this is an issue regarding the HRADF” emphasized the Ministry of Energy. “There is no question of forfeiture of the letter of guarantee since it was renewed”, stressed the HRADF. The administration of HRADF is reportedly keeping distances from all developments regarding the sale of DESFA and the agreement with Socar from July onwards, when Panos Skourletis (the former Energy minister) submitted his regulation and changed the tender data,

and then on further to Socar’s request the negotiations were taken on by the government with the prior Tsipras Abdullayev meeting in Athens.

The Skourletis amendment

The countdown for the privatization of DESFA, the course of which had already much earlier been stemmed by the intervention of the EU’s Office for Competition in order to limit Socar’s percentage below 49% in order to approve the transfer, began with the much publicized Skourletis amendment

last July, which limited the company’s revenues and, according to Socar, diminished its value by raising the issue of the price reduction. Mr. Skourletis tweeted that “the DESFA fail highlights the lack of respect for the tender rules, European rules and the investment insolvency by part of Socar”. “They undermine the country’s credibility���, said the responsible of the Democratic Coalition in the Energy sector and former Minister Mr. Yiannis Maniatis on the occasion of the sinking of DESFA’s privatization.

A Political storm on the DESFA issue The conflict between the main opposition party, New Democracy, and the Ministry of Environment and Energy on the development of the DESFA competition is intensified.

New Democracy (ND): Looking for an alibi for their incapacity

The Head of the Environment and Energy Sector of New Democracy Member of Parliament from Trikala, Mr. Costas Skrekas made the following statement in response to New Democracy’s reply issued by the Ministry of Environment and Energy for the criticism regarding the government’s manipulations on the DESFA issue: “Not only doesn’t the government attract new investors, but it also turns away those that the government of New Democracy had brought until 2014. An agreed privatization since 2014, which would have brought 400 million Euros to the country and 2.5 billions in investments, that is jobs and further revenues to State treasuries, was blown up into the air due to the manipulations by parts of the Maximos Mansion (seat of the Prime Minister), which had taken the auspice of the negotiation. Now, Mr. Stathakis and Mr. Skourletis, are once again, trying to justify what cannot be justified and –according to the

known method of deception – to shed responsibility for their “Waterloo” on others as well as “Community regulations”. When Mr. Skourletis pledged, on 02/06/2016, with statements regarding the completion of the DESFA sale, could he not “see” any violation of the EU regulations? How much longer will they afflict Greece and the Greeks with their lies? This followed the effort of the Department of Energy to attempt to reply to the accusations by part of the New Democracy. The ministry, in further detail, raised the issue of non-compliance of the Azeris’ with the Community framework, identifying the objections by the part of the European Commission’s Competition Directorate as the main cause of delay in closing the agreement. Indeed he imputed full responsibility to the previous government for the outside the Community framework claims by part of the interested buyers and also blames it both for the original definition of the sale rate at 66%, as well as its decision to increase network charges by 68% by offering a 200 million Euros worth “dowry” to DESFA as the Greek Energy Ministry characteristically reported.


Oil & gas Emilia Damian

08

Romania interested in Greek gas grid OPERATOR The Romanian gas grid operator, Transgaz, is interested in buying its counterpart from Greece.

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The Romanian gas company Transgaz will consider whether it is beneficial to buy a stake in the Greek natural gas transmission system operator DESFA, Transgaz said in a press release.

The deal was expected to be concluded by August 2015. DESFA’s majority shareholder is the Greek State by 65% and

DESFA sale collapse to delay DEPA, ELPE privatizations

At the beginning of December, the Greek newspaper Kathimerini reported, citing unnamed sources, that Transgaz is interested in taking over a 66% share package in DESFA since negotiations of the Greek government with Azerbaijan’s SOCAR oil group failed.

Besides requiring the launch of a new tender and depriving Greece’s privatization offer of 188 milllion Euros, the collapse of the longrunning DESFA sale attempt will also prompt delays to the interlinked DEPA (Public Power Corporation) and ELPE (Hellenic Petroleum) sales.

“Analyses will be carried out in order to determine whether we should go on with this project. A decision will be made whether we should or should not participate in a deal with DESFA. The decision rests with our majority shareholder, the Romanian state”, Transgaz’s board chairman, Ion Sterian, told local media.

DESFA is a wholly owned DEPA subsidiary, while ELPE holds a 35 percent stake in the natural gas grid operator. This essentially means that privatization matters concerning DESFA need to be cleared up before sales at DEPA and ELPE can take place.

The SOCAR story

In 2013, SOCAR won a tender for the acquisition of 66% of DESFA for 400 million euro ($427 million), but following Greece’s January 2015 parliamentary election, the offered stake dropped to 49%.

Hellenic Petroleum by 35%. SOCAR was to buy 31% of DESFA from the Greek State and another 35% from Hellenic Petroleum.

A 65 percent stake of DEPA held by TAIPED, the State Privatization Fund, can only be sold once the DESFA sale has been finalized and the transaction’s value is deducted from DEPA’s net worth. Such a development would facilitate DEPA’s

proper evaluation. Otherwise it will remain unclear as to what exactly is being sold when DEPA goes up for sale. A swift DESFA tender relaunch and fast sale developments along the lines of PPC’s tender launched for IPTO, the power grid operator, would take some strain off the government, battling to find solutions for the heavy privatizations agenda. The IPTO tender was launched in July and a prefered bidder named late in October. If the DESFA new sale process ends up moving slowly, a further 12 months may be required before any results are achieved. TAIPED, as a result of the slowmoving energy sector privatizations, has apparently avoided scheduling any new tender announcements.


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On December 1st, the Greek government said that SOCAR’s bid does not comply with its demands and that it has decided to terminate negotiations.

understanding, engaging to address existing and future joint projects for gas transmission in full compliance with the EU legislation.

They added that they are already in talks with European banks which are ready to finance this Romanian investment in Greece.

Memorandum of Understanding

Representatives of the two energy companies identified the need for further development and integration of the respective gas markets on the internal energy market of the European Union.

Transgaz plays a vital role in the development of infrastructures for the interconnection of the countries of Central and Southeastern Europe, and supports the implementation of the so-called “Vertical Corridor” seen linking the systems of Romania, Hungary, Austria, Bulgaria and Greece, allowing for the transmission of natural gas from the Caspian region and other sources to Central Europe, including liquefied natural gas (LNG) through the Revythousa terminal station.

At the end of September, Transgaz and DESFA signed a memorandum of

A decision will be made whether we should or should not participate in a deal with DESFA. The decision rests with our majority shareholder, the Romanian state – Ion Sterian, Transgaz board chairman

They also stressed the importance of diversifying gas supply routes and creating access to new gas sources, thereby improving gas supply security at a regional and European level, the memorandum stated.

Visit in Greece

Sources say that in November Transgaz officials visited DESFA’s co-owner Hellenic Petroleum as well as the Energy Minister Giorgos Stathakis and expressed their interest in a stake in the Greek gas grid operator. The representatives of the Romanian company told the Greek side that they intend to pay a similar amount to what Socar had pledged (400 million Euros), dubbing it reasonable and feasible.

A vital role in the region

The project has the support of the European Union and the US, which is seeking ways for cheap LNG to reach the European markets. DESFA’s geostrategic role is also what has sustained Fluxys’s interest in the Greek operator, while the two companies share many similar characteristics.


News Yiannis Pispirigos

09 26

600 MILLION WORTH OF INVESTMENTS FROM ALUMINIUM OF GREECE Since 2005, when the Mytilineos Group acquired Aluminium of Greece it carried out investments exceeding 600 million Euros, with technology and innovation as a spearhead, and drove this historical industry into the future reciprocating value both in the Greek society and economy.


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This year, Aluminium of Greece completed 50 years of operation since the moment that the French Pechiney decided to invest in our country in the distant year of 1966 with the then Prime Minister Constantinos Karamanlis placing the foundation stone of the factory. Since 2005, the company is under the umbrella of the Mytilineos Group and for this very reason a grand ceremony was held at the plant in Aspra Spiti in Viotia, in the presence of the President of the Republic Mr. Prokopis Pavlopoulos to celebrate this half century of the industry’s presence in the business life of the country.

Evangelos Mytilineos: “We turned three crises into an opportunity” “It required investments worth 600 million Euros for Aluminium of Greece to become the largest Greek industry in terms of added value for the Greek economy, which is the challenge”, said the president and CEO of the group, Mr. Evangelos Mytilineos who in early 2005 offered 75 million Euros to the Canadians of Alcan –they had bought and taken over the French – in order to acquire Aluminium. Mr. Mytilineos made a brief historical overview noting that three times in recent years Aluminium of Greece faced an actual threat. The first time was the withdrawal of the Canadian owners, with the anxiety of the workers for their job’s future ending with the acquisition of the

complex by a Greek group. The second major threat was in 2008-2009 with the great financial crisis of Lehman Brothers and the collapse in aluminum prices to a third of its value. At the time, Mr. Mytilineos said, the company was losing a capital of 1 million Euros per day. The third threat was in 2011 when the development of China was halted which caused precipitation in the demand for goods, which never returned to previous levels. Then one after another the aluminum plants in Europe were closing and everyone was betting that it was Aluminium of Greece’s turn to be next. “We disproved them”, said Mr. Mytilineos, as since 2011, two major cost reduction programs were implemented which are a reference point for all other plants in the world. “In a four year period”, we reduced our production costs by 50%. Today, the plant is the most modern and competitive out of most others in the world and it is by far the most competitive in Europe. The radical reduction of the cost, the increase in production due to new investments and the small but significant recovery of the market allow us to look to the future with optimism”, Mr. Mytilineos added. Today the industrial complex employs 1,500 workers, while 200 workers are employed in Delphi – Distomo company producing bauxite. Alumina is produced from bauxite and aluminum from alumina.

Note that Aluminium of Greece has an annual production of 800,000 tons of alumina and 190,000 tonnes of aluminum.

The Group’s Announcement

Investments worth over 600 million Euros in the technological modernization of the facilities and the development of production and productivity. In the presence of the President of the Hellenic Republic Mr. Prokopis Pavlopoulos, and representatives of political and business life, the presentation of the newly completed 10 year investment plan of Aluminium of Greece (AG) of the Mytilineos Group, which coincides with the anniversary of the half century of operations of this large Greek industry. The Mytilineos Group believed in the dynamics of AG and multiplied its value over time. Ten years of an uninterrupted investment course were enough to transform the Aluminium of Greece into one of the top alumina and aluminum industries internationally and the most important vertically integrated unit in the EU. The launch of AG into the top positions of the worldwide industry reflects its significant contribution both to the development of domestic entrepreneurship as well as in the direction to help recover the Greek economy. With innovative moves and an innovative profile the company sets the foundation for a Greek competitive industry, claiming dominance in the international environment.


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Since 2005, when the Mytilineos Group acquired Aluminium of Greece it carried out investments exceeding 600 million Euros, with technology and innovation as a spearhead, and drove this historical industry into the future reciprocating value both in the Greek society and economy. The total investments, regarding energy,

industry and the environment carried out in the complex of Aluminium of Greece are the largest ever made by a private investor in recent years. The latest investment, which essentially confirms this first dynamic decade, is the installation of a new modern

Mytilineos merges its subsidiaries Athens-listed Mytilineos Group is entering a new era, as it announced, that it is conducting an absorptiontype merger of all its main subsidiaries (METKA, Aluminium of Greece and Protergia).

make more efficient investments, Mytilineos said in a statement.

This constitutes a major group restructuring that will lead to the creation of one of the biggest and most profitable entities in Greece, securing a significant presence among global industrial giants and future in international markets.

“The new single entity will have a very robust balance sheet, tax optimized efficiencies, drastically reduced financial costs and synergies that will save us more than 21 million euros per year,” Mytilineos’ Managing Director Evangelos Mytilineos.

The corporate transformation of Mytilineos, with a history dating back more than a century, will simplify the structure of the group, it announced, and lead to significant synergies both on an operational and a financial level. The restructuring, which is expected to be completed by the end of August 2017, will diversify the group’s cash flow and help it

It said it expects the move will result in annual pretax operational cost savings of 20.6 million euros ($22 million).

Shareholders of power-plant construction unit METKA , Mytilineos’ only listed subsidiary, will get one Mylineos share for each METKA share. The restructuring has to be approved by shareholders of each of the units involved and the relevant regulatory authorities, Mytilineos added.

alumina calcination plant, with a nominal production capacity of 1,350 tons per day, replacing previous finite technology and high heat consumption units. This is a project that significantly reduces the energy cost and carbon dioxide emissions, while offers great potential in production flexibility. Guided by the extroversion strategy governing all Mytilineos Group activities, Aluminium of Greece is planning, studying and constantly implementing new investments. It proves in practice that it is an essential and strong pillar of the Greek industry and economy, and as it supported and continues to support the development of the Greek aluminum industry thus resulting it to become the most exporting sector of the country in 2015, accounting for 19.2% of the total exports. The President and Group CEO Mr. Evangelos Mytilineos made a specific reference to the cost management programs that have been implemented in AG and enable it to be shielded against international economic turmoil. He presented the goals of the investment program that establish Aluminium of Greece among the top companies in the world.


News Yiannis Pispirigos

10

HELPE: IMPORTANT INVESTMENT PERSPECTIVES Hellenic Petroleum (HP) foresees significant investment perspectives in Greece in the next ten years in field of exploration and exploitation of hydrocarbons and renewable energy sources and is moving towards the exploitation of their potential.

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As Mr. George Alexopoulos the General Director for Strategic Planning and Development of the Group, said during his speech at the annual conference

of the Hellenic-American Chamber “The time of the Greek economy”, “HP has decided to play a leading role in the exploration and exploitation

of hydrocarbons in Greece, by strengthening and expanding its strategic alliances with major international companies in the field”.

Historical record in 9M net profit The financial results of the Group for the nine months of the year noted an all time record. Net profit in JanuarySeptember compared to the same period last year soared by 76% to 184 million Euros, the group’s refineries raised their production by 19% and the petroleum products exports raised by 45%. More specifically, and according to the information disclosed by the group: the strong operational performance in the group’s core activity that of refining, together with increased exports, led the comparable EBITDA earnings for the third quarter to 191 million Euros, despite the significant reduction in international refining margins compared to last year. Accordingly, the published EBITDA earnings for the third quarter amounted to 199 million Euros, increased by 74% compared to last year. The group’s refineries recorded an increased production by 19% at 3.9 million tons, the highest historical performance ever recorded, making full use of the high available volumes of the units and recording an over-performance compared to the indicative margins. The strong operational performance and the relative crude price stability in the period, formed the net profit during the third quarter at 80 million Euros, increased by 110% compared to last year, while for the first nine months the net profit amounted to 184 million Euros which is a record high of recent years and is increased by 76% compared to last year.

Increasing demand in the domestic fuel market

According to official figures, the demand in the domestic fuel market, noted an increase of 8% in the third quarter of 2016, with total consumption volume amounting to 1.6 million tons, reversing the corresponding reduction that

was noted last year due to the implementation of controls on fund’ flows. The duty-free market has benefited by the increase in tourism, also rising by 6% during the third quarter. Furthermore, the implementation of agreements with state oil companies and increased liquidity allowed for differentiation in qualities and crude purchase modes as well as the exploitation of additional business opportunities in the Mediterranean region, enhancing financial results, and risk management in the supply of crude.

Reduction of financial costs

The new bond issue and the completion of the public offer for bonds redemption expiring in 2017, combined with the significant improvement in loan agreement terms, as well as the repayment and refinancing of debt obligations totaling at approximately 1.5 billion Euros in 2016, on the one hand contributed to strengthening the financial structure and lengthening the maturity profile of debt obligations and, on the other, to the reduction of the annual financial cost in 2017 over 15 million Euros due to the decline in bond coupons (4.875% vs. 8%). The operating cash flow (comparable EBITDA earnings – investment costs) reached the particularly high levels of 435 million Euros for the nine months of 2016, respectively, of the same period last year, despite lower refining margins. High profitability combined with the strengthening of the financial structure resulted in net debt during the third quarter of 2016 to stand at 1.8 billion Euros, significantly reduced compared to the third quarter of 2015 (2.4 billion Euros).


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A key pillar of the group’s strategy is the development of RES. As Mr. Alexopoulos estimated, within the next 5 years 2,000 MW in addition to the existing installed capacity of 5,200 MW can be installed, with respective investments of over 2 billion Euros

Hydrocarbon surveys

For the area of the Gulf of Patras, where the seismic dimensional surveys have been completed, Mr. Alexopoulos announced that a petroleumposible geological structure has been, which HEP intend to explore with drilling, and estimated that if oil is discovered, the obtainable reserves are estimated at more than 100 million barrels. He stressed that the group is awaiting ratification by the Parliament of the lease contract for the two regions of Western Greece (Arta – Preveza and NW Peloponnese), and that along with the companies Total and Edison the group has been declared a “preferred supplier” for plot 2 West of Corfu and expects the same be occur with two other plots in the Ionian region.

Investing in renewable energy sources A key pillar of the group’s strategy is the development of RES. As Mr. Alexopoulos estimated, within the next 5 years 2,000 MW in addition to the existing installed capacity of 5,200 MW can be installed, with respective investments of over 2 billion Euros. The HP are promoting electricity generation from RES, having 200 MW in various stages

of development as well as operative, and are participating in the first tender for the construction of photovoltaic power plants of 40 MW and are implementing a program of installing photovoltaic panels in gas stations and the group’s facilities within the self-production system.

Looking towards energy transformation Lastly, Mr. Alexopoulos referred to the Model Supply Sation of Fuels and Energy, that the group has apart from conventional fuels and all other alternative ones alternative, ie LPG, compressed natural gas and electricity, and as he said, the possibility of hydrogen distribution is also being examined. HP are orienting their strategy on the basis of energy transformation, towards which all targets for dealing with climate change are leading, as identified by the Paris agreement. Mr. Alexopoulos referred to data from the International Energy Agency, which foresee an increase in the total energy demand by 30% by 2040 and in order to cover for that increase, investments amounting to 44 trillion Euros will be required.


Oil & gas Emilia Damian

11 32

Romanian gas, more expensive THAN the RUssian For the first time in history, Romanian gas is more expensive than Russian gas

Romania imported 10% of its consumption from Russia in 2016, because the domestic gas was more expensive than the resources coming from imports. In 2015, the imports were 2%. Starting from September, the imports were 25% of the monthly consumption, eight times more than the usual imports in the autumn months. The Romanian gas is now more expensive than international gas, because the Romanian Government imposed taxes to local producers. So companies preferred to buy from imports. In the first nine months of 2016, Romania imported 381,900 tonnes of oil equivalent (toe) usable natural gas, by 465.8 percent (314,400 toe) more than the imported quantity in the similar period of 2015, according to the centralized data from the National Institute of Statistics (INS). The domestic production of natural gas totaled 5.52 million toe, in the period January-September 2016, 859,700 toe (11%) less than first nine months of the previous year.

Domestic production to decrease According to Romania’s Energy Strategy project, published on the website of the competent Ministry, the annual production of natural gas is expected to decrease slightly, to an average of 9-10 billion cubic meters for the period 2016-2019.

The document states the production of natural gas will decrease after reaching a new peak of 132 TWh in 2025, as a result of the Black Sea production, to 96 TWh in 2030 and 65 TWh in 2050. Low price scenarios foresee a decrease close to zero of gas production starting in 2045.

Good bye to Romanian gas

Romania’s proven natural gas reserves will be depleted in the next 9 years, while its oil reserves will last for another 12 years, unless investment is made in prospecting for new resources, the Chairman of the Romanian Petroleum Exploration and Production Companies Association (ROPEPCA) Mr. Artur Stratan said at a news conference last autumn. “Oil reserves are depleted by 90 percent. We can still produce hydrocarbons in


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Romania for a limited time, respectively 12 years of oil and 9 years of natural gas. Without investments, this is how long our onshore reserves will last”, Stratan explained. He also said that over the last two years, low oil prices have put a lot of pressure on oil investments. “Many investment projects were canceled last year and this year as well and this will reflect in a lower level of production. The government has admitted it; while Romania until recently used to be a stable country in terms of energy, it will have to import increasingly more. So, instead of subsidizing the Romanian market, we will subsidize industries in other countries. Without these incentives, the local industry will shortly be doomed”, Stratan insisted. He added that the energy sector strategy put forth by the Romanian Ministry of Energy finally takes into account the tax framework in the oil sector and is beginning to differentiate between onshore and offshore, shallow and deepwater drilling, which should be included in the fiscal framework.

Oil reserves are depleted by 90 percent. We can still produce hydrocarbons in Romania for a limited time, respectively 12 years of oil and 9 years of natural gas – Artur Stratan, Chairman of the Romanian Petroleum Exploration and Production Companies Association

“If oil prices continue to put pressure on the industry, you will see many return marginal fields and the Government won’t know what to do with them. The key to continue the exploitation of these fields is to alter the taxation and come up with tax breaks in order to continue drilling in a lucrative manner”, he added.

New royalties

In terms of royalties, the representatives of the oil and gas industry have held several talks with the Ministry of Finance in the past few months, but the process stopped after the state secretary who handled the negotiations left the ministry. The negotiations have to start over with the new government, and the new tax framework will be enforced on January 1st 2018. “Production cost in Romania is pretty high, somewhere between 16 and 18 US dollars per barrel, so we cannot lower the final price. At the same time, let’s not forget that Gazprom produces as much as Romania’s entire output in a maximum 10 wells in Siberia, so its operation costs can be kept under control”, said Stratan.


Electricity Ilin Stanev*

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Is Winter Coming for the Bulgarian Coal? The Bulgarian energy system will need to go through major transformations to meet the requirements of the new EU policy drive for clean energy

A few years ago activists from the mining trade-union called its members to arms, to go and destroy photovoltaic panels. The sudden boom of renewable electricity (RES) production in Bulgaria resulted in miners having less work, a problem they decided to solve in their own way. Since then, Bulgaria has managed to export more electricity and coal mines actually increased their production. Now, at the end of 2016, with its new legislative proposal for reforms in the electricity markets, the European Commission aims not only to threaten miners’ jobs, but also to convince them to put photovoltaic panels on the roofs of their homes. The so called Winter Package requires that by 2030 around 50% of the electricity in the EU countries be produced by renewable sources while the role of the coal-fired thermal power plants (TPP) be significantly reduced so that the EU could achieve a 40% reduction of its greenhouse gas emissions. To facilitate the growth of renewable energy and to reduce its cost, the EC wants to encourage RES usage

by end consumers. Every household will be turned into an energy producer either by photovoltaic roof, heat pump or active demand response. Thus, in 10 years from now it is quite possible that many former miners will face a traumatic choice – should they install a photovoltaic panel on their roof - the very technology that undercut their jobs, and save on electricity or should they go the old way? A choice many postal workers for example, have already faced when it comes to internet.

Coal is not dead

Coal fired power plants produce around 40% of the electricity in Bulgaria. Most of the TPPs are relatively modern (with one or two rotten apples) and could easily operate up to 2030 if there are no new environmental regulations. The proposal of the Commission doesn’t place specific restrictions on coal. On the contrary – it mandates the end of priority dispatch for renewable sources for energy, which has made traditional power plants stay idle when the sun was shining or the wind was blowing. More than that,


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the envisaged six fold increase of the CO2 allowance prices by 2030 is not curved in stone. Now they trade for approximately 5 Euros, although for the Emissions Trading Scheme to be effective they have to cost around 20 Euros per allowance. The attempts to raise their price in the last two years failed miserably. History could repeat itself if efficiency savings turn out to be successful, because they will decrease the demand for electricity and there will be a surplus of allowances on the market. But there are hidden restrictions. For example coal power plants with emissions of more than 550 grams of CO2 per MWh produced – i.e. all the lignite TPPs in Bulgaria, will not be able to receive capacity payments (remuneration to stay in reserve) after 2026. Bulgaria could benefit from ETS derogation that permits it to distribute free CO2 allowances to the TPPs. It will definitely keep them competitive and more importantly the derogation will help to not distort the energy market. Half of the lignite power plants have long-term contracts and even if they become uneconomical to be run, they need to remain in operation. If the CO2 allowances are set to become very expensive then it is the cheapest coal TTPs that will need to be mothballed.

The absence of capacity payments in Bulgaria will be an additional benefit for the coal plants, because they are not set to loose. Currently, the power plants can tap into the so called cold reserve in order to finance their idle capacities, but their revenues from this source are meager.

Burned by the sun

The greatest threats to coal in Bulgaria are the renewable sources of energy. In the last several years two consecutive governments in Bulgaria took many measures to curtail their growth in order to keep retail prices in control. Now it is impossible to built utility scare solar or wind installation. But the situation will soon change. Even now there are some projects throughout of the world that achieve competitive prices. Chile and Dubai received bids at the stunning low $30 per MWh for electricity from solar power plants in unsubsidized long-term contracts. These are still isolated cases with very favourable conditions (the project in Dubai probably enjoys almost free financing), but they show the direction the technology is heading in. In five to ten years, the prices will drop in Europe as well and it will not be the government policies that will drive the development of the RES, but people who would prefer to break the chains of

their electricity suppliers. Bulgaria has 3 million households. If every one of them installs 2 kWp of photovoltaic panels, the scale of this new power supply is simply astonishing. In 2014 and 2015 Bulgaria experienced severe problems with overproduction of electricity during the summer months. Not only the renewable energy sources, but even the nuclear power plant Kozlodui’s production had to be curtailed. During this period photovoltaic and wind installations provided around 6% of the electricity on an annual basis. But what will happen if those renewable energy sources began providing 20%? Will Bulgaria have to expect a total chaos in its energy market with miners smashing photovoltaic panels or a smooth transition to modern technologies? In the next ten years Bulgaria will need to rump up its efforts to build a viable strategy that takes into consideration the development of modern technologies. They require utility scale storage facilities (like new pump-storage hydro plants), new grids’ developments and new regulatory framework.

*Ilin Stanev is editor at the Bulgarian newspaper Capital.


Oil & gas Emilia Damian

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The AGRI interconnector project is not dead The AGRI LNG project is not dead, but it needs more time, said the vice-president of SOCAR


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The project of the Azerbaijan-GeorgiaRomania (AGRI) interconnector for the transportation of liquefied gas from Azerbaijan to Romania “is not dead, however, as t is very costly, it needs more time to be implemented”, said Suleyman Gasimov, vice-president on economic issues of Azerbaijan’s stateowned oil and natural gas corporation SOCAR, attending the opening of a new gas station in Bucharest in November. It’s been a long time since the AGRI idea was initiated. Right from the beginning the project required a large investment. The construction of the Georgia terminal and following that, the terminal in Romania require huge investments, Gasimov replied when asked about the reason why the AGRI project is at a standstill. He stated that SOCAR is currently involved in other projects through which the Azeri gas will reach Europe, such as the Trans Adriatic Pipeline (TAP) and the TransAnatolian Gas Pipeline project (TANAP).

AGRI needs support

There are pipelines in place through which Azerbaijan exports gas on the Baku-Tbilisi-Erzurum route and we are currently involved in the TANAP project; SOCAR isn’t alone in this, we also have foreign partners. We were examining either the Nabucco or the TAP, and in

the end the TAP project was selected and we carry on with it, said SOCAR’s vice-president. According to him, SOCAR considers that there are chances for the AGRI project to be carried out as long as it has support

AGRI remains a project under debate, under analysis. If we’ve been discussing it to this day, it means that the project is not dead, it offers substance for further talks – Suleyman Gasimov, vice-president of SOCAR

of all the countries involved. “AGRI remains a project under debate, under analysis. If we’ve been discussing it to this day, it means that the project is not dead, it offers substance for further talks. It takes time, because Azerbaijan is a rich country in terms in oil and gas deposits, we have powerful partners there, large global oil companies, we are all looking at the matter as one and we all must have the same interest in new projects like AGRI. But let’s just see how things evolve over time”, Gasimov added.

Across the Black Sea

The purpose of the AGRI project is to carry Caspian natural gas via Azerbaijan and Georgia, and across the Black Sea by means of gas tank ships, involving the construction of two liquefying terminals (on the Georgian Black Sea coast) and a re-gasification terminal respectively (on the Romanian Black Sea coast). The gas is mainly aimed to be provided for Romanian and Hungarian consumption, with the remainder to be directed to other potential markets across Europe. The project was initiated in 2010 by a memorandum signed in Bucharest by Romania, Azerbaijan and Georgia, to which Hungary was later added.


Electricity Emilia Damian

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The most profitable company in Romania The state-owned power producer Hidroelectrica became the most profitable company in Romania, after 4 years of insolvency

Hidroelectrica recorded a gross profit of RON 1.1 billion (EUR 243 million) and a turnover of RON 2.4 billion (EUR 531 million), after the first nine months of 2016. According to a press release, Hidroelectrica’s gross profit increased by 29% compared to the same period last year, while net profit margin increased by 8 percentage points in the last year. Hidroelectrica’s officials say that the radical restructuring and efficiency process experienced by the company in recent years has made the state-owned company become the most profitable company in Romania at the end of the third quarter of 2016, recording a net profit of 67% of turnover.

Price decline

Hidroelectrica’s good financial results in the first nine months 2016 are recorded amid a generalized decline in prices of the electricity market, compared to 2015. At end-September 2016, Hidroelectrica had 3.327 employees. In the first nine months of the year,

the total energy production stood at 13.28 TWh, resulting from the 207 hydropower plants that Hidroelectrica has in operation (including five pumping stations with energetic role), with an installed capacity of 6432.01 MW. Hidroelectrica is preparing for the listing of a package of 15% of company’s shares. According to Greg Konieczny, Executive Vice President, Templeton Emerging Markets Group and Fund Manager of Fondul Proprietatea (FP), the long awaited Initial Public Offering (IPO) of Romania’s main hydropower producer is expected to take place in the second quarter of 2017.

After insolvency

Hidroelectrica was in insolvency during the period June 2012 – June 2016. “During the 4 years of insolvency, Hidroelectrica has gone through a radical restructuring process. Following this process, Hidroelectrica became the most profitable company in Romania, registering an EBITDA of 63% of turnover


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“Today, Hidroelectrica is an aspiring model for other state-owned companies too and not only for them” – Remus Borza, former administrator of Hidroelectrica

in the last 3 years. Hidroelectrica’s insolvency has proved that state-owned companies have potential too, it has showed that they too can generate stability, confidence, performance and profit, if managed correctly”, said Remus Borza, administrator of the company during insolvency. “Today, Hidroelectrica is an aspiring model for other state-owned companies too and not only for them”, he added. Against the backdrop of these positive developments, Hidroelectrica will register in 2016 a record profit of RON 1.3 bln. “Today, our reservoirs are filled at 79 percent of their capacity, compared to 67 percent on the same date last year. This means a reserve of 2.5 TWh, which allows us to sell more and at a higher price during the summer, thus maximizing our revenues and implicitly our financial result.”, Borza added. Yet, in 2016, Hidroelectrica will register another record: the highest price obtained by a company as a result of a flotation process.

“If we multiply the EBITDA just 10 times, although in the energy industry the multiplier is 15-18 times, the company’s value would stand at 5 billion Euros. A package of 15% of the share capital, which is the object of the IPO, means 750 million Euros, by far an absolute record registered by a Romanian company following its flotation on the stock exchange,” according to Borza.


Oil & gas

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NEW INSTITUTIONAL FRAMEWORK FOR CNG VEHICLES A further stimulus to natural gas driven vehicles is given by the new legislative bill on alternative fuels that incorporates the EU Directive on the development of alternative fuel infrastructures.


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Passing the bill incorporates the European directive on the development of alternative fuel infrastructures into the national law, it simplifies the licensing procedure, etc. provisions on fuel station delivering fuels and energy and as informed by the competent minister, Mr. Christos Spirtzis, our country ranks at the sixth place among the 27, harmonizing with the European directive for the expansion of fuel market beyond petroleum products. The bill promotes initiatives for the use of “green fuels� in public transportation aiming at reducing emissions while other measures are provided for, such as privileged access to restricted areas, parking policy, special circulation lanes, measures that are expected to entail an increase in demand for new technology vehicles and nonconventional fuels. This development is expected to offer a stimulus to all the sectors directly and indirectly involved such as automobile industries, car repair shops, gas stations, technicians and special scientists while our country has a commitment until November 2019, to present its initiatives in a report to

the European Commission, in order to promote alternative fuels.

Further development of natural gas driven vehicles These new data are expected to give further stimulus to natural gas driven vehicles, which in on an upwards track in Greece with professionals and private motorists turning to cheap natural gas.

More fuel stations

Already in our country there are operating retail outlets for the refueling vehicles with natural gas engines. Areas such as Kifissia, Nea Philadelphia, Anthousa, Ano Liossia, Rentis (and soon also Koropi), Pylaia and Nea Magnisia in Thessaloniki, Larissa, Lamia and Volos already have natural gas stations. The network is constantly expanding in order for more and more drivers to be served by a Fisikon natural gas station (this is the brand name by which DEPA promotes natural driving gas).

More natural gas vehicles

Private and professional use CNG models from all major automobile industries are circulating on the

European and Greek market while authorized dealers are turning towards more massive imports given the development of gas driven vehicles. The most famous models also circulate in CNG versions and their range is constantly expanding with new models making their appearance on international as well as the Greek market. Already, CNG vehicles of very well known industries known such as Fiat (Fiat 500L Natural Power, Fiat Qubo 1.4 70 PS, Fiat Punto 1.4 70 PS, Fiat Panda), Audi (Audi A3 Sportback g-tron), Mercedes Benz (B Class 200, E 200 NTG, Benz Sprinter NGT), Iveco (Iveco Daily, New Strails), Volskwagen (VW Golf 1.4 TGi, Eco Up, Caddy Vann Ecofuel), Seat (Seat Leon 1.4 TGI 110 PS), Skoda (Octavia G-TEC), Opel (Opel ZafiraTourer 1.6 CNG Turbo, Opel Combo 1.4 T-Jet 120 PS) are circulating on the Greek roads.

What the new regulations on alternative fuels foresee The new regulations provide inter alia: – Automatic licensing of fuel stations after the expiration of deadlines.


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– Monitoring by part of the Fuel Station Owners Registry of the validity of their operating licenses. – A reduction from six to five months, for the issuance of a presidential decree

The new institutional framework creates new conditions for the development of the market as it provides financial and non-financial incentives, tax exemptions, and legislative regulations while encouraging investments in this sector (both private and public)

regarding the professional rights of engineers. – Simplification of fuel stations’ licensing process and duration, while strict disciplinary sanctions apply for those who do not respond to their work. – Definition of technical specifications for the operation of fuel stations and provide for the establishment of a certified engineer as a safety technician. – Specialization of circulation prohibition conditions for vehicles over 3.5 tonnes in collaterals routes, fines of 1,000 Euros for drivers who do not comply as well as criminal sannctions. – Definition of the professional context of the disciplines of engineering and four disciplines are incorporated into which: environmental engineers, mineral resources engineers, building and urban development engineers as well as production and management engineers.

DEPA: Μore enhanced measures for the penetration of alternative fuels must be introduced On behalf of DEPA, the coordinating director of Strategic Development activities, Mr. Polychroniou said that as a Group, DEPA has taken major initiatives. We have taken major initiatives, both in the CNG sector, as well as that of LNG, for use in road transportations and shipping. For this reason, he stressed

that the most important element of the bill is the provision for the National Policy Plan, which, as noted, will have to introduce more enhanced measures for the penetration of alternative fuels than those provided in the Directive which are the minimums.

DESFA: Services to the benefit of consumers Mr. Nikas, president and CEO of DESFA SA Board of Directors, noted that the Directive 2014/94 which is incorporated, it is very important for DESFA SA, given the existence of the liquefied natural gas terminal at Revythoussa. He also said that DESFA is currently carrying out studies in order to be able before 2020 to have infrastructures for providing marine LNG fuel to energy traders, which will operate in this sector. In parallel, from 2018 onwards the company will be able to provide tank-filling services, which will transport liquefied natural gas to various regions of the country that are far from the national gas system and to which the low demand does not justify the network’s extension, the so called track loading. These two activities will take place in an open third parties’ access regime that will allow competition of commercial companies without restrictions to the benefit of consumers.


Electric cars Emilia Damian

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Sales of electric and hybrid cars, up by 108% in Romania Almost 700 electric and hybrid cars were sold in Romania in the first nine months of 2016, an increase of 108.1% over the same period of the previous year (333 units), the Automotive Manufacturers and Importers Association (APIA) data reveal.

During January – September 2016, compared to the same period of the previous year, on the hybrid car segment, the sales increased by 88.7% to 78 units, according to statistics, while in the case of electric cars, the increase is 129.4%, 615 units respectively. After the first nine months of the year, the green cars sales represented the equivalent of 0.8% of all new cars sold nationally. At the same time, there were 123 green cars sold this September, down by 26.78% compared to the previous month, when 168 units were sold.

there were 495 units of new electric and hybrid cars sold in Romania, more than double (110%) compared to 2014 when 236 units were sold.

Incentives from the Government Romania’s government is to offer a financial incentive package to buyers of electric and hybrid cars in an effort aimed at curbing pollution.

In a bid to boost sluggish sales in the country, the Romanian government is to announce a 16.6 million Euros program of incentives to encourage people to buy new electric and hybrid cars.

Among the most sold full-electric car brands in January – September, BMW ranks first with 35 units, followed by Volkswagen (10 units), Mercedes-Benz and Volvo (9 each), Mitsubishi (6), Renault (3) and Porsche (2).

The money is to be offered as a subsidy to companies or individuals who purchase an electric car or a hybrid vehicle that produces fewer than 50 grams per kilometer of carbon dioxide emissions.

Also, the most hybrid cars sold in Romania in the first nine months, are Toyota (483 units), followed by Lexus (116) and Land Rover (4).

“Romania, like any other EU country, should begin the transition towards electric or hybrid vehicles, not only because this is the global trend, but mainly because we have a climate change problem”, Environment Minister

APIA data show that throughout 2015,


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Cristiana Pasca Palmer said earlier this year. Only 495 such cars were sold last year, according to data from the Automotive Manufacturers and Importers Association, APIA. This was more than double the 236 sold in 2014.

The last in the EU

EU statistics show that Romania is last in the EU in terms of buying more environmentally friendly vehicles. People in the industry hope the new incentives will stimulate people to buy electric cars. “Everywhere across the world, sales of electric cars flourished when the authorities offered financial assistance or facilities to buyers”, said BMW Romania’s communications manager Alexandru Seremet. “Norway, the Netherlands or even California are only a few of these successful examples. Romanian authorities have done almost nothing yet in this regard”, Seremet added.

He argued that government subsidies are necessary because the prices for new technology are still high.

Currently, the price of a mid-range electric car can be above 30,000 Euros, much more than the average Romanian would be willing to pay, analysts say.

Romania, like any other EU country, should begin the transition towards electric or hybrid vehicles, not only because this is the global trend, but mainly because we have a climate change problem - Environment Minister Cristiana Pasca Palmer

The infrastructure to support electric cars is also a problem in Romania. “There are only a few dozen charging stations across the country”, said Cristian Cojocaru from the online car classifieds website Autovit.ro. The first recharging point for electric cars in Romania opened in 2011.


Renewables Ada Gavrilescu

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Romania, less attractive for investments in res Romania has been losing attractiveness for investments in renewable energy projects due to the legislation changes and it gets out of the top 40 attractive countries for renewable energy projects, after the last year, when the country ranked as 34th.

The renewable energy production capacity reached 4,701 MW at the end of September, according to the last data published by Transelectrica, the electricity transmission system operator in Romania.

Romanian government was ignoring their requests, claiming that changes to the incentives scheme in 2013 that delayed the issuance of some green certificates had triggered a chain of losses in the market.

According to the data, in the system there were wind parks of 2,961 MW power, photo-voltaic panels with a total capacity of 1,319 MW, micro-hydropower plants of 318 MW and projects based on biomass with a power of 103 MW. By comparison, at the end of 2015, the production capacity of renewable energy production stood at 5,142 MW.

The wind industry alone lost around 900 million Euros in 2014 and 2015, according to a study carried out by professional services firm EY Romania for the Romanian Wind Energy Association (RWEA). In this period, authorities also decided to offer large energy consumers some exemptions from acquiring green certificates, after industrial players warned that the additional costs for renewable energy were denting their competitiveness, which in turn would bring layoffs.

Losses in the renewable energy industry The renewable energy producers in Romania receive green certificates for free that they sell on a specialized market for a supplementary gain besides the one from the energy. The certificates are paid by all Romanian consumers, including the population, via their electricity bill. In the last three years, the renewable investors have claimed that the

Legal changes affecting the attractiveness for investments At the same time, EY’s “Renewable energy country attractiveness index (RECAI)� biennial report reveals that Romania is downgraded from the 34th place which it occupied last year and out of the top 40 attractive countries for renewable energy projects.


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“The drastic correction of the support scheme for electricity produced from renewable sources and the uncertainty regarding the prospects of the scheme on short, medium and long term have led to the decrease of Romania’s attractiveness for new investments in this area”, says Valeriu Binig, Partner in the Advisory Services, EY Romania. “Many owners of wind and solar power farms, threatened by bankruptcy, seek to sell these assets, while potential buyers are offering yet unacceptable prices. In addition, the assimilation of wind turbine towers as taxable buildings contributed to worsening the investors’ sentiment”. At the moment, Romania has met the specific target for the share of renewables in the gross primary energy consumption in 2020. It is not clear whether sufficient generating capacities will survive until 2020, when the fulfillment of the specific target will be verified. There are no clear prospects for new support schemes for electricity production in photo-voltaic roof panels or for the promotion of biomass as an energy resource.

New legal provisions proposed by the authorities

“In addition, the latest proposal for legislative change is perceived by investors as being left without shortterm solutions for the bankability of the implemented projects. According to the EY calculations, the return on investment in a wind project developed in Romania exceeds 30 years in today’s conditions”, Valeriu Binig added. At the end of October, the Romanian Energy Ministry launched into public debate the draft of an emergency government ordinance that changes the law regarding the aid scheme of the renewable energy. Among the envisaged changes are new price limits and transaction changes for green certificates. Under the proposed changes, the green certificates will be valid from the date they are issued to December 31st, 2031. Under the current legal provisions, the certificates are valid for one year. In addition, the regulated price limits for the certificates will be changed from a floor price per certificate of 25 Euros and a

ceiling price of 55 Euros, to 25 Euros and 35 Euros respectively in the 20172031 period. “Through the proposed change, there will be a number of green certificates that remain untraded, with the option for the surplus certificates to be sold during the period of the support scheme at a lower estimated price,” said Ministry of Energy officials. At the end of December 2016, the authorities will close the enrollment in the current support scheme for renewable projects and it is unclear what will happen with the new investments that could be made from next year.


Overview Yiannis Pispirigos

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TRUMP’S PLAN FOR CLIMATE & ENERGY President-elect Donald Trump has vowed to drastically alter the U.S.’s direction on climate and energy. His promises include actions like “canceling” the Paris agreement and dismantling the U.S. Environmental Protection Agency (EPA) as well as repealing restrictions on domestic energy development.

Trump infamously tweeted that global warming is a “hoax,” and has selected Myron Ebell of the conservative Competitive Enterprise Institute’s Center for Energy and Environment, an outspoken climate skeptic, to lead his EPA transition team. Trump also made specific (and ambiguous) promises about energy and climate on his Web site and on the campaign trail, such as canceling funding for the United Nations Green Climate Fund and lifting restrictions on fossil fuel development. He has sworn to make some of these changes early on, even within his first 100 days in office. But what can he actually accomplish from the get-go?

Canceling the Paris agreement

During a campaign speech in North Dakota in May, Trump told a cheering crowd, “We’re going to cancel the Paris climate agreement and stop all payments of U.S. tax dollars to U.N. global warming programs”. The agreement, however, was negotiated and ratified by the global community, so Trump cannot simply call it off. But Trump still has perhaps the most power here to follow through on his promise, compared with his other pledges.

President Barack Obama unilaterally ratified the Paris accord without the Senate, and Trump could withdraw the U.S. from the agreement nearly as easily by signing an executive order, even on his first day in office. Experts note that it will take the U.S. four years to fully back out of the agreement, due to the way it is structured: Under the Paris accord, any country that wants to leave must wait three years after the agreement takes force (which occurred on Nov. 4th) – and then there is an additional yearlong notice period. Yet “as a practical matter, the announcement and paperwork would have the effect of removing the U.S., setting it on a certain course for withdrawal”, says Scott Fulton, president of the Environmental Law Institute. Trump will have another option if he doesn’t want to wait four years: He could pull out of the U.N. Framework Convention on Climate Change (UNFCCC) with an executive order, which would simultaneously withdraw the U.S. from the Paris agreement. It would take only one year to complete, although it is viewed as a more drastic move. “It would be a very dramatic


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thing to withdraw from the UNFCCC”, Freeman says, “He could do it, but it would annoy an awful lot of our allies”. Trump, however, has recently appeared to soften his stance on the Paris accord. In a recent interview with the New York Times, he said he had “an open mind” about the agreement. The Trump administration will also have the choice to simply ignore U.S. emission targets under the Paris agreement – the accord does not include any formal punishment for countries that do not meet their goals. Pulling out of one or any international treaties or ignoring their mandates would likely damage the U.S.’s relationship with the international community. Experts say that if the U.S. withdraws from the Paris accord, there could be diplomatic and economic repercussions. Trump has also declared that he wants to “cancel billions in payments to U.N. climate change programs and use the money to fix America’s water and environmental infrastructure”. This funding is meant to provide support to developing countries so they can take

action to reduce carbon emissions and adapt to climate change, something they probably could not afford otherwise.

Restrictions on energy productions Chopping many of Obama’s key climate change efforts is part of Trump’s plan to encourage fossil fuel production. “I will lift the restrictions on the production of 50 trillion dollars’ worth of jobproducing American energy reserves, including shale, oil, natural gas and clean coal”, he pledged. To achieve this, the president-elect plans to revoke the Clean Power Plan, open onshore and offshore leasing on federal lands for energy development, end the ban on new federal coal leases and lift various other regulations. He will likely attempt to repeal several EPA or Department of the Interior rules, according to experts–such as the Obama administration’s regulations for offshore drilling, its rules for limiting methane emissions from the oil and gas industry’s operations, and others. Although the energy industry must

follow EPA or Interior rules, the president has sway over how strictly they are enforced–which means Trump could decide to weakly implement some of the Obama regulations. Or if Trump decides to change or revoke the current rules, he would not need Congress’s approval to do so. One of the largest targets in Trump’s sight is the Clean Power Plan, which requires power plants across the country to cut their carbon emissions. It is an EPA rule, finalized August 2015. As Scientific American reported, the rule would be difficult to undo, although it still has an uncertain future; it is currently being challenged in the U.S. Court of Appeals for the District of Columbia Circuit. If the D.C. court has not made its decision by the time Trump takes office, his administration could ask the court to send the case back to the EPA so it can rework the rule. In that case, Trump’s EPA would still need to go through the rulemaking process, and would likely run into lawsuits, according to Fulton. If the court makes its decision before Trump’s inauguration or the new administration does not ask for the case back, then the


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Clean Power Plan may head to the U.S. Supreme Court if either side appeals. By then, Trump may have appointed a replacement for the late conservative Justice Antonin Scalia. If the highest court upholds the Clean Power Plan, Trump could still replace it with a new rule – but again, would have to go through the lengthy rulemaking process. Another possibility is that even if the Clean Power Plan stays, Trump’s EPA could put little energy into enforcing it.

Dismantling the EPA

One major feature of Trump’s plan is to strip down the EPA’s regulatory power. “Department of Environmental Protection [sic]–we’re going to get rid of it in almost every form,” Trump said during a Fox News debate. Besides appointing Ebell, who has called Obama’s Clean Power Plan “illegal,” Trump at times has called for abolishing the agency altogether. But he cannot eliminate the EPA on his own–he needs the Congress both to introduce and pass legislation, according to Freeman. And even with Republicans in control of the House and

Senate, he would likely not have enough votes. “Eliminating the EPA altogether appears to me to be profoundly difficult to do”, Fulton says. Other experts agree that it is highly unlikely that Trump could kill the EPA. “Environmental statutes like the Clean Air Act and the Clean Water Act are really popular, and I don’t think most members in Congress are interested in fully repealing them”, Carlson explains. “And if you don’t repeal them, then you need an agency to implement them”. Trump does have other ways to curb the EPA’s power. He could slash the agency’s budget by asking for significantly less money from Congress, which would make it harder for the EPA to enforce its rules–although he cannot end its funding altogether. Congress will ultimately decide how much money an agency gets through the standard budgeting process. “Every president has different priorities. Some ask for more for the EPA, some ask for less”, Freeman explains, “But the Congress does what it wants–the president’s budget is a request”. Trump could also direct the EPA not to issue any new regulations,

with the exception of statutes that legally require them (such as the Clean Air Act). He could also ask the Congress to curb the EPA’s authority, rather than eliminating the agency altogether. “We could see some pretty draconian efforts to reduce the EPA by limiting its budget and power”, Carlson says. “It depends on where Congress wants to place its energy, but it wouldn’t be shocking to see that kind of move”. Ultimately, Trump can alter environmental and energy policy – but he cannot fulfill most of his promises as quickly as he has claimed. And in addition to the political, bureaucratic and legal obstacles the incoming administration will need to overcome, Trump is also up against strong market forces that are fueling the growth of natural gas and renewable energy, and devastating coal – which will likely make some of his campaign promises hard to accomplish.

Sources: Wall Street Journal, Bloomberg, Reuters


Green technology Yiannis Pispirigos

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THE GLOBAL VISION OF A SMART CONNECTED CITY According to the United Nations, two-thirds of the world’s population will be living in urban areas by 2050, leading many to concentrate on developing smart city initiatives.

The goal of smart cities is to improve the quality of life for its citizens through technological means, ultimately creating more sustainable cities. It is a team effort that requires many sectors of a society to safely and strategically integrate technology, information, and data solutions. The vision of a smart city might differ for citizens living in different geographical locations, because every city has its own challenges and needs. Some of these diverse challenges include the density of the population, infrastructure, topography, transportation systems, waste-management programs, or even the disposition of the local government and private business of investing money to create smart-city initiatives. Smart cities are based on intelligent sensors. Data from those sensors is pulled and processed to create innovative programs or solutions associated with everyday aspects of city life, such as energy, utilities, urban mobility, public safety, air quality, waste management, education, healthcare, etc. Smart sensors can be found in

utility poles, water lines, buses, traffic lights, etc.

Copenhagen leading the way

Smart cities are emerging around the world, with the Danish capital of Copenhagen considered at the forefront because of its excellent urban-planning projects. Copenhagen has the ambition of becoming the first carbon-neutral capital by 2025. In fact, it has successfully started to apply sustainable city solutions to face climate changes. For example: • Increased mobility through integrated transport and cycling solutions has significantly reduced congestion and improved the health of its citizens. Approximately 45% of the Copenhagen’s citizens bike to work or school every day, which overall is a much healthier alternative than driving or taking mass transit. • A new district cooling system, where cold water is taken from the harbor water, saves 70% of the energy compared to traditional air conditioning. Seawater and an environmentally

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friendly natural refrigerant–ammonia–are used for the cooling system. A central plant produces chilled water and then distributes it through a pipeline network to customers. When the seawater is cold enough (from November to April), just the seawater works alone in a free cooling unit with plate heat exchangers. During the other months, the seawater acts as a cooling agent in the condensers of compressor chillers that use ammonia as a natural refrigerant.

NYC’s smart approach

Another example of a smart city is New York City, in USA, where different initiatives are implemented, such as: • Smart Indoor Lighting: The city of New York created the Accelerated Conservation and Efficiency (ACE) program to help decrease New York City’s energy bill and reduce greenhouse gas emissions in city agencies. The numerous facilities of the New York City Fire Department (FDNY), for example, operate 24/7 and could be one focus area for significant energy savings. • Wireless Water Meters: New York

City’s Department of Environmental Protection (DEP) has installed an advanced Automatic Meter Reading (AMR) system comprising more than 800,000 water sensors distributed throughout the five boroughs. • Responsive Traffic Management: The NYC Department of Transportation

Copenhagen has the ambition of becoming the first carbonneutral capital by 2025. In fact, it has successfully started to apply sustainable city solutions to face climate changes

(DOT) established “Midtown in Motion”, a smart city approach to traffic management. Midtown in Motion uses microwave sensors, traffic video cameras, and E-ZPass readers to measure traffic speeds and spot congestion to remotely adjust traffic-signal patterns in the Midtown area of Manhattan, which covers an area of approximately 270 blocks. The data from the sensors and cameras is transmitted wirelessly in real time to the Traffic Management Center (TMC) in Long Island City, where engineers make constant adjustments to traffic signals. • Smart Waste Management: The Department of Sanitation collects more than 10,500 tons of residential and institutional garbage and 1,760 tons of recyclables every day. The containers, equipped with Qualcomm chips, use the integrated wireless sensors to detect trash level in real-time, alerting sanitation services to empty the bin. • The Lowline: The goal of this unique project is to build an underground park using innovative solar technology to illuminate a historic trolley terminal


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on the Lower East Side of New York City, below Delancey street. The solar technology would transmit the necessary wavelengths of light to support photosynthesis, enabling plants and trees to grow. • LinkNYC: This free communications network will replace over 7,500 pay phones across the five boroughs with new structures called Links. Each Link will provide fast, free public Wi-Fi, phone calls, device charging, and a tablet for access to city services, maps, and directions. NYC also will welcome an event that is an offshoot of the Smart City Expo World Congress: Smart Cities NYC ’17. This event will spotlight new ideas from around the world through panel discussions, events for the public, and exhibitions. It will also highlight the innovations taking place around the five boroughs of New York City.

Chalkida: The first Greek smart city The first municipality in Greece, where pilot Smart Parking and Smart Lighting systems will be installed, supported by a single smart city platform, will be Chalkida. The two applications will contribute to facilitate finding a parking space, reduce traffic congestion, as well as the reduction of the city’s energy consumption. The aim of the project, which will be jointly implemented by the OTE Group (Hellenic Telecommunications Organization), Cisco, KAFKAS and OTS companies, is to demonstrate in practice the benefits of adopting smart technologies for a city and its residents. • Smart Parking: Reducing time and pollutants Within the framework of project, at a central location of Chalkida, special smart parking sensors will be installed, which through a mobile application, developed by OTS, will inform drivers where free parking spaces are available and how to get there. If the selected parking spot is occupied by another user, then the driver is automatically routed to the nearest available position.

• Smart Lighting: More than a 60% reduction in power consumption Similarly, intelligent LED lighting systems will be installed, and can be adapted in real time, at different illumination intensity levels, depending on the season and the time of day. Thus expected to significantly reduce power consumption, since it is estimated that LED lighting technology luminaires save more than 60% in power consumption. • A Single smart city management platform The data of both these smart solutions will be collected through its network infrastructure, in the OTE Group’s cloud infrastructure and from thereon they communicate with the Cisco Smart & Connected Digital Management Platform. The platform will enable the interaction of the applied solutions, the consolidated display of their results and their management by authorized municipality employees. The project is expected to be completed in early 2017.


Renewables Nikos Drakopoulos

20 54

WIND COULD SUPPLY 20% OF GLOBAL ELECTRICITY The Global Wind Energy Council published its Global Wind Energy Outlook report this week, outlining scenarios which show how wind energy could supply 20% of global electricity by 2030.


Global cumulative wind power capacity

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Specifically, the report outlined ways in which wind power could reach 2,110 GW by 2030, supplying up to 20% of global electricity while simultaneously creating 2.4 million new jobs, reducing carbon emissions by more than 3.3 billion tonnes per year, and attracting annual investments of €200 billion.

that means closing fossil fuel fired power plants and replacing them with wind, solar, hydro, geothermal and biomass. That will be the hard part, and governments will have to get serious about it if they are to live up to the commitments to which they have now bound themselves”.

“Now that the Paris Agreement is coming into force, countries need to get serious about what they committed to last December”, said Steve Sawyer, GWEC Secretary General. Meeting the Paris targets means a completely decarbonised electricity supply well before 2050, and wind power will play the major role in getting us there.

Looking back, the GWEC report concluded that the annual installation of wind energy in 2015 reached 63 GW, bringing the cumulative total up to around 433 GW. China was unsurprisingly the leading market for wind again, and has been since 2009. The global wind industry is currently set out across more than 80 countries, of which 28 have more than 1 GW installed.

“Wind power is the most competitive option for adding new capacity to the grid in a growing number of markets”, Sawyer continued, “but if the Paris agreement targets are to be reached,

The report presents outlook scenarios through to 2020, 2030, and 2050, based on the International Energy Agency’s New Policies Scenario from

the World Energy Outlook as its baseline. The Outlook also provides two other scenarios, with the GWEC’s Advanced Scenario being the “most ambitious” and outlining the “best case” scenario for wind. “Decarbonising the global energy system includes the transport sector as a major emitter of carbon”, added the report’s lead analyst Dr. Sven Teske, Research Principal for the Institute for Sustainable Futures at the University of Technology Sydney. “The market for electric mobility, both in regard to electric vehicles as well as public transport, will continue to grow significantly and with this electricity demand for the transport sector. Wind power is in a pole position to supply this future power demand making the wind industry one of the key industries of the energy sector”.


Going 100% renewable is possible The following countries prove that can totally rely on renewable sources of energy in order to get all the electric power they need.

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Iceland

Iceland produces the cleanest electricity per person on Earth. In fact, Iceland produces nine times the European Union average. Natural resources are in abundance and Iceland is making the most of it. Geothermal and hydroelectric plants have been a boon for Iceland. As ‘The Guardian’ puts it, “The glaciers and rivers of the interior of the country are harnessed to generate 80% of the country’s electricity needs through hydropower, while the geothermal fields provide up to 20% of the country’s electricity needs.” They’ve saved over eight billion dollars between 1970 and 2000 by not relying on oil. In that time frame, the carbon emissions have been lowered by one-third.

Uruguay

As of December 2015, Uruguay was producing 95% of its electricity from clean energy. Within a period of ten years, the tiny nation of Uruguay slashed its carbon footprint and went from virtually no wind energy to installing the most wind per capita of any country. Taken together with other energy resources such as solar power, hydropower, and biomass, renewable energy makes up 55% of Uruguay’s energy mix, reports ‘The Guardian’. This is far ahead of the global average of 12%. The most impressive part of this change is that the shift to renewable energy hasn’t resulted in consumers having to pay higher prices. In fact, inflationadjusted prices are lower than they were before, according to Quartz who spoke to the country’s head of climate change policy, Ramόn Méndez.


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Scotland

Scotland is the most recent of the countries to manage a completely renewable energy-powered day. 106 percent. That’s how much energy Scotland’s wind turbines produced on an extremely windy day in August this year; more than enough energy to cover the entire country’s electricity needs. Turbines provided 39,545 megawatt-hours (MWh) of electricity to the national grid. Only 37,202 MWh were consumed. WWF Scotland’s director Lang Banks had this to say: “While Sunday’s weather caused disruption for many people, it also proved to be a good day for wind power output, with wind turbines alone providing the equivalent of all Scotland’s total electricity needs”. He did clarify to say that this may have happened before but only from last year did they have enough information to calculate accurate figures. Scotland wants to be the European Union’s first fully renewable electricity nation by 2030.

Denmark

On 9 and 10 July 2015, Denmark produced a massive amount of energy through its wind farms thanks to unusually strong winds. Denmark found that its turbines were cranking out 140 percent of the country’s electricity needs - way too much for the nation to handle. The enterprising nation sold 80 percent of the surplus renewable energy to Norway and Germany, while the remaining 20 percent went to Sweden. One thing of note is that during the wind’s peak force, these turbines weren’t even operating at their peak capacity of 4.8 gigawatts. Denmark wants to produce half its electricity needs with renewable sources by 2020 and 84% by 2035.


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Portugal

In early 2016, Portugal ran for four days - 107 hours to be exact - straight on renewable energy. This was a clean energy milestone for the country. The consumption of electricity was fully covered by wind, solar and hydro power. In 2015, wind had provided just 22 percent of electricity while all renewable sources together account for 48 percent, this according to the Portuguese renewable energy association. The transformation in just one year has been phenomenal.

Paraguay

One of the world’s largest dams, the Itaipu dam, resides in Paraguay. The citizens are lucky as this dam provides for 90% of Paraguay’s electricity. The dam came at a cost of $20 billion and took 30 years to build. It displaces 67.5 million tonnes of CO2 a year, which is a significant amount.


Germany

Germany may not have managed 100% energy from renewable energy, but as one of the largest economies, it deserves a mention. On Saturday, 25 July, Germany met 78 percent of the electricity demands for the day from renewable energy. According to ThinkProgress from 2015, “2014 was a big year for Germany’s renewable energy transition, known as Energiewende, which requires the phasing out of nuclear energy by 2022 and reducing greenhouse gases at least 80 percent by 2050. The government also wants the at least double the percentage of renewables in the energy mix by 2035”. This year, Germany got almost all of its power from renewable sources. Demand was 45.8 gigawatts on 15 May and supply was just under that at 45.5 gigawatts. During several 15-minute periods, power supply turned negative. This progress is in line with Merkel’s “Energiewende” policy to eventually phase out fossil fuels. A number of other cities and countries have pledged to go 100% renewable within the next decade or two. Pledging is one thing. Achieving it, is another.

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Electric cars Yiannis Pispirigos

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PARIS MOTOR SHOW: THE FUTURE IS ELECTRIC

After the Paris Motor Show one thing has been made abundantly clear about the future of the automobile: it’s electric.


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It’s been widely reported that many automakers are starting to skip big car shows. Ford, Volvo, Rolls-Royce, Aston Martin, and Lamborghini are among the manufacturers who, Bloomberg claims, would rather skip the French spectacle and spread the word of new cars on social media or at more exclusive events. But for those that were in Paris, it’s clearly très chic to be showing off an electric car. Perhaps the most notable announcements are of the cars that regular people will buy. Renault, for instance, has unveiled its new electric car, called Zoe. It’s claimed to have a range of an impressive 250 miles - about the same as a Tesla Model S. Unlike the Tesla, however, it will cost around €28,000 when it goes on sale later this year in Europe. That pits it against both the Chevrolet Bolt, due later this year for €37,500, and the Tesla Model 3, due next year for €35,000. Elsewhere, Smart has announced a new electric version of its ForTwo city car, including a cabriolet version (which will

make it the only all-electric convertible currently on sale). It will have a range of only 100 miles, but will cost around €26,000 when it goes on sale in Europe (it will also go on sale in the U.S. during the first half of 2017). BMW has also refreshed its small i3 electric car with a new battery pack to give it a range of 125 miles. Not all the announcements will be on the road just yet, though. Mercedes-Benz has created a concept for a battery-powered SUV that can cover 310 miles on a charge, and Volkswagen’s futuristiclooking I.D prototype is designed to achieve 380 miles. But neither of those will be available until 2020. To be sure, these vehicles won’t all be on our roads in the near future. But it seems that almost every manufacturer is readying an electric vehicle to be launched within the next four years. That timing neatly coincides with predictions made by Bloomberg New Energy Finance, which suggest that, based on trends in battery prices, the 2020s will be when electric cars take over from their gasoline counterparts.

High-class electric vehicles

Daimler’s Mercedes-Benz and Volkswagen Group introduced electriccar concepts at the Paris Motor Show, signaling the German auto industry’s commitment to waging a fight with Tesla Motors over electric-vehicle leadership. Mercedes revealed an entirely new brand dedicated to electric vehicles, called EQ, and paired it with a concept car called Generation EQ, a sport-utility coupe with electric range of up to about 310 miles. The automaker said it would introduce its first EQ brand vehicle by 2020. Volkswagen debuted the I.D. electric concept, with a range of about 249 to 373 miles, and said a compact car version would hit dealerships in 2020. Taken together, the two vehicles illustrate the German auto industry’s concerted attempt to compete with the likes of Tesla’s Model S and General Motors’ Chevrolet Bolt. Although German automakers have a well-earned reputation for favoring conventional-engine vehicles, the


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companies’ romance with horsepower is gradually fading. “The emission-free automobile is the future”, Daimler CEO Dieter Zetsche said in Paris. “And our new EQ brand goes far beyond electric vehicles. EQ stands for a comprehensive electric ecosystem of services, technologies and innovations”. Mercedes custom-designed a new vehicle platform for the EQ brand, saying it will be flexible enough to fit different battery configurations, wheelbases and sizes, including SUVs, coupes and cars. Volkswagen’s I.D. concept illustrates the world’s second-largest automaker’s attempt to redefine its image following a diesel emissions scandal that tarnished its reputation for clean cars.

era of all-electric vehicles, for a new automotive era: electrical, connected and autonomously driving”.

“In 2020 we will begin to introduce an entire family of electric vehicles on the market”, Volkswagen brand CEO Herbert Diess said in Paris. “All of them will be based on a new vehicle architecture, which was specially and exclusively developed for all-electric vehicles. Not for combustion engine or plug-in hybrid vehicles. The I.D. stands for this new

In addition to electric-drive capability, Volkswagen said the I.D. concept represents its intention to deliver a “fully autonomous” vehicle by 2025. The I.D.’s steering wheel retracts into the dash when the car is in driverless mode, and the car dispenses with the conventional key in favor of a smartphone start-up system.

VW has said repeatedly that it plans to deliver more than 30 electric models by 2025. The company’s Porsche brand also showed off a Panamera E-Hybrid in Paris, representing one of 17 plug-in hybrids the company expects to begin selling within two years. “Regardless of all the new opportunities and possibilities the mobility world of tomorrow opens up for us, we must not neglect our existing technologies and core competencies”, Volkswagen


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At the same event, the French automaker Renault debuted a redesigned version of its Zoe electric car that it says can go 300 kilometers, or about 186 miles, on a single charge. That puts it in the same league as cars like the upcoming Chevrolet Bolt and Tesla’s Model 3. Prices for the Zoe start at about €29,000, but the battery has to be leased separately.

Group CEO Matthias Mueller said. “The future is electric. Nevertheless, classic powertrains will continue to play a key role for the next two decades at least. We must and we will press ahead with the evolution of diesel and petrol engines. And at the same time, we will progress with alternative technologies”. Still, although the German automakers are making rapid progress with electrics,

they’ve already fallen behind the American automakers. Tesla’s Model S sedan has exhilarated fans, and GM is set to begin selling the first mass-market electric car, the Bolt, which will have a range of about 238 miles, by the end of the year. And Tesla has said it will introduce a Bolt competitor, the mass-market Model 3, with more than 200 miles of range, in 2017, though analysts expect it will take longer.

General Motor’s European division, Opel, on the other hand, revealed the Ampera-e. This is essentially Opel’s version of the Chevrolet Bolt - an affordable plug-in car that can go 238 miles on a charge, according to the U.S. EPA. The Ampera-e will even be built in the same Michigan factory as the Bolt. The Ampera-e is expected to go into production next spring, but no pricing has been announced yet.


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INTERNATIONAL DG Energy-European Comission DM 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 EWEA 80, Rue d’Arlon, B-1040 Brussels, Belgium Tel.: +32 2 213 1811 Email: ewea@ewea.org www.ewea.org/

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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 Agency CI Tower, Khalidiyah (32nd) Street Abu Dhabi, United Arab Emirates Tel.: +971 2 4179000 www.irena.org/ World Energy Council Regency House, 1-4 Warweek Street, 5th floor London, W1B 5LT, United Kingdom Tel.: +44 (0) 207734 5996 www.worldenergy.org

ALBANIA 01. GOVERNMENT INSTITUTIONS Ministry of Energy and Industry Dëshmorët & Kombit Boulevard, 1001 Tirana Tel.: +355 4 22222 45 ext.74111 Email: sekretaria@energjia.gov.al

02. ENERGY COMPANIES Albpetrol sh.a Lagja 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

03. LAW FIRMS CMS Adonnino Ascoli & Cavasola Scamoni Rr. 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 IKRP Rokas & Partners Albania sh.p.k. Donika Kastrioti Str., Palace No. 14, Apartment 7A Tirana, Albania Tel.: +355 4 2267707, E-mail: tirana@rokas.com www.rokas.com/en/

BULGARIA 01. GOVERNMENT INSTITUTIONS Ministry of Economy and Energy 8, Slavyanska Str., Sofia 1052 Tel.: +359 2 9407001, +359 2 940 7545 Email: e-docs@mee.government.bg www.mi.government.bg

Nuclear Regulatory Agency 69 Shipchenski prokhod Blvd, 1574 Sofia Tel.: +359 2 9406-800 Email: mail@bnra.bg www.bnsa.bas.bg

SolarPro Holding 7 Sheinovo str., 1504 Sofia Email: office@solarpro.bg www.solarpro.bg

2. Non governmental

05. OIL & GAS

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

Bulgargas 47 Petar Parchevich Str., 1000 Sofia Tel.: +359 2 935 89 44, +359 2 935 89 88 Email: hq@bulgargaz.bg www.bulgargaz.com

Bulgarian Chamber of Commerce and Industry 9 Iskar Str., Sofia 1058 Tel.: +359 2 987 78 26, +359 2 8117 445 Email: bcci@bcci.bg www.bcci.bg Bulgarian Photovoltaic Association 42 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 WWF Bulgaria 38 Ivan Vazov Street, 2nd fl., 3th ap., 1000 Sofia Tel.: +359 29505040 Email: office@wwfdcp.bg www.wwf.bg

03. ENERGY COMPANIES AEC Kozlodui 3321 Kozlodui Tel.: +359 973 7 2020 Email: info@kznpp.org www.kznpp.org/ AES AES Maritza Iztok 1, 72 Lyuben Karavelov Str., Sofia Tel.: +359 42 901 634 Email: peter.lithgow@aes.com www.aes.com Brikel EAD Stara Zagora region, 6280 Galabovi Tel.: +359 8122000 www.brikel-bg.com/ Bulgarian Energy Holding 16 Vesalec Str., 1000 Sofia Tel.: +359 2 926 38 00 Email: hq@bgenh.com www.bgenh.com CEZ 140 G.S. Rakovski Str., Sofia 1000 Tel.: +359 070010010 Email: cez@cez.bg www.cez.bg Contour Global ContourGlobal Maritsa East 3 TPP, Mednikarovo, Stara Zagora 6294 Tel.: +359-42-663-251 Email: me3@ContourGlobal.com www.contourglobal.com

04. ALTERNATIVE ENERGY E.Mirolio EAD Industrial Zone, 8800 Sliven Tel.: +359 44612418 Email: miroglio.lana@emiroglio.com www.emiroglio.com

Bulgartransgas POB 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 EAD 4 Adam Mitskevich Str. Tel.: +359 2 925 9495 Email: sofia@citygas.bg www.citygas.bg/ DEXIA BULGARIA 9160 Devnya Industrial Zone Tel.: +359 887077077 Email: pola.naydenova@mail.bg Direct Petrolium Bulgaria/TransAtlantic 16 Arh. J. Milanov str., 1164 Sofia Tel.: +3592 963 3244 Email: info@transatlanticpetroleum.com www.transatlanticpetroleum.com/portfolio/bulgaria Lukoil 42, Todor Alexandrov Blvd, 1303 Bulgaria Tel.: +359 2 91 74 316 Email: office@lukoil.bg www.lukoil.bg OMV Bulgaria 1, Sofiiski Geroi Str., Sofia 1612 Tel.: +359 2 93 29710 Email: info.bulgaria@omv.com www.omv.bg Petrol 43, 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


07. Electricity traders DANS 120D, Simeonovsko Shose Blvd, 1700 Sofia Tel.: +359 2 42 100 10 www.dansenergy.eu EFG 10, Vihren Str., Pavlovo distr., Sofia Tel.: + 359 2 892 88 08 Email: office@efg.bg www.efg.bg

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 Industry 38, Griva Digeni Ave. & 3 Deligiorgi Str., Tel.: +357 22 889800 Email: chamber@ccci.org.cy www.ccci.org.cy/

03. INSTITUTIONS Cyprus Institute of Energy 2 Agapinoros & 3 Arch. Makariou, Megaro IRIS, 1st Floor, 1076 Nicosia Tel.: +357 22 606060 Email: cie@cytanet.com.cy www.cie.org.cy

04. LAW FIRMS

Cyprus Energy Agency 10-12 Lefkonos Street, 1011 Nikosia Tel.: +357 22 667716, +357 22 667726 Email: anthi.charalambous@cea.org.cy www.cea.org.cy

Antonis Paschalides & CO. LLC Makarios Ave. & Agias Elenis 36, Galaxias Building, Office 502, Nicosia 1061 Tel: +357 22 661 661 www.paschalides.com

Energy MT 8, Bacho Kiro, 1000 Sofia Email: office@emtbg.com www.emtbg.com/

Cyprus Energy Regulatory Authority 81-83 Griva Digeni Avenue, IAKOVIDI Building, 3rd Floor, 1080 Nicosia Tel.: +357 22 666363 Email: info@cera.org.cy www.cera.org.cy

Christos M. Triantafyllidis 2, Evagorou Str., Irini Megaron, 3rd floor, Office 31-33, 1521 Nicosia www.christriantafyllides.com

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

Cyprus Hydrocarbons Company Ltd 53, Strovolos Ave., Victory Building 2018 Strovolos, Nicosia Tel.: +357 22 203880 Fax: +357 22 311646

EFT 19, George Washington Street, 1000 Sofia Tel.: +359 2 439 9010 Email: enquiries@eft-group.net www.eft-group.net

08. Law Firms CMS Cameron McKenna 14, Tzar Osvoboditel Blvd, 1000 Sofia Tel.: +359 897860421 Email: konstantin.sirleshtov@cms-cmck.com www.cms-cmck.com/Sofia-CMS-CMCK-Bulgaria I. K. Rokas & Partners Law Firm – Branch Bulgaria, I. Rokas 12-16, Dragan Tzankov Blvd., Lozenetz Square, 1164 Sofia Tel.: +359 2 9521131 Fax: (+359 2) 9520680 E-mail: sofia@rokas.com www.rokas.com/en/

09. CONSULTANTS

Cyprus Institute of Energy 2 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 Energy 68, 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

Energeo 279 B Tzar Boris III Bd, Sofia 1619 Tel.: +359 2 902 6580 Email: office@energeo.bg http://energeo.bg

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

10. PR

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

AMI Communications 135 B, G.S.Rakovski Str., floor 2, Sofia 1000 Tel.: +359 2 989 5115 Email: office@amic.bg www.amic.bg

Cyprus Legal Answers 31, Estias Street, Aradippou, 7041 Larnaka Tel.: +357 99 641265, Fax: +357 22 672 333 Email: info@cypruslegalanswers.com www.cypruslegalanswers.com Kyriakides & Xenofontos Tel.: +357 25 352352, Fax: +357 25 352353 www.oilandgaslawyers.eu Michael Damianos & Co LLC 42E, Arch. Makarios Avenue, 1065 Nicosia Tel.: +357 22 021212 Fax: +357 22 021213 http://damianoslaw.com Pamboridis LLC 45, Digeni Akrita Avenue, 1070 Nicosia Tel.: +357 22 752525 Fax: +357 22 752800 Email: info@pamboridis.com www.pamboridis.com

05. CONSULTANTS ANETEL Larnaca District Development Agency 2 Ag. Lazarou Str., 7040 Voroklini Larnaca Tel.: +357 24 815280 Email: info@anetel.com www.anetel.com/ Aristodemou Nicolas 5A, Afxentiou Str., 2ndFloor, CY-1309, Nicosia Email: aristodn@cytanet.com.cy www.nea-consult.com Aspen Trust Group Elia House, 77 Limassol Avenue, 2121 Nicosia Tel.: +357 22 418888 Fax: +357 22 418890 Email: info@aspentrust.com www.aspentrust.com BIZSERV 32, Georgiou Griva Digeni Ave., 1066 Nicosia Tel.: +357 22 375504 Fax: +357 22377583 Email: info@bizserve.eu

D&D 54, W. Gladstone Str., 1000 Sofia Tel.: +359 2 866 98 99 Email: office@ddagency.com www.ddagency.com

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

CYPRUS

02. SEMI GOVERNMENT ORGANIZATIONS

Cba Conquest Business Advisors 176, Athalassis Avenue, CY2025 Strovolos, Nicosia Tel.: +357 22 820800 Email: louismloizou@cba.com.cy www.cba.com.cy/

Electricity Authority of Cyprus 11 Amfipoleos Str., 2025 Strovolos, 1399 Lefkosia Tel.: +357-22 20 10 00 Email: eac@eac.com.cy www.eac.com.cy

Kassinis International Consulting Office 502, Kennedy Business Centre 12, Kennedy Ave, Ayioi Omologites, 1087 Nicosia Tel.: +357 22 663280, Fax: +357 22 669469 Email: info@kassinis-consulting.com www.kassinis-consulting.com

01. GOVERNMENT INSTITUTIONS Commission for the Protection of Competition (C.P.C) of the Republic of Cyprus 53, Strovolos Ave., 2018 Strovolos, Nicosia Tel.: +357 22 606600 www.competition.gov.cy

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06. OIL & GAS

08. ALTERNATIVE ENERGY

A.M.K. EcoLeaf Ltd - ENERGY MANAGEMENT SYSTEMS 15, Dodekanisou Str., Anthoupoli, Nicosia 2302 Tel.: +357 22 720670 Email: info@amkgroup.eu www.ecoleaf.eu/

A.S.G. Solar Technologies Ltd 28, Kinyras Street, Shop A, 8011 Paphos Tel.: 7777 7652, Fax +357 26 822 513 Email: solartech@cytanet.com.cy

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

Aeoliki Ltd 41, Themistokli Dervi Street, 1066 Nicosia Tel.: +357 22 875707, Fax: +357 22 757778 Email: info@aeoliki.com www.aeoliki.com

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

Energy Sequel 3, Costa Loizou Street, Latsia, 2222 Nicosia Tel: +357 96 276761 E-mail: energysequel@gmail.com www.energysequel.com

Eni Cyprus Ltd 81-83, Grivas Digenis Avenue, 1090 Nicosia Tel.: +357 22 503232, Fax: +357 22 503001 Email: christiano.salino@eni.com

Ergo Energy 47, 28th October Street, 2414 Engomi - Nicosia Tel.: +357 22 505404 Email: pharconides@ergohomegroup.com www.ergoenergy.com.cy

Exxonmobil Cyprus Inc 6 Ag. Prokopiou Str., Eggomi, Nicosia Tel.: +357 22 393101

09. PR

Hellenic Petroleum Cyprus Ltd 3, Ellispontou Str., 2015 Strovolos Tel.: +357 22 477000 www.eko.com.cy

ACTION GLOBAL COMMUNICATIONS 6, Kondilaki Street, 1090 Nicosia Tel.: +357 22 818 884 Email: natalie.c@actionprgroup.com www.actionprgroup.com

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

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

Lanitis Green Energy Group Ltd 107B Nicou Pattichi Str., 3070 Limassol Tel.: +357 25 822314 www.lgeg.com.cy

10. EDUCATION INSTITUTES

Lukoil Cyprus Ltd 11, Limassol Ave., 5th Floor, 2112 Aglanja, Nicosia Tel.: +357 70001000 Email: lukoil@lukoil.com.cy www.lukoil.com.cy/

European University of Cyprus 6, Diogenis Str., Engomi, 1516 Nicosia Tel: +357.22.713000 www.euc.ac.cy

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

Levantine Training Centre 5, 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

Synergas Dhekelia Rd, 6303 Larnaca Tel.: +357 24 635286

GREECE

Total G&P Cyprus 48, Themistocli Dervi, 5th floor, 1066 Nicosia Tel.: +357 22 202806, Fax: +357 22 202801 Email: jean-luc.porcheron@total.com total.com VTT Vasiliko Ltd (A VTTI Group Company) Oil Storage Terminal, 75 Mari, 7736 Larnaca Tel.: +357 24 257500 Fax: +357 24 333299 Email: xee@vtti.com www.vtti.com

07. ELECTRICITY FALCON ELECTRICITY POWER 135, Omonoias Ave, 8th floor, 3045 Limassol Tel.: +357 25 028560 Email: info@falconelectricity.com http://falconelectricity.com/ ΔΕΗ Quantum Energy Tel.: +357 22 792200 Email: info@dei-quantumenergy.com www.dei-quantumenergy.com

01. GOVERNMENT INSTITUTIONS Ministry of Reconstruction of Production, Environment and Energy (YPAPEN) 17, Amaliados Str., 115 23 Athens Tel.: +30 213 1515000, Fax: +30 210 6447608 Email: info@ypeka.gr www.ypeka.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 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

02. Non governmental Institute 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

03. FEDERATIONS - UNIONS 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. ASSOCIATIONS 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) ELETAEN 306, kifissias Ave., 1st Floor, 152 32 Athens Tel./Fax: +30 210-8081755 Email: eletaen@eletaen.gr www.eletaen.gr

05. ELECTRICITY

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

ASEA BROWN BOVERI S.A. (ABB) 13th klm National Road Athens-Lamia 144 52 Metamorfosi Tel.: +30 210-2891500, Fax: +30 210-2891599 Email: abb@gr.abb.com www.abb.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

Elpedison Energy 8-10, Sorou Str., Building C, 151 25 Marousi Tel.: +30 211-2117400, Fax: +30 210-3441255 Email: info.energy@elpedison.gr www.elpedison.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

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

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

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

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

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

06. OIL & GAS Aegean S.A. 10, Akti Kondili Str., 185 45 Piraeus Tel.: +30 210-4586000, Fax: +30 210-4586241 Email: info@aefeanoil.gr www.aegeanoil.gr BP Elliniki S.A. Petroleum 26, Kifissias Av. & 2, Paradissou Str.,151 25 Marousi Tel.: +30 210-6887777, Fax: +30 210-6887697 Email: info@bp.com www.bp.com Copelouzos Group 209, Kifissias Avenue, 151 24 Marousi Tel.: +30 210-6141106-115, Fax: +30 210-6140371 Email: info@copelouzos.gr www.copelouzos.gr 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 Eko AEBE 8, 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 Energean Oil & Gas 32, Kifissias Ave. Atrina Center, 151 25 Marousi Tel.: +30 210-8174200, Fax: +30 210-8174299 Email: info@energean.com www.energean.com EPA Attikis 11, Sof. Venizelou Ave. & Serron Str., 141 23 Lykovrisi Tel.: +30 210-3406000, Fax: +30 210-3406060 Email: info@aerioattikis.gr www.aerioattikis.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

Trans Adriatic Pipeline AG Greece, Branch Athens 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

07. ALTERNATIVE ENERGY ABB 13th klm National Road Athinon-Lamias 144 52 Metamorfosi Tel.: +30 210-2891500, Fax: +30 210-2891599 Email: abb@gr.abb.com www.abb.gr AID Engineering Ltd 17, Aithrias Str., Nea Kifissia 145 64 Athens Tel./ Fax: +30 210-8003784 Email: information@aidengineering.gr www.aidengineering.gr EDF EN Hellas 120 ,Vas. Sofias Avenue, 115 26 Athens Tel.: +30 210-6462079, Fax: +30 210-6431420 Email: een@eenhellas.gr www.edf-energies-nouvelles.com ELECTROTECH Power Systems 81, Ypsilantou Str., 187 58 Keratsini Tel.: +30 210-4321398, Fax: +30 210-4321034 Email: info@electrotech.gr www.electrotech.gr Enteka 2, Tichis Str., 152 33 Chalandri Tel.: +30 210-6816803, Fax: +30 210-6816460 Email: enteka@enteka.gr www.enteka.gr Gamesa 9, Adrianiou Str., 115 25 Athens Tel.: +30 210-6753300, Fax: +30 210-6753305 Email: gehellas@gamesacorp.com www.gamesacorp.com GEORYTHMIKI ATE 170, Ag. Dimitriou Str., 173 41 Agios Dimitrios Tel.: +30 210-9322234, +30 210-9322248 Fax: +30 210-9359210 Email: info@georytmiki.gr www.georythmiki.gr GREENTOP Energy Systems S.A. 1, Vas. Sofias Str., 151 24 Maroussi, Athens Tel.: +30 210-8128150, Fax: +30 210-8128160 Email: energy@greentop.gr www.greentop.gr Krannich Solar GmbH & Co. KG Head Office: 40, Stadiou Str., Kalohori 570 09 Thessaloniki Tel.: +30 2310-751960, Fax: +30 2310-751540 Branch: 336 Syggrou Ave., Kallithea, 176 73 Athens Tel.: +30 210-9531040, Fax: +30 210-9531041 Email: info@gr.krannich-solar.com www.krannich-solar.com

Robert Bosch S.A. 37, Erheias Str., 194 00 Koropi Tel.: +30 210-5701200 Fax: +30 210-5770080 Email: RBGR.Greece@gr.bosch.com www.bosch.gr Schneider Electric Greece 19th 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 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

08. LAW FIRMS Kelemenis & Co. Law Firm 5, Tsakalof Str., Melathron Centre, 106 73 Athens Tel.: +30 210-3612800, Fax: +30 210-3612820 Email: enquiries@kelemenis.com www.kelemenis.com Metaxas Law 154, Asklipiou Str., 114 71 Athens Tel.: +30 210-3390748, Fax: +30 210-3390749 Email: info@metaxaslaw.gr www.metaxaslaw.gr Rokas International Law Firm 25 & 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

9. CHAMBERS American-Hellenic Chamber of Commerce 109-111, Messoghion Ave., 115 26 Athens Tel.: +30 210-6993559 Fax: +30 210-6985686 Email: info@amcham.gr www.amcham.gr Greek-German Chamber 10-12, Dorileou Str., 115 21 Athens Tel.: +30 210-6419000, Fax: +30 210-6445175 Email: ahkathen@mail.ahk-germany.de griechenland.ahk.de Athens Chamber of Commerce & Industry 6, Akadimias Str., 106 71 Athens Tel.: +30 210-3387104 Fax: +30 210-3622320 Email: info@acci.gr www.acci.gr

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10. INDUSTRY Mytilineos Group 5-7, Patroklou Str., 151 25 Maroussi Tel.: +30 210-6877300 Fax: +30 210-6877400 Email: info@mytilineos.gr www.mytilineos.gr Hellenic Halyvourgia 86A, Othonos & Kokkota Str., 145 61 Kifissia Tel.: +30 210-6283400 Fax: +30 210-8015614 Email: info@hlv.gr www.hlv.gr

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Allouminion Ellados 8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-3693000 Fax: +30 210-3693108 Email: info@alhellas.gr www.alhellas.com Metka Group 8, Artemidos Str., 151 25 Maroussi Tel.: +30 210-2709200 Fax: +30 210-2759528 Email: info@metka.gr www.metka.com

Romanian Ministry of Environment and Climate Changes 12 Libertatii Avenue, Sector 5, Bucharest Tel.: +4 021 408 9500 Email: srp@mmediu.ro www.mmediu.ro

Romanian Black Sea Titleholders Association 169A, Floreasca Road, building A, office 2099, District 1, Bucharest Tel.: +4 031 860 2357 Email: office@rbsta.ro www.rbsta.ro

Romanian Ministry of Regional Development 17 Apolodor Street, North side, Sector 5, Bucharest Tel.: +4 037 211 1409 Email: info@mdrap.ro www.mdrap.ro

Romanian Electricity Suppliers Association 7-9, Tudor Stefan Street, ap. 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

02. NON GOVERNMENT

Romanian Wind Energy Association 75-77 Buzesti St, 7th floor, office 34, District 1, Bucharest Tel.: +4 0736 621 222 Email: office@rwea.ro www.rwea.ro

ACUE-Association of Energy Utilities Companies 2 Intrarea Amzei St, et. 1, ap. 2, District 1, Bucharest Tel.: +4 021 230 0050 Email: office@acue.ro www.acue.ro AFEER-The Association of Electricity Suppliers in Romania 7-9, Tudor Stefan Street, 1st floor, ap 2, 011655, Sector 1, Bucharest Tel.: +4 021 230 6031 Email: office@afeer.ro www.afeer.ro

11. CONSULTANCY & ENGINEERING

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

KIMI S.A. Industrial Park of SHISTO 2nd Street, 2nd Building Block 18863 Perama, Greece Tel: +30 210-4004757 Fax: +30 210-4326399 Email: info@kimi-sa.com www.kimi-sa.com

CNR-CME-Romanian National Comitee of World Energy Council 1-3, Lacul Tei Avenue, 020371, Sector 1, Bucharest Tel.: +4 037 282 1475 Email: ghbalan@cnr-cme.ro www.cnr-cme.ro

ROMANIA 01. GOVERNMENT INSTITUTIONS ANRE-National Energy Regulator 3, Constantin Nacu Street, 020995, Sector 2, Bucharest Tel.: +4 021 327 8174 Email: anre@anre.ro www.anre.ro Competition Council Romania 1, Piata Presei Libere, building D1, 013701, Sector 1, Bucharest Tel.: +4 021 318 1198 Email: presedinte@consiliulconcurentei.ro www.consiliulconcurentei.ro National Agency for Mineral Resources 59, Dacia Blvd, 010407 District 1, Bucharest Tel.: +4 021 317 0018 Email: namr@namr.ro www.namr.ro Nuclear Agency & Radioactive Waste 21-25 Mendeleev Str., 010362, Sector 1, Bucharest Tel.: +4 021 316 8001 Email: contact@nuclearagency.ro www.agentianucleara.ro Romanian Government 1 Victoriei Square, 011791, Sector 1, Bucharest Tel.: +4 021 314 3400 Email: drp@gov.ro www.gov.ro Romanian Ministry of Economy 152 Victoriei Avenue, 010096, Sector 1, Bucharest Tel.: +4 021 202 5426 Email: dezbateri_publice@minind.ro www.minind.ro

CRE-Romanian Energy Center 6 Sofia St, 011838, District 1, Bucharest Tel.: +4 021 795 3020 Email: office@crenerg.org www.crenerg.org EURISC Romania 82-84 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 Romania 11 Ion Campineanu Street, 3rd floor, Sector 1, 010031, Bucharest Tel.: +4 021 222 1931 Email: office@fic.ro www.fic.ro Greenpeace CEE Romania 176 Calea Serban Voda, 040214, District 4, Bucharest Tel.: +4 031 435 5743 Email: info.romania@greenpeace.org www.greenpeace.org Petroleum Club of Romania 38, Dragos Voda Street, ap. 1, 020747, Sector 2, Bucharest Tel.: +4 031 102 0605 Email: petroleumclub@petroleumclub.ro www.petroleumclub.ro Romania Energy Center 319 Calarasilor Road, 030622, Sector 3, Bucharest Tel.: +4 031 432 8737 Email: energy@roec.ro www.roec.ro Romania Photovoltaic Industry Association 58-60, Gheorghe Polizu Street, Sector 1, Bucharest Email: office@rpia.ro www.rpia.ro

03. ENERGY COMPANIES CEZ Romania 2B, 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 Romania 42 Pandurilor Blvd, floor 6, office 6001, 540554, Targu Mures, Mures County Tel.: +4 0265 200 366 Email: office@eon-romania.ro www.eon-romania.ro Electrica Furnizare S.A. 1A, Stefan cel Mare Road, 011736, Sector 1, Bucharest Tel.: +4 037 244 2192 Email: office@electricafurnizare.ro www.electricafurnizare.ro Enel Romania 41-42 Ion Mihalache Bd., District 1, Bucharest Tel.: +4 037 243 6436 Email: contactee.ro@enel.com www.enel.ro ENGIE Romania 4-6 Marasesti Avenue, 040254, District 4, Bucharest Tel.: +4 021 9336 Email: office@engie.ro engie.ro 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 Nuclearelectrica S.A. 65, Polona Street, 010505, Sector 1, Bucharest Tel.: +4 021 203 8200 Email: office@nuclearelectrica.ro www.nuclearelectrica.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 Transelectrica 2-4, Olteni Street, 030786, Sector 3, Bucharest Tel.: +4 021 303 5822 Email: office@transelectrica.ro www.transelectrica.ro Verbund Romania 8 Tudor Arghezi St, Et. 7, 020945, District 1, Bucharest Tel.: +4 021 301 6005 Email: ovidiu.pop@verbund.ro www.verbund.com


Vestas Romania 11-15, Tipografilor Str., Building B3, 013714 Bucharest Tel.: +4 031 403 3099 Email: vestas-romania@vestas.com www.vestas.com

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

Romanian Academy 125, Victoriei Road, 010071, Sector 1, Bucharest Tel.: +4 021 212 8651 Email: moancea@acad.ro www.acad.ro

04. OIL & GAS

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

Valahia University 2 Carol I Blvd, 130024, Targoviste, Dambovita County Tel.: +4 0245 206 101 Email: rectorat@valahia.ro www.valahia.ro

Black Sea Oil & Gas 175 Calea Floreasca, 10th floor, District 1, 014459, Bucharest Tel.: +4 021 231 3256 Email: office@blackseaog.com www.blackseaog.com Exxon Mobil Romania 169A, Floreasca Road, building A, 014472, Sector 1, Bucharest www.exxonmobileurope.com GSP-Petroleum Services Group Constanta Port, Berth 34, 900900, Constanta County Tel.: +4 024 155 5255 Email: office@gspoffshore.com www.gspoffshore.com Lukoil Romania 28-36, Nordului Road, District 1, Bucharest Tel.: +4 021 227 2106 Email: office@romania.lukoil.com www.lukoil.ro MOL Romania 4-6 Daniel Danielopolu Avenue, Sector 1, Bucharest Tel.: +4 021 204 8500 www.molromania.ro OMV Petrom 22, Coralilor Str., Petrom City, Sector 1, 013329 Bucharest Tel.: +4 021 402 2201 Email: office@petrom.com www.petrom.com PETROTEL - LUKOIL S.A. 235, Mihai Bravu Street, Ploiesti, Prahova County Tel.: +4 0244 504 000 Email: office@petrotel.lukoil.com www.lukoil.ro Rompetrol 3-5, Presei Libere Square, City Gate Building, Northern Tower, Sector 1, Bucharest Tel.: +4 021 303 0800 Email: office@rompetrol.com www.rompetrol.ro Transgaz 1 Constantin Motas Square, 551130, Medias, Sibiu County Tel.: +4 026 980 3333 Email: cabinet@transgaz.ro www.transgaz.ro Upetrom 1 Mai 1, 1 Decembrie 1918 Square, 100543, Ploiesti, Prahova County Tel.: +4 021 308 0200 Email: office@upetrom1mai.com www.upetrom1mai.com

05. Equipment and Maintenance Aggreko 7A Centura Road , Tunari, 077180, Ilfov Tel.: +4 075 222 5985 Email: catalin.tocu@aggreko.biz www.aggreko.ro General Electric Romania 169A Floreasca Street, 014472, District 1, Bucharest Tel.: +4 037 207 4541 Email: diana.jula@ge.com www.ge.com

Romenergo 175 Floreasca Road, District 1, Bucharest Tel.: +4 021 233 0771 Email: office@romenergo.ro www.romenergo.ro Schneider Electric Romania 4 Gara Herastrau St, District 2, 020334, Bucharest Tel.: +4 021 203 0606 Email: ro-csc@ro.schneider-electric.com www.schneider-electric.ro Siemens Romania 24, 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

08. PR COMPANIES Action Pr 35 Alexandru Constantinescu Str., Bucharest Tel.: +4 021 224 2270 Email: ruxandra.s@actionprgroup.com www.actionprgroup.com GMP PR 19 Leonida St, District 2, Bucharest Tel.: +4 021 210 7777 Email: office@gmp.ro www.gmp.ro

06. Law FIrMs

Golin 89-97 Grigore Alexandrescu St, District 1, Bucharest Tel.: +4 021 301 0051 Email: office.bucharest@golin.com www.golin.com/ro

Biris Goran 47 Aviatorilor Blvd, 011853, Bucharest Tel.: +4 021 260 0710 Email: office@birisgoran.ro www.birisgoran.ro

Grayling PR 9, Maltopol Street, 011047, Sector 1, Bucharest Tel.: +4 021 301 0051 Email: Cristi.Cretzan@grayling.com www.grayling.com

CMS Cameron McKenna 11-15 Tipografilor Str., B3-B4, Sector 1, Bucharest Tel.: +4 021 407 3800 Email: bucharest.office@cms-cmck.com www.cms.law

OMD 6 Pictor G.D. Mirea St,District 1, Bucharest Tel.: +4 021 222 1091 Email: romania@omd.com www.omd.com

IK Rokas&Partners 45, Polona Street, Sector 1, Bucharest Tel.: +4 021 411 7405 Email: bucharest@rokas.com www.rokas.com

Premium PR 23 Eroilor Sanitari Av., 050471, Sector 5, Bucharest Tel.: +4 021 411 0152 Email: office@premiumpr.ro www.premiumpr.ro

Musat & Associates 43, Aviatorilor Avenue, 011853, Sector 1, Bucharest Tel.: +4 021 202 5900, Email: musat@musat.ro www.musat.ro NNDKP 201 Barbu Vacarescu St,18th Floor, 020276, District 2, Bucharest Tel.: +4 021 201 1200 Email: office@nndkp.ro www.nndkp.ro Serban&Musneci Associates 3 Pictor Ion Negulici St, 011941, Sector 1, Bucharest Tel.: +4 021 222 4478 Email: office@serbanmusneci.ro www.serbanmusneci.ro Wolf Theiss 58-60 Gheorghe Polizu Str. 011062, Sector 1, Bucharest Tel.: +4 021 308 8100 Email: bucuresti@wolftheiss.com www.wolftheiss.com

07. EDUCATION INSTITUTES Oil&Gas University Ploiesti 39, Bucuresti Ave. 100680, Ploiesti, Prahova County Tel.: +4 0244 573 171 Email: rectorat@upg-ploiesti.ro www.upg-ploiesti.ro

The Group 3, Praga Street, 011801, Sector 1, Bucharest Tel.: +4 021 206 2200 Email: office@thegroup.ro www.thegroup.ro V+O Communication 40 Hristache Pitarul Str., 011626, Sector 1, Bucharest Tel.: +4 021 231 9195 Email: office@vando.ro www.vando.ro

09. EmbassIES Canadian Embassy in Romania 1-3, 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 Office 1-3, Pache Protopopescu Avenue, 021403, Sector 2, Bucharest Tel.: +4 021 210 0748 Email: ecocom-bucharest@mfa.gr www.mfa.gr/bucharest USA Embassy in Romania 4-6, Dr. Liviu Librescu Str., 015118, Sector 1, Bucharest Tel.: +4 021 200 3300 Email: infobuch@state.gov romania.usembassy.gov

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10. BANKS

14. ENERGY TRADERS

Erste Group Banca Comerciala Romana 5 Regina Elisabeta Ave, 030016, Sector 3, Bucharest Tel.: +4 021 407 4200 Email: contact.center@bcr.ro www.bcr.ro

Arelco Power 11 Pitarul Hristache St, District 1, Bucharest Tel.: +4 021 231 7056 Email: office@arelco.ro www.arelco.ro

ING Bank Romania 48, Iancu de Hunedoara Ave, 011745, Sector 1, Bucharest Tel.: +4 021 222 1600 Email: contact@ing.ro www.ing.ro

Repower 19-21 Primaverii Blvd, 011972, District 1, Bucharest Email: info@repower.com Tel.: +4 021 335 0935 www.repower.com/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

Tinmar 246C Calea Floreasca, District 1, Bucharest Tel.: +4 031 9797 Email: office@tinmar-energy.ro ww.tinmar.ro

Piraeus Bank Romania 29-31 Nicolae Titulescu Road, District 1, Bucharest Tel.: +4 021 303 6969 Email: office@piraeusbank.ro www.piraeusbank.ro

Transenergo Com 90 Calea 13 Septembrie, 050726, District 5, Bucharest Tel.: +4 021 403 4945 Email: office@transenergo.ro transenergo.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

15. CONSULTANTS

EPS Snabdevanje 2, Carice Milice Street, Belgrade Tel: +381 11 6556 747, Fax: + 381 11 655 6757 Email: kabinet@eps-snabdevanje.rs www.eps-snabdevanje.rs

ISPE-Institute for Studies and Power Engineering 1-3, Lacul Tei Avenue, 20371, Sector 2, Bucharest Tel.: +4 037 282 1076 Email: office@ispe.ro www.ispe.ro

Hidroelektrane Derdap 1, Trg kralja Petra Street, Kladovo Tel: + 381 19 801 651, Fax: + 381 19 801 659 Email: goran.knezevic@djerdap.rs www.djerdap.rs

SERBIA 01. GOVERNMENT INSTITUTIONS

HIP Petrohemija 82, Spoljnostarcevacka Street, Pancevo Tel: +381 13 307 000, Fax: +381 13 310 207 Email: info@hip-petrohemija.rs www.hip-petrohemija.rs

Agency for Environmental Protection 27a Ruze Jovanovica, Belgrade Tel: +381 11 2861 065, Fax: +381 11 2861 077 Email: office@sepa.gov.rs www.sepa.gov.rs

JP Srbijagas 12, Narodnog fronta Street, Novi Sad Tel: +381 21 481 2703, Fax: +381 21 481 1305 Email: kabinet@srbijagas.com www.srbijagas.com

Commission for Protection of Competition 7 Kneginje Zorke Street, Belgrade Tel: +381 11 381 1911, Fax: +381 11 381 1936 Email: office.kzk@kzk.gov.rs www.kzk.org.rs

03. ALTERNATIVE ENERGY

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

11. AUDIT Deloitte Romania 4-8, Nicolae Titulescu Road, Est entrance, 011141, District 1, Bucharest Tel.: +4 021 222 1661 Email: romania@deloittece.com www.deloitte.com Ernst & Young 15-17 Ion Mihalache Blvd, 011171, District 1, Bucharest Tel.: +4 021 402 4000 Email: office@ro.ey.com www.ey.com/ro KPMG 69-71, Bucharest-Ploiesti Road, Victoria Business Park DN1, 013685, Sector 1, Bucharest Tel.: +4 0372 377 800 Email: kpmgro@kpmg.ro www.kpmg.com

12. Chambers of commerce Bucharest Chamber of Commerce and Industry CCIB 2 Octavian Goga Avenue, 030982, Sector 3, Bucharest Tel.: +4 021 318 2573 Email: ccir@ccir.ro www.ccir.ro Constanta Chamber of Commerce 185A, Alex. Lapusneanu Ave, 900457, Constanta Tel.: +4 024 161 9854 Email: office@ccina.ro www.ccina.ro

Energy Agency of the Republic of Serbia 5 / V Terazije Street, Belgrade Tel: +381 11 3033 829, Fax: +381 11 3225 780 Email: aers@aers.rs www.aers.rs Ministry of Mining and Energy 22-26 Nemanjina Street, Belgrade Tel: +381 11 3604-403 Fax: +381 11 3616-603 Email: kabinet@mre.gov.rs www.merz.gov.rs

02. ENERGY COMPANIES Centar 7, Slobode Street, Kragujevac Tel: + 381 34 37 00 83, Fax: + 381 34 37 01 56 Email: direktor@edcentar.com www.edcentar.com

13. IMF

Drinsko-Limske Hidroelektrane 1, Trg Dusana Jerkovica Street, Bajina Basta Tel: + 381 31 8636 59, Fax: + 381 31 8643 54 Email: mijodrag.citakovic@dlhe.rs www.dlhe.rs

International Monetary Fund 7, Halelor Street, 030118, Sector 3, Bucharest Tel.: +4 021 311 5833 Email: ahajdenberg@imf.org www.imf.org

Elektromreza Srbije 11, Kneza Milosa Street, Belgrade Tel: +381 11 3330 700, Fax: + 381 11 32 39 908 Email: kabinet@ems.rs www.ems.rs

Elektrovojvodina 100, Oslobodenja Boulevard, Novi Sad Tel: + 381 21 527 030, Fax: + 381 21 422 847 Email: bogdan.laban@ev.rs www.elektrovojvodina.rs Elektrodistribucija Beograd 1-3, Masarikova Street, Belgrade Tel: + 381 11 3616 706, Fax: + 381 11 3616 641 Email: zoran.rajovic@edb.rs www.edb.rs Elektrosrbija 5, 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 Izvori 2, Carice Milice Street, Belgrade Tel: + 381 11 2024 828, Fax: + 381 11 2629 489 Email: aleksandar.vlajcic@eps.rs www.eps.rs

Continental Wind Serbia 23, Resavska Street, Belgrade Tel: +381 11 785 0020 Email: serbia@continentalwind.com www.continentalwind.com Electrawinds-S 6, Vladimira Popovica Street, Belgrade Tel: +381 11 660 0955 www.electrawinds.be Energo Green 115E, Mihajla Pupino Boulevard, Belgrade Tel: +381 11 353 9522 Email: ivan.stanisavljevic@energogreen.com www.energogreen.com Vestas Central Europe 6, Mihaila Pupina Boulevard, Belgrade Tel: +49 4841 971 722 www.vestas.com

04. LAW FIRMS Karanovic & Nikolic 23, Resavska Street, Belgrade Tel: +381 11 3094 200, Fax: +381 11 3094 223 Email: KNSerbia@karanovic-nikolic.com www.karanovic-nikolic.com Petrikic & Partneri in cooperation with CMS Reich-Rohrwig Hainz 3, Cincar Janka Street, Belgrade Tel.: +381 11 3208900, Fax: +381 11 3208930 Email: belgrade@cms-rrh.com www.cms-rrh.com/Belgrade-Serbia



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