ANNUAL REPORT - HSE

ANNUAL REPORT HSE | BUSINESS REPORT
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into the EU, the company served as a basis for the establishment
of balancing groups in the EU.
HSE Balkan Energy d.o.o. 100.0 %
The company HSE Balkan Energy, which is based in
Belgrade, was established as result of HSE’s expansion
to SE Europe. Serbia plays an important geographical
and energy role in its region. It also has a
developed electricity system and important resources
such as water, coal and geothermal energy. The company
trades in electricity and assists the HSE Group in
its expansion to SE Europe.
HSE Hungary Kft. 100.0 %
The company HSE Hungary helps establish links with
the markets of central and eastern Europe, mainly
with Poland, the Czech Republic and Slovakia. It is engaged
in electricity trading.
HSE Adria d.o.o. 100.0 %
HSE Adria, which is based in Zagreb, is engaged in crossborder
electricity trade, entering into electricity sales
and purchase contracts, and technical consulting.
HSE Bulgaria EOOD 100.0 %
The subsidiary HSE Bulgaria was established to trade
in electricity produced by the company Toplofikatsia-
Ruse AD and to expand business operations to the
markets of Greece, Macedonia and Romania.
Toplofikatsia-Ruse AD 51.0 %
By acquiring the company Toplofikatsia-Ruse AD, HSE
increased the assortment of its production sources by
400 MW. Having its own production source in Bulgaria
facilitates a quicker expansion of electricity trading
volume in this part of the region and the transmission
of electricity to Slovenia. Toplofikatsia-Ruse produces
electricity, industrial steam and heat.
HSE Prague branch office
The Prague branch office is engaged in the purchase of
electricity from qualified producers, sale of electricity
to authorised consumers and other electricity traders
in an organised Czech market of which it is a member.
It also makes it possible to participate in auctions for
the allocation of cross-border transfer capacities.
HSE Bratislava branch office
The Slovak branch office was established to participate
in auctions for the allocation of cross-border transfer
capacities on the Slovak and Hungarian border.
HSE Belgrade representative office
HSE's own representative office in Belgrade is one of
the bases for the expansion of activities to the markets
of former Yugoslavia and the wider area of SE Europe.
HSE Bucharest representative office
After Bulgaria joined the EU and two reactors at NPP
Kozloduy were closed, Romania became the main
electricity exporter in the region. Romania also has
the largest power exchange in SE Europe and a liberalised
market. For these reasons, HSE decided to
open a representative office in Bucharest and obtain
an electricity trading licence.
Investments
HSE Invest d.o.o. HSE, DEM, SENG each 25.0 %
The company’s most important activity is the management
of development projects in pre-investment stages,
construction of new and refurbishment of existing
power plants. The company plays an important role
in the construction of the chain of hydropower plants
on the lower Sava River, the construction of PSP Avče,
refurbishment of HPP Zlatoličje and in other major
projects of the HSE Group.
Hidro Moćnost Makedonija d.o.o. 33.3 %
The company was established in 2008 by a consortium
of RWE Power from Germany and HSE, which jointly responded
to the Macedonian government's call for tenders
to construct HPP Čebren and HPP Galište on the
Crna River in Macedonia. The call requires the selected
tenderer to establish a company together with ELEM,
the Macedonian electricity producer, to construct the
above HPPs. In November 2008, the Macedonian government
decided to cancel the call for tenders without
any explanation. In December 2008, a prequalification
call for tenders was again published, but it did not differ
from the call published in June 2006.
Multi-utility
Stelkom d.o.o. 19.0 %
Stelkom is a provider of telecommunication and connection
services, and offers its services using the telecommunication
infrastructure of companies from the
electricity industry. The infrastructure is based on a
widely distributed optical network of more than 2,500
km in total length.