Berza električne energije d.o.o. (BELEN), the power exchange company of Montenegro has announced that it has selected Nord Pool, Europe’s leading power market, as its chosen partner to create the first competitive Montenegrin day-ahead power market.
BELEN and Nord Pool, chosen after an open competition, have committed themselves to the development of a transparent and efficient power market, enabling Montenegro to couple with neighbouring countries according to the European Internal Energy Market (IEM) standards. The cooperation will include support to establish processes and procedures required to operate a national day-ahead market in Montenegro, market coupling with neighbouring countries and day-ahead clearing and settlement processes.
It is planned that the new Montenegrin day-ahead power market will become operational in early 2020. The two parties also intend to extend the cooperation to include Nord Pool becoming a shareholder of BELEN.
Dejan Drašković, Chief Operating Officer of BELEN, said: “We are very proud to announce that we have successfully completed the competitive request for offer procedure to identify the best possible strategic partnership model for BELEN and for Montenegro. This was made possible with the help of the Energy Community Secretariat and Technical Assistance to Connectivity in the Western Balkans (Action No. IPA 2015/038-055.02/MC/CONNECTA) and we would like to thank them for their support throughout the entire process. We reached out to the best in this business to help us develop the Montenegrin power market and I must say that I am particularly proud that in the end we will be closely cooperating with Nord Pool, the European leader in power trading.”
Kari Ekelund Thørud, CEO of Nord Pool, added: “We are happy and honoured to be chosen as the partner for developing the Montenegrin power market. Nord Pool is committed to supporting the opening of power markets that is currently taking place in south-east Europe. To develop a liquid, and, more importantly, competitive market in Montenegro is key to establishing the country as a gateway between the Balkan region and Europe, through the undersea cable to Italy. This will ensure that Montenegro plays a vital role in moving the whole south-east European power market closer to the EU internal market. At Nord Pool we work hard to be at the very heart of developing future power markets for the whole of Europe.”
Berza električne energije d.o.o. (BELEN) is a limited liability company founded in June 2017 according to the decision of Montenegrin government, with the purpose of establishing and operating an organised day-ahead electricity market (DAM) in Montenegro. BELEN’s founders and owners are the three main entities of Montenegrin power sector: Montenegrin transmission market operator CGES (33.33%), Montenegrin Power Enterprise – EPCG (33.33%) and market operator COTEE (33.34%).
Besides the establishment and start of operation of an organised DAM in Montenegro, BELEN’s goals include electricity market coupling with at least one neighbouring country, along with later establishing of intraday and futures market, as well as creating new business opportunities for market participants and ensuring better efficiency, more competitive prices and greater security, quality and standard of services.
About Nord Pool
Nord Pool, Europe’s leading power market, delivers efficient, simple and secure trading across Europe. The company offers day-ahead and intraday trading, clearing and settlement to customers regardless of size or location. Today 360 companies from 20 countries trade on Nord Pool’s markets.
Nord Pool operates markets in the Nordic and Baltic regions, Germany and the UK, and is a Nominated Electricity Market Operator (NEMO) in 15 European countries, while also servicing power markets in Croatia and Bulgaria. In 2018 Nord Pool had a total turnover of 524 TWh traded power. The company has offices in Oslo, Stockholm, Helsinki, Tallinn, London and Berlin.
Nord Pool has 25 years of power market experience built on offering flexibility, transparency, innovation, greater choice and participation to our customers.