Page 143 - bne IntelliNews SE Outlook Regions 2024

Instead, the government is promoting other forms of renewable energy, in particular solar power, given Albania’s sunny climate.
Among the major renewables projects, France-based company Voltalia has announced the successful completion of its 140-MW Karavasta solar plant in Albania in October 2023. Located in the southern Fier district, the Karavasta solar plant is Albania's largest and holds the distinction of being the biggest in the entire Western Balkans. The project is estimated to cost €135mn.
In the wind sector, renewable energy project developer CWP Global and General Electric’s wind power arm, GE Vernova Onshore Wind, have agreed to develop a €1bn large-scale hybrid wind-and-solar project in Albania. The project has the potential to elevate Albania to the status of a net exporter of electricity, CWP said.
At the same time, thanks to its location on the Trans Adriatic Pipeline (TAP) route, Albania is seeking to develop its gas sector, as part of efforts to boost energy security.
Albania is also a producer of oil. The country is on the verge of a potentially transformative investment by multinational oil major Shell at a promising site in the Shpirag area. While the final investment decision (FID) has yet to be made, discussions are already underway about an investment of up to €7bn, as announced by Prime Minister Edi Rama in August 2023.
In 2021, Albania produced just over 712,000 tonnes of oil – a small amount compared to the major EU oil producers such as Italy, Denmark and Romania, Eurostat data showed.
The main company currently active in producing oil in Albania is Bankers Petroleum, which was taken over by China’s Geo-Jade Petroleum Corporation in a CAD575mn (€405mn) deal in 2016. Bankers Petroleum has been operating Albania's Patos-Marinza oilfield since 2004 and has a 100% interest in both the Kucova oilfield and Exploration Block F in the Balkan country.
7.2 Energy & Power - Bosnia & Herzegovina
More than two-thirds of Bosnia’s electricity is generated from thermal power plants. However, as they are old and not modernised, the country is trying hard to add more renewable energy sources to its facilities.
In 2023, the revenue of Bosnia’s hydropower producer Hidroelektrane na Trebisnjici (HET) should reach BAM90mn (€45mn), pushed up by rainy autumn months. Thanks to the rainfall, HEP has water reserves
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