EFT Annual Review 2010-2011 - EFT Group

EFT Group Annual Review 2010/2011 

REAch 

The EFT Group 

Annual Review

Contents 

REACH – Our Theme this Year 02 

2010 Results at a Glance 04 

The SEE Energy Market in 2010 06 

Group Structure 10 

Energy Exchanges 12 

Products and Services 14 

Expansion to the Baltics 16 

Turkey on Line 18 

STIROM and LUKOIL Join EFT 20 

Clients in Romania 

New Web Applications 21 

for Industrial Clients 

Reserve power for Slovenia 22 

and Hungary 

Chevening – EFT Scholarship 24 

EFT Investments 26 

Stanari Mine 28 

TPP Stanari 30 

Dongfang Electric Corp. 32 

Ulog HPP 34 

Fatnicko Polje Tunnel 36 

Group Activities 38 – 57 

ENTSO – E 58 

EFT Group Annual Review 2010/2011 1 

The energy Financing Team 

group is The premier energy 

Trading and invesTmenT 

group operaTing in wesTern, 

cenTral and souTh-easT 

europe, as well as Turkey 

and The BalTics. 

eFT is leading The 

developmenT oF The regional 

energy markeT in souTh-easT 

europe. The company is 

sTriving To Become The FirsT 

privaTely owned, modern 

inTegraTed power company 

in The region.

2 


REACH – OUR THEME THIS YEAR 

In the second decade of its existence, the family of 

companies that forms the EFT Group can celebrate 

a remarkably diverse cultural mix. The more than five 

hundred people that populate the twenty or so 

companies across the Group represent a broad 

spectrum of backgrounds and languages, from those 

whose homelands lie in the Anglo-Saxon far north-west, 

ranging down through the Alps and middle Europe, 

through the sites of ancient empires and the cradles 

of Western civilization to the Bosphorus and the 

Black Sea beyond. 

As the political and economic values of the European 

Union gradually asserted themselves across the 

European landmass in the second half of the twentieth 

century, so preceding structures were dismantled and 

replaced, in some cases leading to severe conflict and 

dislocation in societies. As the damage is repaired and 

new and stronger institutions are created in the twentyfirst 

century, a process of bridge building slowly unfolds, 

though constantly, in a wide range of walks of life. 

EFT’s unique vision, formulated at the dawn of the 

millennium, was that energy would be at the heart of 

new institutions and structures, forming a link between 

peoples, unhindered by issues of cross-national and 

cross-border difference. This vision was later embodied 

in the ECSEE treaty, binding together many nations 

in south-east Europe, but it was always clear that the 

breaking down of barriers to trade and the development 

of a truly regional energy sector would take decades 

as innumerable obstacles are overcome. 

But for all the rhetoric that rests on the logical 

advantages of mutual regional co-operation across 

EFT’s entire territory, we can recognise the resistance 

in human nature to progress that does not respect ethnic 

and national boundaries. It has always been EFT’s goal 

to reach across boundaries and to forge ties and build 

relationships in difficult and challenging situations. 

Recognizing its role at the heart of an area of southeastern 

Europe which tore itself apart in civil war less 

than two decades ago, EFT’s staff are drawn from all 

sections of the community – a spirit of integration 

and co-operation remains paramount, and clients, 

customers and staff alike recognize a remarkable spirit 

of professional endeavour and mutual support. 

In the second decade of the new millennium, EFT is 

now at the heart of yet a further new and remarkable 

example of bridge building across communities and 

cultures. Long dedicated to the development of new 

generation and energy facilities across south-east 

Europe, it has been developing the mine and thermal 

plant facility at Stanari in Bosnia since 2005. In 2010 

it entered into partnership with Dongfang Electric 

Corporation (DEC) of China, arguably the largest global 

manufacturer of power generation equipment, for the 

design, construction and installation of a state-of-the-art 

300MW power station adjacent to EFT’s mine at Stanari. 

After exhaustive canvassing of contractors around the 

world, EFT selected DEC as its major co-operation 

partner for the Stanari project and for the development 

of other European projects on the basis of a remarkable 

track record in the production of generation equipment. 

For DEC, it was clear that the Stanari project offered 

the most developed and best-thought-through power 

scheme available in Europe for its involvement, in terms 

of site preparation and logistics, environmental and 

social concern and technological match. Extensive 

meetings hosted by EFT and DEC both in Bosnia 

and China have demonstrated a marked ability for the 


eFT selecTed dec 

as iTs major parTner 

For The sTanari 

projecT and For The 

developmenT oF oTher 

european projecTs. 

development of consensus and close co-operation, 

and the two sides look forward to financial close for 

their joint transaction occurring in the near future 

and the commencement of the three-year construction 

and installation phase of the project. 

For DEC, the project will represent the first delivery 

of their technology in the European land mass, and for 

EFT will offer its first major energy generating asset. 

In arranging this transaction, and securing the support 

of all the relevant international and local stakeholders, 

EFT has once again demonstrated one of its greatest 

strengths – bringing together diverse and talented 

people that will together build the future of the energy 

market in south-east Europe. All this stands on the firm 

foundation of a policy to stretch out to meet the goals 

of our clients, to find solutions to the most difficult 

of problems, to work with diverse peoples and cultures 

and to be the full service energy firm on which everyone 

can rely. In one word, EFT can be summed up. That word 

is REACH.

4 


Results 

at a Glance 

Energy Delivered: 

MWh 26,880 Million 

Megawatt hours 

Financial Turnover: 

1,313 Billion Euros 

Million 

30 

25 

20 

15 

10 

5 

0 

Billion 

1.5 

1 

0.5 

0 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy delivered 2002–2010 (MWh) 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 2002–2010 (Eur) 

KOSOVO 1.4 

SLOVENIA 6.9 

SLOVAKIA 3.3 

SERBIA 1.4 

GERMANY 30.5 

ROMANIA 8.2 

MAcEDONIA 5.5 

KOSOVO 0.4 

UKRAINE 1.5 

SLOVENIA 0.7 

SLOVAKIA 1.2 

SERBIA 3 

GERMANY 19.4 

ROMANIA 10.8 

MAcEDONIA 2.3 

EFT sales in 2010 – % 

EFT purchases in 2010 – % 

0.8 AUSTRIA 

2.7 ALBANIA 

1.9 BULGARIA 

0.9 BOSNIA & 

hERZEGOVINA 

0.7 MONTENEGRO 

2.2 cZEch REPUBLIc 

6.4 GREEcE 

7.7 cROATIA 

13.2 hUNGARY 

6.2 ITALY 

16.7 AUSTRIA 

5.3 ALBANIA 

8.1 BULGARIA 

8.9 BOSNIA & 

hERZEGOVINA 

0.2 MONTENEGRO 

6.1 cZEch REPUBLIc 

0.3 GREEcE 

0.6 cROATIA 

10.1 hUNGARY 

4.6 ITALY

6 


The collapse of the global financial sector in 2008 and the 

ensuing economic crisis continue to slow down the development 

of the energy sector in our region (comprising Greece, Albania, 

Bulgaria, Romania, Hungary, Serbia, Montenegro, Macedonia, 

Bosnia and Herzegovina, Croatia and Slovenia). The decline 

in industrial activities over the last two years has resulted in 

a decline of regional energy demand, and hence a decline 

in the regional energy deficit. 

This trend has gone in hand with the contraction of available 

capital, an increase in capital costs, as well as a higher perceived 

risk of doing business in the region. Unsurprisingly, as a result, 

we are witnessing a substantial slow-down in the realisation 

of planned projects, as well as those investments in the regional 

energy sector which were begun earlier. Unclear expectations 

on CO 2 regulations in the post 2012 period represent an 

additional burden on new investment in regional energy. 

The implications of the current situation are considerable. 

Owing to insufficient creation of new production capacity not 

only will the long term stability of the regional electricity supply 

become questionable, but it is certain that many industrial 

activities in the region will be severely hampered after 2015. 

The SEE 

Energy Market 

in 2010 

Bulgaria, romania 

and Bosnia and 

herzegovina remain 

1.5 

The only counTries wiTh 

The aBiliTy To produce 

and 

surplus energy. Bosnia 

TEMPORARY FALL IN DEMAND 

If we take the pre-crisis 2008 data for the regional electricity 

demand as a reference point, we notice a trend of sudden and 

sharp decline in demand for electricity in 2009 and a very mild 

recovery in 2010. The industrial consumption has been most 

affected. The biggest decline in demand has been recorded in 

metals processing industries (aluminium smelters, steel and iron 

ore production), and this was coupled with a market fall in base 

metals prices. The non-metal sector was also affected (owing 

to a sharp decline in construction) and chemicals industries 

(owing to falling demand for base materials). 

THE ENERGY BALANCE OF SEE COUNTRIES IN 2008 

Herzegovina 

THE ENERGY BALANCE OF SEE COUNTRIES IN 2010 

3.83 

Bosnia and 

Herzegovina 

3.4 

Romania 

2.92 

Romania 

6.3 

Bulgaria 

8.47 

Bulgaria 

Hungary 

-5.3 

Hungary 

-5.61 

Greece 

-4.4 

Greece 

-5.62 

Croatia 

-3.0 

Croatia 

-4.97 

Slovenia 

2.16 

Slovenia 

Macedonia 

-2.5 -2.2 

Macedonia 

-1.73 

TWh -10.4 

Montenegro 

-1.9 

Albania 

-1.6 

TWh -0.25 

Montenegro 

-0.18 

Kosovo 

-0.6 

0.75 

Albania 

Serbia 

-0.2 

Serbia 

-0.28 


According to the data from ENTSO-E, the pan-European 

electricity transmission operator, the countries of the region 

consumed 282.25 TWh of electricity in 2010. Of this amount, 

55% was produced in thermal power plants, 27% in hydro power 

plants, 16% in nuclear plants and 1% from renewable sources. 

Because of the fall in demand mentioned earlier, the region 

imported only 0,25TWh of electricity during the year. 

The energy balances of the regional countries are determined 

by several factors. On the demand side, the balances are 

primarily influenced by the outside temperature and the need for 

heating and cooling, as well as the volume of industrial activities. 

On the supply side, the main factors are the prices of fossil fuels 

and hydrological conditions, as well as the price differences 

between the region and the markets of Western Europe. Going 

forward, Bulgaria, Romania and Bosnia and Herzegovina remain 

the only countries with the ability to produce surplus energy, 

while all others have a larger or smaller deficit. 

The fall in demand however is only temporary in nature. With the 

economic recovery and increased activity in the industrial sector, 

the demand for electricity will rise in south-east Europe. We 

expect the regional demand to rise by 2.2% annually up to the 

year 2020. It is important to note here that with the EU 

accession process in the same period, regional countries will 

have to decommission around 3200 MW of old, inefficient 

thermal power plants. 

continued over

8 


according To daTa From enTso-e, 

The pan-european elecTriciTy 

Transmission operaTor, The 

counTries oF The region consumed 

282.25 Twh oF elecTriciTy in 2010. 

THE NEED FOR NEW INvESTMENT 

EFTs' analytic's team have developed two scenarios of the 

development of the regional energy sector. The team have 

analysed these in relation to the expected regional demand 

for electricity up to year 2020. 

The first scenario represents the required level of investment 

into new production capacity up to 2020 which would insure 

stable supply of electricity and preconditions for normal 

functioning of the economy. The second scenario represents 

a more realistic picture, with 60% of the required investment 

being realised by year 2020. 

Scenario One Scenario Two 

TWh 

4.5 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

2005 

2006 

2007 

2008 

2009 

2010 


2012 

2013 

2014 

2015 

2016 

DEMAND 

PRODUcTION AT REQUIRED cAPAcITY 

PRODUcTION AT 60% OF REQUIRED cAPAcITY 

2017 

2018 

2019 

2020 

EFT's analyses show that by the year 2020 the region needs 

12 100 MW of new thermal capacity, 3000 MW of new hydro 

capacity and 1400 MW of new capacity from renewable sources. 

This is the equivalent of each citizen of the region paying 47.5 

Euro per annum, for each of the next ten years, towards new 

investment in energy. This is less than half of Western European 

per capita investment in energy. 

TWh 

10 

5 

0 

-5 

-10 

-15 

-20 

-25 

-30 

2005 

2006 

2007 

2008 

2009 



2012 

2013 

2014 

2015 

REGIONAL BALANcE AT REQUIRED cAPAcITY 

BALANcE AT 60% OF REQUIRED cAPAcITY 

2016 

2017 

2018 

2019 

2020 

It is difficult to imagine that given the current circumstances 

the necessary capital will be available in time for such new 

investments. The second scenario therefore provides a more 

realistic picture of how the regional energy sector might 

develop. It shows us that in the mid-term the region will face 

a considerable problem in ensuring a stable energy supply. 

Even with a considerable increase in imports of energy (from 

4-5 TWh annually in recent years, to 20TWh annually as the 

capacity of the regional transmission network), the region 

could face energy restrictions from 2018. 

PUBLIC – PRIvATE PARTNERSHIP AS THE WAY FORWARD 

This analysis implies several conclusions. First of all, the relative 

poverty of the regional countries represents a most serious 

burden for the development of the energy sector, and hence 

the normal development of the regional economy. In respect 

of this, further financial support of the international community, 

above all the European Union, is crucial. 

Secondly, EFT believe that the model of Public-Private partnership 

is the most effective way to stimulate the development of the 

energy sector in south-east Europe. It is now abundantly clear 

that state owned energy monopolies in the region are not able 

to generate the required capital on their own to effect the 

needed investments in energy. Not only because of subsidised, 

non-economic prices of electricity, but also because of 

their inefficiency. 


even wiTh a 

consideraBle increase 

in imporTs oF energy 

The region could Face 

energy resTricTions 

From 2018.

10 


Notes. 

i: Energy Financing Team (Switzerland) AG is the 

Group’s principal energy trading company. 

ii: The main activity of all companies within EFT Group 

is energy trading, with the exception of: 

EFT Investments Limited – holding company. 

EFT International Investments Holdings Ltd (UK) 

– holding company 

EFT (Holdings) ApS – holding company. 

(in the process of closure) 

EFT Rudnik i Termoelektrana Stanari d.o.o. 

– Mine and Thermal Power Plant. 

EFT HE Ulog d.o.o. – hydro power plant. 

EFT Mineral Investments d.o.o. – planned coal mine. 

iii: All companies are 100% owned with the exception 

of EFT (Turkey) AS. 

iv: EFT (Turkey) AS is a Joint Venture. EFT owns 51%. 

v: The Group structure is currently under revision. 


EFT Investments Limited (Cyprus) 

eFT international investments holdings ltd (uk) 

eFT albania sh.p.k 

eFT lithuania uaB 

eFT (holdings) aps (denmark) 

Energy Financing Team d.o.o. (BiH) Trebinje 

EFT Rudniki Termoelektrana Stanari d.o.o. (BiH) 

EFT Bulgaria E.A.D. 

EFT Hrvatska d.o.o. Zagreb (Croatia) 

EFT Cesko a.s. (Czech Republic) 

EFT Hellas S.A. (Greece) 

EFT Budapest Zrt (Hungary) Trading Licence Poland 

EFT Makedonija DOOEL (Macedonia) 

Energy Financing Team d.o.o. Herceg-Novi (Montenegro) 

Energy Financing Team Romania S.R.L. 

Energy Financing Team d.o.o. Belgrade (Serbia) 

EFT Slovakia s.r.o. 

Elektricni Financni Tim d.o.o. (Slovenia) Ljubljana & Maribor 

EFT Turkey AS J.V. 

Energy Financing Team Limited (UK) 

EFT Ukraine LLC 

Energy Financing Team (Switzerland) AG 

EFT HE Ulog d.o.o. (BiH) Kalinovik 

Mineral Investments d.o.o. Belgrade (Serbia) 

Trading Licence Czech Republic 

Trading Licence Hungary 

Trading Licence Kosovo 

Trading Licence Romania 

Trading Licence Slovakia

12 


Energy 

Exchanges 

eFT's Trades on energy exchanges 

accounTed For 19.4% oF The group's 

energy purchases and 6.5% oF The 

group's energy sales. 

BALTPOOL 

Is a licensed Lithuanian power market operator aimed at organizing 

wholesale trade in electricity conducted both in the exchange and on 

the basis of direct bilateral contracts for deliveries in Lithuania. Opened 

on January 1, 2010, the Lithuanian Power Exchange administered by 

BALTPOOL operates according to the principles of the Scandinavian 

Power Exchange Nord Pool Spot. The Exchange has 26 registered 

participants, out of which 18 are actively trading. Annual volume traded 

in 2010 exceeded 8 TWh. Currently, the Exchange comprises the 

day-ahead market only, with future plans of introducing long term 

products, as well as derivatives. The list of participants includes local 

producers and eligible customers from Lithuania, as well as producers 

from Latvia and Estonia, and traders. Turnover in 2010 amounted to 

EUR 382M. 

NORDPOOLSPOT 

Runs the largest market for electrical energy in the world, offering both 

day-ahead and intraday markets to its participants. NPS Estonia price 

area opened on April 1, 2010, as a separate price area connecting 

Estonia and the Nordic power market through the Estlink cable with 

capacity of 350 MW. NPS Estonia offers Baltic participants a liquid 

market. Participants include domestic producers, as well Latvian and 

Lithuania generation companies, as well as traders, with total number 

of registered participants currently 16. Annual volume traded in 2010 

amounted to 6.6 TWh, with monetary turnover of EUR 308M. Currently, 

the Estonian price area operates a day-ahead only. An intra-day market 

will be introduced in the near future. Nordpoolspot intends to integrate 

the Latvian and Lithuanian price areas as a plan for general integration 

of the Baltic power markets. 

The participation on international energy exchanges 

allows EFT to balance out its portfolio and achieve 

a greater level of flexibility on the day-ahead markets. 

In combination with greater access to cross border 

capacity right, it allows the Group to provide a wider 

range of tailor made products to its clients. 

EFT Group companies now trade daily on thirteen 

international energy exchanges. These are: 

EEX - Leipzig, Germany (www.eex.de) 

EXAA - Vienna, Austria (www.exaa.at) 

GME - Rome, Italy (www.mercatoelettrico.org) 

PXE – Prague, Czech Republic (www.pxe.cz) 

BSP SouthPool – Ljubljana, Slovenia (www.bsp-southpool.com) 

OPCOM - Bucharest, Romania (www.opcom.ro) 

POOL - Athens, Greece (www.desmie.gr) 

OTE – Prague, Czech Republic (www.ote-cr.cz) 

ISOT – Bratislava, Slovakia (www.isot.sk) 

HUPX – Budapest, Hungary (www.hupx.hu) 

PMUM – Ankara, Turkey (http://dgpys.teias.gov.tr/dgpys) 

BALTPOOL – Vilnius, Lithuania (www.baltpool.lt) 

NORDPOOL – Lysaker, Norway (www.nordpoolspot.com) 

eFT group 

companies 

now Trade 

daily on 

ThirTeen 

inTernaTional 

energy 

exchanges. 

EFT Group Annual Review 2010/2011 13

14 


Products 

and 

Services 

THE TRADING FLOOR 

EFT’s Trading Floor is located in Belgrade, Serbia. Its main task is to 

optimise the Group’s portfolio of energy products, ensuring that clients’ 

demands are met, whatever the circumstances. The trading floor also 

enables EFT to respond to the ever-changing state of the region’s 

transmission grid and production capacities. 

24/7 STATE-OF-THE-ART TRADING 

EFT runs an innovative 24-hour Scheduling Centre. This unique centre 

enables EFT to meet the needs of a huge array of clients at any time 

day or night, with intra-day trading. 

SCHEDULING AND PORTFOLIO MANAGEMENT 

The Scheduling and Portfolio management departments make schedulers 

and long term plans to optimize the Group’s trading positions. They also 

manage purchase and sales contracts, as well as Cross Border Capacity 

rights and various analyses. 

ANALYTICS TEAM 

The analytics team makes medium and long term forecasts of the 

consumption, production and energy balances of the countries 

in south east and central Europe, as well as in Germany. The team 

also analyses global macroeconomic trends and the influence of other 

energy commodities on the forward price of electricity in the region. 

SETTLEMENTS 

The settlements department deals with invoicing, preparing deal 

confirmations and statistics necessary for all local companies within 

the Group. 

SUPPORT 

The whole Trading Floor structure is supported by a 

custom-designed trading software system named EPOX. 

This software enables EFT to adapt quickly to the 

changing demand of clients and the transmission system 

operators. It also enables EFT traders and schedulers 

to meet tomorrow’s challenges. 

PRODUCTS AND SERvICES 

In addition to standard base and peak energy, the Group 

can offer weekly base or peak, workday base, peak or 

off-peak, weekend energy, scheduled and full delivery 

from hourly, daily, monthly, to quarterly, yearly and longer 

term periods. 

The flexibility of EFT’s portfolio allows the Group 

to offer a number of tailor made derivative products. 

These include: 

EXTENDABLE DELIvERY PURCHASE 

AND SALES CONTRACTS. 

These contracts typically have an above or below market 

unit price but with an imbedded option permitting the 

holder the right but not the obligation to extend the 

contract term quantity and price for a pre-agreed period. 

INTERRUPTIBLE DELIvERY PURCHASE 

AND SALES CONTRACTS. 

The buyer has the right to interrupt, stop or postpone 

the delivery of energy. 

EMERGENCY DELIvERY OF ENERGY ON SHORT 

AND LONG TERM NOTICE 

The flexible nature of EFT’s portfolio allows EFT the 

opportunity to market reserve energy services to several 

transmission system operators. Unlike a stand-alone 

power plant, EFT is able to optimise its entire portfolio 

to provide the most efficient and finest priced reserve 

energy service. 

UPWARD RESERvE POWER 

Delivery of reserve power – on a tertiary reserve basis 

with activation on minute and hourly notice. 

DOWNWARD RESERvE POWER 

EFT is able to guarantee energy off-take for its partners 

at times of unexpected surpluses in their portfolios. 

PHYSICAL LOCATION AND TIME SWAPS 

These swaps aim to circumvent congested borders 

by swapping like-for-like quantities of physical energy 

in different countries at some fixed or floating formula 

agreed by the parties. 

FIXED-FOR-FLOATING, WITH OR WITHOUT 

CAP OR FLOOR 

These structures permit the customer to conclude 

a contract now at a price slightly away from the real 

market price, in return for securing the ability to earn 

a better price in the future. To earn this price improvement 

a contract specifies that on the day the contract is signed 

an observation is made of the prevailing price in Germany. 

This first observation date is then compared with a second 

observation date, which must be before the commencement 

of the deliveries. The difference between the two 

observation dates is measured and then applied to the 

originally agreed contract price. 

In the event the customer wishes to protect themselves 

against an adverse change between the two observation 

dates, EFT can provide a cap or floor, subject to the 

inclusion of a co-efficient that limits any positive benefit 

in the event of a favourable move between the two 

observation periods (i.e. EUR 1 real move might only 

alter the unit price by EUR 0.50). 


The whole 

Trading Floor 

sTrucTure 

is supporTed 

By a cusTomdesigned 

Trading 

soFTware 

sysTem called 

epox.

16 


Expansion 

into 

the Baltics 

all cusTomers in laTvia 

and liThuania have a righT 

To choose Their supplier, 

while The esTonian markeT 

is 35% opened. 

THE BALTIC ELECTRICITY MARKET 

In seeking opportunities in new markets, 

EFT entered the Baltic electricity market 

in 2010. The market comprises Latvia, 

Lithuania and Estonia and is made up 

of a combined population of 7.2 million 

people comprising 3 million customers. 

The total annual consumption in the 

market is 27 TWh of electricity. 

Lithuania has traditionally been the 

biggest net electricity exporter in the region. 

However with the closure of the Ignalina 

NPP in 2010, it has joined Latvia among 

the countries who are net importers of 

electricity. Of the three, Estonia remains 

the only net exporter of electricity. 

The region has a diverse production 

portfolio. Lithuania produces its energy 

in thermal and hydro plants, while Latvia 

is dependant solely on hydro production. 

Estonia for its part is strongly dependant 

on its local fuel, oil shale, 

which feeds its ageing thermal units. 

There are three large national utilities 

and three hundred small and medium 

independent producers. All customers 

in Latvia and Lithuania have a right to 

choose their supplier, while the Estonian 

market is 35% opened. 

The Baltic region is now linked to the 

Nordic Power market with the Estlink 

cable which connects Finland and Estonia. 

The Commercial Capacity of the HVDC 

interconnector is 350 MW (NOR 2009) 

and the maximum capacity 365 MW 

(FIN 2009). The interconnector is in 

merchant commercial use possibly until 

the year 2013. 

Installed 

capacity 

MW 

3000 

2500 

2000 

1500 

1000 

500 

0 

MWh 

14,000 

12,000 

10,000 

8,000 

6,000 

4,000 

2,000 

0 

Energy Mix 2008 

Lithuania Latvia 

Estonia 

Generation and Consumption 2008 

Lithuania Latvia 

Estonia 

NUcLEAR 

ThERMAL/cONDENSED 

chP 

hYDRO 

hYDRO-PUMPED STORAGE 

MWh 

8,000 

6,000 

4,000 

2,000 


Energy import/export 

in the Baltics 

GENERATION IMPORT 

cONSUMPTION 0 

ExPORT 

Estonia Latvia Lithuania

18 


Turkey 

On 18 September 2010 the Turkish power system was 

synchronized with the interconnected power systems of 

Continental Europe, marking the start of the parallel trial 

interconnection as agreed between the Turkish system 

operator and ENTSO-E’s TSOs, HTSO, ESO-EAD, 

Amprion and Tennet GmbH (former Transpower). 

Parallel operation is achieved by two 400 kV lines 

to the Bulgarian system and by one 400 kV line to the 

Greek system. 

The non-commercial energy exchange was carried out 

between the Turkish system operator and respectively 

the Greek and the Bulgarian transmission system 

operators during February 2011 in both directions and 

at both borders. The energy exchange did not involve any 

trading and signalled the successful completion of the 

second phase of the trial interconnection between 

Turkey and ENTSO-E. 

ENTSO-E is set to take a decision in May 2011 on 

whether the parallel trial interconnection can pass 

into its third phase, with limited capacity allocation 

for commercial electricity exchange between Turkey 

and ENTSO-E’s Continental Europe Synchronous Area. 

The tests with commercial exchanges will last 11 months. 

Turkey is set to have a huge impact on prices in 

south-east Europe, and both Turkish and European 

market participants are keen to see trading liquidity 

grow. Independent price assessments will provide 

some transparency to the market and help trading 

to develop more quickly. 


Turkish demand 

is ForecasT To 

increase By up To 

7.5% annually To 2017 

– higher Than mosT 

oF The european 

markeTs over The 

nexT decade. 

Turkey's electricity energy market, which accounts for 

about 2.5% of the Turkish economy, has been in a state 

of constant change in recent years. Turkey's electricity 

sector is attractive to many investors and shows 

enormous potential, triggered by the economic and 

population growth of the country. This recent development 

has been rapidly changing the rules of the game, pushing 

the electricity sector towards liberalisation and market 

players towards fast adaptation to changing provisions. 

Turkish demand is forecast to increase by up to 7.5% 

annually to 2017 – higher than most of the European 

markets over the next decade. With a constantly developing 

legal infrastructure, the recent liberalisation and the 

establishment of an autonomous regulatory authority, 

the Energy Market Regulatory Authority (EMRA), 

Turkey's electricity market has changed significantly.

20 


EFT ROMANIA IN NEW ENERGY 

DEALS WITH STIROM AND LUKOIL 

In June 2010 EFT Romania S.R.L the 

Romanian subsidiary of the EFT Group 

concluded contracts to supply energy 

to the Stirom glassware producer and the 

petroleum company Lukoil in Romania. 

EFT Romania began supplying the Stirom 

fascility in Bucharest and the Lukoil 

refinery in Ploesti from 1st July 2010. 

Stirom’s annual consumption is 45GWh, 

while the Lukoil refinery in Ploesti 

consumes 200 GWh annually. The move 

marks the further expansion of the EFT 

Group on the local eligible customer 

market, following the company’s recent 

successful bid to supply Holcim’s cement 

factories in Romania. 

The result cements the Group's expansion 

in the retail market in Romania and 

is testament to EFT’s ability to offer 

competitive pricing and innovative 

solutions to its clients. EFT's internal 

market portfolio in Romania has risen 

to 450 GWh. 

Stirom is the leading glassware and glass 

packaging producer in Romania, while 

the Lukoil refinery in Ploesti covers 25% 

of the Romanian petroleum market. 

The move 

marks FurTher 

expansion oF 

The eFT group 

on The local 

eligiBle 

cusTomer 

markeT. 


Web 

Applications 

INBALANCE – EFT CLIENT WEB PLATFORM 

EFT is able to provide its clients a custom made 

IT platform for online consumption forecast upload. 

The platform enables consumers to upload hourly-based 

forecasts in monthly and daily durations from their offices, 

or independently from various locations or measuring 

points. In addition to better comfort, InBalance provides 

for a more reliable method of communicating this data. 

The InBalance platform provides access to a database 

of historical and actual consumption forecasts for all 

measuring points, together with a summary overview 

per client. Apart from forecast data, the application 

supports upload of realized consumption in retrospect 

by EFT, which, together with tabular and graphical 

comparison tools, enables the Group’s customers to 

better manage their load forecast and thus to improve 

their financial results. 

The platform itself is designed using modern yet 

mainstream web technologies, providing both reliable 

functionality and high visual appeal. In 2011, more 

features will be added to the platform, including 

automated email notifications. 

The InBalance platform has had a successful track 

record in Romania in 2010 and will be introduced 

to other markets in the coming period. The platform’s 

design provides for an effective and easy way to 

support use in multiple countries with a single database 

and administration point. 

eFT is aBle To 

provide iTs clienTs 

a cusTom made i.T. 

plaTForm For online 

consumpTion 

ForecasT upload.

22 


Virtual 

Power 

Reserve 

SLOvENIA AND HUNGARY 

EFT reconfirmed its role as the leading regional provider of the Virtual 

Power Reserve (VPR) service in 2010. 

Virtual Power Reserve is a product pioneered by EFT in the south-east 

Europe energy market. The Group’s portfolio of energy products confers 

a remarkable degree of flexibility, allowing EFT to compete highly effectively 

against traditional (physical unit-based) suppliers of minute and hourly 

reserve energy. 

EFT is able to fine-tune its export schedule to accommodate interruption 

at very short notice. A modification is made to the intra-day schedule, 

leaving the incumbent transmission system operator with energy in its 

network that was originally planned as an EFT export. Simultaneously, 

in real time, EFT secures its missing energy from other sources within 

its portfolio. 

In comparison with the traditional auxiliary power reserve, VPR is cheaper, 

more reliable, encourages efficient utilization of generation, and optimizes 

cross-border transmission capacities. 

In 2011, EFT will provide VPR services to the Slovenian system operator 

ELES, and the Hungarian system operator MAVIR. 

ELES MAvIR 

POWER Up to 148 MW 17 MW upward reserve 


PERIOD 01.01.2011 to 31.12.2011 01.04.2011 – 31.12.2011 

LENGTH OF ACTIvATION Up to 15 minutes Up to 15 minutes 

NUMBER OF ACTIvATIONS 15 Unlimited 

MAXIMUM DURATION OF DELIvERY 

PER SINGLE ACTIvATION 

MINIMUM PERIOD 

BETWEEN ACTIvATIONS 

16 hrs 24 hrs 

24 hrs 

eFT is aBle 

To Fine-Tune 

iTs exporT 

schedule To 

accommodaTe 

inTerrupTion 

aT very shorT 

noTice. 

MAVIR has the ability to activate 

continuously without interruption

24 


chevening 

EFT 

Scholarship 

THE FIRST CHEvENING – EFT 

SCHOLARSHIP AWARDED IN 2010 

Marija Jovanovic, a law graduate from 

Kragujevac, Serbia is the first recipient of the 

Chevening – EFT scholarship. Marija arrived in 

the UK in October 2010, where she commenced 

her postgraduate law studies at Linacre College, 

Oxford University. 

“It is a real privilege and an honour to be able 

to complete my postgraduate studies at such 

a prestigious university. This scholarship has 

given me an opportunity to live and study 

in an inspirational environment and to develop 

my career in the best possible way”, said 

Ms. Jovanovic. 

At Linacre, Marija will read a Magister Juris 

(M. Jur) postgraduate course at the Faculty 

of Law, with special emphasis on Criminal 

Justice Systems, International Human Rights 

issues and EU Law. Upon completion of her 

studies in the UK, she is expected to return to 

her post at the University of Kragujevac. 


iT is a real 

privilege and an 

honour To Be 

aBle To compleTe 

my posTgraduaTe 

sTudies aT such 

a presTigious 

universiTy. 

The Chevening Scholarship Programme 

is a prestigious awards scheme that funds 

international postgraduate students who want 

to study in the UK. From 2010, EFT and the 

British Foreign and Commonwealth Office 

jointly provided funds for a new Chevening - EFT 

scholarship programme. The scholarship is 

administered by the British Council, as part of 

its existing Chevening scheme. The Chevening - 

EFT scholarship funds a whole year of 

postgraduate study in the UK only. It covers the 

cost of all academic fees, a monthly allowance 

to cover living expenses, an arrival and departure 

allowance to help with travel, a book and clothing 

allowance, as well as travel costs to and from the 

UK. One of the main aims of the scheme is to 

assist successful candidates in playing leading 

roles in the future of their country. Applicants 

will normally be selected from those who wish 

to take courses in public administration reform, 

EU integration, international law, economics, 

journalism, environmental protection and 

educational reform. 

The award of the Chevening – EFT scholarship 

is further testament to the Group’s long standing 

commitment to supporting education in communities 

in which the company operates. To learn more, 

please visit www.eft-chevening.net

26 


eFT’s sTraTegic 

goal is To Become 

The FirsT privaTely 

owned, modern 

inTegraTed power 

company in souTheasT 

europe. 

To this end, the Group is pursuing an ambitious plan of 

developing its own asset base and is the leading foreign investor 

in the energy sector of Bosnia and Herzegovina to date. 

All of the EFT Group's investment projects are developed 

using modern technology and are fully in line with the 

relevant European Union directives on the protection of the 

environment. The Group always aims to fully employ the local 

workforce and available expertise and technology, thereby 

creating the best economic effects for the local economy. 

EFT’s ability to utilise the local human and technological 

resources to achieve internationally recognised standards 

has already yielded impressive results and has set the 

benchmark for all future energy projects in the region. 


28 


since 

The group 

Took over 

in 2005, 

over 200 

new joBs 

have Been 

creaTed aT 

The mine. 

Stanari 

Mine 

ANOTHER RECORD YEAR 

AT THE STANARI MINE 

The case of the Stanari mine has 

once again reconfirmed its status as 

one of the best examples of successful 

privatisations and transformations in 

Bosnia and Herzegovina to date. 2010 

was the fourth consecutive year of record 

coal production at the Stanari mine. 

794,364 tonnes of coal were excavated 

in 2010, a 11.3 % rise on the previous 

year. In the same period 5 200 000 

cubic meters of overburden was 

excavated, which represented a 4.3% 

rise on the previous year. The mine 

has taken on 10 new workers in 2010. 

Since the Group took over in 2005, 

over 200 new jobs have been created 

at the mine. The mine now employs 

448 full time employees. 

The site of the future TPP Stanari and 

system of access roads have also been 

completed in 2010, while preparation 

of the water tight ash disposal cells has 

also commenced. Considerable effort 

has been put into collaboration with 

the local community and various 

environmental programmes in 2010, 

including continuation of the forestation 

programme, flood prevention and the 

cleaning of the Ostruznja river basin. 

Million 

6 

5 

4 

3 

2 

1 

0 


To date over EUR 40 million has been 

invested by EFT in the Stanari mine. 

The Group has paid an additional 

EUR 20 million on account of tax and 

concession fees. The mine certified 

again in 2010 to adhere with the 

international ISO standards, including 

ISO 90001-Quality Management System, 

ISO-14001 – Environmental 

Management System, OHSAS 18001 – 

Safety Management Certification, while 

the mine’s laboratory has been certified 

to adhere to the ISO 1725 standards. 

The Stanari coal basin is located 

approximately 70km to the east of 

Banja Luka in Republika Srpska, 

Bosnia and Herzegovina. EFT took over 

the mine following an international tender 

in May 2005. The Group immediately set 

out on an ambitious investment and 

modernisation plan at the mine in order 

to expand production to meet the 

requirements of a new thermal power 

plant it plans to build nearby. 

Coal and overburden excavation at the Stanari mine 

2005 2006 2007 2008 2009 2010 

OVERBURDEN (m 3 ) 

cOAL (t)

30 


The signing of the “turn-key” contract for the engineering, 

procurement and construction (EPC) contract for the TPP 

Stanari has been the most significant news for the EFT Group 

in 2010. The deal signals a major step towards the realisation 

of the Group’s flagship investment project. 

In the vicinity of the Stanari mine EFT is building a state-of-the- 

art 300 MW thermal power plant. The key parameters of the 

project are as follows: 

– The generation unit will have an installed capacity of 300 MW 

– Net Power Capacity 265 MW 

– Power Plant Availability 90% 

– Expected power plant production 2,000,000 MWh (at base 

load operation) 

– Complete flue gas treatment, including desulphurisation 

and dust removal 

– Indirect dry cooling system with dry natural draft cooling tower 

– Ash and residue disposal within the excavated areas of the 

Stanari mine. 

The project value is over EUR 500 million, which will cover the 

cost of the plant and the expansion of the mine capacity. 

ENvIRONMENTAL ASPECT 

TPP Stanari will fully abide by the EU directives (2001/80/EC) 

on protection of the environment. The plant will set new 

standards in south-east Europe not only for energy efficiency, 

but also for minimizing any harmful impact on the environment. 

PROJECT DEvELOPMENT 

The TPP Stanari project can roughly be divided into four phases: 

Phase 1 – Measurement and analysis, preparation of feasibility 

studies and acquiring of the necessary permits 

and licences 

Phase 2 – EPC contracting 

Phase 3 – Financial Close 

Phase 4 – Construction 

The EFT Group has successfully completed the first two 

phases of the project. 

FINANCIAL CLOSE 

EFT is negotiating a financing package for TPP Stanari EPC 

contract with the Chinese financial institutions. It is expected 

that they will credit 85% of the project cost, while EFT will 

provide the remainder from its own capital. 

EPC CONTRACT 

On May 5th 2010, EFT concluded the EPC deal with China’s 

Dongfang Electric Corporation (DEC, see page 32). Subject 

to a successful financial close, the Chinese power equipment 

manufacturer will design, construct and install the TPP Stanari 

on a “turn-key” basis in a 45 month period. 


on may 5Th 2010, 

The eFT group signed 

an epc conTracT 

For The Tpp sTanari 

projecT wiTh china’s 

dongFang elecTric 

corporaTion (dec). 

see page (32)

32 


EFT's 

Partner – 

Dongfang 

Electric 

corp. 

The epc conTracT 

For Tpp sTanari is 

The FirsT such dec 

conTracT For a coal 

Fired power planT 

on european soil 


DEC will design, construct and install a 300 MW unit at the 

Stanari site in a period of 45 months, subject to successful 

financial close. The EPC deal for the TPP Stanari project 

was concluded following negotiations with three potential 

contractors. DEC’s offer was by far the best, signalling the 

arrival of one of the world’s biggest manufacturers of coal 

fired thermal power plant equipment on the European market. 

DEC is a giant in true sense of the word. With over 

30 000 MW of annual production capacity it is among the top 

60 Chinese contractors. The company is majority owned by 

the Chinese state (51%), while the remaining equity is listed 

on the Hong Kong and Shanghai stock exchanges. 

DEC was founded back in 1958. Today, DEC employs 

20 000 employees in 11 subsidiaries and produces thermal, 

nuclear, wind, gas and hydro units. DEC turnover in 2009 was 

$4.9 billion, while assets in the same year totalled $10.7 billion. 

The EPC contract for TPP Stanari is the first such DEC 

contract for a coal fired power plant on European soil. 

The company has designed, constructed and installed units 

in numerous countries, including India, Vietnam, Indonesia, 

Pakistan, Saudi Arabia, Iran, Iraq, Turkey, Belorus, Brazil, 

Chile and of course China. 

DEC’s CFB technology 300 MW units have a proven track 

record. It is a very advanced low-sulphur coal technology 

which adheres with the strictest EU environmental standards.

34 


Ulog 

hPP exTensive 

The ulog 

hydro-elecTric 

power planT 

is locaTed 

in The municipaliTy 

oF kalinovik, 

repuBlika srpska 

in Bosnia and 

herzegovina. 

In November 2009 the Government of Republika Srpska awarded the concession 

to EFT to build and operate the Ulog HPP for the period of 30 years, including 

two years of preparatory works. The project is expected to be realised in the 

period 2009 – 2016. 

ULOG HPP – TECHNICAL CHARACTERISTICS 

Dam height [m] 53 

Head raise tunnel - length/ diameter [m] 2 500/3,8 

Normal water level [mnm] 641 

Penstock- length/diameter [m] 163/3 

Installed discharge[m 3 /s] 35 

Net head[m] 113 

Installed capacity [MW] 34.7 + 0,25 (bottom outlet SHPP) 

Average yearly production [GWh] 84,95 

Number and type of turbines 2+1 - Francis 

Total reserve volume[10 6 m 3 ] 6,50 

The Group continued developing the project in 2010. Permits for the development 

of the main structures are expected in the near future. 

Extensive geological research has been done on the investigation site for the 

Preliminary Design preparation. The research included geological mapping, 

geophysical tests, test drilling and laboratory tests. 

The value assessment of the land, planted areas, woods and structures in the 

whole Ulog HPP structures and future lake area has also been completed. 

The assessment was performed by the authorized agricultural, forestry and civil 

engineering court experts. A permanent record of meteorological and hydrological 

parameters is maintained at measuring stations installed by EFT Ulog. 

23.5 ha of land has been bought from private owners for access roads and 

appurtenant structures construction. Access road construction started on 

July 10 th , 2010. 

geological 

research 

has Been done 

on The siTe For 

The preliminary 

design 

preparaTion. 

LONGITUDINAL SECTION OF THE “NEDAvIC” DAM RESERvOIR 


36 


The 

F a t n i č k o 

Polje 

Tunnel 

FATNIČKO POLJE – BILEĆA 

ACCUMULATION TUNNEL 

The Fatnicko Polje – Bileca accumulation tunnel is an 

integral part of the “Upper Horizons” hydro – system 

in eastern Herzegovina. The basic concept of the system 

is to accumulate waters in the fields of eastern 

Herzegovina during rainy periods and later move it 

through a system of tunnels, thereby producing energy 

and creating arable land. 

The building of the “Upper Horizons” hydro - system 

began in 1969 but was not completed owing to building 

problems and later conflicts in the region. Among the 

unfinished parts of the system was the Fatnicko Polje - 

Bileca accumulation tunnel. 

In 2001 the authorities in Bosnia and Herzegovina 

called an international tender for the completion 

of the tunnel. EFT’s bid in consortium with Bosnia’s 

Hidrogradnja was by far the best. The company obliged 

itself to invest EUR 26 million in digging of the tunnel, 

completion of its concrete lining and installation control 

mechanism and infrastructure. 


In August 2007, the Fatnicko Polje – Bileca 

accumulation tunnel was officially put into use, signalling 

a successful completion of the biggest civil engineering 

project in Herzegovina. The tunnel now produces some 

150 GWh of energy per year by supplying additional 

flood waters to existing hydro-electric power plants in 

eastern Herzegovina. 

The project directly employed some 400 people 

during construction, and several hundred more indirectly. 

It is environmentally sound and sustainable, and has 

no adverse effects on the surroundings. 

FINANCING THROUGH ENERGY OFF-TAKE 

Because of the inability of the local power utility to 

directly finance the project, the completion of the tunnel 

was paid through off-take of the energy produced 

by additional flood waters supplied by the tunnel, over 

a period of seven years. The ownership of the tunnel 

and accompanying infrastructure remained with EPRS 

throughout. Upon the expiry of the seven year period, 

in November 2008, the surplus energy produced by the 

tunnel has become a part of EPRS's portfolio. 

The Building oF 

The “upper horizons” 

hydro-sysTem Began 

in 1969 BuT was 

noT compleTed 

owing To Building 

proBlems and laTer 

conFlicTs in The 

region.

38 


Energy Financing Team AG (Switzerland) is the principal 

operating company within the EFT Group. 

EFT AG has the strongest balance sheet of all the Group trading 

companies and generates most of the Group's income. The 

Swiss company is responsible for a large percentage of EFT’s 

client business and also covers tasks related to Group risk 

management, treasury, internal control and marketing. 

The Swiss office is managed and supported by professional staff 

with extensive experience in energy trading, risk management, 

financing, accounting and legal matters. 


Switzerland 

United Kingdom 

Switzerland 


Pestalozzistrasse 2 

CH-9000 St Gallen 

Switzerland 

Tel: + 41 71 226 1030 

United Kingdom 

EFT International Investments Holdings Limited 

Energy Financing Team Limited 

Cavendish Court 

11-15 Wigmore Street 

London W1U 1PF 

UK 

Tel: + 44 207 518 9250 

The London office provides the Group companies with a wide 

range of support services, including financial modeling, legal 

and treasury advice, documentation control and public relations. 

These EFT professionals have decades of experience in the 

management of all kinds of financial risks, built through careers 

in commercial and investment banking, the capital markets, 

the trade finance and a forfeit markets, as well as accountancy 

and law. 

In terms of documentation support, EFT London has a strong 

in-house legal capacity and a team with extensive experience 

in structured finance and commodity trading. Alongside the 

Swiss office, London looks after the documentary standards 

and risk control through adequate contractual protection for the 

Group an all its businesses. The London office is also in charge 

of legal aspects related to company formation within the Group. 

The financial experience of the London team supports the 

Treasury work carried out in the Swiss unit. EFT UK also 

undertakes the tasks of financial modeling for various Group 

investment projects.

40 

Austria 


Austria 

Germany 

Population: 8,210,281 

GDP (purchasing power parity): $331.2 billion 

GDP per capita (PPP): $40,400 

Area: 83,871 sq KM 

Completely liquid market 

Power exchanges: EXAA 

Share of Austrian and German markets 

% 

in EFT portfolio 2002 - 2010 

40 

35 

30 

25 

20 

15 

10 

5 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 

SALES PURchASES 

% 

35 

30 

25 

20 

15 

10 

5 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

TWh 

12 

10 

8 

6 

4 

2 

0 

EFT in Austria and Germany 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

SOLD ENERGY PURchASED ENERGY 

Germany 


GDP (purchasing power parity): $2,925 billion 



Completely liquid market 

Power exchanges: EEX 

OTC platforms: SPECTRON 

EFT sales in 2010 

MWh 8 442 556 

EUR 398 011 907 

Germany is the biggest and the most liquid electricity market 

in Europe. The electricity markets in south-east Europe, as well 

as in central Europe are closely correlated to developments 

in Germany. Germany is thus the single biggest market for EFT, 

in 2010 it accounted for 31% of the Group sales. Apart from 

providing long term, spot and intra-day trading opportunities, 

the German electricity market is also an invaluable hub 

for balancing the Group portfolio and hedging EFT’s position 

in other regions. 

Italy 

Italy 


GDP (purchasing power parity): $1,827 billion 



Semi-liquid market 

Power exchanges: GME 



MWh 1 655 255 

EUR 106 935 688 

EFT Group sales in Italy achieved the biggest year-on-year 

increase in 2010. The Group sales rose by 40%, more than 

in any other market. EFT continues its strategy of delivering 

energy for the Italian market on the country’s borders. Group 

sales to Italy in 2010 accounted for 6.15% of overall sales. 


Share of Italian market in EFT portfolio 

% 

2004 - 2010 

10 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2004 2005 2006 2007 2008 2009 2010 

Energy 


% 

12 

10 

8 

6 

4 

2 

0 

2004 2005 2006 2007 2008 2009 2010 

Turnover

42 


czech 

Republic 

% 

25 

20 

15 

10 

5 

0 

% 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

TWh 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

Share of Czech markets in EFT portfolio 


2006 2007 2008 

Energy 

2009 2010 


2006 2007 2008 2009 2010 

Turnover 

EFT in Czech Republic 2005 – 2010 

2005 2006 2007 2008 2009 2010 


czech Republic 






Power exchanges: OTE, PXE 


MWh 604 796 

EUR 26 349 408 

As in the case of Germany, the Czech OTC power market’s 

importance stems not only from various trading opportunities 

it provides, but also from its role as the balancing hub for the 

Group’s portfolio in central Europe. 

Slovakia 

Slovakia 






Power exchanges: ISOT 


MWh 879 475 

EUR 42 232 551 

EFT focused its attentions on Slovakia’s internal market 

in 2010. This approach resulted in expanding the client 

portfolio and year on year growth in Group sales in Slovakia. 

EFT is constantly expanding its partner network and is 

acquiring new counterparties in Slovakia each year. Apart 

from the leading international and local trading companies, 

EFT’s most significant partners in Slovakia are Slovenske 

elektrarne a.s. and the three regional distribution companies - 

ZSE Energia a.s., Stredoslovenska energetika a.s. and 

Vychodoslovenska energetika a.s. The Group also trades 

on the local SPX power exchange, as well as the ISOT 

platform of the OKTE market operator. 


Share of Slovakian market in EFT portfolio 


% 

10 

9 

8 

7 

6 

5 

4 

3 

2 

1 

0 

2006 2007 2008 2009 2010 

Energy 


% 

5 

4.5 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

2005 2006 2007 2008 2009 2010 

Turnover 

TWh 

1.4 

1.2 

1.0 

0.8 

0.6 

0.4 

0.2 

EFT in Slovakia 2005 – 2010 

0 

2005 2006 2007 2008 2009 2010 

SOLD ENERGY PURchASED ENERGY

44 

% 

35 

30 

25 

20 

15 

10 

5 


hungary Slovenia 

Share of Hungarian market in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


% 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

TWh 

4 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

EFT in Hungary 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


hungary 








MWh 3 563 457 

EUR 184 247 216 

Hungary is the key energy hub in south-east Europe and the 

country’s electricity market remains the regions’ price setter. 

Hungary is thus one of the main regional markets for EFT, 

and one of several that account for more than 5% of the 

Group’s overall sales. EFT nearly doubled its year-on year 

sales in Hungary during 2010. The Group traded with the 

state power utility MVM, as well as number of trading 

companies operating in Hungary. EFT was also successful 

in bilaterally negotiating purchases of energy in 2010, among 

others from the Matra thermal power plant and the Budapest 

city waste incineration plant. 

Slovenia 






OTC platforms: TFS, BSP 


MWh 1 851 573 

EUR 114 109 306 

EFT traded successfully in Slovenia during 2010. The Group 

increased its traded volume, revenue and in turn profits 

in Slovenia. Traded volume marked a 53.4% year on year 

increase. The Group is only active on the wholesale market 

in Slovenia. The increase in volume traded comes as a result 

of intensified trading activities with Slovenia’s five electricity 

distribution companies: Elektro Ljubljana, Elektro Maribor, 

Elektro Primorska, Elektro Celje and Elektro Gorenjska. EFT 

also provides tertiary reserve services to ELES, the country’s 

TSO. On the purchase side, the Group has a standing 

relationship with producers such as Holding Slovenske 

elektrarne and Termoelektrarna toplarna Ljubljana. EFT also 

trades on the BSP energy exchange in Slovenia. 

% 

16 

14 

12 

10 

8 

6 

4 

2 

0 

% 

16 

14 

12 

10 

8 

6 

4 

2 

0 

TWh 

2.5 

2 

1.5 

1 

0.5 

0 


Share of Slovenian market in EFT portfolio 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Slovenia 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


46 


croatia Romania 

% 

14 

12 

10 

8 

6 

4 

2 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 

% 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

TWh 

2.5 

2 

1.5 

1 

0.5 

Share of Croatian markets in EFT portfolio 



2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Croatia 2002 – 2010 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


croatia 





Non-liquid market 


MWh 2 068 423 

EUR 97 460 388 

Croatia has a substantial energy deficit, roughly accounting 

for about a third of all energy consumed during the year. 

As a result the country's state power utility HEP procures the 

missing energy through an international tender. As the internal 

market in Croatia is still non-existent, the HEP tender accounts 

for the vast majority of traded volume in Croatia. In 2010 EFT 

was once again submitted the winning bid at the HEP tender 

and maintained its position as the largest supplier of imported 

energy to the Croatian state power utility. EFT however is 

actively preparing for Croatia’s EU accession and the market 

liberalisation that will bring. To this end, the Group is fostering 

lines of communication with the leading Croatian energy 

consumers and companies. 

Romania 


GDP (purchasing power parity): $272 billion 




Power exchanges: OPCOM 



MWh 2 201 340 

EUR 84 161 350 

EFT increased its traded volume in Romania in 2010, with sales 

and purchase figures almost completely converging for the first 

time. This came as a result of increased activity on the country’s 

retail market. According to the Romanian energy regulator 

(ANRE), the Group accounted for 2% of all deliveries on the 

competitive market inside the country. EFT’s main clients were 

Holcim Romania, Petrotel Lukoil and Stirom, part of the Greek 

group Yioula. 

% 

30 

25 

20 

15 

10 

5 

0 

% 

14 

12 

10 

8 

6 

4 

2 


Share of Romanian market in EFT portfolio 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

TWh 

3.5 

3 

2.5 

2 

1.5 

1 

0.5 

0 

EFT in Romania 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


48 

% 

4.5 

4 

3.5 

3 

2.5 

2 

2 

1 

0.5 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 

% 

6 

5 

4 

3 

2 

1 

0 

0.35 

0.25 

0.2 

0.15 

0.1 

0.05 

Kosovo Serbia 

TWh 

0.4 

0.3 

0 

Share of the Kosovan markets in EFT portfolio 



2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Kosovo 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


Kosovo 







MWh 367 080 

EUR 22 940 805 

The KEK power utility remains EFT’s sole client in Kosovo. 

Owing to record hydrology in the whole region, the overall KEK 

import decreased during 2010, in turn resulting in a decrease 

in EFT’s deliveries too. 

Serbia 




Area: 88 361 sq KM 


OTC platforms: TFS, BSP 


MWh 374 135 

EUR 16 370 187 

Like Hungary, Serbia is one of the key countries for the regional 

energy market. Its importance however is specific and stems 

from its favourable geographical location and the fact that its 

territory connects the markets of Western Europe to the rest 

of the Balkans, as well as those of central Europe to Greece. 

The internal market in Serbia is still non-existent, owing to the 

monopoly of state power utility EPS and non-economic pricing 

of electricity by the state. In addition, EPS’s production 

capacities are relatively balanced to the country’s demand for 

electricity. As a result, the volumes of energy delivered in Serbia 

are very limited. EPS has relatively small seasonal imbalances, 

during which it either buys or sells electricity through 

international tenders. While there are numerous trading 

companies registered in Serbia, the vast majority of their 

activities are related to transit of energy over Serbia’s territory. 

% 

40 

35 

30 

25 

20 

15 

10 

5 

% 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 


Share of the Serbian markets in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


TWh 

3 

2.5 

2 

1.5 

1 

0.5 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Serbia 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


50 


Bulgaria 

% 

45 

40 

35 

30 

25 

20 

15 

10 

5 

0 

% 

8 

7 

6 

5 

4 

3 

2 

1 

Share of Bulgarian market in EFT portfolio 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

TWh 

6 

5 

4 

3 

2 

1 

0 

EFT in Bulgaria 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


Bulgaria 







MWh 517 768 

EUR 22 235 228 

Following a tumultuous 2009, Bulgarian energy regained 

some of its competitiveness in 2010 owing to the rising prices 

in the EU. EFT substantially increased its trading volume in 

Bulgaria in 2010, through trades with the state power utility 

NEK, Kozloduy nuclear power plant, lead and zinc manufacturer 

OCK, as well as trading companies such as ATEL Bulgaria and 

EFG. The diverisification of purchases was of particular 

importance for the Group. The market, and in turn the whole 

Bulgarian energy sector remains burdened by various taxes 

and other duties levied by the Regulatory Agency DKVER. The 

synchronisation of the ENTSO-E system with the Turkish power 

system, the decommissioning of thermal units at Bobov Dol, 

Varna, Maritza 3 and Brikel, as well as the planned coming 

on line of AES Maritza East I will no doubt provide for another 

eventful year on the Bulgarian energy market in 2011. 

Bosnia and 

herzegovina 

Bosnia and herzegovina 







MWh 246 218 

EUR 10 017 574 

Record hydrology and production by hydro power plants meant 

that EP HZHB, one of the three state power utilities in Bosnia 

and Herzegovina, and the only one which traditionally has an 

energy deficit, substantially reduced its imports of electricity in 

2010. As a result, overall EFT deliveries in Bosnia and 

Herzegovina decreased in 2010, with BSI Jajce being the other 

Group customer in the country. EFT relationships with all three 

power utilities in Bosnia and Herzegovina developed further 

during the year, not only in terms of trading, but also in terms 

services provided and sharing of know-how. 

% 

40 

35 

30 

25 

20 

15 

10 

5 

0 

% 

12 

10 

8 

6 

4 

2 

0 

TWh 

3 

2.5 

2 

1.5 

1 

0.5 

0 


Share of the Bosnia & Herzegovina market in the EFT 

portfolio 2002 - 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Bosnia & Herzegovina 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


52 


Montenegro 

% 

25 

20 

15 

10 

5 

Share of Montenegrin market in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 

% 

25 

20 

15 

10 

5 

0 

TWh 

1.6 

1.4 

1.2 

1 

0.8 

0.6 

0.4 

0.2 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Montenegro 2002 – 2010 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


Montenegro 

Population: 672,180 






MWh 186 130 

EUR 8 046 731 

The state power utility EPCG was EFT’s sole client in 

Montenegro during 2010. Favourable hydrology and record 

production by EPCG hydro power plants meant that 

Montenegro’s energy import needs were smaller than usual. 

While considerable time and effort has been put into helping 

the development of a competitive market in Montenegro, 

sadly the necessary regulatory framework has still not been 

adopted by the regulatory agency. 

Macedonia 

Macedonia 







MWh 1 470 305 

EUR 65 969 241 

EFT remains the leading energy supplier on the open market in 

Macedonia, with more than 90% market coverage. In 2010 EFT 

delivered 1.4TWh to eligible consumers, with total value of EUR 

66 million. Compared to 2009 results (delivered 0.9TWh to 

eligible costumers) the result represents a 50% year-on-year 

increase in delivered quantities. The result comes on the back 

of the recovery from recession by the large industrial consumers 

in Macedonia, and resulting growth in demand for electricity 

from Jugohrom Feroalloys (former Silmak) for the production 

of FeSi. The Group also supplied energy to FENI, BUCIM, 

SKOPSKI LEGURI, MAKSTIL,ARCELOR MITTAL, TITAN, 

EVN as well as Macedonian transmission operator MEPSO 

and state power utility ELEM. 

% 

16 

14 

12 

10 

8 

6 

4 

2 


Share of Macedonian market in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


% 

18 

16 

14 

12 

10 

8 

6 

4 

2 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Macedonia 2002 – 2010 

TWh 

2 

1.8 

1.6 

1.4 

1.2 

1 

0.8 

0.6 

0.4 

0.2 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


54 


Greece 

% 

25 

20 

15 

10 

5 

Share of the Greek markets in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 

% 

25 

20 

15 

10 

5 

0 

TWh 

3 

2.5 

2 

1.5 

1 

0.5 

0 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Greece 2002 – 2010 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


Greece 






Power exchanges: POOL 


MWh 1 733 026 

EUR 82 328 215 

Growth in Group sales during 2010 was reflected in EFT’s 

performance in Greece, with year on year sales rising by nearly 

50%. This trend came as a result of increased cross border 

energy flows between Greece and Albania, and Greece and 

Macedonia. EFT’s retail presence however was affected by 

PPC’s change of tariff for the smaller commercial consumers. 

The Group was forced to leave this market segment as a result 

and in turn re-evaluate its potential in the future. 

Albania 

Albania 







MWh 730 641 

EUR 33 158 144 

Record hydrology in Albania during 2010, coupled with the 

privatisation of the OSSH power distribution company a year 

earlier by CEZ, resulted in smaller deliveries of energy in Albania 

by EFT during 2010. 

Albania’s energy balance is extremely dependent on hydrology, 

as 90% of electricity produced in the country comes from hydro 

sources. Albania’s total production rose from MWh 5,164,230 

in 2009 to MWh 7,652,898 in 2010, while the average inflow 

of water in the same period rose from 191 m3/sec to 347 

m3/sec. This trend was further deepened by the OSSH 

decision to procure most of its imported energy from its parent 

company CEZ. 

% 

16 

14 

12 

10 

8 

6 

4 

2 

% 

16 

14 

12 

10 

8 

6 

4 

2 

0 


Share of the Albanian markets in EFT portfolio 


0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 

Energy 


2002 2003 2004 2005 2006 2007 2008 2009 2010 

Turnover 

EFT in Albania 2002 – 2010 

TWh 

1.6 

1.4 

1.2 

1 

0.8 

0.6 

0.4 

0.2 

0 

2002 2003 2004 2005 2006 2007 2008 2009 2010 


56 


Turkey Ukraine 

Turkey 





Semi–liquid market 

Power exchanges: PMUM 


MWh 40 517 

EUR 5 199 866 

EFT recorded its first deliveries on the Turkish retail market 

in 2010. In total 41.517 MWh was delivered to various clients, 

including textile and paper producers, steel factories, 

restaurants, and business plazas. Further growth of the EFT 

portfolio in Turkey was halted by the TEAS decision to pass 

on the new tax burden to the consumer. The retail activity goes 

in hand with the Group’s preparations for Turkey’s assimilation 

to the ENTSO-E network (see page 62) and its integration into 

the regional energy market. 

FurTher growTh 

oF The eFT porTFolio 

in Turkey was halTed 

By The Teas decision 

To pass on The 

new Tax Burden To 

The consumer. 

Ukraine 

Population: 45 888 000 


GDP per capita (PPP): $3003 



Trades on The 

ukrainian markeT 

are currenTly dealT 

on a “one Buyer – 

one seller” principle. 

EFT established its subsidiary in Ukraine during 2010. 

The period was used not only for purchasing energy from 

Ukrainian sources for the first time, but also to research 

the Ukrainian market, the relevant regulation and procedures. 

There are several outstanding issue before the Group’s 

trading operation can commence activities on the internal 

market, not least the open question of VAT refunds. Trades 

on the Ukrainian market are currently dealt on “one buyer – 

one seller” principle and are mandatorily executed on the 

Elektro Rinok energy exchange platform. 

Lithuania 

Lithuania 




Area: 65 200 sq KM 


Power exchanges: BALTPOOL, NORDPOOL 


MWh 10 122 

EUR 548 671 

EFT subsidiary in Lithuania become operational in 2010. 

The company acquired all the necessary documentation for 

energy trading in Lithuania, on the Lithuanian Power Exchange, 

and export/import to Estonian Power Exchange, Nordpoolspot. 

The company can also import electricity from non-EU member 

countries, specifically from Belarus. EFT Lithuania started 

actively participating in day-ahead trading activities on the 

Lithuanian Power Exchange Baltpool and on NordpoolSpot 

AS in Estonia. The trades were mainly market arbitrage between 

the two exchanges. The Group’s strategic goal is to enhance 

its presence throughout the entire Baltic region, specifically 

Lithuania, Latvia and Estonia, as well as to develop ties with 

the neighboring markets such as Belarus, Ukraine, Poland 

and the Nordic region. 


eFT liThuania sTarTed 

acTively parTicipaTing 

in day-ahead Trading 

acTiviTies on The 

liThuanian power 

exchange BalTpool 

and on nordpoolspoT 

as in esTonia.

58 


Marlenheim 

Bűhl Ober- 

Wendlingen 

Zolling 

jettingen 

Houdreville 

Etival 

Weier 

Matzinger 

Oberbachern 

ENTSO–E 

Vincey 

Niedestotzingen 

Laichingen 

Lechhausen 

Anould 

Jeuxey 

Engstlatt 

Menzing 

Vittel 

Lac Noir 

Eichstetten Trossingen 

Vöhringen Oberottmars- 

Villingen 

Herbertingen 

hausen 

Rolampont 

St.Nabord Logelbach 

Vogelgrun 

Oberbrunn 

Guebwiller 

Memmingen 

La Thur Muhlbach 

Fessenheim 

Hirsingue 

Lutterbach 

Wehr 

Pusy Argiesans Sierentz 

Kűhmoos 

Grűnkraut 

Leupolz 

Walchensee- 

Tiengen 

Obermoowerk 

Etupes 

Eglisau 

weiler 

Asphard 

Krűn 

Mambelin 

Langenegg 

Transmission 

Palente 

Breite 

Werben Westtirol 

Thaur 

Bassecourt 

Meiningen 

Champvans 

Imst 

Walgau 

Bickingen 

Bürs 

Silz 

Lünersee 

Kühtai 

Műhleberg Giswil 

Siebnen 

Rodund 

Roßhag 

Pontarlier 

Kops I+II 

Kaunertal 

Champagnole 

Mathod 

Pradella 

S C H W E I Z 

Vermunt 

Pymont 

Vaux Romanel 

Sils 

Ova Spin 

Handeck 

Lana 

Banlieue-Ouest 

Cardano 

St. Triphon Mőrel 

Premadio 

Chamoson 

Lavorno 

Edolo 

Network 

C.E.R.N. 

Grosio 

Floriano 

Gabi 

Soazza 

Ponte 

Bois-Tollot 

Mese Robbia 

Izernore 

Cornier 

Verbois 

Verampio 

Lanzada 

S. Fiorano Laviz 

Riddes Serra Gondo 

Vallorcine 

Gorduno Sondrio 

Chavanod 

Manno 

Pallanzeno Musignano Mandrisio 

Serriéres Ugine Passy 

Bugey 

Valpelline 

Roncovalgrande Magadino Bulciago P. Camuno 

Creys Mantagny- La Bathie 

Cagno 

Gorlago 

Les-Lanches 

Cislago Verderio 

Torbole Bussolengo 

Nave 

La Marnise 

Mercallo Ospiate Bovisio 

Sandrigo 

Albertville 

Malgovert 

Cassano 

Trav. 

Randens 

Turbigo 

Aoste 

Lonato 

Biella 

Baggio 

Les Brevieres 

Ciserano Chiari 

Sandri 

Grande-lle 

Brugherio 

La Coche 

Magenta 

Tavazzano 

Flero 

Crolles Le Cheylas 

Villarodin 

Rondissone 

Longefan 

Dugale 

Leyni 

Trino N. Lacchiarella 

Mincio 

Froges 

Praz 

Mantova 

Sicilia 


U K RAINA 

POLSKA 

Č ESKÁ 

LUX. 

REPUBLIKA 

SLOVE NSKO 

Brich Otaci 

Soroca 

Larga Ocnița 

Râbnați 

Bălți 

DEUTSCHLAND 

Costești 

CET Nord 

Stånca 

Kisvárda 

MOLDOVA 

Suceava 

Vasilevk 

Greifenstein 

Sajóivánka 

DGES 

Felsözsolca 

Tiszalōk 

Strașeni 

Altenwörth 

Tisza II 

CET-1 

Ungheni 

CET-2 

Jochenstein 

Iași 

Chișinău 

Aschach Abwinden-Asten Theiß 

Vetiș Roșiori Baia Mare 

Ottensheim 

Sajószöged 

Țuțora 

Ybbs-P. 

Roman Nord 

HBK 

Mátra Detk 

Cioara 

R O MÂNIA 

Husi 

CERS Moldova 

Göd 

Dumbrava 

Stejaru 

Debrecen 

Sălaj 

Gönyü 

Vaduri 

Zugló 

Bacău Sud 

Munteni 

Großramming 

Albertfalva 

Tihău 

Racova 

Gheorghieni 

Lilieci 

Gyōr 

Oroszlány 

Ócsa 

Gădălin 

ÖST ERREICH 

Dunameti 

Oradea 

Munteni 

Weißenbach 

Cluj Floresti 

Martonvásár 

Albertirsa Szolnok 

Borzești 

Achensee 

Gilau 

Cluj Est 

Remeți 

Ungheni 

Siret 

Cåmpia 

Gutinaș 

Sőlk Hessenberg 

Szombathely 

Turzii 

Litér 

Mărişelu Somesul 

Fåntånele 

Schwarzach 

Zeltweg 

Dunaújváros 

Békéscsaba 

Tarnita Cald 

Vulcănești 

Kaprun 

Iernut 

Filești 

-Hauptstufe 

Etulija 

-Oberstufe 

Innerfragrant 

Malta 

Héviz MAGYA RORS ZÁG 

-Oberstufe 

Nădab 

Smårdan 

Außerfragrant 

Focșani Vest 

-Hauptstufe 

Paks 

Alba Iulia 

Arpastu 

Amlach 

Lenti 

Galați 

Reißeck Schwabeck St. Andrā 

Sándorfalva 

Brasov 

Lienz 

Arad 

Oberrsielach 

Sibiu 

Zlatoličje 

Mintia 

Szeged 

Barboși Lacu 

Tulcea 

Şugag 

Dârste 

Rosegg Ferlach 

Scoreiu 

Nehoiaș 

Formin 

Sărat 

Vuzenica Fala 

Varaždin 

Toponár 

Dravograd 

Calea Aradului 

Totesti Gâlceag Cornetu 

Buzău aval 

Brăila 

Maribor 

Čakovec 

Pestiş Cirnesti 

Edling 

Moste 

Šoštanj 

Subotica 

Lotru 

Vidraru 

Stâlpu 

Somplago 

Jimbolia 

Doblar 

Okroglo 

Mavčiče 

Săcălaz 

Hăşdat Orlea 

Podlog 

Nedeljanec Dubrava 

Pécs 

Cirkovce 

Sombor 

Baru Mare 

Arefu 

Brădişor 

Buia 

B. Manastir 

Timișoara 

Avce Medvode 

Trbovlje Bostanj 

Siklós 

Turnu 

Oiesti 

Clăbucet 

Teleajen 

Râul Mare 

Apatin 

G.Ialomitei 

Plave Klece 

Blanca 

Solkan 

Brestanica 

Kikinda 

Govora 

Albesi 

Doicești 

Soverzene 

Udine 

Paroşeni 

Fadalto 

Iaz 

Pordenone 

Noaptes 

TOL Vrhovo 

Råureni 

Brazi Vest 

Krško 

Zagreb Žerjavinec 

Motru 

Conegliano 

Tårgu Jiu Stupărei 

Cordignano 

Targoviste 

Redipuglia SLOVENIJA 

D.Miholjac 

Srbobran 

Zrenjanin 

Reșița 

Ruieni 

Bradu 

Brazi 

Beričevo 

Mraclin 

Tismana 

Divača 

Tumbri HRVATSKA 

Ionesti 

Cernavoda 

Vellai Oderzo 

Planais 

Ernestinovo 

Constanta Nord 

Salgareda 

Urechești 

Novi Sad 

Zavideni 

Piteşti Sud 

Fundeni 

Torviscosa Padriciano 

I.Bistrica 

Rovinari 

Grozavesti 

Medurić 

Đakovo 

Pelicanu 

Medgidia Palas 

Scorzi 

Monfalcone 

Koper 

Pehlin 

Sisak 

Nijemci 

Pančevo 

Sărdănești Tånțăreni 

Dragasani 

Bucureşti 

Slavonski Brod 2 

Mitrovica 

Drobeta 

Mostistea 

Sud 

Sud 

Venezia N. 

Šid 

Drmno 

Porțile de Fier 1 

Monteviale 

Turceni 

Buje 

Županja 

Matulji 

Beograd 3 Bgd 20 

Slatina 

Domneşti 

Fusina 

Melina 

Gura Văii 

Malcontenta 

Gojak 

Smederevo 

Tr. 

Craiova Nord 

Progresu 

Camin 

Plomin 

Bosanski Brod 

Mladost 

Sip Severin 

Bucureşti 

Rijeka 

Orašje 

Isalnita 

Drăgăneşti Olt 

Vest Giurgiu 

Villarodin 

Ferrera 

Chivasso 

La Casella 

Erbognone Pieve 

Cremona 

Nogarole 

Ostiglia 

Marcaria 

Gradačac 

Bijeljina 

Beograd 8 

Porțile de Fier 2 

Gradişte 

Ghizdaru 

Venaus 

Trino 

Albignola 

Caorso 

Brinje 

Prijedor 

Ugljevik 

TENT B 

Ostrovu 

Obrenovac 

Frunzaru 

S. Bissorte 

Banja Luka 

Đerdap 

Piacenza 

Adria 

Vinodol 

Bihać 

Lesnica 

Mare 

Voghera 

TENT A 

Rusăneşti 

S. Rocco 

Porto Tolle 

Senj 

Kusjak Cetate 

Obraztsow Chiflik 

Casanova Castelnuovo 

Šabac 

Morava 

Colorno Sermide Ferrara 

K. Vakuf 

Kolubara 

Bor 

Izbiceni 

Varna Dobrudzha 

B OSNA I 

Zvornik 

Tr. Măgurele 

Piossasco 

Focomorto 

Valjevo 

Vignole 

Vidin 

Bistagno 

Tuzla 

Zaječar 

Parma V. 

Calafat 

S. Damaso 

Morigallo 

HERCEGOVINA 

Kragujevac 

Kula 

Kozloduy 

Porto Corsini 

Velebit 

Pleven 

Magliano 

Savona 

Rubiera 

Zenica 

Madara 

Varna 

Gračac 

Požega Čačak 

F RANCE 

B. Grahovo 

Jajce 

Kakanj 

B.Bašta 

Erzelli Genova 

Martignone Colunga 

Enipower 

Ravenna 

Jagodina 

S. Colombano 

Bargi 

B.B. 

Boychinovtsi 

Kruševac 

Tsarevets 

Gorna Oryakhovitsa 

Vado Ligure 

Knin 

Sarajevo 10 

Forli 

Vardište 

Kraljevo 

SAN MARINO 

Peruća 

Sarajevo 20 Višegrad 

La Spezia 

Oraziana 

Rama 

Bistrica 

Niš 

Kremikovtsi 

Mizia 

Balkan 

Karnobat Burgas 

San Marino 

Campochiesa 

Avenza 

Poggio 

B. Blato 

Bilice 

Konjsko 

Potpec S RBIJA 

Sofia 

Tvarditsa 

Trinite-Victor 

Fano 

Jablanica 

Baptin 

Camporosso 

Marginone 

Calenzano 

Grabovica 

Zamrsten 

Metalurgichna 

Menton 

Casellina 

Orlovac 

Salakovac 

Sofia-Zapad 

B U L GARIA 

Stolnik 

MONACO 

Tavarnuzze 

Pirot 

Stara Zagora Maritsa 2 

Zakučac 

Mostar 

Pljevlja 

Zlatitsa 

Livorno Acciaiolo 

S. Barbara 

Vrla 

Breznik 

Chudomir 

Ereğli 

Kraljevac 

Grude 

Piva 

Leskovac 

Kazichene 

Arezzo 

Candia 

Gacko 

Podujevo 

Maritsa 3 

P.D. Speranza 

Imotski 

Čapljina 

Sestrimo 

Maritsa 1 

Ribarevina 

Ch. Mogila Sofia-Yug 

Nikšić 

Aleko 

Rosen 

Opuzen 

Maritsa 

Larderello 

Bileća CRNA Mojkovac 

Stomana 

Vetren 

Neum 

Kosovo B 

Belmeken 

Vranje 

Bobov dol 

Trebinje 

Ston 

GORA 

Kosovo A 

Chaira Plovdiv 

Uzundzhovo 

Hamitabat 

Suvereto 

Pietraffita 

Babaeski 

Alibey Osmanca 

Blagoevgrad 

Paşaköy 

Rosara 

Glogovac 

Skakavica 

Peshtera 

Komolac 

Podgorica 

Priština 

Orfey 

Habibler 

Piombino 

K. Palanka 

Akyazi 

H.Novi 

Fierze 

Adapazari 

Dubrovnik 

Koman 

Skopje 5 

Prizren 

Ikitelli 

DG 

Perućica Koplik 

Skopje 4 

Devin 

Űmtaniye 

Villavalle 

S. Giacomo 

Teramo 

Tepeören 

Bastia 

Skopje 1 

Teshel 

Izmit Seka 

Akyazi 

Štip 

Sant 

Lucciana 

Villanova 

Aslanbey 

Montalto 

Providenza 

Unimar 

Montorio 

Vau i 

Negotino 

Dejes 

Petrich 

Platanovrisi 

Aurelia S. Lucia 

Dissi 

N. Santa 

Ulza 

Dubrovo ITALIA 

Vrutok 

Thissavros 

Burrel FYR 

Sušica 

Cayirhan 

Torvaldaliga Nord 

Popoli 

Termoli Energia 

Corse 

Komotini 

Bursa 

Torvaldaliga Sud 

Shkopet 

Filippi 

Yenice 

Civitavecchia 

Roma/N. 

Larino 

MAKE DONIJA 

Tirana 2 Tirana 1 

Gelibolu 

Içdaș 

B. Sanayi 

Saricakay Gokçekaya 

Roma/O. 

Roma/E. 

S. Paolo 

Valmontone 

Durres 

Roma/S. 

Bitola 

1 

Lapseki 

Ceprano 

Capriati 

2 

Foggia 

Edessos 

Elbasan 

Lagadas 

Bonifacio 

Presenzano 

Florina 

Can 

Latina 

Enthes 

Bari 

Thessaloniki 

Fier 

Amyndeo 

Ag. Dimitrios 

Candela 

Agras 

Balikesir 

Tutes B 

Garigliano 

Andria 

S. Teresa 

Can Seramik 

Maddaloni Benevento 

Tutes A 

SHQIPERIA 

Ptolemaida 

S. Maria 

S. Sofia 

Assomata 

Seyitömer 

Zemblak 

Frattamaggiore 

Brindisi /N. 

Sfikia 

T Ü R K IYE Tutes Şalt 

Brindisi P. 

Fiume Santo 

Patria 

Kardia 

Polyphyto 

Limnos 

Giugliano 

Matera 

Montecorvino 

Vlore 

Levante Torre 

Brindisi /S. 

Condrongianus 

Sardegna 

Ottana 

Enichem 

Taloro 

Oristano 

Busachi 

Villasor 

Selarguis 

Portoscuso 

Sulcis Rumianca 

Sarlux 

Plants and stations: 

Hydro Power Plant 

Wind Farm 

Thermal Power Plant 

Substation 

Substations + power plants 

Converter station 

Under construction 

Legend 

Lines 

750 kV transmission line 


380-400 kV transmission line 




DC-line 

Interconnection for voltage=3 circuit (diff. colours) 

Rizzioni 

Ladonas 

Bellolampo 

S. F. Mela 

Corriolo 

Megalopoli 

Kos 

Particino 

Trapani 

Termini 

Sorgente 

Rodos 

Ciminna Caracoli 

Soroni 

Melk 

Süd 

Unna 

Büren 

Schwarze 

Zhitomir 

Würgassen 

Wolkramshausen 

Bārwalde 

Eindhoven 

Schkopau 

Pumpe 

Pasikurowice 

Dnipropetrovska 

Urfort 

Bilotserkivska 

Czarna 

Khmelnitskaya AES 

Polyana 

Twistetal 

Gōttingen 

Lippendorf Taucha 

Kremenchug 

Strumen 

Trębaczew 

Ostrowiec 

Dniprodzergynska 

Boxberg 

Kielce 

Kielce Piaski 

Ohligs 

WDGMK 

Nehden 

Sandershausen 

Pulgar 

Dobrotvirska 

Mol 

Witten 

Schmōlln 

Klecina 

Großdalzig 

Mikulowa 

Ratkowice 

Shepetivka 

Promet 

Biskupice 

St. Wola 

Van Neurath 

Bergshausen 

Eula 

Aniolów 

Eyck 

Arpe DDZ 

Siersdorf 

Waldeck 

Radziviliv 

Kozyatyn 

Erfurt-Nord 

Niederwartha 

Turow 

Świebodzice Wroclaw 

Huta Częstochowa Joachimów 

Langerlo 

Opladen 

Vieselbach 

Nauerbau 

Cieplice 

Chmielów 

Dobrzeń 

Wryosowa 

Graetheide 

Niederwiesa Dresden-Süd 

Dniprovska 

Seraing 

Sechtem 

Borken 

Boguszów 

Opole 

Groszowice 

Bressoux 

Eisenach 

Lagisza 

Lośnice 

Polaniec 

Lviv 2 

Zaporizka 

Siegburg 

Dillenburg 

Großschwabhausen 

Awirs 

Lixhe 

Mecklar 

Weida 

Röhrsdorf 

Bezděčin 

Ząbkowice 

Rokitnica 

Lviv Pivd 

Taine 

Oberzier 

Crossen 

Javoriv 

Angleur 

Chotejovice 

Pořiči 

Kopanina 

Tucznawa 

Lviv 

Halemba 

Rzeszów 

Ternopil 

Vinnitsa 750 

Rudna 

Pershotravneva Dnipro HPP 

Jupille 

Ließem 

Dauersberg 

Chomutov 

Babylon 

Blachownia 

2 1 

Aßlar Gießen/Nord 

Hohenwarte 

Zwönitz 

K. Zdroj 

Koksochemia 

Lubocza 

Zakhidna 

Ukrainka 

Romsèe 

Dipperz 

Markersbach Tušimice Pocerady 

Mělnik 

9 

Paffendorf Neuwied 

Remptendorf 

Laziska Kopanina 

Klikowa 

Azoty Boguchwala 

Rosdil 

Khmelnitski 

Vinnitsa 330 

Brume 

Altenfeld 

Kirova 

Náchod 

Dlouhé Stráně 

Kędzierzyn 

Siersza 

Gramme 

Limburg 

Zakhidnoukrainska 

Prunerov 

Vyškov 

Neznášov 

4 

Rimière 

Weißenthurm 

Skawina Wanda 

Bar 

Ladyzhinska TPP Pivdennoukrainska NPP 

Nikopol 

10 11 

3 

Achêne 

Coo 

Dahlem 

Ems Kerben 

Dörnigheim 

Goldisthal 

Mechlenreuth 

Wielopole 

Vřesová 

Vitkov 

Tynec 

Rybnik 

4 

Tarnow 

Marcourt 

Koblenz 

Quarzit 

Pivdenna 

Hradec 

Malesice 

5 

6 

F.-West 

Staudinger Schweinfurt 

Redwitz 

Houffalize 

Nieder- 

Frankfurt 

Východ 

H. Životice Dětmarovice 

8 Bujaków 

Krosno-Iskrzynia 

Drogobych 

Villeroux 

stedem 

Tisová Hradec 

Řeporyje 

Opočinek 

Stryi 

Bursthtyn TPP 

Ferosplavna 

Wengerohr 

Großkrotzenburg Grafenrheinfeld 

Západ 

Chodov 

Chvaletice 

Albrechtice Darkov Pogwizdow 

Marxheim Kriftel 

Krasikov 

Mnisztwo Porąbka Żar 

Kryvorizka TPP 

Vianden 

Kelsterbach 

Eltmann 

Č. Střed 

Nemiya 

Liskovec 

Boryslav 

Kalushska CHPP 

Dnistrovska HPSPP 

Pobuzhzya 

Gomaya 

Heinsch 

Bauler 

Wűrgau 

Ustron 

Aubange 

Flebour 

Mainz 

Trinec 

Kalush 

Dnistrovska HPP 

Niederhausen 

Urberach 

Oberhaid 

Chrast 

Nošovice 

Ropice 

Tashlyk HPSPP 

Latour 

Roost 

Quint 

Saint-Mard 

Biblis 

K. Podilsk 

Heisdorf 

Etzenricht 

K.N.Mesto 

GPP-1 

Ivano Frankivsk 

Shahta 

Orlik 

Poroghi 

Trier 

Bischofsheim 

Trennfeld 

Kriegenbrunn 

Milin 

Mirovka 

Mt.-St.- 

Uchtelfangen 

Bűrstadt 

Saarwellingen 

Čebin 

Čadca 

Široká 

Weinheim 

Happurg 

Preštice 

Prosenice 

Martin 

Bexbach 

Reisach 

Varin 

Liptovská Mara 

Lemešany 

Nelypivtsy 

Catlenom 

BASF 

Höpfingen 

Kakhovska GPP 

Beerfelden 

Tabor 

Sokolnice 

Střelná 

Vol'a 

GKM 

Landres 

Neurott 

Temelin 

Otrokovice 

Kotovsk 

Obringheim 

Ludersheim Schwandorf 

Moulaine 

Ensdorf 

Raitersaich 

Weiher 

Čierny Vah Spišská 

Velké 

Volovets 

Chernivtsy 

Dalešice 

Bogorodchanyi 

Primorska-750 

Montois 

Hütte 

Philippsburg 

Kakhovska HPP 

Kupferzell 

Považská 

Nova Ves 

Kapušany 

Kočin 

Kr. Okny 

Trihaty 

La Maxe 

Bystrica Sućany 

Moldava Košice Vojany 

Heilbronn 

Slavětice 

Hodonin 

Mikolaiv 

Rele Vigy 

Großgartach 

Mukachevo 

Saargemūnd 

Daxlanden 

Dukovany 

Medzibrod 

Vantières 

Neckarwestheim 

Kakhovska-750 

St. Petite- Dettwiller 

Hoheneck 

Dasny 

Tvrdonice Holič Bošáca Novaky 

Khust 

Berzan 

Blenod 

Avold Rosselle 

Pulver- 

Mühlhauses 

Regensburg 

Senica 

Bystričany 

Titan 

Bezaumont 

Iffezheim 

dingen 

Winnenden 

Ingolstadt 

Sittling 

Rozdilna Komintern 

Jaslovské 

Rimavska Sobota 

Kherson 

Metz 

Suisse Sarrebourg 

Void 

Kuppen- 

Goldshöfe 

Irsching 

Lipno 

Endersbach 

Isar 

Pleinting 

H. Ždaňa 

Soda 

heim 

Korneuburg Donaustadt 

Bohunice Mochovce 

Custines 

Birkenfeld 

Rotensohl 

Centrolit 

Laneuveville 

Meitingen 

Neuves-Maisons 

Gambsheim 

Bünzwangen Grundrem- 

Zohor 

mingen 

Altheim 

Passau 

Chervonoperekopska 

Stupava 

Križovany 

Schärding 

Wallsee Dūrnrohr 

Usatovo 

Bisamberg 

Levice 

Ering Egglfing 

Ostrivska 

Sarasdorf 

Šala 

H.Linz 

Freudenau 

Veliký Ďúr 

Ottenhofen P. Biskupice 

N. Odeska 

Pirach 

Simmering 

Etzersdorf 

Wien Freudenau 

Zakhidnokrymska 

Föhring Töging 

Braunau St. Peter 

Südost 

Hausruck Sattledt 

Ernsthofen Ybbsfeld 

Neusiedl 

Gabčikovo 

Maryanivka 

Riedersbach 

Pottenbrunn 

Belyaevka 

Marienberg 

Starokazachye 

Salzach Timelkam 

Elevatorna 

Leitzachwerk 

Ternitz 

Klaus Pyhrn 

Donuzlav 

Oberaudolf 

Simferopolska CHPP 

Kirchbichl 

Hieflau 

Artsyz 

Strass 

Pernegg 

Tauern 

Zell/Ziller 

Südburhenland 

Bolgrad 

Gerlos 

Mayrhofen 

Oststeiermarkt 

Mellach 

Reni 

Kosa 

Werndorf 

Häusling 

Kainachtal 

Budzhak 

Koralpe M. Otok 

Vuhred Ozbalt 

Isaccea 

Lancey 

Vaujany 

Saussaz 

St.Guillerme 

Cordeau 

Le Sautet 

Grisolles 

Curbans Serre-Poncon 

Sisteron 

Salignac 

Entrancque 

St. Auban 

St. Tulle Oraison 

Le Broc-Carros 

Manosque Lingostiere 

Tore-Supra 

St.Croix 

Boutre 

Quinson 

La Palun 

Biancon 

Enco Vins 

Mougins Tour-Lascaris 

Trans Fréjus 

Digue-des-Francais 

Neoules 

Cagnes sur Mer 

Le Coudon 

Plan de Grasse 

Le Garde 

L`Escaillon 

Scale 1 : 2 500 000 

Partanna 

Favara 

Paterno 

Misterbianco 

Rodos

60 


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EFT Annual Review 2010-2011 - EFT Group

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