hupx and see trading tool for january 2019hupx and see trading tool month ahead hupx forecast,...

HUPX and SEE Trading Tool Month ahead HUPX forecast, 16.12.2018

for January 2019

TRADING ADVICE

Hungarian futures for January 2019 are currently at a fair price level in rela� on to futures on Italian, French and German market.

HUPX spot should be extremely sensi� ve during January 2019 and can occasionally spike above Italian and French markets. Any stronger disturbance, caused by an unavailability of genera� on units or cold waves can push HUPX price in the uncharted zone above Italian market price.

Very warm (2°C above average temperature)

Average temperature

Very warm (2°C below average temperature)

HU Base Load 69.3 73.0 EUR/MWh 75.2 EUR/MWhHU - DE Base Spread DE + 7 EUR/MWh DE + 10.7 EUR/MWh DE + 12.9 EUR/MWh

Although the current forward price of 73.19 EUR/MWh for January 2019 on Hungarian market looks as slightly overpriced, it is not worth of going short at it due to the many risks which are further described in this document.

Our fundamental model es� mates following se� lement prices in January 2019 depending on temperature scenarios:

We cannot advise selling on Hungarian market for January 2019 due to the expected high sensi� vity

of HUPX. Therefore, our advice is rather buying January 2019 on Hungarian market in spread with

selling January 2019 on German market.

Addi� onal trading advice related to January 2019 is buying January 2019 in Hungary in spread with

selling February 2019 in Hungary. February is priced above January on Hungarian market mostly

because this is the case on other markets as well and because of NPP Paks maintenance.

Due to the high vola� lity of French market on temperature forecast changes, any transac� on on Hungarian market should be made in spread with German or Italian markets since French price move will be refl ected on those markets as well.

*Long las� ng or frequent outages of thermal units in SEE region can induce a signifi cant addi� onal increase of HUPX se� lement price

Month-ahead forecast reports are published in mid-month for the front month. This is sample of January-19 forecast

Forecast for May-2019 was published on 16.04.2019, and forecast for June 2019 will be published on 15.05.2019.

Licensed to: Balkan Energy - offi [email protected]

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Published as PDF report - on www.portal.balkanenergy.com


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EUR/

MW

hHUPX and SEE BASE LOAD Price Forecast for January 2019

Very warm (2°C above average temp.) Average temperature Very cold (2°C below average temp.)

DayVery warm (2°C above

average temp.)

Average temperature

Very cold (2°C below

average temp.)

1-Jan-19 T 61.5 65.4 66.82-Jan-19 W 61.5 65.4 66.83-Jan-19 T 64.5 68.4 69.84-Jan-19 F 65.5 69.5 70.95-Jan-19 S 60.1 63.8 66.76-Jan-19 S 51.9 55.1 61.07-Jan-19 M 62.6 66.5 67.98-Jan-19 T 65.5 69.5 70.99-Jan-19 W 71.8 75.7 77.110-Jan-19 T 72.5 76.5 77.911-Jan-19 F 72.5 76.5 77.912-Jan-19 S 68.8 72.5 75.413-Jan-19 S 60.9 64.2 70.014-Jan-19 M 73.6 77.5 78.915-Jan-19 T 74.0 77.9 79.316-Jan-19 W 74.3 78.2 79.617-Jan-19 T 74.6 78.6 80.018-Jan-19 F 75.0 78.9 80.319-Jan-19 S 71.2 74.9 77.820-Jan-19 S 63.3 66.5 72.421-Jan-19 M 76.0 79.9 81.322-Jan-19 T 76.3 80.2 81.623-Jan-19 W 76.7 80.6 82.024-Jan-19 T 73.2 75.9 77.925-Jan-19 F 73.9 75.8 77.626-Jan-19 S 71.4 75.1 78.027-Jan-19 S 62.4 65.7 71.528-Jan-19 M 74.0 78.0 79.429-Jan-19 T 73.3 77.2 78.630-Jan-19 W 72.9 76.8 78.231-Jan-19 T 72.5 76.5 77.9AVG 69.3 73.0 75.2

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CONSUMPTION IN JANUARY

Temperature neutral consump� on growth: Consump� on in January had a declining trend un� l the year 2016. In 2017 and 2018, growth of the tempera-ture-neutral consump� on was in average 500 MW per year.

We witnessed strong (400-700MW) year-on-year consump� on growth in all months of 2018. Therefore, one should assume that year-on-year consump� on growth will con� nue in January 2019 as well. Due to the year-on-year consump� on growth in Hungary and SEE, consump� on in January 2019 should be in average only 800 MW below the average consump� on in January 2017

Market did not no� ce consump� on increase in January 2018 because January 2018 was extremely warm!

Consump� on in the region of Hungary and SEE (RO+HU+AL+exYU):

• Monthly temperature neutral consump� on is in average only around 400 MW higher than in December.

• Temperature neutral consump� on in January is 1600 MW higher than in November!

• Long term average temperature in January is around 1.5°C below the long term average temperature for December

• First week of January has 1500 MW lower consump� on (November’s consump� on)

• Extreme temperature devia� ons have stronger eff ect on consump� on than small temperature devia� ons.

• Long las� ng temperature devia� ons have stronger eff ect on consump� on than short term temperature devia� ons.

We cannot actually talk about typical consump� on pa� erns in January, because probability of devia� on from “typical

consump� on” is too high and devia� ons are too strong. January 2017 had 2500 MW higher consump� on than any oth-

er January in last 4 years, just because of extremely cold weather. Due to the year-on-year consump� on growth, such

a cold weather would have much stronger devasta� ng eff ect now than two years ago.

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2012 2013 2014 2015 2016 2017 2018 2019

December: Average consumption growth in MW (RO+HU+exYU+AL)

realised consumption

temperature neutral consumption

27300 MW

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Temperature sensi� vity of consump� on in January:

Number of consecu� ve warm/cold days has an impact on consump� on.

To evaluate the impact of temperatures on consump� on, two impacts should be observed:

• The impact of the long las� ng (weekly or monthly average) temperature devia� on (bold line)

• The impact of short term (daily) temperature changes – do� ed line.

• In case of long las� ng extreme temperatures, the impact of temperature per °C can go temporary even beyond the

bold line.

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/ °C

Consumption change in MW per °C (RO+HU+AL + exYU) - January

impacto of monthly average deviation (cold) impacto of monthly average deviation (warm)

impact of day-on-day temperature change (cold) impact of day-on-day temperature change (warm)

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MW

Typical working days consumption profile (HU+RO+AL+exYU)

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Jan-18

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HYDROLOGY EXPECTATIONS FOR JANUARY 2019

Vola� lity of hydro genera� on in January is high and it can be the key for HUPX price se� lement.

There is no strong correla� on between hydrology in January with hydrology of preceding months, except for the correla� on with hydrology in the preceding December (in 90% of cases January has the same above/below average hydrology as December) and eventually November (in 72% of cases January has the same above/below average hydrology as December).

Correla� on of hydrology in January with hydrology in December is extremely high, as illustrated on the dia-gram below.

October and November 2018 both had strongly below average hydro genera� on at around 82% compared to average. Hydro genera� on of December does not look to promising either due to the very low Danube level and low level of underground waters in Central European and Alpine region. One should assume below average hydrology in January 2019, with possibly extremely bad hydrology if hydrology during December 2018 turns to be extremely bad.

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Hydrology in January and December

Hydrology in January

Hydrology in December

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Reservoir levels

Romanian and Bulgarian reservoirs were at above average level for the most of 2018, but they are not any more. Croa� an reservoirs are at minimal value compared to the last three years.

Only Austrian reservoirs are higher than usually.

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GWh Austrian reservoirs level per week

2015 2016 2017 2018

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GWh Romanian reservoirs (GWh) per week

2015 2016 2017 2018

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GWh Bulgarian reservoirs (GWh) per week

2015 2016 2017 2018

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GWh Croatian reservoirs (GWh) per week

2015 2016 2017 2018

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GWh Serbian reservoirs level per week

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GWh Montenegrin reservoirs level per week

2015 2016 2017 2018

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French price was spiking in January 2016 and January 2017 what caused increase of Northern Italian prices above PUN.

Risk of low Romanian exports:Although the power plant OMV Petrom Brazi was out of opera� on in January 2017 and reservoirs in Roma-nia were very low, Romania s� ll provided nearly full exports in January 2017. Having in mind that recently Romania is too o� en a large importer of electricity, it is diffi cult to expect very strong exports from Romania during January 2019.

Risk of low Danube fl ow:The fl ow on Danube has been extremely low during last 6 months. Having in mind low level of underground waters, it is diffi cult to expect fast recovery of Danube fl ow on above average level. Danube is responsible for nearly 3000 MW of base load hydro genera� on in Serbia and Romania and low levels of Danube can have a huge nega� ve eff ect on HUPX during January 2019.

Risk of insuffi cient SLO>HR borderWhen SLO>HR border is congested, HUPX is extremely sensi� ve. On Monday/Tuesday 03.12.2018/04.12.2018, SI>HR border was strongly congested due to the reduced CZ>SK capacity and HUPX was extremely sensi� ve. Addi� onal 100 MW demand on HUPX would increase hourly price for 50 EUR/MWh in some hours. The risk for high conges� on on the SI>HR border increases with the drop of Romanian exports and with the drop of temperature.

JanuaryITA NORD PUN NORD-PUN

base peak base peak base peak2011 63.6 71.5 65 73.9 -1.4 -2.42012 78 91.6 79.9 94.1 -1.8 -2.52013 63.3 74.4 64.5 75.4 -1.2 -12014 58.3 67.2 59.3 68.6 -1 -1.42015 49.6 57.7 51.1 58.9 -1.5 -1.22016 47.9 59.3 46.5 56 1.4 3.32017 78.2 96.4 72.2 87.5 6 92018 48.2 55.5 48.9 56 -0.7 -0.52019 73.45 84.27

JanuaryHUPX HUPX-DE HUPX-ITA NORTH HUPX-PUN

base peak base peak base peak base peak2011 50 64.7 10.1 15.9 -13.6 -6.8 -15 -9.22012 56.1 72.2 16.2 21.6 -22 -19.5 -23.8 -21.92013 44.4 57.9 1.1 2.2 -18.9 -16.5 -20.1 -17.52014 42.7 59.1 6.8 11.4 -15.6 -8.1 -16.5 -9.62015 42.2 54 10.9 11.3 -7.5 -3.7 -8.9 -4.92016 43.1 53.5 13.9 13.2 -4.8 -5.8 -3.4 -2.52017 81.3 110.1 28.9 37.5 3.1 13.7 9 22.72018 36.3 46.2 6.8 8 -12 -9.3 -12.7 -9.92019 73.19 89.13 10.89 12.81 -0.26 4.86

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Risk of sensi� ve HUPX priceAny disturbance in January 2019 can cause an extremely high HUPX sensi� vity, especially if the disturbance is combined with low Romanian wind power genera� on. Recently, HUPX price was extremely sensi� ve, espe-cially during the period when CZ>SK border was reduced for 500 MW.

Risk of the reduced Bulgarian exportsThe risk of reduced Bulgarian exports is the highest in January. Outage of a single genera� on unit, combined with the low wind genera� on can already cause insuffi cient balance for full exports. Such situa� ons were already experienced during December 2018.

Risk of the French price spikesImpact of French market on Hungarian price is much stronger than before. It is much stronger due to the Austrian decoupling and joining to the Flow Based Market Coupling together with France.

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Risk of the French price spikesImpact of French market on Hungarian price is much stronger than before. It is much stronger due to the Austrian decoupling and joining to the Flow Based Market Coupling together with France.

During October and November, Austrian price behavior was correlated to the French price due to the Flow Based Market Coupling:• (AT-DE) price spread is most of the � me at least 0.25*(FR-DE)• The highest concentra� on of price distribu� on is around k=0.25 and k=1 (FR price = AT price)• Very o� en Austrian price is higher than French price (k>1), 19.5% of hours Risk of the Northern Italian price spikes• High spot in France does not impact PUN too much, but it impacts NORTH Italy a lot. • French price was spiking in January 2016 and January 2017 what caused increase of Northern Italian

prices above PUN.

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NORTH - PUN Price difference in January

2018 2017 2016 2015

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Risk of Austrian price spikes:Austrian market has been impor� ng the highest volumes from Germany during January and February before the decoupling. Recently, Austrian imports from Germany are much lower than before and Austrian price is signifi cantly above German price.

Diagram: impact of Austrian wind aft er decoupling

• When Austrian run-of-river genera� on is high, Austrian price is concentrated around the line: (AT-DE)=0.25*(FR-DE)• When Austrian run-of-rover genera� on is low, Austrian price tends to be equal or higher than French

price.

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Diagram: impact of Austrian run-of river generati on aft er decoupling

• When Austrian wind genera� on is high, Austrian price is concentrated around the line: (AT-DE)=0.25*(FR-DE)

• When Austrian wind genera� on is low, Austrian price tends to be equal or higher than French price.

Austrian Run-of-river genera� on in November 2018 is lower than in November 2016 and 2017 due to the bad hydrology in Austria

Diagram: Austrian Run-of-river generati on in November 2016, 2017, 2018

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Diagram: Hydro reservoirs behavior in Austria in October 2018Lower power of generati on than before and generati on at higher price than before although reservoirs level is high!!!

Diagram: Hydro pump storages behavior in Austria in October 2018Generati on is just adjusted to the new market price level, which is a logical behavior of pump storages.

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INTERCONNECTIONS and ATC reduc� ons

During period 14.01.2019 – 24.01.2019, NTC on AT > HU direc� on will be reduced to 600 MW, and NTC on AT > SI di-rec� on to 750 MW. No other power lines will be in maintenance.

In comparison to December, some important ATC changes on monthly auc� ons in January 2019 are:

• HR > BiH, BiH > HR: off ered ATC 200 MW lower• RS > BiH: off ered ATC 100 MW higher• BG > RS, RS > BG: off ered ATC 100 MW lower• BG > RO, RO > BG: off ered ATC 100 MW lower• BG > GR: off ered ATC 100 MW lower• MK > GR: off ered ATC 80 MW higher• GR > MK: off ered ATC 50 MW higher• RO > HU: off ered ATC 120 MW higher• AT > HU: off ered ATC 90 MW lower• SK > HU: off ered ATC 50 MW lower• BG > MK: off ered ATC 50 MW lower• RO > RS: off ered ATC 100 MW higher

PUBLIC HOLIDAYS• January 1-2: New Year (Tuesday, Wednesday)• January 6: Epiphany, Croa� a, Greece - Sunday• January 6: Christmas Eve (Orthodox, SR, BiH, ME, MK, GR) - Sunday• January 7: Christmas (Orthodox) – Monday• January 8: Christmas (Orthodox) – Tuesday, 2nd day• January 9: Republic Day – Republic of Srpska (BiH) - Wednesday• January 24: Unifi ca� on Day – Romania - Thursday

POWER PLANT MAINTENANCES IN JANUARY 2019Country P. Plant Unit MW Start - end date

Greece AG Dimitrios G1 274 10.09.2018-07.04.2019

Greece Lavrio 4 GT01 183.4 01.12.2018-15.01.2019

MAINTANANCE SCHEDULESDate Unit MW Country Going

15.01.2019 Lavrio 4 GT01 183.4 Greece IN

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JANUARY LOAD (daily MW average - GW for en� re region)

JANARYTOTAL GW AVG LOW TEMPERATURE ALBANIA (MW) BOSNIA (MW) CROATIA (MW) HUNGARY (MW)

2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 201601.01. 21.38 23.12 22.37 1.0 -8.8 -8.8 852 943 936 1,502 1,651 1,508 1,838 1,903 1,805 4,221 4,513 4,32102.01. 23.37 24.82 23.43 2.3 -9.0 -7.3 813 921 901 1,611 1,753 1,570 2,095 2,170 1,951 5,078 5,399 4,66103.01. 25.34 26.54 24.05 -2.0 -5.5 -8.8 891 969 909 1,663 1,754 1,593 2,175 2,210 1,924 5,427 5,566 4,71804.01. 25.86 27.42 27.16 -0.5 -7.3 -11.3 922 996 939 1,588 1,775 1,707 2,159 2,251 2,169 5,510 5,718 5,52905.01. 25.80 27.80 27.46 3.3 -6.5 -7.3 900 987 912 1,529 1,809 1,712 2,116 2,279 2,135 5,519 5,716 5,70406.01. 24.02 28.00 27.07 5.3 -9.8 -3.5 896 1,021 900 1,547 1,758 1,659 1,867 2,186 1,930 5,085 5,851 5,74707.01. 22.63 27.13 26.22 4.3 -14.8 -5.5 874 1,022 889 1,550 1,789 1,576 1,800 2,294 2,138 4,827 5,481 5,64408.01. 25.05 27.07 26.22 3.5 -15.8 -7.8 880 1,010 869 1,538 1,798 1,577 2,039 2,282 2,107 5,447 5,310 5,66509.01. 25.84 29.77 24.71 3.3 -13.5 -0.5 873 1,046 856 1,574 1,901 1,494 2,086 2,528 1,936 5,615 5,915 5,25110.01. 26.43 30.73 23.31 2.8 -13.5 1.5 868 1,064 848 1,608 1,984 1,425 2,119 2,570 1,782 5,699 6,048 4,90311.01. 26.59 30.66 25.06 2.5 -15.0 3.8 884 1,084 802 1,600 1,980 1,545 2,144 2,605 1,996 5,715 6,077 5,44912.01. 26.56 30.37 25.12 2.3 -11.5 2.5 863 1,088 791 1,589 1,890 1,571 2,174 2,554 1,978 5,692 6,059 5,42313.01. 25.43 29.68 25.55 1.3 -2.0 -1.0 889 1,087 850 1,477 1,872 1,524 2,043 2,437 2,044 5,320 6,016 5,48914.01. 24.66 27.23 25.79 -1.5 -2.0 -2.5 912 1,021 854 1,593 1,825 1,571 1,983 2,209 2,091 5,085 5,412 5,52815.01. 27.65 26.59 26.27 -2.8 -6.8 0.0 922 1,032 869 1,588 1,862 1,595 2,270 2,123 2,113 5,808 5,157 5,60316.01. 27.98 28.94 25.19 -3.0 -9.3 -3.0 900 1,022 887 1,612 1,878 1,624 2,261 2,445 2,022 5,977 5,852 5,13817.01. 27.66 29.27 24.59 -1.0 -3.0 -5.5 878 1,036 929 1,603 1,882 1,694 2,259 2,483 1,872 5,947 5,918 4,87418.01. 27.24 29.16 27.27 -2.3 -4.3 -7.5 879 1,014 949 1,585 1,876 1,690 2,235 2,468 2,222 5,830 5,935 5,56019.01. 27.15 29.10 27.95 0.8 -9.0 -10.3 911 983 960 1,582 1,847 1,710 2,247 2,440 2,275 5,791 5,990 5,75320.01. 25.57 29.05 28.21 -2.8 -12.5 -9.3 898 982 974 1,540 1,832 1,690 2,070 2,421 2,295 5,301 6,011 5,75921.01. 24.88 27.85 28.49 -1.5 -13.5 -8.8 912 934 983 1,649 1,784 1,723 1,935 2,285 2,324 5,103 5,587 5,77122.01. 27.51 26.69 27.99 -4.5 -12.5 -9.3 933 989 951 1,619 1,843 1,684 2,233 2,149 2,249 5,715 5,315 5,77123.01. 27.79 28.92 26.88 -2.3 -11.0 -11.0 970 991 970 1,602 1,855 1,602 2,244 2,414 2,154 5,838 5,974 5,41324.01. 27.47 29.04 25.90 -1.8 -9.8 -8.5 962 999 985 1,673 1,829 1,681 2,224 2,412 2,010 5,839 6,079 5,06025.01. 27.70 29.60 27.65 -2.8 -7.5 -2.5 975 981 951 1,640 1,855 1,671 2,229 2,407 2,180 5,782 6,083 5,72226.01. 27.38 29.33 27.44 0.3 -6.3 -2.3 961 995 911 1,545 1,835 1,647 2,194 2,407 2,142 5,827 5,986 5,69927.01. 25.82 29.39 26.81 -2.5 -10.3 -2.3 981 1,004 891 1,559 1,845 1,604 2,029 2,398 2,142 5,304 6,114 5,69228.01. 24.81 28.00 26.20 -2.0 -11.3 -0.8 959 1,003 884 1,621 1,803 1,565 1,913 2,298 2,115 5,027 5,654 5,60129.01. 26.74 26.88 25.79 -0.8 -9.3 -0.5 942 1,034 854 1,588 1,839 1,536 2,174 2,176 2,020 5,527 5,353 5,54130.01. 26.57 29.00 24.15 -1.3 -9.3 -2.0 946 993 841 1,580 1,840 1,515 2,196 2,425 1,901 5,609 5,988 5,08231.01. 26.81 29.24 23.10 -2.8 -8.3 4.0 940 993 864 1,589 1,826 1,527 2,224 2,402 1,778 5,703 6,078 4,766AVG 25.99 28.27 25.92 -0.2 -9.3 -4.4 909 1,008 900 1,585 1,834 1,606 2,115 2,343 2,058 5,489 5,747 5,382

JANARYMACEDONIA (MW) MONTENEGRO (MW) ROMANIA (MW) SERBIA (MW) SLOVENIA (MW)

2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 2015 2017 2016 201501.01. 868 1,075 1,021 416 436 421 5,786 6,114 5,909 4,761 5,298 5,282 1,136 1,185 1,17202.01. 931 1,029 1,014 410 436 421 6,275 6,373 6,224 4,908 5,442 5,364 1,245 1,298 1,32603.01. 928 1,029 1,094 420 449 435 7,129 7,389 6,449 5,115 5,579 5,573 1,589 1,596 1,36004.01. 949 1,077 1,066 416 447 433 7,442 7,687 7,642 5,168 5,750 6,020 1,707 1,723 1,65005.01. 950 1,108 1,069 422 471 423 7,520 7,843 7,890 5,176 5,840 5,884 1,663 1,743 1,73006.01. 920 1,130 1,026 413 470 409 6,818 7,781 7,840 5,006 6,042 5,816 1,466 1,761 1,74107.01. 871 1,109 912 377 479 378 6,389 7,458 7,700 4,579 5,853 5,270 1,367 1,645 1,70908.01. 856 1,207 954 362 508 394 7,466 7,301 7,565 4,870 6,067 5,371 1,597 1,589 1,71409.01. 941 1,209 962 384 541 387 7,629 8,317 7,106 5,076 6,509 5,182 1,663 1,804 1,53610.01. 946 1,259 1,016 407 595 396 7,774 8,607 6,476 5,330 6,737 5,098 1,675 1,865 1,36511.01. 921 1,268 966 413 560 382 7,849 8,482 7,252 5,362 6,719 5,129 1,700 1,889 1,54412.01. 935 1,268 950 412 454 386 7,862 8,513 7,484 5,359 6,686 4,971 1,672 1,855 1,56213.01. 931 1,233 993 427 518 406 7,505 8,337 7,387 5,334 6,367 5,261 1,503 1,807 1,59214.01. 966 1,092 969 450 469 414 6,929 7,737 7,459 5,317 5,851 5,264 1,421 1,613 1,63915.01. 981 1,129 969 466 457 431 8,144 7,122 7,664 5,765 6,197 5,387 1,711 1,515 1,63716.01. 971 1,119 1,007 449 492 430 8,297 8,184 7,234 5,766 6,185 5,363 1,746 1,768 1,48117.01. 973 1,127 1,104 432 481 442 8,203 8,354 6,799 5,608 6,179 5,471 1,752 1,810 1,40218.01. 974 1,123 1,104 411 485 455 8,033 8,271 7,754 5,552 6,173 5,894 1,738 1,812 1,64719.01. 923 1,056 1,078 438 470 466 8,016 8,322 8,078 5,488 6,178 5,911 1,753 1,817 1,71620.01. 945 1,084 1,132 425 461 459 7,558 8,375 8,254 5,254 6,064 5,909 1,576 1,816 1,73521.01. 1,025 1,093 1,162 415 458 470 7,124 7,975 8,352 5,288 6,056 5,972 1,430 1,674 1,73422.01. 993 1,156 1,120 451 421 464 8,212 7,196 8,146 5,662 6,045 5,890 1,694 1,574 1,71623.01. 1,023 1,131 1,117 463 471 454 8,217 7,886 7,675 5,742 6,387 5,897 1,694 1,812 1,59824.01. 1,030 1,139 1,223 452 470 474 7,883 7,802 7,206 5,689 6,457 5,787 1,714 1,849 1,47525.01. 1,047 1,135 1,092 450 470 450 8,120 8,391 8,074 5,712 6,423 5,853 1,741 1,859 1,65626.01. 1,025 1,148 1,077 457 451 439 8,009 8,325 8,101 5,650 6,329 5,770 1,713 1,856 1,65627.01. 998 1,128 1,024 430 470 439 7,573 8,448 7,884 5,395 6,176 5,470 1,548 1,805 1,66528.01. 1,029 1,119 1,000 437 463 416 7,034 7,872 7,614 5,358 6,117 5,352 1,434 1,668 1,65229.01. 946 1,205 995 443 473 405 7,931 7,212 7,573 5,538 6,004 5,260 1,649 1,580 1,60730.01. 918 1,205 921 444 463 394 7,782 8,057 6,943 5,422 6,226 5,068 1,674 1,803 1,48531.01. 918 1,205 975 446 461 420 7,869 8,226 6,461 5,383 6,238 4,929 1,743 1,809 1,382AVG 956 1,142 1,036 427 476 425 7,561 7,870 7,426 5,343 6,135 5,505 1,604 1,716 1,577

16



JANUARY HYDRO GENERATION (daily MW average)

JANUARYTOTAL MW (excl SR) ROMANIA (MW) SLOVENIA (MW) MONTENEGRO (MW) BULGARIA (MW) ALBANIA (MW) MACEDONIA (MW) SERBIA

(MW)

2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016 2018

01.01. 3,446 2,456 2,219 1,342 992 1,025 438 234 222 306 3 66 310 252 227 916 651 505 133 323 175 1,309

02.01. 4,015 2,924 2,547 1,522 1,198 1,320 723 300 247 326 50 80 345 394 285 874 689 318 226 292 297 1,469

03.01. 4,184 3,760 3,146 1,715 2,022 1,477 674 270 245 314 67 61 397 353 687 979 756 326 104 292 350 1,565

04.01. 4,175 3,318 3,525 1,753 1,594 1,653 603 272 252 337 29 194 405 290 719 995 789 381 81 345 327 1,499

05.01. 4,367 3,471 2,944 1,992 1,648 1,387 620 292 290 271 75 231 332 369 448 1,020 751 393 133 335 196 1,720

06.01. 3,751 3,400 2,750 1,661 1,812 1,221 513 243 240 136 8 94 326 272 656 962 780 378 153 285 161 1,560

07.01. 3,519 3,146 3,189 1,543 1,181 1,279 508 273 237 97 23 193 384 654 590 920 748 821 67 267 69 1,417

08.01. 4,060 3,600 3,149 1,742 1,283 1,427 592 212 255 171 228 181 434 884 410 1,053 732 793 69 261 84 1,564

09.01. 4,184 4,481 2,687 1,679 1,943 1,176 703 243 266 225 269 113 415 889 390 1,047 828 658 116 309 85 1,575

10.01. 4,598 4,277 2,799 1,908 1,775 1,190 741 336 390 368 294 112 390 685 334 1,061 854 641 130 333 132 2,143

11.01. 4,682 5,075 3,254 1,923 2,721 1,462 711 198 534 477 190 220 362 800 344 1,092 907 610 118 259 84 1,497

12.01. 4,456 4,342 3,441 1,714 2,005 1,305 742 199 652 505 200 323 336 750 369 1,070 929 723 88 259 69 1,679

13.01. 3,874 3,672 3,381 1,502 1,763 1,322 684 310 650 218 35 296 336 329 358 1,049 921 642 86 315 113 1,477

14.01. 3,723 2,496 3,386 1,350 1,072 1,502 549 311 537 195 2 291 414 253 353 1,091 748 602 123 110 99 1,207

15.01. 4,767 2,768 3,403 1,893 1,343 1,526 573 260 547 387 0 295 662 285 334 1,132 716 601 120 163 99 1,749

16.01. 4,051 3,632 3,476 1,667 1,917 1,440 515 322 410 402 22 284 346 455 411 1,013 779 693 108 138 238 1,750

17.01. 4,109 2,983 3,098 1,683 1,316 1,178 543 283 342 440 62 189 333 318 564 994 861 612 118 142 213 1,810

18.01. 4,560 2,972 3,950 2,196 1,350 1,785 498 267 403 390 36 183 359 327 591 1,013 831 774 104 161 213 1,731

19.01. 4,415 3,630 4,181 1,921 1,789 1,946 514 268 371 404 52 196 434 584 675 1,045 795 845 97 142 147 1,749

20.01. 3,837 3,891 4,791 1,514 1,911 2,222 486 283 368 256 77 252 473 667 820 1,026 805 902 83 148 227 1,631

21.01. 3,856 3,360 4,913 1,518 1,735 2,149 457 231 380 247 63 318 426 423 800 1,035 745 1,008 174 163 258 1,251

22.01. 4,358 2,979 3,977 1,686 1,339 1,816 500 162 329 425 19 136 387 506 701 1,273 712 784 88 240 210 1,839

23.01. 4,511 4,023 3,848 1,822 2,134 1,849 469 252 297 424 134 73 400 539 810 1,298 768 610 98 196 209 1,754

24.01. 4,353 3,848 3,569 1,724 1,974 1,598 418 298 195 417 161 68 406 407 829 1,280 794 577 108 215 302 1,538

25.01. 4,376 3,103 4,274 1,634 1,502 1,928 418 274 340 418 14 218 419 356 928 1,341 776 675 146 183 184 2,080

26.01. 4,461 2,605 3,658 1,759 1,249 1,776 452 229 270 437 81 107 377 238 738 1,325 685 622 111 124 145 1,668

27.01. 3,818 2,993 3,482 1,468 1,641 1,811 424 217 259 172 57 104 353 249 553 1,309 717 604 92 111 150 1,260

28.01. 3,544 2,742 3,279 1,303 1,403 1,738 368 203 280 142 74 104 293 249 385 1,263 682 618 175 131 155 1,314

29.01. 4,204 2,418 3,249 1,815 1,081 1,869 327 222 284 338 -0 67 320 226 352 1,288 675 567 117 215 109 1,223

30.01. 4,029 3,121 2,534 1,584 1,558 1,406 342 261 230 343 154 36 330 331 282 1,293 696 520 137 120 60 1,758

31.01. 4,157 3,175 2,460 1,656 1,704 1,313 355 221 222 344 155 21 385 280 321 1,277 700 464 140 115 119 1,531

AVG 4,143 3,376 3,373 1,683 1,612 1,552 531 256 340 320 85 165 384 439 525 1,108 768 622 117 216 170 1,591

* not including BiH, HR, GR,RS

17



ATC AUCTIONS (monthly auc� uons - Hungarian and SEE borders for January 2019)

ATC AVERAGES FOR JANUARY (off ered on monthly auc� ons)

JANUARY EXPORT-IMPORT (GWh)

AT>HU AT>SI SEPS>HU SI > IT RO > HU UA > HU RO>RS BG>RS BG > GR MK > GR BG > TR BG > MK1-Jan-19 100 250 400 141 244 455 400 1-Jan-19 150 150 250 232 1002-Jan-19 100 250 400 141 244 455 400 2-Jan-19 150 150 250 232 1003-Jan-19 100 250 400 141 244 455 400 3-Jan-19 150 150 250 232 1004-Jan-19 100 250 400 141 244 455 400 4-Jan-19 150 150 250 232 1005-Jan-19 100 250 400 141 244 455 400 5-Jan-19 150 150 250 232 1006-Jan-19 100 250 400 141 244 455 400 6-Jan-19 150 150 250 232 1007-Jan-19 100 250 400 141 244 455 400 7-Jan-19 150 150 250 232 1008-Jan-19 100 250 400 141 244 455 400 8-Jan-19 150 150 250 232 1009-Jan-19 100 250 400 141 244 455 400 9-Jan-19 150 150 250 232 10010-Jan-19 100 250 400 141 244 455 400 10-Jan-19 150 150 250 232 10011-Jan-19 100 250 400 141 244 455 400 11-Jan-19 150 150 250 232 10012-Jan-19 100 250 400 141 244 455 400 12-Jan-19 150 150 250 232 10013-Jan-19 100 250 400 141 244 455 400 13-Jan-19 150 150 250 232 10014-Jan-19 100 250 400 141 244 455 400 14-Jan-19 150 150 250 232 10015-Jan-19 100 250 400 141 244 455 400 15-Jan-19 150 150 250 232 10016-Jan-19 100 250 400 141 244 455 400 16-Jan-19 150 150 250 232 10017-Jan-19 100 250 400 141 244 455 400 17-Jan-19 150 150 250 232 10018-Jan-19 100 250 400 141 244 455 400 18-Jan-19 150 150 250 232 10019-Jan-19 100 250 400 141 244 455 400 19-Jan-19 150 150 250 232 10020-Jan-19 100 250 400 141 244 455 400 20-Jan-19 150 150 250 232 10021-Jan-19 100 250 400 141 244 455 400 21-Jan-19 150 150 250 232 10022-Jan-19 100 250 400 141 244 455 400 22-Jan-19 150 150 250 232 10023-Jan-19 100 250 400 141 244 455 400 23-Jan-19 150 150 250 232 10024-Jan-19 100 250 400 141 244 455 400 24-Jan-19 150 150 250 232 10025-Jan-19 100 250 400 141 244 455 400 25-Jan-19 150 150 250 232 10026-Jan-19 100 250 400 141 244 455 400 26-Jan-19 150 150 250 232 10027-Jan-19 100 250 400 141 244 455 400 27-Jan-19 150 150 250 232 10028-Jan-19 100 250 400 141 244 455 400 28-Jan-19 150 150 250 232 10029-Jan-19 100 250 400 141 244 455 400 29-Jan-19 150 150 250 232 10030-Jan-19 100 250 400 141 244 455 400 30-Jan-19 150 150 250 232 10031-Jan-19 100 250 400 141 244 455 400 31-Jan-19 150 150 250 232 100AVG 100 250 400 141 244 455 400 AVG 150 150 250 232 100

GWh 2014 2015 2016 2017 2018 GWh 2014 2015 2016 2017 2018BA Imports 272 232 370 320 238 MK Imports 472 517 356 304 436BA Exports 622 586 513 412 570 MK Exports 104 261 171 120 185NET EXPORT 350 354 143 92 332 NET EXPORT -368 -256 -185 -184 -251

BG Imports 334 483 605 499 442 ME Imports 329 329 281 290 236BG Exports 1,107 1,453 1,128 609 584 ME Exports 340 335 200 120 303NET EXPORT 773 970 523 110 142 NET EXPORT 11 6 -81 -170 67

HR Imports 902 1,041 1,121 1,096 843 RO Imports 117 150 229 253 249HR Exports 518 543 507 463 615 RO Exports 658 827 878 825 604NET EXPORT -384 -498 -614 -633 -228 NET EXPORT 541 677 649 572 355

HU Imports 1,617 1,714 1,708 1,917 1,563 RS Imports 542 740 648 963 545HU Exports 497 695 723 848 381 RS Exports 514 391 509 233 608NET EXPORT -1,120 -1,019 -985 -1,069 -1,182 NET EXPORT -28 -349 -139 -730 63

GR Imports 554 1,182 840 434 858 SI Imports 522 810 778 773 784GR Exports 94 34 144 365 52 SI Exports 784 802 702 689 824NET EXPORT -460 -1,148 -696 -69 -806 NET EXPORT 262 -8 -76 -84 40

AT>HU AT>SI SEPS>HU SI > IT RO > HU UA > HU RO>RS BG>RS BG > GR MK > GR BG > TR BG > MK2019 100 250 400 141 244 455 400 150 150 250 234 1002018 100 200 450 141 160 455 300 50 150 200 234 2002017 172 275 450 230 160 455 350 50 150 210 332 200

18



MARKET PRICES FOR JANUARY 2019

BASE

PEAK

74.3

7574.57 74.41

75.05

71.972.21 72.29

72.9973.41

72.77

73.75

72.55

71.54

72.36

71.25

70.40

69.00 69.03

68.40 68.4668.94

70.27

72.08

73.19

68

70

72

74

76

12.11. 13.11. 14.11. 15.11. 16.11. 19.11. 20.11. 21.11. 22.11. 23.11. 26.11. 27.11. 28.11. 29.11. 30.11. 03.12. 04.12. 05.12. 06.12. 07.12. 10.12. 11.12. 12.12. 13.10 14.12.

HUPX - January 2019 price (EUR/MWh), BASE

10.6 10.2 10.379.71

10.6311.52 11.16

9.74 9.838.71

10.33 9.92 10.039.34

11.6 11.2912.06 11.7

12.28 12.48 12.4211.76 12.11 11.87

10.89

2.5 2.322.96

3.773.22

1.8 1.66 1.850.94

0.23 0.04 -0.3-0.91

0.4-0.61

1.04 1.18 0.96-0.13

0.56 0.451.09 0.9 0.7 0.26

-2

0

2

4

6

8

10

12

14

-2

0

2

4

6

8

10

12

14

12.11. 13.11. 14.11. 15.11. 16.11. 19.11. 20.11. 21.11. 22.11. 23.11. 26.11. 27.11. 28.11. 29.11. 30.11. 03.12. 04.12. 05.12. 06.12. 07.12. 10.12. 11.12. 12.12. 13.10 14.12.

PUNDE BASE Spread: HUPX - Januay 2019 price (EUR/MWh)

HUP - DE IT - HUPX

90.2190.74 90.78

89.94 89.93

88.988.5

89.1589.92

90.2789.58

89.989.42

88.4488.03

87.50

86.00

85.1284.55

83.2282.77

82.37

84.45 84.23

89.13

82

84

86

88

90

92

12.11. 13.11. 14.11. 15.11. 16.11. 19.11. 20.11. 21.11. 22.11. 23.11. 26.11. 27.11. 28.11. 29.11. 30.11. 03.12. 04.12. 05.12. 06.12. 07.12. 10.12. 11.12. 12.12. 13.10 14.12.

HUPX - January 2019 price (EUR/MWh), PEAK

12.77 12.19 12.7110.84 10.23

13.4412.5 11.81 11.95

10.7712.04 11.28 12.02 11.4

12.3613.5 13.98 13.96 13.8 13.03

11.8910.45

11.739.69

12.81

-0.03-0.96

0.672.4 2.41

-1.93-0.88 -1.75 -2.6

-3.54 -4.38 -4.76-6.25 -5.51 -4.8

-2.86 -2.16-3.62 -3.97

-2.38 -2.05-0.79

-1.78-0.01

-4.86

-8

-3

2

7

12

17

-8

-3

2

7

12

17

12.11. 13.11. 14.11. 15.11. 16.11. 19.11. 20.11. 21.11. 22.11. 23.11. 26.11. 27.11. 28.11. 29.11. 30.11. 03.12. 04.12. 05.12. 06.12. 07.12. 10.12. 11.12. 12.12. 13.10 14.12.

PUNDE PEAK Spread: HUPX - January 2019 price (EUR/MWh)

HUP - DE IT - HUPX

19



JANUARY HISTORICAL DATAGermany 2014 2015 2016 2017 2018 Italy Nord 2014 2015 2016 2017 2018EEX (EUR/MWh) 35.87 28.41 29.26 52.37 29.46 (EUR/MWh) 58.31 49.65 47.87 78.19 48.25

Hungary (GWh) 2014 2015 2016 2017 2018 Slovenia (GWh) 2014 2015 2016 2017 2018HUPX (EUR/MWh) 42.72 42.19 43.10 81.25 36.28 BSP (EUR/MWh) 43.08 42.23 43.19 76.80 37.92Consump� on 3,497 3,629 3,703 3,981 3,820 Consump� on 1,095 1,233 1,255 1,351 1,285Hydro Genera� on 24 20 16 15 17 Hydro Genera� on 476 339 257 192 399Coal fi red Genera� on 597 530 497 441 445 Coal fi red Genera� on 382 335 376 520 348Gas fi red Genera� on 290 333 578 820 608 Gas fi red Genera� on 1 1 0 4 1Oil fi red Genera� on 4 4 8 25 7 Oil fi red Genera� on 10 10 0 0 0Nuclear Genera� on 1,293 1,434 1,411 1,402 1,331 Nuclear Genera� on 517 518 517 514 912RES Genera� on 169 253 208 209 251 RES Genera� on 0 34 40 25Total Genera� on 2,377 2,574 2,718 2,912 2,639 Total Genera� on 1,386 1,237 1,215 1,296 23Imports 1,617 1,714 1,708 1,917 1,563 Imports 522 810 778 773 784Exports 497 695 723 848 381 Exports 784 802 702 689 824Export-Import balance -1,120 -1,019 -985 -1,069 -1,182 Export-Import balance 262 -8 -76 -84 40

Romania (GWh) 2014 2015 2016 2017 2018 Bulgaria (GWh) 2014 2015 2016 2017 2018OPCOM (EUR/MWh) 35.51 39.53 40.71 74.99 33.47 IBEX (EUR/MWh) - - - 54.40 337.28Consump� on 4,885 5,023 5,217 5,441 5,268 Consump� on 3,297 3,455 3,641 4,014 3,501Hydro Genera� on 1,195 1,569 1,154 1,188 1,254 Hydro Genera� on 227 599 388 325 284Coal fi red Genera� on 1,598 1,553 1,673 1,568 1,506 Coal fi red Genera� on 2,145 2,070 1,938 2,004 1,567Gas 420 238 489 579 493 Gas fi red Genera� on 227 172 242 211 180Mixed/Oil 687 499 735 847 655 Oil fi red Genera� on 0 0 0 0 0Nuclear Genera� on 970 966 954 937 925 Nuclear Genera� on 1,426 1,416 1,454 1,448 1,493RES Genera� on 575 887 871 900 771 RES Genera� on 164 241 250 240 220Total Genera� on 5,445 5,712 5,876 6,019 5,631 Total Genera� on 4,189 4,498 4,271 4,220 3,774Imports 117 150 229 253 249 Imports 334 483 605 499 442Exports 658 827 878 825 604 Exports 1,107 1,453 1,128 609 584Export-Import balance 541 677 649 572 355 Export-Import balance 773 970 523 110 142

Serbia (GWh) 2014 2015 2016 2017 2018 Croa� a (GWh) 2014 2015 2016 2017 2018SEEPEX (EUR/MWh) - - - 82.88 36.39 CROPEX (EUR/MWh) - - - 84.33 37.98Consump� on 3,895 4,056 4,077 4,538 3,962 Consump� on 1,489 1,538 1,534 1,704 1,570Hydro Genera� on 771 1,189 844 696 1,188 Hydro Genera� on 738 676 530 458 773Coal fi red Genera� on 3,137 2,553 3,143 3,109 2,902 Coal fi red Genera� on 196 194 192 192 148Gas 41 25 34 60 21 Gas fi red Genera� on 40 52 192 330 244Oil fi red Genera� on 0 0 0 0 0 Oil fi red Genera� on 85 72 0 0 0Nuclear Genera� on 0 0 0 0 0 Nuclear Genera� on 0 0 0 0 0RES Genera� on 0 0 0 0 0 RES Genera� on 59 81 118 121 181Total Genera� on 3,949 3,767 4,021 3,865 4,111 Total Genera� on 1,118 1,075 946 1,101 1,346Imports 542 740 648 963 545 Imports 902 1,041 1,121 1,096 843Exports 514 391 509 233 608 Exports 518 543 507 463 615Export-Import balance -28 -349 -139 -730 63 Export-Import balance -384 -498 -614 -633 -228

BiH (GWh) 2014 2015 2016 2017 2018 Montenegro (GWh) 2014 2015 2016 2017 2018Consump� on 1,075 1,118 1,160 1,302 1,143 Consump� on 316 338 318 360 320Hydro Genera� on 570 727 428 364 539 Hydro Genera� on 190 203 81 64 221Coal fi red Genera� on 854 744 875 1,059 940 Coal fi red Genera� on 137 140 130 126 149Gas fi red Genera� on 0 0 0 0 0 Gas fi red Genera� on 0 0 0 0 0Oil fi red Genera� on 0 0 0 0 0 Oil fi red Genera� on 0 0 0 0 0Nuclear Genera� on 0 0 0 0 0 Nuclear Genera� on 0 0 0 0 0RES Genera� on 0 0 0 0 0 RES Genera� on 0 0 0 0 0Total Genera� on 1,424 1,471 1,309 1,425 1,492 Total Genera� on 327 343 211 190 378Imports 272 232 370 320 238 Imports 329 329 281 290 236Exports 622 586 513 412 570 Exports 340 335 200 120 303

20



JANUARY 2019 MONTHLY ATC AUCTIONS (with currently available results)

Disclaimer: Price forecast should be used as indica� on only. We do not take any responsibility for poten� al losses due to ac� on you may take based on the forecasts. Informa� on on power plants maintenance and all other informa� on are obtained from sources believed to be reliable, but should be taken as indica� ve and subjected to changes.

Macedonia (GWh) 2014 2015 2016 2017 2018 Greece (GWh) 2014 2015 2016 2017 2018Consump� on 849 811 755 860 730 Consump� on 4,415 4,829 4,646 5,208Hydro Genera� on 64 206 116 156 100 Hydro Genera� on 337 406 474 698 301Coal fi red Genera� on 348 277 356 346 256 Coal fi red Genera� on 2,280 1,890 1,679 1,708 1,552Gas fi red Genera� on 62 62 83 158 110 Gas fi red Genera� on 897 708 1,065 2,001 1,271Oil fi red Genera� on 0 0 0 0 0 Oil fi red Genera� on 0 0 0 0 0Nuclear Genera� on 0 0 0 0 0 Nuclear Genera� on 0 0 0 0 0RES Genera� on 0 13 15 16 14 RES Genera� on 510 693 737 735Total Genera� on 474 558 570 676 479 Total Genera� on 4,024 3,697 3,955 5,147 3,946Imports 472 517 356 304 436 Imports 554 1,182 840 434 858Exports 104 261 171 120 185 Exports 94 34 144 365 52Export-Import balance -368 -256 -185 -184 -251 Export-Import balance -460 -1,148 -696 -69 -806

Border+Direction NTC AAC ATC AATC Price Validity period:

Auctions for 100% of ATC

Austria > Hungary 400 300 100 100 6.88 01.-31.01.2019

Austria > Slovenia 1100 800 300 300 0.70 01.-31.01.2019

Albania > Greece 250 150 100 100 5.05 01.-31.01.2019

Albania > Montenegro 450 199 201 201 0.16 01.-31.01.2019

BIH > Croatia 800 400 400 400 0.17 01.-31.01.2019

BIH > Montenegro 500 199 301 301 0.15 01.-31.01.2019

BIH > Serbia 600 99 501 501 0.08 01.-31.01.2019

Bulgaria > Serbia 300 150 150 149 4.02 01.-31.01.2019

Bulgaria > Romania 300 150 123 123 2.67 01.-31.01.2019

Bulgaria > Macedonia 200 100 100 100 2.70 01.-31.01.2019

Bulgaria > Greece 300 150 150 01.-31.01.2019

Bulgaria > Turkey 334 100 177 117 0.25 01.-31.01.2019

Croatia > Slovenia 1100 800 300 298 0.09 01.-31.01.2019

Croatia > Hungary 1000 600 400 400 0.61 01.-31.01.2019

Croatia > Serbia 600 150 450 450 0.31 01.-31.01.2019

Croatia > BIH 800 394 406 406 0.05 01.-31.01.2019

Hungary > Romania 700 350 280 280 0.51 01.-31.01.2019

Hungary > Serbia 700 300 400 400 0.68 01.-31.01.2019

Hungary > Croatia 1200 700 500 500 0.23 01.-31.01.2019

Hungary > Ukraine 450 0 450 139 0.00 01.-31.01.2019

Hungary > Austria 500 299 200 200 0.25 01.-31.01.2019

Hungary > Slovakia 800 498 302 300 0.02 01.-31.01.2019

Greece > Albania 250 149 101 101 3.13 01.-31.01.2019

Greece > Macedonia 350 100 250 250 1.89 01.-31.01.2019

Greece > Bulgaria 300 150 151 01.-31.01.2019

Greece > Italy 500 50 450 01.-31.01.2019

Greece > Turkey 216 50 166 162 0.01 01.-31.01.2019

Macedonia > Serbia 420 100 320 320 0.90 01.-31.01.2019

Macedonia > Bulgaria 200 54 146 110 0.00 01.-31.01.2019

Macedonia > Greece 350 100 250 250 4.98 01.-31.01.2019

Montenegro > Albania 450 200 250 250 0.94 01.-31.01.2019

Montenegro > BIH 500 200 300 297 0.01 01.-31.01.2019

Romania > Bulgaria 250 149 100 100 0.47 01.-31.01.2019

Romania > Serbia 600 200 400 400 1.42 01.-31.01.2019

Romania > Hungary 700 350 244 244 2.14 01.-31.01.2019

Romania > Ukraine 50 0 50 50 0.08 01.-31.01.2019

Serbia > BiH 600 99 501 499 0.01 01.-31.01.2019

Serbia > Bulgaria 250 149 107 106 0.27 01.-31.01.2019

Serbia > Croatia 600 150 450 450 0.23 01.-31.01.2019

Serbia > Hungary 800 300 500 500 0.47 01.-31.01.2019

Serbia > Macedonia 600 100 500 500 0.30 01.-31.01.2019

Serbia > Romania 800 200 600 600 0.03 01.-31.01.2019


Auctions for 100% of ATC

Slovenia > Croatia 1100 800 300 300 0.70 01.-31.01.2019

Slovenia > Austria 650 400 250 248 0.06 01.-31.01.2019

Slovenia > Italy 620 222 141 01.-31.01.2019

Turkey > Greece 50 50 0 0 0.00 01.-31.01.2019

Italy > Greece 500 50 450 01.-31.01.2019

Italy > Slovenia 660 150 90 01.-31.01.2019

Ukraine > Hungary 455 0 455 455 0.11 01.-31.01.2019

Ukraine > Romania 400 0 400 371 0.00 01.-31.01.2019

Slovakia > Hungary 800 400 400 400 5.05 01.-31.01.2019


50% of ATC - OST, Albania

Serbia > Albania 250 0 125 01.-31.01.2019

Albania > Serbia 250 0 125 01.-31.01.2019

50% of ATC - ESO, Bulgaria

Bulgaria > Turkey 334 100 177 117 0.25 01.-31.01.2019

Turkey > Bulgaria - 100 0 0 0.00 01.-31.01.2019

50% of ATC - CGES, Montenegro

Serbia > Montenegro 600 100 175 144 0.00 01.-31.01.2019

Montenegro > Serbia 600 100 175 139 0.00 01.-31.01.2019

50% of ATC - EMS, Serbia

Albania > Serbia 250 0 125 124 0.25 01.-31.01.2019

Serbia > Albania 250 0 125 125 1.13 01.-31.01.2019

Montenegro > Serbia 600 100 250 249 0.16 01.-31.01.2019

Serbia > Montenegro 600 100 250 250 0.17 01.-31.01.2019

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