THE NEXT DECADE by dfgh4bnmu

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									                                                                                                                                              EFT Group Annual Review 2009/2010




www.eft-group.net
enquiries@eft-group.net
London +44 20 7518 9250
St Gallen +41 71 226 1030
Belgrade +381 11 301 1021

Athens                                 Kalinovik                        Sofia
EFT (Hellas) S.A.                      EFT HE Ulog d.o.o.               EFT Bulgaria E.A.D.
151 Kifisias Avenue                    Kalinovik, Karadjordjeva 19      Office 06.02, 6th floor
15124 Marousi                          71230 Kalinovik                  TZUM Business Center
Athens                                 Republika Srpska                 Knyaginya Maria Louisa Bd. No. 2
Greece                                 Bosnia & Herzegovina             Sofia
                                                                        Bulgaria
Belgrade                               Kyiv
Energy Financing Team d.o.o.           EFT Ukraine LLC                  St Gallen
Bulevar Mihaila Pupina 10b/II          Office 54                        Energy Financing Team (Switzerland) AG
11070 Belgrade                         9/2 Velyka Vasylkivska Street    Pestalozzistrasse 2
Republic of Serbia                     Kyiv 01004                       CH-9000 St Gallen
                                       Ukraine                          Switzerland
Bratislava
EFT Slovakia s.r.o.                    Ljubljana                        Stanari
Karadzicova 8/A (CBC I)                Elektricni Financni Tim d.o.o.   EFT Rudnik i Termoelektrana Stanari d.o.o.
821 08 Bratislava
Slovakia

Bucharest
                                       Opekarska 5
                                       1000 Ljubljana
                                       Slovenia
                                                                        Stanari bb
                                                                        74208 Stanari
                                                                        Repbulika Srpska
                                                                                                                                              THE NEXT DECADE
                                                                        Bosnia & Herzegovina
Energy Financing Team Romania S.R.L.   London
European Business Center               Energy Financing Team Limited    Tirana
2nd Floor                              Cavendish Court                  EFT Albania Sh.p.k.
24 Blvd Mircea Voda CP 030667          11-15 Wigmore Street             Gjergji Centre
Bucharest 3                            London W1U 1PF                   Murat Toptani Street
Romania                                UK                               Tirana
                                                                        Albania
Budapest                               Maribor
EFT Budapest Zrt.                      Elektricni Financni Tim d.o.o.   Trebinje
Sas utca 10-12                         Titova cesta 2a (IV)             Energy Financing Team d.o.o. Trebinje
HU1051 Budapest                        2000 Maribor                     Obala Luke Vukalovica b.b.
Hungary                                Slovenia                         Trebinje
                                                                        89 101 Rebulika Srpska
Copenhagen                             Nicosia
                                                                        Bosnia & Herzegovina
EFT (Holdings) ApS                     EFT Investments Ltd
Dampfaergevej 3                        c/o PricewaterhouseCoopers       Zagreb
1st Floor                              Julia House                      EFT Hrvatska d.o.o.
DK-2100                                3 Themistocles Dervis Street     Trnjanska 37
Copenhagen                             CY-1066 Nicosia                  10000 Zagreb
Denmark                                Cyprus                           Croatia
Herceg Novi                            Prague
Energy Financing Team d.o.o.           EFT Cesko a.s.
Sitnica bb                             Ovocny trh 572/11
85340 Herceg Novi                      11000 Prague 1
Montenegro                             Czech Republic

Istanbul                               Skopje
EFT (Turkey) A.S.                      EFT Makedonija DOOEL
Toprakkale S. No:2                     Majakovski 3/M2
Etiler, Istanbul 34337                 1000 Skopje
Turkey                                 Macedonia




                                                                          Designed & Produced by Latitude Agency. Printed by Ripping Image.
                                                                          EFT Group Annual Review 2009/2010   4




 THE ENErgy FiNANCiNg TEAm group is THE CoNTENTs
prEmiEr ENErgy TrADiNg AND iNvEsTmENT
 group, spECiAliziNg iN wEsTErN, CENTrAl 10 years of EFT                                   P02
                 AND souTH-EAsT EuropE. Timeline: 10 years of EFT                          P06
                                               2009 At-a-glance results                    P08
   EFT is lEADiNg THE DEvElopmENT oF THE       Group structure                             P12
souTH-EAsT EuropEAN ElECTriCiTy mArkET         Products & Services                         P14
THrougH ENErgy TrADiNg AND iNvEsTmENT          Exchanges                                   P16
                 iN NEw proDuCTioN uNiTs.      Community Relations                         P22
                                               Summary of Group Activities                 P24
                                               EFT Investments                             P42
                                               Stanari Mine                                P44
                                               TPP Stanari                                 P46
                                               Ulog HPP                                    P50
                                               Fatnicko Polje Tunnel
                                                    ˇ                                      P52
                                               UCTE Transmission Network                   P54
5   EFT Group Annual Review 2009/2010                                                                                      EFT Group Annual Review 2009/2010   6




                                        over the last decade the EFT group
                                        delivered 113 Twh of energy and invoiced
                                        more than Eur 5 billion in sales. The
                                        company is not only the leading energy
                                        trader in central and south - east Europe,
                                        but is regarded as one of the most
                                        exciting energy companies in the region.
                                        From nothing to Eur 5 billion, and sales
                                        now running of at least Eur 1 billion
                                        each year – how has such a remarkable
                                        story unfolded?
                                        Rewinding to the beginning of the story, and more than a hundred years from
                                        its emergence, the electricity industry began undergoing remarkable change
                                        in the late twentieth century. The shift from state ownership to the private
                                        sector spread like a forest fire through developed western markets, leading
                                        eventually to a similar impetus elsewhere. Unbundling and light-touch regulation
                                        allowed for considerable market abuse and the creation of various market
                                        bubbles, spurred on by firms such as Enron, leading to inevitable crashes.
                                        With wild swings in forward power prices, the flow of investment into new
                                        generation and transmission collapsed from a flood to a trickle at the turn
                                        of the millennium. But this was the west. What of the east?
                                        Here the events of the first decade of the twenty-first century are best
                                        understood against the preceding ten years – a period of a very different kind
                                        of transition following the collapse of the Post-Second War communist and
                                        centrally-planned structures that dominated the region. As the long march
                                        towards eventual membership of the EU commenced for most countries in
                                        south-east Europe, so countries began a process of adjustment and reform.
                                        As in the west, a key feature was a move towards unpicking state control
                                        and towards private ownership. But just as the countries involved may have
                                        started to learn painful lessons and begun to come to terms with uncomfortable
                                        reforms, so the countries of the EU arrived with proposals and suggested tools
                                        for the gradual adjustment necessary, through initiatives co-ordinated through
                                        the EU Commission, USAID, the World Bank, and others.
                                        continued over
7   EFT Group Annual Review 2009/2010                                                                                                                                                                        EFT Group Annual Review 2009/2010   8




                            For the energy sector in SEE, chief amongst these                                                                       Whilst from early on the Group has devoted
                            initiatives was the Athens Process, a forum in which                                                                    significant resources towards an eventual goal of
                            the modernisation and improvement of the energy                                                                         owning a significant generation capacity of its own,
                            sector was seen as a cornerstone of development                                                                         its market presence has largely been felt through
                            and also a foundation for stability. Its vision embodied                                                                a remarkable contribution to the increase in market
                            a uniform energy ‘space’, without frontiers or borders,                                                                 liquidity in a region from Austria to Greece and
                            but enshrining common standards, practices and                                                                          ranging throughout central Europe. EFT has been
                            policies, many years before eventual EU membership                                                                      the principal driver in the development of transparent
                            might provide a similar lack of physical and territorial                                                                and open markets, at the same time deploying
                            boundaries. In essence, the countries of SEE were          A trend towards increasing disorder is probably the key      considerable resources to finance the roughly
                            invited to become ‘energy’ members of the EU, in           characteristic in the energy markets of SEE in the late      two-month cycle of trade implied by its initial and
                            terms of infrastructure and operation, much before         1990s. Whereas it had been traditional for a limited         fundamental trading model. This willingness to
                            any true political membership.                             quantity of bilateral trades of one sort or another to       support clients, often in difficult circumstances,
                                                                                       occur, almost exclusively between adjoining countries,       has led to considerable loyalty from a wide customer
                            In practice, this meant the unbundling of generation,      there now developed considerable barriers to any sort        base of power utilities and industrial/manufacturing
                            transmission and distribution, tariff reform to achieve    of trade. Unpaid obligations and a lack of regional vision   companies. It has also led to industry-wide respect
                            a minimum of cost recovery, the co-ordination of new       led to bottlenecks and logjams. All of this allowed room     for the depth, breadth and commitment EFT has
                            generation construction to ensure the best and most        for an entrepreneurial approach towards intermediation,      shown as a pioneer.
                            efficient location of units on a regional basis, and the   in which pre-financing could address the credit and
                            opening up of markets to full competition and              performance concerns of those countries with surplus         If the grander politics of EU support for the SEE
                            transparency, with private enterprise able to own          energy (but little appetite to continue delivering it to     region could be characterised by many years of slow
                            and operate much of the sector.                            counterparties perceived to be unreliable), whilst           progress through the Athens Process towards the
                                                                                       delivery on deferred payment terms allowed buyers            final treaty that embodied its principles (the ECSEE
                            Easier said than done. A chronic lack of investment
                                                                                       operating under straitened circumstances the necessary       treaty of 2006), the real measure of the development
                            over a long period had left the sector in poor shape.
                                                                                       breathing space to accept deliveries, invoice their own      of functioning markets in the area can be seen in the
                            Energy pricing had long become a tool for social
                                                                                       counterparts and for the cycle of industrial production      dramatic growth in trading volumes and market
                            engineering and the exercise of political power.
                                                                                       to produce the funds for repayment. Broadly speaking,        access that EFT’s presence has facilitated for all
                            There was a head-on collision between the stated
                                                                                       the region needed an energy bank, or perhaps                 market participants – hence 113 TWh in deliveries
                            goals of tariff reform and the desires of politicians
                                                                                       an exchange.                                                 and EUR 5 billion in sales, ever increasing.
                            to retain popularity through generous tariff policies.
                                                                                       Discussions about real power exchanges were always           It has been a remarkable decade. The next holds
                            Whereas historically power flows across borders may
                                                                                       mired in petty politics and issues of regional pride,        even greater promise.
                            have been organised on the basis of barter, or clearing
                            accounts or seasonal swaps, the monetisation of such       linked to the potential site of any exchange floor.
                            flows led to defaults, disputes and long-running           Against this backdrop a group of professionals drawn
                            difficulties. In particular the collapse of the former     from the finance and energy sectors, with experience
                            Yugoslavia added the dimension of division between         in both western and south eastern European markets,
                            antagonistic groups.                                       devised a new trading group to cater to the
                                                                                       requirements of the power utilities and major industrial
                                                                                       corporates of the region. This was Energy Financing
                                                                                       Team (EFT), originally established in London in 2000,
                                                                                       but which has since expanded to form a European-wide
                                                                                       group of 23 companies in just as many countries.
9   EFT Group Annual Review 2009/2010                                                                                                                                                                                                                               EFT Group Annual Review 2009/2010   10




                                  EFT ltd (uk) formed october 13, 2000.
                                  representative offices in Belgrade and Trebinje




         Energy traded in BiH, Serbia, Montenegro, Germany,           EFT finances equipment                           EFT Group company                 First virtual power reserve                              EFT Group company formed           First virtual power reserve
             Austria, Albania, Greece, Hungary and Romania            procurement for Ugljevik TPP                       formed in Greece                contract with ELES                                             in the Czech Republic              contract with Mepso



                      Long term power purchase                                         Expansion into Bulgarian, Croatian, Kosovan,
                   agreement with Hidroelectrica                                       Macedonian and Slovenian markets                                                       Expansion into Czech and
                                                                                                                                                                              Slovakian markets



                                                                EFT Group companies formed in Serbia, Hungary,                                               Group companies formed                 Group companies formed in BiH, Macedonia,                       Group companies formed in Montenegro,
                                                                     Slovenia, Switzerland, Denmark and Cyprus                                                in Bulgaria and Romania               Slovakia and Croatia                                            Turkey, Ukraine, Albania and Serbia




                             BREAKING DOWN TRADE BARRIERS – OPERATING BETWEEN UTCE ZONE 1 & 2


      2000                              2001                         2002                              2003                             2004        2005                                 2006                             2007                             2008                            2009




                        Development of EPOX                                            ˇko
                                                                      Building of Fatnic Polje                First annual export                                          EFT takes over                                                EFT granted permission                    EFT granted concession
                   customised trading platform                            ´
                                                                      Bileca Accumulation Tunnel                   deal with NEK                                           the Stanari Mine                                                 to build Stanari TPP                         to build Ulog TPP




      ANNUAl SAlES                   EUR 163.1m                    EUR 185.4m                        EUR 200.8m                       EUR 253.7m   EUR 411.8m                          EUR 610.5m                      EUR 788.9m                       EUR 974.4m                       EUR 1013m
11   EFT Group Annual Review 2009/2010                                                                                         EFT Group Annual Review 2009/2010   12




                                                      18

                                                      16

                                                      14

                                                      12

                                                      10

                                                       8

                                                       6

                                                       4

                                                       2

                                                       0

                                                           2002   2003        2004       2005       2006         2007       2008      2009
                                                                               Energy supplied 2002 - 2009 - Twh




                                                           AlBANiA       6                                              19     gErmANy
                                                           mACEDoNiA     7                                              1        AusTriA
                                                           moNTENEgro    3                                              6           iTAly
                                                           kosovo        2                                              6       slovENiA
                                                           sErBiA        1                                              3 CzECH rEpuBliC
                                                           BosNiA AND    4                                              3       slovAkiA
                                                           HErzEgoviNA                                                  10      HuNgAry
                                                           CroATiA       12                                             9       romANiA
                                                                                                                        1       BulgAriA
                                                                                                                        7        grEECE
                                                                                                                        1        polAND
                                                                                       EFT sales in 2009 – %




                                                           AlBANiA       1                                              22      gErmANy
                                                           mACEDoNiA     1                                              5         AusTriA
                                                           moNTENEgro    0                                              0            iTAly
                                                           kosovo        0                                              2        slovENiA
                                                           sErBiA        5                                              11 CzECH rEpuBliC
                                                           BosNiA AND    9                                              3        slovAkiA
                                                           HErzEgoviNA                                                  13       HuNgAry
                                                           CroATiA       4                                              15       romANiA
                                                                                                                        7        BulgAriA
                                                                                                                        1         grEECE

         EFT delivered 17.35 Twh of energy in 2009.                                  EFT purchases in 2009 – %
                                                                                                                        1         polAND


         group sales just exceeded Eur 1 billion.
13   EFT Group Annual Review 2009/2010                                                                                                                                                                                                                                      EFT Group Annual Review 2009/2010   14




ThE
                                                                                                                                                                GDP, industrial value added growth and changes
                                                                                                                                                                in electricity consumption (2009 on 2008)

                                                                                                                                                                                                                                                    PL

                                                                                                                                                                                                                                                   SK

                                                                                                                                                                                                                                                   CZ




mARKET
                                                                                                                                                                                                                                              11 C’s

                                                                                                                                                                                                                                                    SL

                                                                                                                                                                                                                                                  SER*

                                                                                                                                                                                                                                                   RO

                                                                                                                                                                                                                                                   MN
                                                                                                                                                                                                                                                                                          EC_gr
                                                                                                                                                                                                                                                                                          vA_iND_gr
                                                                                                                                                                                                                                                   MC
                                                                                                                                                                                                                                                                                          gDp_gr
                                                                                                                                                                                                                                                  K&M*




IN 2009
                                                                                                                                                                                                                                                   HU

                                                                                                                                                                                                                                                   GR

                                                                                                                                                                                                                                                   CO

                                                                                                                                                                                                                                                   BU

                                                                                                                                                                                                                                                  B&H

                                                                                                                                                                                                                                                    AL


                                                                                                                                                               -25            -20              -15              -10                     -5                0            5           10



                                                                                                                                                                GDP growth (2009 on 2008)
2009 saw a readjustment in the regional electricity market, adapting to new                                                                               4

economic realities and the global financial crisis. with bank failures fuelling
a collapse in confidence and a sharp reduction in the supply of credit in 2008,                                                                           2

recession was inevitable. Economic output entered a downturn and a sharp
                                                                                                                                                          0
drop in price for international commodities followed.                                                                                                           EU-27    GE     FR       IT     PL        CZ        SK        RO    GR        HU         BU   SER*    CO     SL



Electricity was no exception. Across Europe       several months owing to a sharp drop in           State-owned and operated power utilities              -2                                                                                                                              Q1
a considerable fall in demand for electricity     international aluminium prices. Similar stories   fared differently in such circumstances. Those                                                                                                                                        Q2
                                                                                                                                                     %
was recorded in 2009. This was coupled with       unfolded across the rest of south-east and        whose sales and procurement tenders were                                                                                                                                              Q3
favourable hydrology, and thus above average      central Europe.                                   more fortunately timed (e.g. EPBiH, EPCG              -4                                                                                                                              Q4
power production. South-east and central                                                            and KESH) enjoyed an advantage from
                                                  Favourable hydrology in 2009 meant utilities      favourable price trends. EPBiH, for example,
Europe followed the trend. The fall in demand
                                                  naturally cut back on production from             recorded the best results in its history,             -6
for energy varied between 2% and 7% for
                                                  expensive gas and coal fired units. The           as a result of a timely long-term sale of its
most countries in the region, in step with
                                                  evolution of the wholesale electricity price      surpluses for 2009. Others were not so
a corresponding fall in GDP. Notable
                                                  in the region during the year reflected the       fortunate, and instead relied on operations
                                                                                                                                                          -8
exceptions were Poland and Albania, while
                                                  region’s delayed response to the international    in the short-term and spot markets.
Hungary’s outcome was unique, since though
                                                  situation and the near global recession.
GDP fell, power consumption actually rose.                                                                                                               -10
                                                  For example, in Q1 2009 power prices were         Against such a backdrop the electricity market
Every other country in the region witnessed       relatively high, at an average level of EUR       in south-east Europe nevertheless continued
a decline in its economic output, and             47/MWh, still reflecting pre-crisis prices of     to expand in 2009, with the volume of cross
corresponding falling energy demand. The          coal, gas and oil. When these fell in price the   border energy trading exceeding 2008 levels.                Value added industrial growth (2009 on 2008)
economies of these countries rely to a great      regional electrcity market saw a substantial      This was in part driven by the more active           10
extent on energy intensive industries – for       and sharp readjustment in Q2 2009, the            participation of large western European
example the extraction and processing             average level reaching EUR 32.5/MWh.              traders (e.g. RWE, E.ON and APT), as well             5
of metals has a particularly long history in      At this point many governments in the region      as by improved liquidty created by the
south-east Europe. The fall in power demand       implemented various rescue packages for           involvement of various investment banks in            0
was greatest in Macedonia and Montenegro          their economies, frequently subsidising the       electricity trading in Romania and Hungary                   EU-27   GE         FR    IT         PL        CZ        SK        RO        GR      HU       BU     SER*   CO
(at over 20%), both countries where energy        exporters with energy intensive operations.       (e.g. Deutsche Bank).
                                                                                                                                                          -5                                                                                                                              Q1
intensive industries form a major part of         This stabilised demand for power and fuelled
                                                                                                                                                                                                                                                                                          Q2
overall electricity consumption. For example,     a recovery in price to EUR 37/MWh in Q3                                                            %
                                                                                                                                                         -10                                                                                                                              Q3
the aluminium smelter at Podgorica (KAP)          2009 and EUR 38/MWh in Q4 2009.
                                                                                                                                                                                                                                                                                          Q4
accounts for nearly 40% of Montenegro’s
total energy consumption. In 2009 its output                                                                                                             -15
was drastically reduced, with the mill shut for
                                                                                                                                                         -20


                                                                                                                                                         -25
15   EFT Group Annual Review 2009/2010                                                                                       EFT Group Annual Review 2009/2010                 16




                                                                          EFT investments limited
                                                                          CYPRUS

                                                                          EFT (Holdings) Aps
                                                                          DENMARK




                                                                          Energy Financing Team d.o.o. Trebinje
                                                                          BiH

                                                                          EFT group rudnik i Termoelektrana stanari d.o.o.
                                                                          BiH

                                                                          EFT Bulgaria E.A.D.
                                                                          BULGARIA

                                                                          EFT Hrvatska d.o.o.
                                                                          CROATIA

                                                                              ˇ
                                                                          EFT Cesko a.s.
                                                                          CZECH REPUBLIC

                                                                          EFT (Hellas) s.A.




group
                                                                          GREECE

                                                                          EFT Budapest zrt                                                           Trading licence
                                                                          HUNGARY                                                                    POLAND

                                                                          EFT makedonija DooEl
                                                                          MACEDONIA

                                                                          Energy Financing Team d.o.o. Herceg-Novi




sTruCTurE
                                                                          MONTENEGRO

                                                                          Energy Financing Team romania s.r.l.
                                                                          ROMANIA

                                                                          Energy Financing Team d.o.o.
                                                                          SERBIA

                                                                          EFT slovakia s.r.o.
                                                                          SLOVAKIA

                                                                                 ˇni    ˇni
                                                                          Elektric Financ Tim d.o.o.
                                                                          SLOVENIA

                                                    EFT Albania sh.p.k    Energy Financing Team (switzerland) Ag                                     Trading licence
                                                               ALBANIA    SWITZERLAND                                                                KOSOVO

                                                    EFT HE ulog d.o.o.    EFT (Turkey) A.s.
                                                                    BiH   TURKEY

                                         EFT mineral investments d.o.o.   Energy Financing Team limited
                                                                SERBIA    UK

                                                                          EFT ukraine
                                                                          UKRAINE
                                                                          Under formation

                                                                          EFT Baltic
                                                                          LITHUANIA – under formation



                                                                          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 (Holdings) ApS – holding company.
                                                                               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 (Holdings) ApS owns 51%.
                                                                          v: The Group structure is currently under revision.
17   EFT Group Annual Review 2009/2010                                                                                                                                                                                EFT Group Annual Review 2009/2010   18




        EFT’s products and services are constantly                                                    Extendable delivery purchase and sales contracts
                                                                                                      These contracts typically have an above or below
                                                                                                                                                                  physical location and time swaps
                                                                                                                                                                  These swaps aim to circumvent congested borders
        improved to meet the ever changing needs of our                                               market unit price but with an embedded option               by swapping like-for-like quantities of physical energy
                                                                                                      permitting the holder the right but not the obligation      in different countries at some fixed or floating formula
        clients. in 2009 the group introduced a new online                                            to extend the contract term quantity and price              agreed by the parties.
        interface platform for its clients in romania,                                                for a pre-agreed period.
                                                                                                                                                                  Fixed-for-floating, with or without cap or floor
        enabling them to upload their consumption                                                     interruptible delivery purchase and sales contracts
                                                                                                      The buyer has the right to interrupt, stop or postpone
                                                                                                                                                                  These structures permit the customer to conclude
                                                                                                                                                                  a contract now at a price slightly away from the real
        requirements on a daily, weekly and monthly basis.                                            the delivery of energy.                                     market price, in return for securing the ability to earn
        The real time input of data enables EFT’s clients                                             Emergency delivery of energy on short and long
                                                                                                                                                                  a better price in the future.

        to make even better use of the group’s extensive                                              term notice
                                                                                                      The flexible nature of EFT’s portfolio, and its skill in
                                                                                                                                                                  To earn this price improvement a contract specifies
                                                                                                                                                                  that on the day the contract is signed an observation
        portfolio and to eliminate the cost of unforeseen                                             securing greater access to cross border rights, allows      is made of the prevailing price in Germany. This first
                                                                                                      EFT the opportunity to market reserve energy services       observation date is then compared with a second
        deviation from planned consumption.                                                           to several transmission system operators. Unlike a          observation date, which must be before the
                                                                                                      stand-alone power plant, EFT is able to optimise its        commencement of the deliveries. The difference
        In addition to standard base and peak energy, the Group can also offer weekly base or peak,   entire portfolio to provide the most efficient and finest   between the two observation dates is measured and
        workday base, peak or off-peak, weekend energy, scheduled and full delivery from hourly,      priced reserve energy service.                              then applied to the originally agreed contract price.
        daily, monthly, to quarterly, yearly and longer term periods.
                                                                                                      upward reserve power                                        In the event the customer wishes to protect itself
        The flexibility of the EFT’s portfolio allows the Group to offer a number of tailor made      Delivery of reserve power – on a tertiary reserve           against an adverse change between the two
        derivative products. These include:                                                           basis with activation on minute and hourly notice.          observation dates, EFT can provide a cap or floor,
                                                                                                                                                                  subject to the inclusion of a co-efficient that limits
                                                                                                      Downward reserve power                                      any positive benefit in the event of a favourable move
                                                                                                      EFT is able to guarantee energy off-take                    between the two observation periods (i.e. EUR 1 real
                                                                                                      for its partners at times of unexpected surpluses           move might only alter the unit price by EUR 0.50).
                                                                                                      in their portfolios.
19   EFT Group Annual Review 2009/2010                                                                                  EFT Group Annual Review 2009/2010   20




in 2009 EFT became a member of two energy         EEX – leipzig, germany
                                                  www.eex.de
exchanges in central Europe: the prague based     EXAA – vienna, Austria
oTE (www.ote-cr.cz) and the Bratislava based      www.exaa.at
isoT (www.isot.sk). The group also trades daily   gmE – rome, italy
on seven other energy exchanges in south-east     www.mercatoelettrico.org
                                                  pXE – prague, Czech republic
and central Europe:                               www.pxe.cz
                                                  opCom – Bucharest, romania
                                                  www.opcom.ro
                                                  pool – Athens, greece
                                                  www.desmie.gr
                                                  Bsp south pool – ljubljana, slovenia
                                                  www.bsp-southpool.com

                                                  Trading on these exchanges provides EFT with a valuable tool
                                                  in balancing its portfolio. The participants on these exchanges
                                                  trade via open and cost-effective electronic access on equal terms.
                                                  All traders undergo a rigorous licensing procedure. The exchanges
                                                  are governed by stringent rules and regulations.
21   EFT Group Annual Review 2009/2010                                                                                                                                                                             EFT Group Annual Review 2009/2010   22




              EFT to supply energy to Holcim romania.
              The Romanian subsidiary of the EFT Group           the flexibility in accepting deviations between
              will supply energy to Holcim Srl, the cement       real and estimated consumption and other
              and concrete producer in 2010. EFT Romania         economic factors.
              Srl. will supply 300 000 MWh of energy to
                                                                 EFT will aim to expand its Romanian client
              Holcim’s plants in Cimpulung, Alesd and Turde
                                                                 base in the coming period.
              following its successful bid in Holcim’s first
              annual energy procurement tender.                  New web interface for industrial clients
                                                                 EFT has developed a new web-based
              EFT is delighted to be in the position to supply
                                                                 interface service for its clients in the industrial
              energy to such a reputable client as Holcim.
                                                                 sector. Through a simple easy to use
              The contract is the first of its kind for EFT
                                                                 interface, EFT’s clients are able to upload
              on Romania’s internal electricity market. EFT’s
                                                                 their consumption requirements on a daily,
              ability to offer the most competitive bid in the
                                                                 weekly and monthly basis. The real time input
              tender comes as a result of hard work and
                                                                 of data enables EFT’s clients to make best
              excellent market analysis by the Group’s team
                                                                 use of the Group’s extensive portfolio and
              in Romania. According to Holcim, the criteria
                                                                 eliminate the cost of unforeseen deviation
              in the final selection process focused on the
                                                                 from planned consumption.
              supplier experience and creditworthiness,
              as well as the offered price of electricity,




                                                                                                                       EFT granted energy trading licence in montenegro
                                                                                                                       Energy Financing Team d.o.o. Herceg Novi,          EFT’s activity on the Montenegrin market will
                                                                                                                       the Montenegrin subsidiary of the EFT              commence once the final acts of the relevant
                                                                                                                       Group, has been granted an energy trading          market legislation are adopted in parliament.
                                                                                                                       license by the Energy Regulatory Agency            This is expected to take place in the second
                                                                                                                       of Montenegro (www.regagen.co.me).                 half of 2010. The competition on the energy
                                                                                                                       The licence has been granted to EFT for            market will bring numerous benefits to
                                                                                                                       a period of eight years.                           Montenegrin consumers, mainly in terms of
                                                                                                                                                                          prices, quality of service and much needed
                                                                                                                       This is the first such license which has been
                                                                                                                                                                          flexibility. It will also foster further reforms
                                                                                                                       granted in Montenegro and signals the
                                                                                                                                                                          of the energy sector in Montenegro.
                                                                                                                       country’s progress towards market
                                                                                                                       liberalization, in line with the Athens process.
                                                                                                                       EFT is now able to participate on the internal
                                                                                                                       energy market in Montenegro, by offering
                                                                                                                       energy directly to all the qualified consumers
                                                                                                                       in the country. These are all the consumers
                                                                                                                       in Montenegro, except households.
23   EFT Group Annual Review 2009/2010                                                                                                                                                             EFT Group Annual Review 2009/2010   24




macedonia next in line                                                                                                          The new EFT frontier
In 2009 Macedonia followed the example of Hungary               why should a Tso buy virtual power reserve?                     EFT and Zakhidenergo, one of Ukraine leading energy
and Slovenia in ensuring the safe functioning of its            In comparison with the traditional auxiliary power reserve,     producers, signed a deal to export Ukrainian energy into central
energy system through EFT’s Virtual Power Reserve.              VPR is cheaper, more reliable, encourages efficient             and south-east Europe. The deal was signed following intense
                                                                utilization of generation, and optimizes cross-border           negotiations between the companies and heralds a new era
Virtual Power Reserve is a product pioneered by EFT
                                                                transmission capacities.                                        in the exports of energy produced in Ukraine.
in the south-east Europe energy market. The Group’s
portfolio of energy products confers a remarkable degree        EFT prepares tailor-made solutions to fit the precise reserve   Zakhidenergo will deliver nearly 900 000 MWh of energy to
of flexibility, allowing EFT to compete highly effectively      energy requirements of a given TSO. For example, we can         EFT on Ukraine’s borders with Romania, Hungary and Slovakia.
against traditional (physical unit-based) suppliers of          specifically design a reserve energy proposal to meet           The deal is not only a first purchase of energy in Ukraine for
minute and hourly reserve energy.                               a TSO’s seasonal demands, enabling the client to avoid          EFT, Zakhidenergo will also be selling for the first time their
                                                                contracting excess capacities.                                  energy outside of Ukraine.
Rather than maintaining a physical production unit in
reserve, EFT is able to fine-tune its export schedule to        EFT can accommodate almost any schedule and can even            The Ukrainian energy market has always been attractive to EFT,
accommodate interruption at very short notice. In principle,    offer multiple activations per day, variable response times     and the Group have worked for several years to get a foothold
a modification is made to the intra-day schedule, leaving the   and flexible supply duration.                                   there. The deal in Ukraine will further diversify EFT’s
incumbent transmission system operator (TSO) with energy                                                                        procurement portfolio and will enhance the Group’s flexibility,
                                                                For the past 5 years, EFT has been the contracted supplier
in its network that was originally planned as an EFT export.                                                                    one of the key reasons for its market leader position.
                                                                of minute-notice reserve energy for the Slovenian and
Simultaneously, in real time, EFT secures its missing
                                                                Hungarian system operators, ELES and MAVIR.                     Zakhidenergo is Ukraine’s fourth largest energy producer.
energy from other sources within its portfolio.
                                                                                                                                The company operates the Burshtin, Ladyzhyn and the
                                                                Over this period, EFT has maintained availability on every
                                                                                                                                Dobrotvir thermal power plants and has MW 4700 of installed
                                                                day. Each and every request for activation was fulfilled in
                                                                                                                                capacity in its production portfolio. Its foray into the export
                                                                accordance with the demand of the requesting TSO.
                                                                                                                                market comes as a result of the company’s success at the first
                                                                The duration of those activations ranged from 1 hour to 15      ever annual auction held by the Ukrainian system operator
                                                                hours. The largest hourly change in the demanded intraday       Ukrenergo, at which the cross-border capacity rights from
                                                                schedule was 200 MW – a figure not easily replicated by         Ukraine were sold transparently for the first time.
                                                                a physical unit at the relevant pricing.
25   EFT Group Annual Review 2009/2010                                                                                                                                                                                            EFT Group Annual Review 2009/2010   26




                                                                                                                                 The Chevening – EFT scholarship program
                                                                                                                                 From 2010 EFT and the British Foreign and Commonwealth          One of the main aims of the scheme is to assist successful
                                                                                                                                 Office will provide funds for a new Chevening - EFT             candidates in playing leading roles in the future of their
                                                                                                                                 scholarship programme. The Chevening-EFT scholarship            country. Applicants will normally be selected from those
                                                                                                                                 will be administered by the British Council in Serbia, as       who wish to take courses in:
                                                                                                                                 part of its existing Chevening scheme.
                                                                                                                                                                                                 - Public administration reform
                                                                                                                                 The Chevening Scholarship Programme is a prestigious
                                                                                                                                                                                                 - EU integration
                                                                                                                                 awards scheme that funds international postgraduate
                                                                                                                                 students who want to study in the UK. The Chevening -           - International law
                                                                                                                                 EFT scholarship will fund a whole year of postgraduate
                                                                                                                                 study or no less than three months’ courses in the UK only.     - Economics
                                                                                                                                 This includes:                                                  - Journalism
                                                                                                                                 - a gratis student visa                                         - Environmental protection
                                                                                                                                 - all academic fees                                             - Educational reform
                                                                                                                                 - a monthly allowance to cover living expenses                  All candidates are expected to show a commitment to return
                                                                                                                                 - an arrival and departure allowance to help with travel        to Serbia and to contribute to the country’s socio-economic
                                                                                                                                                                                                 development by using the skills and knowledge acquired
                                                                                                                                 - a book and clothing allowance                                 during their stay in the UK. For more information, please visit
                                                                                                                                                                                                 www.eft-chevening.net
                                                                                                                                 - travel costs to and from the UK
                                                                                                                                 The Chevening - EFT scholarship will provide successful
                                                                                                                                 applicants with a chance to experience a world-renowned
                                                                                                                                 educational system and the opportunity to experience life
                                                                                                                                 in the UK. Successful candidates are given an opportunity
                                                                                                                                 to meet other Chevening scholars and further develop
                                                                                                                                 their careers.
                                                                                                                                 Chevening - EFT scholars will usually be postgraduate
     The leading concessionaire in republika srpska                                                                              students who can prove their academic success and
                                                                                                                                 who have already begun a career in their chosen field.
     As the leading foreign investor in the energy sector of      continues to maintain its standards of truly responsible       Successful candidates will be expected to have at least two
     Bosnia and Herzegovina, the news that EFT is also the        conduct through supporting areas crucial to the development    years’ working experience, with an excellent track record
     biggest concessionaire in Republika Srpska (one of           of the society in Bosnia and Herzegovina: education, health    illustrating their achievements. They will also need an upper
     the two entities in the country) came as no surprise.        and culture.                                                   second class degree or higher. There is no age limit, but
                                                                                                                                 candidates must be resident in Serbia when they apply.
     In its Annual Financial Report presented to the Parliament   “Business cannot succeed if society fails” is the philosophy
     in June 2009 the Concessionary Commission of Republika       behind the Group’s approach to working with societies
     Srpska concluded that KM 10 400 000 was paid into the        in which it operates. This is nowhere more evident than
     public budget on account of concession fees, and that        in Stanari, where the company operates a coal mine.
     EFT was by far the biggest concessionaire in the entity.     From developing local school infrastructure and scholarship
     The payments were related to the concession for the          programmes for local schoolchildren, to providing support
     building and use of the Stanari thermal power - plant.       for numerous health projects, EFT has yielded recognition
                                                                  and acceptance from the community. The positive impact
     But, EFT’s contribution to the community in Bosnia and
                                                                  of this philosophy was outlined in a report by the European
     Herzegovina does not stop with these concessionary
                                                                  Stability Initiative (www.esiweb.org) “Return, energy
     payments to the public budget. At a time when the majority
                                                                  and the future of Bosnia”. To learn more, please visit
     of corporate-social responsibility practice has become
                                                                  www.esiweb.org/pdf/esi_document_id_100.pdf
     a modest basis for public relations exercises, EFT
27   EFT Group Annual Review 2009/2010                                                                                               EFT Group Annual Review 2009/2010    28




                                         Ch                                                                UK
                                           switzerland                                                       united kingdom
                                           Energy Financing Team (Switzerland) AG                            Energy Financing Team Limited
                                           Pestalozzistrasse 2                                               Cavendish Court
                                           CH-9000 St Gallen                                                 11-15 Wigmore Street
                                           Switzerland                                                       London W1U 1PF
                                           Tel: + 41 71 226 1030                                             UK
                                                                                                             Tel: + 44 207 518 9250




                                         Energy Financing Team (Switzerland) AG                            The London office provides the Group
                                         is the principal operating company within                         companies with a wide range of support
                                         the EFT Group.                                                    services, including financial modelling, legal
                                                                                                           and treasury advice, documentation control
                                         EFT AG has the strongest balance sheet of all the Group
                                         trading companies and generates most of the Group’s income.
                                                                                                           and public relations.
                                         The Swiss company is responsible for a large percentage
                                         of EFT’s client business and also covers tasks related to Group   These EFT professionals             Group in all its businesses.
                                         risk management, treasury, controlling and marketing.             have decades of experience          The London office is also
                                                                                                           in the management of all kinds      in charge of legal aspects
                                         The Swiss office is managed and supported by professional staff   of financial risks, built through   related to company formation
                                         with extensive experience in energy trading, risk management,     careers in commercial and           within the Group.
                                         financing, accounting and legal.                                  investment banking, the capital
                                                                                                                                               The financial experience
                                                                                                           markets, the trade finance
                                                                                                                                               of the London team supports
                                                                                                           and à forfait markets, as well
                                                                                                                                               the treasury work carried
                                                                                                           as accountancy and law.
                                                                                                                                               out in the Swiss unit.
                                                                                                           In terms of documentation           EFT London also undertakes
                                                                                                           support, EFT London has a           the tasks of financial
                                                                                                           strong in-house legal capacity      modelling for various Group
                                                                                                           and a team with extensive           investment projects.
                                                                                                           experience in structured
                                                                                                           finance and commodity
                                                                                                           trading. Alongside the Swiss
                                                                                                           office, London looks after
                                                                                                           documentary standards and
                                                                                                           risk control through adequate
                                                                                                           contractual protection for the
29     EFT Group Annual Review 2009/2010                                                                                                                                                                 EFT Group Annual Review 2009/2010   30




                                                                                                                                                                                EFT in Italy 2004 – 2009

                                                                                                                                                                                TWh
                                                                                                                                                                                1.4




DE                                                               AT                                              IT
                                                                                                                                                                                1.2


                                                                                                                                                                                 1


                                                                                                                                                                                0.8


                                                                                                                                                                                0.6


germany                                                          Austria                                         italy                                                          0.4

Population: 82,329,758                                           Population: 8,210,281                           Population: 58,126,212
GDP (purchasing power parity): $2,925 billion                    GDP (purchasing power parity): $331.2 billion   GDP (purchasing power parity): $1,827 billion                  0.2
GDP per capita (PPP): $35,500                                    GDP per capita (PPP): $40,400                   GDP per capita (PPP): $31,400
Area: 357,022 sq KM                                              Area: 83,871 sq KM                              Area: 301,340 sq KM                                             0
Completely liquid market                                         Completely liquid market                        Semi-liquid market                                                    2004   2005   2006     2007     2008    2009
Power exchanges: EEX                                             Power exchanges: EXAA                           Power exchanges: GME
OTC platforms: SPECTRON                                                                                          OTC platforms: SPECTRON

                                                                                                                                                                                      purCHAsED ENErgy              solD ENErgy

In 2009 the Austrian and German markets once again
confirmed their importance to EFT’s trading operation. Being
                                                                 EFT sales in 2009:                              EFT sales in 2009:
fully developed and liquid, they provided not only the largest
source of Group’s balancing energy, but also valuable profit
                                                                 MWh 178 087                                     MWh 1 023 165
opportunities from spot and short – term trading.
                                                                 EUR 6 723 035                                   EUR 66 801 330
EFT’s partners in Austria and Germany include:
APT (Verbund Austrian Power Trading), ATEL, CEZ, E&T                                                                                                                            Share of Italian market in EFT portfolio 2004 - 2009
(Energie Handelsgesellschaft), EEX (European Energy              Share of Austrian and German markets in EFT     Following a 550% year on year increase in turnover between
Exchange), ENEL, E.ON, Essent, EXAA (Energy Exchange                                                             2008 and 2007, EFT consolidated its position on the Italian
Austria), Danske, Gazprom (UK), GEN-I, Kelag, OPEL, PCC          portfolio 2002 - 2009
                                                                                                                 market in 2009.                                                10%
(Petro Carbo Chem), RWE (Rheinisch-Westfälisches
Elektrizitätswerk) and Statkraft.                                                                                The 2009 results reflect an overall drop of trading on the
                                                                 35%                                                                                                             8%
                                                                                                                 Italian market. The stabilization is also reflected in the
                                                                 30%                                             substantial diversification of partners with whom EFT trades
                                                                                                                 in electricity.                                                 6%
                                                                 25%

                                                                 20%
                                                                                                                 EFT partners in Italy are:                                      4%
                                                                                                                 GME, ENEL, EDISON and TEI Energy SpA
                                                                 15%
EFT in Austria and Germany 2002 – 2009                                                                                                                                           2%
                                                                 10%
TWh                                                                                                                                                                              0%
                                                                  5%
 5                                                                                                                                                                                     2004   2005   2006      2007     2008      2009
                                                                  0%
                                                                                                                                                                                                          Energy
4.5                                                                    2002 2003 2004 2005 2006 2007 2008 2009
                                                                                           Energy
 4

3.5
                                                                 35%                                                                                                            12%
 3
                                                                 30%                                                                                                            10%
2.5
                                                                 25%
                                                                                                                                                                                 8%
 2
                                                                 20%
                                                                                                                                                                                 6%
1.5
                                                                 15%
                                                                                                                                                                                 4%
 1                                                               10%
0.5                                                               5%                                                                                                             2%

 0                                                                0%                                                                                                             0%
      2002 2003 2004 2005 2006 2007 2008 2009                          2002 2003 2004 2005 2006 2007 2008 2009                                                                         2004   2005   2006      2007     2008      2009
                                                                                           Turnover                                                                                                      Turnover

      purCHAsED ENErgy             solD ENErgy                      purCHAsEs              sAlEs                                                                                      purCHAsEs          sAlEs
31   EFT Group Annual Review 2009/2010                                                                                                                                                                                  EFT Group Annual Review 2009/2010   32




                                                                EFT in Czech Republic 2005 – 2009                                                                                             EFT in Slovakia 2005 – 2009

                                                                TWh                                                                                                                           TWh
                                                                3.5                                                                                                                           1.4




CZ                                                                                                                           SK
                                                                 3                                                                                                                            1.2


                                                                2.5                                                                                                                            1


                                                                 2                                                                                                                            0.8


                                                                1.5                                                                                                                           0.6


Czech republic                                                   1                                                           slovakia                                                         0.4

Population: 10,211,904                                                                                                       Population: 5,463,046
                                                                0.5                                                                                                                           0.2
GDP (purchasing power parity): $264.8 billion                                                                                GDP (purchasing power parity): $79.77 billion
GDP per capita (PPP): $25,900                                                                                                GDP per capita (PPP): $22,000
Area: 78,867 sq KM                                               0                                                           Area: 49,035 sq KM                                                0
Semi-liquid market                                                     2005    2006          2007         2008    2009       Semi-liquid market                                                      2005       2006     2007        2008    2009
Power exchanges: OTE, PXE                                                                                                    Power exchanges: ISOT


                                                                      purCHAsED ENErgy                  solD ENErgy                                                                                 purCHAsED ENErgy               solD ENErgy


EFT sales in 2009:                                                                                                           EFT sales in 2009:
MWh 586 402                                                                                                                  MWh 602 246
EUR 20 641 440                                                                                                               EUR 39 631 848
                                                                Share of Czech markets in EFT portfolio 2006 - 2009                                                                           Share of Slovakian market in EFT portfolio

The Czech market in 2009 again played an important role for                                                                  Market coupling of the Slovakian and Czech markets has led
                                                                                                                                                                                              2005 - 2009
the EFT portfolio. Considering that there was market coupling                                                                to improved liquidity in Slovakia, in which three distribution
between Czech and Slovakian markets, the price arbitration      25%                                                          companies SSE, ZSE and VSE play the major role. In 2009          10%
between the German and Czech market lost its importance.                                                                     EFT increased the volume of its sales to all of the three         9%
                                                                20%                                                          counterparties.                                                   8%
EFT’s partners in the Czech republic include:
                                                                                                                                                                                               7%
PEAS, CEZ, EZPADA, Korlea, PXE and OTE                                                                                       EFT’s partners in Slovakia include:
                                                                15%                                                                                                                            6%
                                                                                                                             Slovenske Elektrane, ISOT, SSE (Stredoslovenská energetika,
                                                                                                                                                                                               5%
                                                                                                                             a.s.), ZSE (Západoslovenská energetika, a.s.) and VSE
                                                                10%                                                                                                                            4%
                                                                                                                             (Východoslovenská energetika a.s.).
                                                                                                                                                                                               3%
                                                                 5%                                                                                                                            2%
                                                                                                                                                                                               1%
                                                                 0%                                                                                                                            0%
                                                                        2006          2007              2008          2009                                                                           2005        2006     2007       2008        2009
                                                                                             Energy                                                                                                                      Energy




                                                                18%                                                                                                                           10%
                                                                16%                                                                                                                            9%
                                                                14%                                                                                                                            8%
                                                                                                                                                                                               7%
                                                                12%
                                                                                                                                                                                               6%
                                                                10%
                                                                                                                                                                                               5%
                                                                 8%
                                                                                                                                                                                               4%
                                                                 6%                                                                                                                            3%
                                                                 4%                                                                                                                            2%
                                                                 2%                                                                                                                            1%
                                                                 0%                                                                                                                            0%
                                                                        2006          2007              2008          2009                                                                           2005        2006     2007       2008        2009
                                                                                             Turnover                                                                                                                   Turnover

                                                                      purCHAsEs              sAlEs                                                                                                  purCHAsEs           sAlEs
33   EFT Group Annual Review 2009/2010                                                                                                                                                                       EFT Group Annual Review 2009/2010   34




                                                                 EFT in Hungary 2002 – 2009                                                                                         EFT in Slovenia 2002 – 2009

                                                                 TWh                                                                                                                TWh
                                                                 2.5                                                                                                                2.5




hU                                                                                                                 SI
                                                                  2                                                                                                                  2



                                                                 1.5                                                                                                                1.5



                                                                  1                                                                                                                  1

Hungary                                                                                                            slovenia
Population: 9,905,596                                            0.5                                               Population: 2,005,692                                            0.5
GDP (purchasing power parity): $196.7 billion                                                                      GDP (purchasing power parity): $55.49 billion
GDP per capita (PPP): $19,800                                                                                      GDP per capita (PPP): $29,600
Area: 93,028 sq KM                                                0                                                Area: 20,273 sq KM                                                0
Semi-liquid market                                                     2002 2003 2004 2005 2006 2007 2008 2009     Semi-liquid market                                                     2002 2003 2004 2005 2006 2007 2008 2009
OTC platforms: SPECTRON                                                                                            OTC platforms: TFS, BSP


                                                                       purCHAsED ENErgy              solD ENErgy                                                                          purCHAsED ENErgy              solD ENErgy


EFT sales in 2009:                                                                                                 EFT sales in 2009:
MWh 1 749 463                                                                                                      MWh 957 116
EUR 118 927 933                                                                                                    EUR 81 260 911
                                                                 Share of Hungarian market in EFT portfolio                                                                         Share of Slovenian market in EFT portfolio

The EFT Group covered a quarter of all cross border energy
                                                                 2002 - 2009                                       2009 saw aggressive penetration of the Slovenian market by
                                                                                                                                                                                    2002 - 2009
trading in Hungary in 2009, and was the country’s leading                                                          EFT. The Group maintained its strategy of a more proactive
energy trader according to the Annual Report published           35%                                               approach on the distribution, rather than retail market. A       16%
by the Hungarian Energy Office (www.eh.gov.hu).                                                                    substantial share of EFT’s activities in Slovenia were also      14%
                                                                 30%
                                                                                                                   geared towards analyzing the potential investment in the CCGT
This result should be considered in light of the fact that the                                                                                                                      12%
                                                                 25%                                               unit in Trbovlje.
Hungarian market is highly competitive, with some of Europe’s                                                                                                                       10%
leading energy companies such as E.ON, EDF, Electrabel and       20%                                               EFT’s partners in Slovenia include:
                                                                                                                                                                                     8%
CEZ also trading there.                                          15%
                                                                                                                   HSE, Elektro Maribor, Elektro Primorska, ELES, Elektro
                                                                                                                   Ljubljana, Elektro Celje, GEN-I d.o.o, Salonit Anhovo, Elektro    6%
EFT’s partners in Hungary include:                               10%                                               Prodaja, Elektro Gorenjska, TDRM.                                 4%
MVM, System Consult, Vertesi, DBK, DUNAMENT, JAS, AES,
BorsodChem Rt, MATRA, EBU, ALTEO, Daniella, EMFESZ                5%                                                                                                                 2%
and Hollohaza.                                                    0%                                                                                                                 0%
                                                                        2002 2003 2004 2005 2006 2007 2008 2009                                                                            2002 2003 2004 2005 2006 2007 2008 2009
                                                                                          Energy                                                                                                              Energy




                                                                 35%                                                                                                                16%

                                                                 30%                                                                                                                14%
                                                                                                                                                                                    12%
                                                                 25%
                                                                                                                                                                                    10%
                                                                 20%
                                                                                                                                                                                     8%
                                                                 15%
                                                                                                                                                                                     6%
                                                                 10%
                                                                                                                                                                                     4%
                                                                  5%                                                                                                                 2%
                                                                  0%                                                                                                                 0%
                                                                        2002 2003 2004 2005 2006 2007 2008 2009                                                                            2002 2003 2004 2005 2006 2007 2008 2009
                                                                                          Turnover                                                                                                           Turnover

                                                                       purCHAsEs          sAlEs                                                                                           purCHAsEs          sAlEs
35   EFT Group Annual Review 2009/2010                                                                                                                                                                       EFT Group Annual Review 2009/2010   36




                                                                 EFT in Croatia 2002 – 2009                                                                                         EFT in Romania 2002 – 2009

                                                                 TWh                                                                                                                TWh
                                                                 2.5                                                                                                                3.5




hR                                                                                                                 RO
                                                                                                                                                                                     3
                                                                  2
                                                                                                                                                                                    2.5

                                                                 1.5
                                                                                                                                                                                     2


                                                                                                                                                                                    1.5
                                                                  1

Croatia                                                                                                            romania                                                           1

Population: 4,489,409                                            0.5                                               Population: 22,215,42
                                                                                                                                                                                    0.5
GDP (purchasing power parity): $82.58 billion                                                                      GDP (purchasing power parity): $272 billion
GDP per capita (PPP): $18,400                                                                                      GDP per capita (PPP): $12,200
Area: 56,594 sq KM                                                0                                                Area: 238,391 sq KM                                               0
Non-liquid market                                                      2002 2003 2004 2005 2006 2007 2008 2009     Semi-liquid market                                                     2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                                   Power exchanges: OPCOM
                                                                                                                   OTC platforms: SPECTRON
                                                                       purCHAsED ENErgy              solD ENErgy                                                                          purCHAsED ENErgy              solD ENErgy


EFT sales in 2009:                                                                                                 EFT sales in 2009:
MWh 2 087 839                                                                                                      MWh 1 486 126
EUR 136 491 806                                                                                                    EUR 63 883 235
                                                                 Share of the Croatian markets in EFT portfolio                                                                     Share of Romanian market in EFT portfolio

The internal market in Croatia is still non-existent, due to
                                                                 2002 - 2009                                       EFT continued its expansion on the Romanian market and
                                                                                                                                                                                    2002 - 2009
uneconomic pricing policies and lack of market code practices.                                                     increased its number of partnerships in 2009. This included
In line with the adopted approach from previous years, the       15%                                               the retail market, with the Group becoming the energy supplier   30%
Croatian state power utility HEP covered its balance deficit                                                       to Holcim cement factories in Romania (see page 18).
through combination of annual tender purchase and short term                                                       The downturn on the wholesale market in Europe was not           25%
trading.                                                                                                           adequately followed by the price readjustments in Romania.
                                                                 10%                                                                                                                20%
                                                                                                                   As a result, the export of Romanian surplus energy in 2009
EFT’s sole partner in Croatia is HEP Trade.
                                                                                                                   was not lucrative as in the previous years. However, the         15%
                                                                                                                   dynamic expansion of the Romanian internal electricity market
                                                                  5%                                               continued unabated and maintained its impressive growth          10%
                                                                                                                   momentum.
                                                                                                                                                                                     5%
                                                                                                                   EFT’s partners in Romania include:
                                                                  0%                                               HEE, Turceni, OPCOM, Energy Holding, TC Rovinari,                 0%
                                                                        2002 2003 2004 2005 2006 2007 2008 2009    INTELTRA, Termoelectrica S.A, ELPETRA ENERGY S.A,                       2002 2003 2004 2005 2006 2007 2008 2009
                                                                                          Energy                   Transilvania Energia, TE Giurgiu, ROMELECTRO, HOLD                                         Energy
                                                                                                                   srl, Nuclear Electrica, SUCEAVA, ALSO Energy, Beni Alex,
                                                                                                                   CET Bucuresti, DEVA, Energie Distribution, EFE Energy,
                                                                                                                   Electra Magnetica, Fidelis, Holborn, ICPE, Invers Dinamic
                                                                                                                   Project, MP TRADE, Regia autonomna pentru activate
                                                                 18%                                               nucleare and Tinmar.                                             25%
                                                                 16%
                                                                 14%                                                                                                                20%
                                                                 12%
                                                                                                                                                                                    15%
                                                                 10%
                                                                  8%
                                                                                                                                                                                    10%
                                                                  6%
                                                                  4%                                                                                                                 5%
                                                                  2%
                                                                  0%                                                                                                                 0%
                                                                        2002 2003 2004 2005 2006 2007 2008 2009                                                                            2002 2003 2004 2005 2006 2007 2008 2009
                                                                                          Turnover                                                                                                           Turnover

                                                                       purCHAsEs          sAlEs                                                                                           purCHAsEs          sAlEs
37   EFT Group Annual Review 2009/2010                                                                                                                                                               EFT Group Annual Review 2009/2010   38




                                                        EFT in Kosovo 2002 – 2009                                                                                           EFT in Serbia 2002 – 2009

                                                        TWh                                                                                                                 TWh
                                                        0.40                                                                                                                 3




KV                                                                                                         RS
                                                        0.35
                                                                                                                                                                            2.5
                                                        0.30
                                                                                                                                                                             2
                                                        0.25

                                                        0.20                                                                                                                1.5

                                                        0.15
                                                                                                                                                                             1
kosovo                                                  0.10
                                                                                                           serbia
Population: 1,804,838                                                                                      Population: 7,379,339                                            0.5
GDP (purchasing power parity): $5.3 billion             0.05                                               GDP (purchasing power parity): $79.77 billion
GDP per capita (PPP): $2,500                                                                               GDP per capita (PPP): $10,800
Area: 10,887 sq KM                                        0                                                Area: 88 361 sq KM                                                0
Non-liquid market                                              2002 2003 2004 2005 2006 2007 2008 2009     Semi-liquid market                                                     2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                           OTC platforms: TFS, BSP


                                                               purCHAsED ENErgy              solD ENErgy                                                                          purCHAsED ENErgy              solD ENErgy


EFT sales in 2009:                                                                                         EFT sales in 2009:
MWh 360 195                                                                                                MWh 158 296
EUR 24 807 174                                                                                             EUR 6 537 493
                                                        Share of the Kosovan markets in EFT portfolio                                                                       Share of the Serbian markets in EFT portfolio
                                                        2002 - 2009                                                                                                         2002 - 2009
EFT’s sole client in Kosovo is the KEK Power Utility.                                                      With the fall in economic output and resulting fall in energy
                                                                                                           consumption, as well as favourable hydrology, 2009 saw Serbia
                                                        4.5%                                               become an exporter of energy. The state power utility EPS sold   40%
                                                          4%                                               its energy mainly on short term basis. EFT purchased around      35%
                                                        3.5%
                                                                                                           50% of EPS surpluses and was one of its main partners in
                                                                                                                                                                            30%
                                                                                                           2009. The internal market is still non existant.
                                                          3%
                                                                                                                                                                            25%
                                                        2.5%                                               EFT’s sole partner in Serbia is the state power utility EPS.
                                                                                                                                                                            20%
                                                          2%
                                                                                                                                                                            15%
                                                        1.5%
                                                          1%                                                                                                                10%

                                                        0.5%                                                                                                                 5%
                                                          0%                                                                                                                 0%
                                                                2002 2003 2004 2005 2006 2007 2008 2009                                                                            2002 2003 2004 2005 2006 2007 2008 2009
                                                                                  Energy                                                                                                              Energy




                                                          6%                                                                                                                45%
                                                                                                                                                                            40%
                                                          5%
                                                                                                                                                                            35%
                                                          4%                                                                                                                30%
                                                                                                                                                                            25%
                                                          3%
                                                                                                                                                                            20%
                                                          2%                                                                                                                15%
                                                                                                                                                                            10%
                                                          1%
                                                                                                                                                                             5%
                                                          0%                                                                                                                 0%
                                                                2002 2003 2004 2005 2006 2007 2008 2009                                                                            2002 2003 2004 2005 2006 2007 2008 2009
                                                                                  Turnover                                                                                                           Turnover

                                                               purCHAsEs          sAlEs                                                                                           purCHAsEs          sAlEs
39   EFT Group Annual Review 2009/2010                                                                                                                                                                                EFT Group Annual Review 2009/2010   40




                                                                     EFT in Bulgaria 2002 – 2009                                                                                             EFT in Bosnia & Herzegovina 2002 – 2009

                                                                     TWh                                                                                                                     TWh
                                                                      6                                                                                                                       3




BG                                                                                                                    BA
                                                                      5                                                                                                                      2.5


                                                                      4                                                                                                                       2


                                                                      3                                                                                                                      1.5


                                                                      2                                                                                                                       1
Bulgaria                                                                                                              Bosnia and Herzegovina
Population: 7,024,687                                                 1                                               Population: 4,613,414                                                  0.5
GDP (purchasing power parity): $93.98 billion                                                                         GDP (purchasing power parity): $29.77 billion
GDP per capita (PPP): $12,900                                                                                         GDP per capita (PPP): $6,500
Area: 110,879 sq KM                                                   0                                               Area: 51,197 sq KM                                                      0
Non-liquid market                                                          2002 2003 2004 2005 2006 2007 2008 2009    Non-liquid market                                                            2002 2003 2004 2005 2006 2007 2008 2009



                                                                          purCHAsED ENErgy              solD ENErgy                                                                                purCHAsED ENErgy              solD ENErgy


EFT sales in 2009:                                                                                                    EFT sales in 2009:
MWh 171 770                                                                                                           MWh 656 268
EUR 6 404 815                                                                                                         EUR 38 338 602
                                                                     Share of Bulgarian market in EFT portfolio                                                                              Share of the Bosnia & Herzegovina market in the

In 2009 the focus of the Bulgarian energy sector was on
                                                                     2002 - 2009                                      All three utilities in BiH optimized their portfolio’s in 2009, with
                                                                                                                                                                                             EFT portfolio 2002 - 2009
maintaining its position as the leading supplier of electricity on                                                    half of their surpluses and deficits covered through yearly
the Greek energy market, through best use of its favourable          45%                                              tender and the rest was through monthly and day-ahead                  40%
geographical position. However, due to favourable hydrology in       40%                                              trading. EFT was active on both the annual and spot markets            35%
the region and improved production elsewhere, Bulgaria failed        35%
                                                                                                                      with all three utilities in Bosnia and Herzegovina. 2009 also
                                                                                                                                                                                             30%
to maintain its leadership position in the export of energy in the                                                    saw the first transactions on the qualified consumer market in
                                                                     30%
Balkans. This was reflected in the share of the Bulgarian                                                             Bosnia and Herzegovina, with EFT assuming its pioneering role          25%
                                                                     25%
exports in EFT’s portfolio. The internal market in Bulgaria is                                                        in this segment too.                                                   20%
undergoing turbulent times caused by varying factors. These          20%
                                                                     15%                                              EFT’s partners in Bosnia & Herzegovina include:                        15%
ranged from changes of suppliers, financial turmoil to changes
                                                                                                                      HZHB, ERS, EPBiH, BSI Jajce and Aluminij Mostar.                       10%
in the market regulatory framework.                                  10%
                                                                     5%                                                                                                                       5%
EFT partners in Bulgaria include:
NEK, EFG, Kozloduy, Maritza, VIVID Power and OET.                    0%                                                                                                                       0%
                                                                           2002 2003 2004 2005 2006 2007 2008 2009                                                                                  2002 2003 2004 2005 2006 2007 2008 2009
                                                                                             Energy                                                                                                                    Energy




                                                                     50%                                                                                                                     45%
                                                                     45%                                                                                                                     40%
                                                                     40%                                                                                                                     35%
                                                                     35%                                                                                                                     30%
                                                                     30%
                                                                                                                                                                                             25%
                                                                     25%
                                                                                                                                                                                             20%
                                                                     20%
                                                                     15%                                                                                                                     15%
                                                                     10%                                                                                                                     10%
                                                                      5%                                                                                                                      5%
                                                                      0%                                                                                                                      0%
                                                                           2002 2003 2004 2005 2006 2007 2008 2009                                                                                  2002 2003 2004 2005 2006 2007 2008 2009
                                                                                             Turnover                                                                                                                 Turnover

                                                                          purCHAsEs          sAlEs                                                                                                 purCHAsEs          sAlEs
41   EFT Group Annual Review 2009/2010                                                                                                                                                                       EFT Group Annual Review 2009/2010   42




                                                                  EFT in Montenegro 2002 – 2009                                                                                     EFT in Macedonia 2002 – 2009

                                                                  TWh                                                                                                               TWh
                                                                  1.6                                                                                                                2

                                                                                                                                                                                    1.8




mE                                                                                                                  mK
                                                                  1.4
                                                                                                                                                                                    1.6
                                                                  1.2
                                                                                                                                                                                    1.4
                                                                   1
                                                                                                                                                                                    1.2

                                                                  0.8                                                                                                                1

                                                                                                                                                                                    0.8
                                                                  0.6

montenegro                                                        0.4
                                                                                                                    macedonia                                                       0.6

Population: 672,180                                                                                                 Population: 2,066,718                                           0.4
GDP (purchasing power parity): $6.83 billion                      0.2                                               GDP (purchasing power parity): $18.83 billion                   0.2
GDP per capita (PPP): $10,100                                                                                       GDP per capita (PPP): $9,100
Area: 13,812 sq KM                                                 0                                                Area: 25,713 sq KM                                               0
Non-liquid market                                                       2002 2003 2004 2005 2006 2007 2008 2009     Semi-liquid market                                                    2002 2003 2004 2005 2006 2007 2008 2009



                                                                        purCHAsED ENErgy              solD ENErgy                                                                         purCHAsED ENErgy              solD ENErgy


EFT sales in 2009:                                                                                                  EFT sales in 2009:
MWh 546 259                                                                                                         MWh 1 152 163
EUR 22 058 343                                                                                                      EUR 60 258 961
                                                                  Share of Montenegrin market in EFT portfolio                                                                      Share of Macedonian market in EFT portfolio

The Montenegrin energy deficit was substantially reduced
                                                                  2002 - 2009                                       A drop in EFT’s 2009 year on year sales in Macedonia resulted
                                                                                                                                                                                    2002 - 2009
by favourable hydrology coupled with the production problems                                                        from decreased consumption of large industrial consumers,
of the Podgorica Aluminium smelter KAP, which accounts            25%                                               most of which have been severely affected by the recession.     16%
for 45% of all energy consumed in the country. KAP ceased                                                           EFT was again their leading supplier in Macedonia.              14%
production all together for several months in 2009, and           20%
                                                                                                                    EFT partners in Macedonia include :                             12%
substantially reduced capacity for the remainder of the year.
                                                                                                                    ESM, MEPSO, FENI, ELEM, Skopske Leguri, Makstil, SiLmak
In 2009 EFT formed the new local subsidiary in Montenegro,        15%                                                                                                               10%
                                                                                                                    and BUCIM.
with the aim of supplying energy on the internal, retail market                                                                                                                      8%
(see page 19).                                                    10%                                                                                                                6%
EFT partners in Montenegro are:                                                                                                                                                      4%
EPCG and KAP.                                                      5%
                                                                                                                                                                                     2%
                                                                   0%                                                                                                                0%
                                                                         2002 2003 2004 2005 2006 2007 2008 2009                                                                           2002 2003 2004 2005 2006 2007 2008 2009
                                                                                           Energy                                                                                                             Energy




                                                                  50%                                                                                                               18%
                                                                                                                                                                                    16%
                                                                  20%                                                                                                               14%
                                                                                                                                                                                    12%
                                                                  15%
                                                                                                                                                                                    10%
                                                                                                                                                                                     8%
                                                                  10%
                                                                                                                                                                                     6%
                                                                   5%                                                                                                                4%
                                                                                                                                                                                     2%
                                                                   0%                                                                                                                0%
                                                                         2002 2003 2004 2005 2006 2007 2008 2009                                                                           2002 2003 2004 2005 2006 2007 2008 2009
                                                                                           Turnover                                                                                                          Turnover

                                                                        purCHAsEs          sAlEs                                                                                          purCHAsEs          sAlEs
43   EFT Group Annual Review 2009/2010                                                                                                                                                                        EFT Group Annual Review 2009/2010      44




                                                               EFT in Greece 2002 – 2009

                                                               TWh
                                                                3




GR                                                                                                               Al                                                                  TR
                                                               2.5


                                                                2


                                                               1.5


                                                                1
greece                                                                                                           Albania                                                             Turkey
Population: 10,737,428                                         0.5                                               Population: 3,639,453                                               Population: 72 561 312
GDP (purchasing power parity): $343.8 billion                                                                    GDP (purchasing power parity): $21.86 billion                       GDP (purchasing power parity): $880.061 billion
GDP per capita (PPP): $32,100                                                                                    GDP per capita (PPP): $6,000                                        GDP (per capita): $12 476
Area: 131,957 sq KM                                             0                                                Area: 28,748 sq KM                                                  Area: 783,562 km2
Non-liquid market                                                    2002 2003 2004 2005 2006 2007 2008 2009     Non-liquid market                                                   Semi-liquid market
Power exchanges: POOL                                                                                                                                                                Power exchanges: PMUM


                                                                     purCHAsED ENErgy              solD ENErgy                                                                       EFT’s Turkish subsidiary EFT Elektrik Enerjisi Ìthalat Ìhracat
                                                                                                                                                                                     ve Toptan Satis A.S conducted extensive market research
EFT sales in 2009:                                                                                               EFT sales in 2009:                                                  in 2009. The Group evaluated numerous potentials in the
                                                                                                                                                                                     commercial and industrial sectors, as well as the complexities
MWh 1 149 132                                                                                                    MWh 1 058 066                                                       of the Turkish regulatory framework. The Group is expecting
                                                                                                                                                                                     its first trading transactions to take place in 2010. EFT is also
EUR 59 342 484                                                                                                   EUR 53 066 449                                                      evaluating a number of potential investments in Turkey.

                                                               Share of the Greek markets in EFT portfolio
                                                               2002 - 2009
Even though the volume of cross border trading decreased as                                                      Following the unbundling of the Albanian state power utility and    Share of the Albanian markets in EFT portfolio
result of economic crisis in 2009, Greece was once again one                                                     the purchase of the distribution company (OSSH) by CEZ in 2009,
                                                                                                                                                                                     2002 - 2009
of the main markets for EFT. In 2009 EFT began deliveries on   25%                                               the Albanian market has become more dynamic. The hydrology in
the retail market in Greece, supplying mainly the commercial                                                     2009 was above average, which also resulted in above average
and service sectors.                                           20%                                               production of electricity in Albania (90% from hydro sources) and   16%
                                                                                                                 greater volume of energy flow towards Greece.                       14%
EFT’s partners in Greece include:
                                                               15%
PPC, HTSO POOL, HCF, Aluminium de Greece, Heron, Titan,                                                          EFT partners in Albania are:                                        12%
Hellenic Petroleum and Gener Energy.                                                                             KESH, OSSH, GSA and DARFO.                                          10%
                                                               10%
                                                                                                                                                                                      8%
                                                               5%                                                EFT in Albania 2002 – 2009                                           6%
                                                                                                                                                                                      4%
                                                               0%                                                TWh
                                                                                                                                                                                      2%
                                                                      2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                                 1.4                                                                  0%
                                                                                        Energy
                                                                                                                                                                                           2002 2003 2004 2005 2006 2007 2008 2009
                                                                                                                 1.2
                                                                                                                                                                                                                Energy

                                                                                                                  1
                                                               25%                                                                                                                   16%
                                                                                                                 0.8                                                                 14%
                                                               20%
                                                                                                                                                                                     12%
                                                                                                                 0.6
                                                               15%                                                                                                                   10%
                                                                                                                                                                                      8%
                                                                                                                 0.4
                                                               10%                                                                                                                    6%

                                                                                                                 0.2                                                                  4%
                                                               5%
                                                                                                                                                                                      2%
                                                               0%                                                 0                                                                   0%
                                                                      2002 2003 2004 2005 2006 2007 2008 2009          2002 2003 2004 2005 2006 2007 2008 2009                             2002 2003 2004 2005 2006 2007 2008 2009
                                                                                        Turnover                                                                                                               Turnover

                                                                 purCHAsEs              sAlEs                          purCHAsED ENErgy             solD ENErgy                         purCHAsEs              sAlEs
45   EFT Group Annual Review 2009/2010                                                                                     EFT Group Annual Review 2009/2010   46




                                         EFT’s strategic goal is to develop an asset
                                         base, which will form the basis of the
                                         group’s energy trading activities in the
                                         future. To this end the group is pursuing
                                         an ambitious investment plan, and is the
                                         leading foreign investor in the energy
                                         sector of Bosnia and Herzegovina to date.
                                         Whether it is hydro, thermal or any other source, all of the EFT Group
                                         investment projects are developed using the best available technology (BAT)
                                         and fully in line with the relevant European Union directives on the protection
                                         of the environment.
                                         EFT always aims to fully employ the local workforce and available expertise and
                                         technology, thereby creating the best economic effects for the local economy.
                                         The Groups 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 project in the region.
047 EFT Group Annual Review 2008/2009                                                                                              EFT Group Annual Review 2008/2009 048




                                        The stanari coal basin is located   The most successful year in its history
                                                                            In 2009 the Stanari mine had its most
                                                                                                                           project development
                                                                                                                           In terms of developing the Stanari TPP
                                        approximately 70km to the east      successful year in history. 730 000            and increasing the production capacity
                                                                            tonnes of coal was sold, while 5.200.000       of the Stanari mine, the following activities
                                        of Banja luka in republika          cubic meters of overburden was excavated.      have been completed:
                                        srpska, Bosnia and                  2009 also saw other activities completed       - Independent lignite coal reserves
                                        Herzegovina. EFT took over the      at the Stanari mine, including:                  assessment and classification according
                                                                                                                             to JORC Code (2004) by Dargo
                                        mine following and international    - Introduction of the second tier excavation
                                                                              system
                                                                                                                             Associates. Proven reserves are 108
                                        tender in may 2005. The group       - Procurement of new basic and auxiliary
                                                                                                                             million tonnes, with further measured
                                                                                                                             reserves of 15 million tonnes.
                                        immediately set out to                machinery                                    - Feasibility Study for the development
                                        overcome the mine’s incessant       - Updated research on the available coal         of Stanari mine by C&E consulting and
                                                                              reserves at the Stanari basin                  Engineering has been completed
                                        production and debt problems,
                                                                            - Improved electricity supply at the mine      - The tender process for the purchase of
                                        as well as to expand production                                                      the new overburden excavation machinery
                                                                            iso standards
                                        to meet the requirements of         To date over EUR 40million has been
                                                                                                                             and coal supply system to the TPP has
                                                                                                                             been successfully implemented.
                                        a new thermal power plant it        invested by EFT in the Stanari mine and
                                                                            the development of the Stanari Thermal
                                        plans to build nearby.              Power plant. The mine was again certified
                                                                            in 2009 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 with the
                                                                            ISO 1725 standards.
49   EFT Group Annual Review 2009/2010                                                                                                             EFT Group Annual Review 2009/2010   50




                                         Three bids for the EPC contractor for the Following the successful negotiations        The grid connection for the TPP Stanari
                                         Stanari TPP were submitted in 2009:       with the Dongfang Electric Corporation       to the power transmission network
                                                                                   Ltd, the feasibility study for the Stanari   will be at the 400 kV level, with a direct
                                         1. SNC LAVALIN (Canada- Poland) for                                                    connection to the Banja Luka–Tuzla
                                                                                   TPP has been revised by Colenco &
                                            a 420 MW TPP plant with supercritical                                               transmission line, situated only
                                                                                   Steinmueller to set the following key
                                            parameters                                                                          1.5 kilometers from the plant site.
                                                                                   parameters:
                                         2. EM Aliance (Russia) for a 350 MW                                                    The Stanari TPP will be the first energy
                                                                                   - The generation unit has an installed
                                            plant and supercritical parameters                                                  generation unit in Bosnia and
                                                                                     capacity of 300 MW
                                         3. Dongfang Electric Corporation – DEC                                                 Herzegovina to fully abide by the EU
                                                                                   - Net Power Capacity 265 MW
                                            (China) for a 300 MW plant with                                                     directives (2001/80/EC) on protection
                                            subcritical parameters and CFB Boiler - Power Plant Availability 90%                of the environment. The plant will set new
                                            (whereby the coal combustion is to be                                               standards in south east Europe not only
                                                                                   - Expected power plant production            for energy efficiency, but also for
                                            conducted in fluidized layer).
                                                                                     2,000,000 MWh (at base load                minimizing any harmful impact on the
                                                                                     operation)                                 environment.
                                                                                     - Complete flue gas treatment, including   continued over
                                                                                       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
                                                                                     - Project Time-Schedule 46 months
51   EFT Group Annual Review 2009/2010                                                                                                                                                                  EFT Group Annual Review 2009/2010   52




                                         project development                                          - Review of land acquisition and social         site works
                                         The following key project development activities               impacts of the Stanari project performed      - TPP site preparation works including site
                                         for the TPP Stanari have been completed:                       by an independent international consultant.     levelling, fencing, road connection, securing
                                                                                                                                                        electricity and water supply
                                         Feasibility and design studies                               - Regional Electricity Market Study for South
                                                                                                        East Europe by Poyry Energy Consulting        Concession and Construction permits
                                         - Preliminary Feasibility Study with Conceptual Design                                                       - The concession contract for construction
                                           prepared by Institute for Construction – Banja Luka        - Study for the connection of TPP Stanari         and operation of the TPP Stanari has been
                                                                                                        to the transmission network system of           signed with the Government of Republic
                                         - Feasibility Study with Preliminary Design prepared           Bosnia and Herzegovina by the Electricity
                                           by the international consortium of Colenco Power                                                             Srpska
                                                                                                        Coordinating Centre-Belgrade
                                           Engineering and Steinmuller Engineering                      (www.ekc-ltd.com);                            - Construction permit for the TPP Stanari has
                                         Explorations works                                                                                             been issued by the Regulatory Commission
                                                                                                      Tender documentation and negotiations             for Energy of Republika Srpska
                                         - Exploration works at the site of TPP Stanari including     - EPC tender documentation prepared by the
                                           geo-mechanical, geophysical, geotechnical, seismic           international consortium of Colenco Power     - The agreement with Elektroprenos BiH
                                           and hydrological exploration                                 Engineering and Steinmuller Engineering         (Power Transmission Company of BiH) for
                                         water supply studies                                                                                           the connection of TPP Stanari to the 400 kV
                                                                                                      - EPC prequalification process in conformity      network has been signed.
                                         - Water Supply Study prepared by Institute for Water           with EBRD guidelines
                                           Resources Development “Jaroslav Cerni”                                                                     plans for 2010
                                                                                                      - Negotiations with EPC contractors             Phase 2 activities of the Project will continue
                                         Ecological monitoring and social impact studies
                                         - Detailed one-year ecological monitoring of air quality,    zone planning and land acquisitions             in 2010, including:
                                           water, soil, noise and vibration and meteorological        - Stanari Zone Regulation Plan developed by     - EPC contract signing
                                           data at the Stanari location, including the monitoring       Space Planning Institute of Republic Srpska
                                           of air quality and meteorological data in five               and adopted by the authorities of Doboj       - Closure of the project finance for the
                                           surrounding towns                                            Municipality. Zone planning permit for TPP      TPP Stanari
                                                                                                        Stanari awarded by the Ministry for Space
                                         - Stanari Environmental Impact Assessment (EIA) Study                                                        - Final site preparations (construction
                                                                                                        Planning, Construction and Ecology.
                                           prepared by IPSA Institute - Sarajevo. The EIA was                                                           of access road, water supply net, power
                                           submitted to the Ministry of Ecology of Republic Srpska    - Land acquisition for the TPP Stanari site       distribution, development of the auxiliary
                                           for approval. After public consultation and review by        has been completed                              site for construction, fencing, etc.)
                                           an independent licensed consultancy company, the
                                                                                                                                                      - Compliance of permits and consents
                                           study was approved in February 2008. The Ecology
                                                                                                                                                        with the selected technology
                                           Permit for TPP Stanari was awarded by the Ministry
                                           of Ecology of Republic Srpska in May 2008. An                                                              - Erection of the TPP
                                           independent evaluation and verification of the EIA study
                                           to international standards including Equator Principles
                                           was completed by Mott Macdonald.
53   EFT Group Annual Review 2009/2010                                                                                                           EFT Group Annual Review 2009/2010   54




                                          ulog Hpp – Technical characteristics                       The following activities have been completed in 2009:
The ulog hydro-electric power plant                                                                  - Collection of data for the preparation of full feasibility
                                          Dam height [m]                             53
is located in the municipality of         Head raise tunnel - length/ diameter [m]   2 500/3,8
                                                                                                       study for the Ulog HPP

kalinovik, republika srpska in Bosnia     Normal water level [mnm]                   641
                                                                                                     - Analysis of grid connection for the Ulog HPP

and Herzegovina. in November 2009         Penstock- length/diameter [m]              163/3
                                                                                                     - A new spatial and regulatory plan for the Kalinovik
                                                                                                       municipality
the government of republika srpska        Installed discharge[m3/s]                  35
                                                                                                     - Preliminary environmental impact assessment study
awarded the concession to EFT to          Net head[m]                                113
                                                                                                     - Analysis of water quality in the river Neretva
build and operate the ulog Hpp for the    Installed capacity [MW]                    34.7 + 0,25
                                                                                                     - Analysis of the current air and noise pollution levels
period of 30 years, including two years   Average yearly production [GWh]            84,95
                                                                                                     - Analysis of the impact the construction of the Ulog HPP
of preparatory works. The project is      Number and type of turbines                2+1 - Francis
                                                                                                       will have on the environment, in line with the EU directive
                                          Total reserve volume[106 m3]               6,50              – EUROPEAID/119165/C/SV/BA
expected to be realised by 2016, with
                                                                                                     The preparation of a full environmental impact assessment
the overall value being in the region                                                                (EIA) study is ongoing.
of Eur 60 million.
55   EFT Group Annual Review 2009/2010                                                  EFT Group Annual Review 2009/2010       56




                                                             The building of the “Upper Horizons” hydro - system began
                                                             in 1969 but was not completed due to building problems and
                        ˇko              ´
              The Fatnic polje – Bileca accumulation         later conflicts in the region. Among the unfinished parts of the
              tunnel is an integral part of the “upper                               ˇko           ´
                                                             system was the Fatnic Polje - Bileca accumulation tunnel.

              Horizons” hydro – system in eastern            In 2001 the authorities in Bosnia and Herzegovina called
                                                             an international tender for the completion of the tunnel. EFT’s
              Herzegovina. The basic concept of the          bid in consortium with Bosnia’s Hidrogradnja was by far the best.
              system is to accumulate waters in the fields   The company obliged itself to invest EUR 26 million in digging
                                                             of the tunnel, completion of its concrete lining and installation
              of eastern Herzegovina during rainy periods    of control mechanism and infrastructure.

              and later move it through a system of                                      ˇko             ´
                                                             In August 2007, the Fatnic Polje – Bileca accumulation tunnel
                                                             was officially put into use, signaling a successful completion of
              tunnels, thereby producing energy and          the biggest civil engineering project in Herzegovina. The tunnel
              creating arable land.                          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 the 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 portfolio.
57   EFT Group Annual Review 2009/2010



                                                                                                                                                      Süd
                                                                                                                                   Unna Büren                                                                                                                                                          Schwarze Bārwalde                                                                                                                                                                                                                                                                                                                                                                                                      Zhitomir
                                                  Eindhoven                                                                                             Würgassen                         Wolkramshausen                                   Schkopau                                                    Pumpe                                                                  Pasikurowice                                                                                                                                                                                                                                                                                                                                                                                          Bilotserkivska                                                                                                                             Dnipropetrovska
                                                                               Urfort                                                                                             Gōttingen                                                                                                                                                                 Czarna                                                                                                                                                                                                                                                                                                       Khmelnitskaya AES                                                                                                                                      Polyana
                                                                                                                                                        Twistetal                                                                               Lippendorf Taucha                                                                                                                                                             Trębaczew                                                                               Ostrowiec                                                                                                                                                                                                                                                                                                                                                          Kremenchug               Dniprodzergynska
                                                                                                                                                                                                                                                                                        Strumen                   Boxberg                                                                                                                                                      Kielce         Kielce Piaski
                                                                                           Ohligs                                                                            Sandershausen                                                    Pulgar                                                                                                                                                                                                                                                                                                                                                     Dobrotvirska                                                                                                                                                                                                                                                                       WDGMK
                                                 Mol                                                            Witten                         Nehden                                                                                                                                          Schmōlln                                                                       Klecina
                                                                                                                                                                                                                                       Großdalzig                                                                                            Mikulowa                                                                                                                                         Ratkowice                                   St. Wola                                                                                                                              Shepetivka                                                                                                                                                                                                                 Promet
                                                       Van              Neurath                                                                                           Bergshausen                                                                  Eula                                                                                                           Biskupice                                                      Aniolów
                                                       Eyck                                                                                   Arpe Waldeck                                                                                                                               Niederwartha                                                                                                                         Huta Częstochowa                              Joachimów                                                                                                                                                              Radziviliv                                                                             Kozyatyn                                                                                                                                                                                DDZ
                                                                      Siersdorf                                                                                                                                               Erfurt-Nord                                                                                   Nauerbau          Turow               Świebodzice        Wroclaw
                                           Langerlo                                                           Opladen                                                                                                                               Vieselbach                                                                                                  Cieplice                                                                                                                                                                    Chmielów
                                                                                                                                                                                                                                                                                                                                                                                                                      Dobrzeń         Wryosowa
                                          Seraing
                                                      Bressoux
                                                                 Graetheide
                                                                                                                    Sechtem
                                                                                                                   Siegburg                   Dillenburg
                                                                                                                                                                    Borken                           Eisenach
                                                                                                                                                                                                                          Großschwabhausen
                                                                                                                                                                                                                                                                                   Niederwiesa Dresden-Süd
                                                                                                                                                                                                                                                                                                                                                                                 Boguszów                            Opole
                                                                                                                                                                                                                                                                                                                                                                                                                        Groszowice    Lagisza                                    Lośnice                               Polaniec                                                                  Lviv 2                                                                         U K R A I N A                                                                                                                                                                                                             Dniprovska
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Zaporizka
                                              Awirs                 Lixhe                                                                                                  Mecklar                                                                        Weida                    Röhrsdorf                                                                                                        Ząbkowice                                   Rokitnica                                                                                                                                                         Lviv Pivd                                                                                                                                                                                      Taine
                                                                                 Oberzier                                                                                                                                                                           Crossen                                                                          Bezděčin                                                                                                                                                                                                                            Javoriv
                                                                     Angleur                                                                                                                                                                                                                                                                                                                                                               Kopanina Halemba                            Tucznawa                                                                                                   Lviv
                                                                                                             Ließem Dauersberg                                                                                                                                                                        Chotejovice                                                      Pořiči                                                                                                                                                                           Rzeszów                                                                                                  Ternopil                                                                                            Vinnitsa 750                                                                                                                Rudna                                     Dnipro HPP
                                                                    Jupille                                                                                Gießen/Nord                                                     Hohenwarte                               Zwönitz                                                      Babylon                                                K. Zdroj                                  Blachownia                    2       1        Koksochemia                                                                                                      Zakhidna                                                                                                                                                                                                                                                                                                            Pershotravneva
                                                                                                                                               Aßlar                                                                                                                                            Chomutov                                                                                                                                                                                           Lubocza                                                                                                                                                                                                                                                                                                                                                       Ukrainka
                                                                     Romsèe                                         Neuwied                                                           Dipperz                                                   Remptendorf         Markersbach           Tušimice        Pocerady                                                                                                                               Laziska 9 Kopanina                                              Klikowa
                                                                                                 Pa endorf                                                                                                                                                                                                                           Mělnik                                                                                                                                                                                   Azoty                      Boguchwala                                                                                                                                                                          Vinnitsa 330
                                                                        Brume                                                                                                                                      Altenfeld                                                                                                                                                                                                                                                      Siersza                                                                                                                                   Rosdil                                                                Khmelnitski                                                                                                                                                                                                         Kirova
                                                                                                                                Limburg                                                                                                                                                                                                                                        Náchod                     Dlouhé Stráně                 Kędzierzyn                   4                                                                                                                                                                          Zakhidnoukrainska
                                               Gramme Rimière                                    Weißenthurm                                                                                                                                                                                                       Vyškov                                   Neznášov                                                                                                        3            Skawina Wanda                                                                                                                                                                                                                                                                                                                                                                                                                            Nikopol
                                                                                                                                                             Dörnigheim                                                                                                  Prunerov                                                                                                                                             Wielopole                    10      11                                                                                                                                                                                                                                                               Bar                                                Ladyzhinska TPP                      Pivdennoukrainska NPP
                                             Achêne                      Coo                Dahlem                              Ems            Kerben                                                          Goldisthal                 Mechlenreuth                 Vřesová                                                                                                                                                                                              4                                               Tarnow
                                                                                                                                                                                                                                                                                                                                                      Tynec                                                                                       Rybnik                                                                                                                                                                                                                                                                                                                                                                                                                                         Pivdenna
                                               Marcourt                                                                Koblenz                                                                                                                                                                                                                                                                                                                         5                    6
                                             Hou alize
                                                 Villeroux
                                                                                         Nieder-
                                                                                         stedem                                   Frankfurt
                                                                                                                                                 F.-West              Staudinger Schweinfurt
                                                                                                                                                                      Großkrotzenburg         Grafenrheinfeld
                                                                                                                                                                                                                     Redwitz
                                                                                                                                                                                                                                                                    Tisová
                                                                                                                                                                                                                                                                               Vitkov
                                                                                                                                                                                                                                                                                   Hradec
                                                                                                                                                                                                                                                                                                       Hradec
                                                                                                                                                                                                                                                                                                       Východ Řeporyje
                                                                                                                                                                                                                                                                                                                          Malesice
                                                                                                                                                                                                                                                                                                                                                   Chvaletice        Opočinek                              H. Životice        Dětmarovice                          8           Bujaków        POLSKA                                                      Krosno-Iskrzynia             Drogobych                  Stryi                    Bursthtyn TPP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Quarzit
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Ferosplavna
                                                                                                           Wengerohr                                                                                                                                                                                                        Chodov                                                                                                                          Pogwizdow
                                                                                                                                                    Kriftel                                                                                                                        Západ                                                                                                                                           Albrechtice Darkov
                                                  Heinsch
                                                                  Vianden Bauler
                                                                                                                                  Marxheim
                                                                                                                                                                      Kelsterbach                      Eltmann
                                                                                                                                                                                                                              Wűrgau                                                                                                      ČESKÁ
                                                                                                                                                                                                                                                                                                                                             Č. Střed                                             Krasikov                             Liskovec
                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Mnisztwo Porąbka Żar                                                                                                                                                                                                                                                   Nemiya
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Dnistrovska HPSPP                                           Pobuzhzya                                                                   Gomaya
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Kryvorizka TPP

                                               Aubange          LUX.           Flebour                       Niederhausen
                                                                                                                                       Mainz
                                                                                                                                                            Urberach                                              Oberhaid                                                                 Chrast
                                                                                                                                                                                                                                                                                                                                                                                                                                                             Trinec Ustron
                                                                                                                                                                                                                                                                                                                                                                                                                                               Nošovice Ropice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Boryslav
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Kalush
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Kalushska CHPP                                               Dnistrovska HPP
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Tashlyk HPSPP
                                                  Latour
                                           Saint-Mard
                                                                              Roost
                                                                               Heisdorf
                                                                                                     Quint
                                                                                                                          Bischofsheim
                                                                                                                                                      Biblis
                                                                                                                                                                    Trennfeld                                                               Etzenricht
                                                                                                                                                                                                                                                                                                                                        REPUBLIKA                                                                                                             K.N.Mesto                                                                                                                                                                      Ivano Frankivsk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      K. Podilsk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Shahta                                               Poroghi
                                                                                                                                                                                                                                                                                                                             Orlik
                                                   Mt.-St.-
                                                   Martin
                                                                                             Trier
                                                                                    Saarwellingen
                                                                                                     Uchtelfangen
                                                                                                            Bexbach
                                                                                                                                       Bűrstadt
                                                                                                                                                        Weinheim
                                                                                                                                                                                                             Kriegenbrunn
                                                                                                                                                                                                                                   Happurg
                                                                                                                                                                                                                                                              Reisach                     Preštice
                                                                                                                                                                                                                                                                                                             Milin                                                     Mirovka
                                                                                                                                                                                                                                                                                                                                                                                           Čebin                            Prosenice              Čadca          Varin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Široká              SLOVENSKO                                                                                                          GPP-1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Nelypivtsy
                                                                              Catlenom                                                BASF                                     Höp ngen                                                                                                                                                                                                                                                                                           Liptovská Mara                            Lemešany                                                                                                                                                                                   Brich         Otaci                                                                                                                                                                    Kakhovska GPP
                                                                                                                                                                 Beerfelden                                                                                                                                                               Tabor                                              Sokolnice                           Střelná                                                                                                                 Vol'a
                                                                                                                                      GKM                                                                                             Ludersheim                                                                                   Temelin                                                                                                                                                                                                                                                                                                                                                                                                                Soroca                                            Kotovsk
                                                                   Landres                                                                              Neurott          Obringheim                                                                          Schwandorf                                                                                                                                               Otrokovice                                                                                                                                                                                                                                                                              Larga           Ocniţa
                                                 Moulaine                           Ensdorf Hütte Weiher                                                                                                  Raitersaich                                                                                                                                                                                                                                                                      Čierny Vah           Spišská                                      Velké                                     Volovets                                                                 Chernivtsy
                                                                                                                            Philippsburg                                                                                                                                                                                                                                  Dalešice                                                                                                                                                                                                                                                           Bogorodchanyi                                                                                                                                                                  Primorska-750                                                              Kakhovska HPP
                                                    Montois                                                                                                                           Kupferzell                                                                                                                                                                                                                                                  Považská                                                      Nova Ves                                     Kapušany                                                                                                                                                                                                                                                                                          Trihaty
                                                                                                                                                                                                                                                                                                                          Kočin                                                                                                                                                                                                                                                                                                                                                                                                                                                    Râbnaţi           Kr. Okny
                                                       La Maxe                                                                                                              Heilbronn                                                                                                                                                                                                 Slavětice                                                   Bystrica        Sućany                                                Moldava       USSK Vojany                                                                                                                                                                                                   Bălţi                                                                                                                              Mikolaiv
                                                              Rele
                                                         Vantières
                                                                                   Vigy
                                                                                                         Saargemūnd         Daxlanden                                       Großgartach
                                                                                                                                                                             Neckarwestheim
                                                                                                                                                                                                                          DEUTSCHLAND                                                                                                                               Dukovany
                                                                                                                                                                                                                                                                                                                                                                                                              Hodonin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Medzibrod
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Mukachevo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Stånca
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Costești                CET Nord
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Kakhovska-750
                                                                                            St.
                                                       Blenod
                                                          Bezaumont
                                                                                                    Petite-
                                                                                         Avold Rosselle Dettwiller
                                                                                                                            I ezheim                     Pulver-
                                                                                                                                                         dingen
                                                                                                                                                                               Hoheneck
                                                                                                                                                                                Mühlhauses                                                                 Regensburg
                                                                                                                                                                                                                                                                                                                       Dasny                                                                       Tvrdonice          Holič
                                                                                                                                                                                                                                                                                                                                                                                                                 Senica
                                                                                                                                                                                                                                                                                                                                                                                                                                       Bošáca
                                                                                                                                                                                                                                                                                                                                                                                                                                           Bystričany
                                                                                                                                                                                                                                                                                                                                                                                                                                                         Novaky                                                                                                    Kisvárda                                  Khust
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Suceava
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   M O L D O VA                                                     Vasilevk
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Berzan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Titan
                                                                                       Suisse          Sarrebourg                                                               Winnenden                             Ingolstadt                        Sittling
                                                                                                                                                                                                                                                                                                                        Lipno
                                                                                                                                                                                                                                                                                                                                                             Greifenstein
                                                                                                                                                                                                                                                                                                                                                                                                                                   Jaslovské                                          Rimavska Sobota
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Sajóivánka                                                                                                                                                                                                                                                                 DGES                            Rozdilna Komintern                                                 Kherson
                                              Void          Metz                                                                          Kuppen-                                                  Goldshöfe                                 Irsching             Isar                       Pleinting                                                                                                                                                               H. Ždaňa                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Soda
                                                                                                                                                                              Endersbach                                                                                                                                                                                                                                           Bohunice Mochovce                                                                                                                                                                                                                                                                                                                                 Strașeni     CET-1
                                                         Custines                                                                         heim Birkenfeld                            Rotensohl                                                                                                                                                               Altenwörth        Korneuburg Donaustadt                                                                                                                            Felsözsolca Tisza II Tiszalōk                                                                                                                                                                                               Ungheni                                                                         Centrolit
                                                                                Laneuveville                                                                                                             Grundrem-     Meitingen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      CET-2
                                               Neuves-Maisons                                                                         Gambsheim                                    Bünzwangen                                                                                                                     Jochenstein                                                                                   Zohor
                                                                                                     Marlenheim                                                                                             mingen                                      Altheim                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Iași                                     Chișinău                                                                                                                           Chervonoperekopska
                                                                                                                                   Bűhl        Ober-                            Wendlingen                                           Zolling                                      Passau                               Aschach Abwinden-Asten Theiß                                                                                     Križovany                                                                                                                                            Vetiș          Roșiori Baia Mare
                                                                                                                                               jettingen                                                                                                                                                                                                                                                          Stupava                                                                                                                                                                                                                                                                                                                                                                                                                               Usatovo
                                                                                                                                                                            Matzinger                                                                                                                    Schärding         Ottensheim Wallsee                                                                                                                       Levice                                               Sajószöged                                                                                                                                                                                                               Ţuţora
                                                         Houdreville                      Etival                                Weier
                                                                                                                                                                                        Niedestotzingen
                                                                                                                                                                                                                                   Oberbachern                                            Ering        Eggl ng                                          MelkDūrnrohr                              Bisamberg
                                                                                                                                                                                                                                                                                                                                                                                                                                          Šala
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Ostrivska
                                                                  Vincey                                                                                                                                     Lechhausen                                                                                                                          Ybbs-P.                                             Sarasdorf                                      Veliký Ďúr                                                                                                                                                                                                                                                                                                                                        HBK
                                                                                                                                                                            Laichingen                                                                                                                                  H.Linz                                               Freudenau                                                                                                                                                                                                                                                                                                                                               Roman Nord                                                                                                    N. Odeska
                                                                                                                                                                                                                                                         Ottenhofen Pirach                                                                                                                                               P. Biskupice                                                                  Mátra      Detk                                                                                                                                                                                                                                                          Cioara
                                                          Vittel
                                                                       Jeuxey
                                                                                                  Anould
                                                                                                       Lac Noir
                                                                                                                             Eichstetten Trossingen
                                                                                                                                                                Engstlatt                                                 Menzing
                                                                                                                                                                                                      Vöhringen Oberottmars-                        Föhring Töging
                                                                                                                                                                                                                                                                                                                                                                     Etzersdorf
                                                                                                                                                                                                                                                                                                                                                                                Simmering
                                                                                                                                                                                                                                                                                                                                                                                               Wien
                                                                                                                                                                                                                                                                                                                                                                                               Südost
                                                                                                                                                                                                                                                                                                                                                                                                          Freudenau
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Göd
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           R O M Â N I A                                                                          Dumbrava
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Husi                                   CERS Moldova                                                                                                 Zakhidnokrymska
                                                                                                                                                               Herbertingen                                              hausen                                                    Braunau St. Peter                                                                                                                                       Gabčikovo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Maryanivka
                                                Rolampont                   St.Nabord                                              Villingen                                                                                                                                                              Hausruck Sattledt                           Ybbsfeld Pottenbrunn                             Neusiedl                                                                                                                                                                                                                                                                                  Stejaru
                                                                                                Logelbach                                                                                                                          Oberbrunn                                  Riedersbach                                          Ernsthofen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Belyaevka
                                                                                                                                Vogelgrun                                                                                                                  Marienberg                                                                                                                                                                                                                                                                                       Debrecen                                  Sălaj                                                                                                Vaduri                                                   Munteni                                                  Starokazachye
                                                                                            Guebwiller                                                                                                                                                                                        Salzach Timelkam                                                                                                                                        Gönyü                       Zugló                                                                                                                                                                                                                                                    Bacău Sud                                                                                                                                                                                       Elevatorna
                                                                                                                                                                                                       Memmingen                                                                                                                      Großramming                                                                                                                                                                                                                                                              Tihău                                                                                          Racova
                                                                                             La Thur Muhlbach Fessenheim                                                                                                                             Leitzachwerk                                                                                                          Ternitz                                                                                      Albertfalva                                                                                                                                                                                             Gheorghieni                           Lilieci
                                                                              Hirsingue                                                                                                                                                                                                                             Klaus                                                                                                               Gyōr
                                                                                            Lutterbach                    Wehr                                                                                                                                                                                                    Pyhrn
                                                                    Pusy       Argiesans
                                                                            Etupes
                                                                                                    Sierentz         Kűhmoos               Tiengen
                                                                                                                                              Eglisau
                                                                                                                                                                       Grűnkraut         Obermoo-
                                                                                                                                                                                         weiler
                                                                                                                                                                                                           Leupolz                 Walchensee-
                                                                                                                                                                                                                                        werk
                                                                                                                                                                                                                                                                       Oberaudolf                              Weißenbach                 ÖSTERREICH                                                                                                   Oroszlány
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Dunameti
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Ócsa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Oradea               Munteni
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Cluj Floresti
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Gădălin
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Borzești
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Donuzlav
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Simferopolska CHPP
                                                                                                                                                                                                                           Krűn                                                                                                            Hie au                                                                                                        Martonvásár                                Albertirsa       Szolnok                                                                                                                                                                                                                                                                                        Artsyz
                                                                                                                    Asphard                                                                                                                    Achensee Kirchbichl                                                                                                                                                                                                                                                                                                                                           Gilau                       Cluj Est
                                                                                                                                                                                                                                                                                                                                                                        Pernegg                                                                                                                                                                                                             Remeţi                                                      Ungheni                                                              Gutinaș                        Siret
                                                                        Mambelin                                                                                                            Langenegg                                                      Strass                                                                                                                                                                                                                                                                                                                                                                       Cåmpia
                                                                                                                                                        Breite                                                                                                             Tauern                                     Sőlk        Hessenberg                                                              Szombathely                                                                                                                                                                                                                       Turzii
                                                          Palente                                                                                                                                             Westtirol                                 Zell/Ziller                                                                                                                                                                                                                                                                                                                                                                                                 Fåntånele
                                                                                                                                                                                         Werben                                   Thaur                                                           Schwarzach
                                                                                                                                                                                                                                                                                                                                                                                 Südburhenland                                                            Litér                                                                                                                                           Mărişelu Somesul                                                                                                                                                           Vulcănești      Bolgrad
                                                                                           Bassecourt                                                                                    Meiningen          Imst                                                                                                                     Zeltweg                                                                                                                                                                                                    Békéscsaba                                                       Tarnita Cald
                                                Champvans                                                                                                                                                                                                    Gerlos                   Kaprun                                                                                                                                                                                      Dunaújváros                                                                                                                                                             Iernut                                                                                                        Filești
                                                                                                                                                                                           Walgau                                                                                     -Hauptstufe                                                                          Oststeiermarkt
                                                                                                                                                                                            Bürs                                Silz                   Mayrhofen                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Etulija
                                                                                                                        Bickingen                                                                                                                                                  -Oberstufe
                                                                                                                 MűhlebergGiswil
                                                                                                                                                      Siebnen
                                                                                                                                                                                              Lünersee
                                                                                                                                                                                                Rodund
                                                                                                                                                                                                                               Kühtai
                                                                                                                                                                                                                                 Roßhag                              Innerfragrant                         Malta
                                                                                                                                                                                                                                                                                                           -Oberstufe
                                                                                                                                                                                                                                                                                                                                                                           Mellach
                                                                                                                                                                                                                                                                                                                                                                           Werndorf                                  Héviz        M A G YA R O R S Z Á G                                                                                                            Nădab
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Focșani Vest
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Smårdan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Reni      Kosa
                                                              Pontarlier                                                                                                                          Kops I+II         Kaunertal                        Häusling          Außerfragrant                                                                     Kainachtal                                                                                                                                                                                                                                                                                                                                                                                                                                     Budzhak
                                                                                                                                                                                                                                                                                                               -Hauptstufe
                                                                                            S C H W E I Z
                                                                                 Mathod                                                                                                                 Pradella                                                                                                                                                             M. Otok                                                                                              Paks                                                                                                                                                  Alba Iulia                     Arpastu
                                           Champagnole                                                                                                                                                                                                                 Amlach                                                                            Koralpe                                            Lenti                                                                                                                                                                                                                                                                           Brasov                                                                    Galaţi
                                                                                                                                                                                      Vermunt                                                                                                               Reißeck          Schwabeck St. Andrā                                                                                                                                                                  Sándorfalva
                                                                                                                                                                                                                                                                                       Lienz                                                             Vuhred Ozbalt                                                                                                                                                                                            Arad                                                                                    Sibiu
                                         Pymont                                                                                                                                                                                                                                                                            Oberrsielach                                         Zlatoličje                                                                                                                                                                                                                                                                                                               Dârste                                                                                                    Tulcea
                                                                          Vaux       Romanel                                                                                                       Ova Spin                                                                                                                                                                                                                                                                                                                                                                                            Mintia                       Şugag                                                                                                                             Barboși           Lacu Isaccea
                                                                                                                                                                      Sils                                                                                                                                  Rosegg            Ferlach                                                                                                                                                                                        Szeged                                                                                                                                 Scoreiu                                                           Nehoiaș                                           Sărat
                                                                                                                       Handeck                                                                                                  Lana                                                                                                                                                Formin
                                                          Banlieue-Ouest                                                                                                                                                                                                                                                                                   Vuzenica Fala                       Varaždin                                         Toponár                                                                                     Calea Aradului                                                                 Totesti            Gâlceag            Cornetu                                                                 Buzău aval                           Brăila
                                                                                                                                                                                                                                                                                                                                                   Dravograd           Maribor                                                                                                                                                                                                                       Pestiş
                                                                                                                                                                                                                                          Cardano                                                                                                                                                              Čakovec                                                                                                                                                                                                    Cirnesti                                     Vidraru                                                                         Stâlpu
                                                                                                     St. Triphon          Mőrel                                                                           Premadio                                                                Somplago                                               Edling                                                                                                                                                                  Subotica                                                                                                                       Lotru
                                                                                                                                                          Lavorno                                                                                                                                                   Moste                                    Šoštanj                                                                                                                                                                     Jimbolia Săcălaz                                            Hăşdat              Orlea
                                                       C.E.R.N.                                        Chamoson                                                        Soazza                                Edolo                       Floriano                                                                            Okroglo Mavčiče Podlog                                               Nedeljanec         Dubrava                                                                                                                                                                                                                                                Arefu
                                                                                                                                  Gabi Ponte                                                       Grosio                                                                                                    Doblar                                                                                                                                         Pécs                                                                                                                                                          Baru Mare            Brădişor
                                                                                                                                                                         Mese                                                                                                                    Buia                                                              Cirkovce                                                                                             B. Manastir                Sombor                                                                                                                                                                                   Clăbucet                   Teleajen
                                             Bois-Tollot                                                                                                                               Robbia                                                                                                                                                                                                                                                                                                                                                          Timișoara                                Râul Mare                                            Turnu                     Oiesti
                                                                            Cornier                                                                                                                                                                                                                                  Avce Medvode                                   Bostanj                                                                                Siklós                                                                                                                                                              Paroşeni                                                                Doicești                                                           G.Ialomitei
                                                 Izernore                                                                            Verampio                                     Lanzada                     S. Fiorano           Laviz               Soverzene                                   Udine                                              Trbovlje                                                                                                                               Apatin                                                                                                                                                 Govora                      Albesi
                                                              Verbois                           Riddes                          Gondo                                                                                                                                      Fadalto                                  Plave                                                 Blanca Brestanica                                                                                                                                        Kikinda                                                  Iaz
                                                                                                                   Serra                                                                                                                                                              Pordenone                                 Klece                                                                                                                                                                                                                                                                                                                                            Noaptes
                                                                                                                                                                    Gorduno Sondrio                                                                                                                                  Solkan                        TOL       Vrhovo                                                                                                                                                                                                                                                                                   Råureni                                                                 Brazi Vest
                                                                                Vallorcine                                                                   Manno                                                                                                                                                                                                                                                                                                                                                                                                                                                    Motru
                                                                                                                                                                                                                                                                                                                                                                                            Zagreb Žerjavinec
                                                   Serriéres
                                                                  Chavanod
                                                                    Ugine Passy                           Valpelline
                                                                                                                        Pallanzeno         Musignano
                                                                                                                                Roncovalgrande Magadino
                                                                                                                                                                 Mandrisio
                                                                                                                                                                         Bulciago P. Camuno
                                                                                                                                                                                                                                                      Conegliano
                                                                                                                                                                                                                                                                                      Cordignano              SLOVENIJA
                                                                                                                                                                                                                                                                                                          Redipuglia
                                                                                                                                                                                                                                                                                                                                                                    Krško
                                                                                                                                                                                                                                                                                                                                                                                                                                                    D.Miholjac                                       Srbobran                          Zrenjanin                              Reșiţa          Ruieni
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Tismana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Tårgu Jiu           Stupărei
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Bradu
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Targoviste Brazi

                                                                                                                                                                                                                                                                                                                                                                                                  H R VAT S K A
                                            Bugey                                                                                                                                                                                                                                                                                        Beričevo                                      Mraclin
                                            Creys Mantagny-                  La Bathie                                                      Cagno                                    Gorlago                                                                                                                                                                                                                                                                                                                                                                                                                                                             Ionesti                                                                                                                           Cernavoda
                                                     Les-Lanches                                                                                                             Verderio                            Torbole          Bussolengo          Vellai          Oderzo Salgareda Planais                                      Divača                                  Tumbri                                                                               Ernestinovo                                                                                                                                        Urechești                                                                                                                                                                                        Constanta Nord
                                                                                                                                                            Cislago                            Nave                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Piteşti Sud                                              Fundeni
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Novi Sad                                                                                                                      Zavideni
                                                  La Marnise Albertville                    Malgovert                         Mercallo             Ospiate                                     Trav.                                  Sandrigo                                              Torviscosa        Padriciano              I.Bistrica                                                                                                                                                                                                                                                                      Rovinari                                                                                   Grozavesti                                       Pelicanu
                                                                                                                                                                      Bovisio Cassano                                                                                                                                                                                                                                                                       Đakovo                                                                                                                                                                                                                                                                                                                            Medgidia      Palas
                                                                                                                            Turbigo                                                                                                                                                                   Monfalcone                                                                                                   Medurić                                                                                                                                                                                                      Sărdănești             Tånţăreni             Dragasani                                                     BucureştiMostistea
                                            Aoste Randens                                                                                                    Baggio                                             Lonato                                    Scorzi                                                      Koper                                                                          Sisak                                                                              Nijemci                                                    Pančevo                                                           Drobeta                                                                                                                                                                  Sud
                                                                                                Les Brevieres             Biella                                                CiseranoChiari                                 Sandri                                                                                                       Pehlin                                                                                         Slavonski Brod 2                                                   Mitrovica                                                                                                                                                                                                                    Sud
                                             Grande-lle                                                                                                                    Brugherio                                                                                     Venezia N.                                                                                                                                                                                                                   Šid                                                          Drmno               Porţile de Fier 1                             Turceni                                                                       Domneşti
                                                                                      La Coche                                                  Magenta                        Tavazzano          Flero                                       Monteviale                                                                                                                                                                                                                               Županja                                                        Bgd 20                                                                                                                  Slatina
                                                                                                                                                                                                                                                                          Fusina                                Buje                Matulji                                                                                                                                                                                         Beograd 3                                             Gura Văii
                                                Crolles Le Cheylas                     Villarodin                                Rondissone                                                                                           Dugale                           Malcontenta
                                                                                                                                                                                                                                                                                                                                                         Melina
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Tr.                                   Craiova Nord                                                              Progresu
                                                             Longefan                                             Leyni                 Trino N.            Lacchiarella                                 Mincio                                       Camin                                                                                                            Gojak                                                                                                                                                                         Smederevo                                                  Sip Severin                                                                                       Bucureşti
                                                        Froges                         Praz                                                                                                                                           Mantova                                                                           Plomin                                                                                                                  Bosanski Brod                                                         Mladost                                                                                                                                                                                                      Giurgiu
                                                                                                                                              Ferrera                           La Casella Cremona Nogarole                                                                                                                                     Rijeka                                                                                                                                                                                                                                                                                     Isalnita                                 Drăgăneşti Olt                Vest
                                                    Lancey Vaujany                      Villarodin                        Chivasso                                                                                                    Ostiglia                                                                                                                                                                                                                                Orašje
                                                                                                                                              Erbognone Pieve                                              Marcaria                                                                                                                                                                                                                                  Gradačac                                   Bijeljina                                         Beograd 8                                                    Porţile de Fier 2                                    Gradişte                                       Ghizdaru
                                                                    Saussaz             Venaus                                        Trino                 Albignola                     Caorso                                                                                                                                                                                                                       Prijedor                                                                                                                                                                                        Ostrovu
                                                                                                                                                                                                                                                                                                                                                                       Brinje                                                                                                        Ugljevik                 TENT B                      Obrenovac                                           Đerdap                                                                                 Frunzaru
                                                                               S. Bissorte                                                                             Piacenza                                                                              Adria                                                                                                                                                                     Banja Luka                                                                                                                                                                      Mare
                                                              St.Guillerme                                                                                   Voghera                                                                                                                                                                            Vinodol                                      Bihać                                                                                                      Lesnica                         TENT A                                                                                                                                            Rusăneşti
                                                                                                                                                                                         S. Rocco                                                                               Porto Tolle                                                                    Senj                                                                                                                                                                                                                                       Kusjak             Cetate                                                                                                  Obraztsow Chi ik
                                                          Cordeau                                                      Casanova              Castelnuovo                                                                                                                                                                                                                                                                                                                                                        Šabac                             Morava
                                                                                                                                                                                                                                                 Ferrara
                                                                                                                                                                                                                                                                                                                                                                                                      BOSNA I
                                                                                                                                                                                                 Colorno            Sermide                                                                                                                                                                     K. Vakuf                                                                                                                                                                                                                                                                 Izbiceni                                                                                             Varna             Dobrudzha
                                                                                                                                                                                                                                                 Focomorto                                                                                                                                                                                                                                 Zvornik                               Kolubara                                                       Bor                                                                                                Tr. Măgurele
                                                               Le Sautet                          Piossasco                                                                                                                                                                                                                                                                                                                                                                                                        Valjevo                                                                                           Vidin
                                                                                                                                                             Vignole                                                                                                                                                                                                                                                                                                                                                                                                                      Zaječar
                                                                                                                                     Bistagno                                                                                                                                                                                                                                                                                                                                      Tuzla                                                                                                                                            Calafat
                                                                 Grisolles
                                                                                                                                                                     Morigallo
                                                                                                                                                                                    Parma V.                S. Damaso
                                                                                                                                                                                                                                                                          Porto Corsini
                                                                                                                                                                                                                                                                                                                                                                                                    HERCEGOVINA                                                                                                                                                   Kragujevac
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Kula                    Kozloduy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Pleven                                                                      Madara
                                               Curbans                Serre-Poncon                   Magliano                      Savona                                                                  Rubiera                                                                                                                                                        Velebit                                                                          Zenica                                                                                                                                                                                                                                                                                                                              Varna
                                                                                                                                                                                                                                                                                                                                                                                          Gračac                                                                                                          B.Bašta
                                            Sisteron   FRANCE                                                                                    Erzelli Genova                                                   Martignone           Colunga                               Enipower
                                                                                                                                                                                                                                                                             Ravenna
                                                                                                                                                                                                                                                                                                                                                                                                             B. Grahovo               Jajce                                    Kakanj
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           B.B.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Požega Čačak
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Jagodina
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Boychinovtsi
                                                                                                                                                                   S. Colombano                                         Bargi                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  Tsarevets              Gorna Oryakhovitsa
                                                                  Salignac                                                                Vado Ligure                                                                                                                                                                                                                                                                                                                       Sarajevo 10                                                                              Kruševac
                                                                                                                                                                                                                                                        Forli                                                                                                                                            Knin                                                                                                           Vardište
                                                                                         Entrancque
                                          St. Tulle
                                                                St. Auban
                                                                Oraison
                                                                                                                                                                        La Spezia                                                                       Oraziana
                                                                                                                                                                                                                                                                San Marino
                                                                                                                                                                                                                                                                              SAN MARINO                                                                                                                      Peruća                               Rama
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Sarajevo 20 Višegrad                     Bistrica
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Kraljevo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Niš
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Kremikovtsi Mizia                                    Balkan                                                       Karnobat       Burgas

                                                         Manosque
                                                                             Le Broc-Carros
                                                                             Lingostiere Trinite-Victor Camporosso
                                                                                                                                 Campochiesa                                               Avenza
                                                                                                                                                                                                       Marginone
                                                                                                                                                                                                                         Poggio
                                                                                                                                                                                                                                     Calenzano
                                                                                                                                                                                                                                                                                               Fano                                                                                          Bilice               Konjsko
                                                                                                                                                                                                                                                                                                                                                                                                                                  B. Blato
                                                                                                                                                                                                                                                                                                                                                                                                                                               Grabovica
                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Jablanica                                           Potpec    SRBIJA                                                                                                          So a                                                                                          Tvarditsa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Baptin
                                                      Tore-Supra                                                                                                                                                                                                                                                                                                                                                                                                                                                    Zamrsten
                                                                    St.Croix                                     Menton                                                                                                                Casellina                                                                                                                                                                       Orlovac                                      Salakovac                                                                                                                                                   So a-Zapad                   B U LG A R I A
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Metalurgichna

                                                     Boutre Quinson
                                                 La Palun                 Biancon
                                                                                                       MONACO                                                                                  Livorno         Acciaiolo
                                                                                                                                                                                                                                            Tavarnuzze
                                                                                                                                                                                                                                                                                                                                                                                                               Zakučac                                               Mostar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Pljevlja                                                                                              Vrla
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Pirot
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Stolnik
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Zlatitsa
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Stara Zagora               Maritsa 2
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Ereğli
                                                                                  Mougins               Tour-Lascaris                                                                                                                          S. Barbara                                                                                                                                                                                                                                                                                                                                                                    Breznik                                 Kazichene                                  Chudomir
                                            Enco Vins                                                                                                                                                                                                                                                Candia                                                                                                            Kraljevac                 Grude                                               Piva                                                                                           Leskovac
                                                                                                 Digue-des-Francais                                                                                                                                            Arezzo                                                                                                                                                                                                              Gacko                                                                        Podujevo                                                                                                                                                                                                 Maritsa 3
                                                                        Trans Fréjus                                                                                                                                               P.D. Speranza                                                                                                                                                                                                                                                                                                                                                                                                                           Sestrimo                                         Maritsa 1
                                                                                            Cagnes sur Mer                                                                                                                                                                                                                                                                                                                       Imotski                            Čapljina                                                   Ribarevina                                                                                      Ch. Mogila             So a-Yug
                                                               Neoules                                                                                                                                                                                                                                                                                                                                                                                                                      Nikšić                                                                                                                                                                                     Aleko
                                                           Le Coudon
                                                             Le Garde
                                                                                           Plan de Grasse                                                                                               Rosen
                                                                                                                                                                                                                                      Larderello
                                                                                                                                                                                                                                                                                                                                                                                                                                          Opuzen
                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Bileća CRNA                               Mojkovac
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Kosovo B
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Stomana
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Belmeken
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Vetren
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Maritsa

                                           L`Escaillon                                                                                                                                                                                                                                                                                                                                                                                             Neum                                                                                                                                                                                      Bobov dol
                                                                                                                                                                                                                         Suvereto                                               Pietra ta                                                                                                                                                                 Ston                      GORA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Trebinje
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Kosovo A
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Vranje
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Blagoevgrad
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Chaira                         Plovdiv                              Uzundzhovo
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Babaeski
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Hamitabat
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       Alibey Paşaköy                                               Osmanca
                                                                                                                                                                                                                                                                                                                 Rosara                                                                                                                                                                                                                             Glogovac                                                                         Skakavica                                Peshtera           Orfey                                                                                                                                      Habibler
                                                                                                                                                                                                                 Piombino                                                                                                                                                                                                                                                                                       Podgorica                                            Priština                               K. Palanka                                                                                                                                                                                                                                                                      Adapazari        Akyazi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Komolac                                                         Fierze
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             H.Novi                           Koman                                                             Skopje 5                                                                                                                                                                                                                                              Ikitelli                                            DG
                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Dubrovnik                                                                               Prizren                                                                                                                                                                                                                                                                                       Űmtaniye
                                                                                                                                                                                                                                                                                   Villavalle                                                                                                                                                                                                       Perućica           Koplik                                                                        Skopje 4                                                                                          Devin
                                                                                                                                                                                                                                                                                                    S. Giacomo              Teramo                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Tepeören
                                                                                                                                                                  Bastia                                                                                                                                                                                                                                                                                                                                                                                                         Skopje 1                                                                                          Teshel                                                                                                                                                                                         Izmit Seka                  Akyazi
                                                                                                                                                                                                                                                                                                                                      Villanova                                                                                                                                                                                                                                                                           Štip                                                                                                                                                                                                                                                                                Sant
                                                                                                                                                                                 Lucciana                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Aslanbey
                                                                                                                                                                                                                                      Montalto                                                                 Providenza                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Doğal Gaz
                                                                                                                                                                                                                                                                                                                               Montorio                                                                                                                                                                                    Vau i                                                                                          Negotino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Dejes                                                                                                                     Petrich                                                Platanovrisi
                                                                                                                                                                                                                                           Aurelia           S. Lucia                                                                             Dissi                                                                                                                                                                                                                                                                                                                                                                                      N. Santa

                                                                                                                                                 Corse                                                                         Torvaldaliga Nord                                    I TA L I A                                   Popoli                                 Termoli Energia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           Ulza
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   Burrel     FYR  Vrutok                               Dubrovo                  Sušica
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Thissavros                                                                                                                                                                                                                                                   Cayirhan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    Komotini                                                                                                      Bursa
                                                                                                                                                                                                                                  Torvaldaliga Sud                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Yenice
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              MAKEDONIJA
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Shkopet                                                                                                                                         Filippi
                                                                                                                                                                                                                                                 Civitavecchia                       Roma/N.
                                                                                                                                                                                                                                                                                                                                                            Larino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Içdaș                                                 B. Sanayi
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Tirana 2          Tirana 1                                                                                                                                                                                                                                                                                                                                                               Saricakay      Gokçekaya
                                                                                                                                                                                                                                                              Roma/O.                               Roma/E.
                                                                                                                                                                                                                                                                    S. Paolo                        Valmontone                                                                                                                                                                                                                    Durres
                                                                                                                                                                                                                                                                      Roma/S.                                                                                                                                                                                                                                                                                                            Bitola
                                                                                                                                                                                                                                                                                                                                                   Capriati                                                                                                                                                                                  1            2                                                                     Edessos
                                                                                                                                                                                                                                                                                                                        Ceprano                                                              Foggia
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Elbasan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             Lagadas
                                                                                                                                                    Bonifacio                                                                                                                                                                                       Presenzano                                                                                                                                                                                                                             Florina                                                                                                                                                                                                Can
                                                                                                                                                                                                                                                                                              Latina                                                                                                                                                                                                                                                                                                                             Enthes                Thessaloniki
                                                                                                                                                                                                                                                                                                                                                                                                                              Bari
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Fier                                                    Amyndeo                       Ag. Dimitrios
                                                                                                                                                                                                                                                                                                                                                                                 Candela                     Andria                                                                                                                                                                                      Agras                                                                                                                                                                                                                    Balikesir
                                                                                                                                                      S. Teresa                                                                                                                                                     Garigliano
                                                                                                                                                                                                                                                                                                                         S. Maria
                                                                                                                                                                                                                                                                                                                                                    Maddaloni
                                                                                                                                                                                                                                                                                                                                                                S. So a
                                                                                                                                                                                                                                                                                                                                                                       Benevento                                                                                                                                             SHQIPERIA                                                      Ptolemaida                                       Assomata
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   T Ü R K I Y E
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Seyitömer
                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Brindisi /N.                                                                              Zemblak                                                           S kia                                                                                                                                                                                                                               Tutes Şalt
                                                                                                                                                                                                                                                                                                                       Frattamaggiore
                                                                                                                                     Fiume Santo                                                                                                                                                                                     Patria
                                                                                                                                                                                                                                                                                                                                                                                                                             Matera
                                                                                                                                                                                                                                                                                                                                                                                                                                                          Brindisi P.
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Kardia                        Polyphyto                                                        Limnos
                                                                                                                                                                                                                                                                                                                           Giugliano
                                                                                                                                                                                                                                                                                                                                                                          Montecorvino                                                                                                                                                Vlore
                                                                                                                                                                                                                                                                                                                                          Levante Torre                                                                                                                          Brindisi /S.
                                                                                                                                                     Condrongianus                                                                                                                                                                                     S. Valentino                                                                                                                                                                                                                                                                                                                                                                                                                                                               Soma                                                                                      Afyon
                                                                                                                                                                                                                                                                                                                                                                                                                                              Taranto
                                                                                                                                                                                                                                               Legend                                                                                                               Salerno
                                                                                                                                                        Sardegna                                                                                                                                                                                                                                                        Pisticci
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Piges
                                                                                                                                                                                                     Plants and stations:                               Lines                                                                                                                                                                                                                            Galatina
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      1
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Bistrice                                                                                                                                                                             Lesvos
                                                                                                                                                          Ottana
                                                                                                                                                                    Enichem                                                                                                                                                                                                                                        Laino                                                                                                                                       2H E L L A S                                                                      Larissa                                                                                                                                                                  Izmir DGKC
                                                                                                                                                                                                                                                                                 750 kV transmission line                                                                                                                                                                                                                                                                                                                          Trikala
                                                                                                                                                                                                                                                                                                                                                                                                                    Rotonda                                                                                                                                                      Messochora
                                                                                                                                                                                                            Hydro Power Plant                                                    500 kV transmission line                                                                                                                                                                                                                                                                                 Pournari                                                                                                                                                                                                            Aliağa
                                                                                                                                 Oristano
                                                                                                                                                                   Taloro
                                                                                                                                                               Busachi                                                                                                           380-400 kV transmission line
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      Kerkyra                                         Mourtos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               Jeotermal

                                                                                                                                                                                                            Wind Farm                                                                                                                                                                                     Altomonte                  Rossano                                                                                                                                       Louros           Arachthos N. Plastiras
                                                                                                                                                                                                                                                                                 300-330 kV transmission line                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Işiklar
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          Uzundere
                                                                                                                                                                                                            Thermal Power Plant                                                                                                                                                                                                                                                                                                                                                                                                Lamia                                                                                                                                                               Lodo Res
                                                                                                                                                                                                                                                                                 220 kV transmission line
                                                                                                                                                                                                                                                                                                                                                                                                                           Mucone                                                                                                                                                                                    Kremasta                                                                                                                      Chios                                                                                                                                     Denizli
                                                                                                                                                Villasor                                                    Substation                                                           132-150 kV transmission line                                                                                                                                                                                                                                                                                                                                                                                               Aliveri
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         Ghiona                           Larymna                                                                                                                                                        Germencik
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Kastraki
                                                                                                                                                                     Selarguis
                                                                                                                                                                                                            Substations + power plants
                                                                                                                                                                                                                                                                                 DC-line                                                                                                                                                                                                                                                                                                                                Acheloos
                                                                                                                                                                                                                                                                                                                                                                                                                                            Scandale                                                                                                                                                                                                           Distomo
                                                                                                                                                                                                                                                                                 Interconnection for voltage<220 kV                                                                                                                                                                                                                                                                              Stratos
                                                                                                                       Portoscuso                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 Heron                                                                                                                                                                                                                                                      Varsak
                                                                                                                                                                                                            Converter station                                                                                                                                                                                                                                                                                                                                                                                                                                                              Acharnes
                                                                                                                                           Sulcis             Rumianca                                                                                                           One circuit (di . colours)                                                                                                                                                                                                                                                                                                                                                                                                      Ag. Stefanos
                                                                                                                                                                                                                                                                                                                                                                                                                Feroleto                                                                                                                                                                                                                              Aluuminio
                                                                                                                                                             Sarlux                                         Under construction                                                   Under construction (di . colours)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Yenikoy
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Koumoundourou                       Pallini                                                                                                                                                Yatağan
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Patra
                                                                                                                                                                                                                                                                                 Double circuit (di . colours)                                                                                                                                                                                                                                                                                                                                                                          Ag. Georgios

                                                                                                                                                                                                                                                                                 Double circuit with 1 circuit mounted                                                                                                                                                                                                                                                                                                Peloponnisos                                    Korinthos
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                Argyroupoli
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Lavrio                                                                                                                           Kemerkoy Sant
                                                                                                                                                                                                                                                                                 >=3 circuit (di . colours)                                                                                                              Rizzioni
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Ladonas

                                                                                                                                                                                                                                                                                                          Bellolampo
                                                                                                                                                                                                                                                                                                                                                                 S. F. Mela
                                                                                                                                                                                                                                                                                                                                                                Corriolo                                                                                                                                                                                                                                                               Megalopoli
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              Kos
                                                                                                                                                                                                                                                                                                                     Termini                                                   Sorgente
                                                                                                                                                                                                                                                                                       Particino
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Rodos
                                                                                                                                                                                                                                                                                  Trapani
                                                                                                                                                                                                                                                                                                        Ciminna        Caracoli                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        Soroni
                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     Rodos
                                                                                              Scale 1 : 2 500 000                                                                                                                                                                Partanna                                            Sicilia              Paterno
                                                                                                                                                                                                                                                                                                                                                                            Misterbianco


                                                                                                                                                                                                                                                                                                                  Favara

								
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