BELEN appointed as nominated electricity market operator, advancing Montenegro’s energy sector

At the latest Government session, the Montenegrin Electricity Exchange (BELEN) was officially appointed as the Nominated Electricity Market Operator (NEMO).

This decision is based on the Energy Law, which mandates that the Government, upon the proposal of the Ministry of Energy and Mining and with the prior opinion of the Regulatory Agency for Energy and Regulated Utilities, decides on the fulfillment of conditions for the appointment of a Nominated Electricity Market Operator.

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• This recognition marks a significant advancement for Montenegro’s energy sector and underscores BELEN’s dedication to enhancing the transparency and efficiency of the electricity market – BELEN stated.

The appointment of BELEN as NEMO opens numerous opportunities, including the connection of Montenegro’s organized electricity market with those of European Union (EU) countries, particularly with Italy. This move integrates Montenegro’s market into the single European day-ahead and intraday electricity markets.

• It also paves the way for greater liquidity, transparency, and efficiency. Enhancing market transparency, increasing efficiency, and significantly improving the security of supply in Montenegro, establishing a regional wholesale electricity price, optimal allocation of available cross-zonal capacities, and more efficient integration of renewable energy sources into the electricity market, all based on transparent and non-discriminatory market principles – BELEN elaborated.

Regulatory compliance is also a key aspect, and BELEN noted that aligning with European energy regulations and standards strengthens market participants’ confidence.

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• The designation of NEMO for the Electricity Exchange is an acknowledgment of the effort and diligence invested in establishing the complete system necessary for launching the day-ahead market in Montenegro, as well as our vision to soon connect our market with the European one and launch the intraday market – stated BELEN’s CEO, Dejan Drašković.

He emphasized that this is a collective achievement for the entire Montenegrin energy sector, as it would not have been possible without collaborative efforts.

• We extend our gratitude to our colleagues from the Ministry of Energy and Mining and other energy entities who supported us, as well as our international partners. The fact that the day-ahead market in Montenegro has been operating flawlessly for over a year highlights the professionalism of our approach and that of our service providers from France and Slovenia. We must also acknowledge the significant role played by traders from the region and Europe, who trusted us by participating in our market. This designation opens new opportunities for us to connect the Montenegrin market with the European internal market, thereby ensuring greater security and quality of supply and more efficient integration of renewable energy into the electricity system – Drašković added.

BELEN also announced their commitment to further strengthening their capacities and improving market mechanisms to ensure a stable and efficient electricity market in Montenegro.

• This announcement highlights the importance of receiving NEMO status for BELEN and its impact on the Montenegrin electricity market, including plans for future activities and benefits for all participants in the energy sector – the statement on BELEN’s website concluded.