Page 144 - bne IntelliNews SE Outlook Regions 2024

above the planned level, which should guarantee the security of electricity generation.
Despite that positive outcome, Bosnia’s Federation has declared a state of threatened electricity security for 2024 amid surging electricity prices. Declaring this status would allow the Federation’s government to set the prices of electricity and control the energy supply. The government can also adopt other measures related to the security of electricity supply.
According to analysis by state-owned Elektroprivreda BiH (EPBiH), the average market price of electricity in 2024 will be €141.53 per MWh, which would mean an 87% hike of prices. EPBiH has two coal mines, in Kakanj and Tuzla. Their output started decreasing in 2019.
In 2018 EPBiH generated 7,245.4 GWh of electricity. A year later, the output fell to 6,033.8 GWh, while in 2022 EPBiH produced just 5,849.2 GWh of electricity. For the first eleven months of 2023, the electricity output stood at 4,834 GWh. It is estimated to reach less than 5,500 GWh by the end of 2023.
Bosnia’s other entity, Republika Srpska, hopes to strike a long-term gas import deal with its ally Russia. If such a deal is signed, the entity’s Prime Minister Radovan Viskovic claims the price would be very favourable for the entity.
Russia has decided to move forward plans for construction of two gas-fired power plants in the Serb-dominated entity through investments worth a combined €1.5bn despite pressure from Bosnia’s state-level authorities. Plans to build the power plants have been on the table for years but cannot be launched without the approval of the statewide authorities in Sarajevo.
7.3 Energy & Power - Bulgaria
Bulgaria has to start the implementation of a plan to gradually close its coal industry and replace it with green energy generation facilities. The country has pledged to complete the process by 2038.
At the same time, Bulgaria is facing a possible sale of Lukoil’s assets in the country – the Lukoil Neftochim Burgas refinery and a large network of fuel stations.
In December, Lukoil announced it is revising its operations in the country, after parliament’s decision to ban exports of fuels from the refinery as of January 1, 2024, and the import of Russian crude oil as of March 1, 2024.
In order to defend the national interest, Bulgarian lawmakers decided that a sale of Lukoil’s assets must be approved by at least two-thirds of
144 SE Outlook 2024 www.intellinews.com