China will aid Serbia to construct a coal-fired power plant of 350 MW

15/12/2014 00:31


Serbia and China will ink an agreement estimated at over $600 million next week to adjoin a new unit at the Kostolac coal-fired power plant, the first major investment in more than two decades in Serbia's old energy infrastructure, as stated by the plant's manager.

Dragan Jovanovic said that the deal would be inked on the sidelines of a summit of leaders from central and Eastern Europe and China on December 16 and 17 in Belgrade. Chinese investors are more and more targeting energy projects in the Balkans, increasing their presence and manifesting enthusiasm to take bigger risks than European competitors in a potentially profitable market with good connections to the European Union and scope for price rises. The project will consist of the construction of a new 350 megawatt (MW) unit and development of nearby Drmno coal mine. It will take five years to accomplish, according to Jovanovic. He declared that China will fund the project through a $608 million loan to be reimbursed over 20 years. It will comprise grace period of 7 years and established annual interest of 2.5 percent. The remaining $107 million will be offered by the Serbian government and the state-run utility Elektroprivreda Srbije (EPS).

EU more reliant on Russian gas despite diversification efforts

15/01/2018 11:09:00

Russian major energy company Gazprom, supplied Europe with record amount of gas, despite cold diplomatic relations between Russia and the European Union.


Daily (15.01.2018): UK day-ahead gas contract surged by 2.3% on Friday due to higher demand

15/01/2018 10:05:00

Oil prices surged on Friday, remaining on track for a fourth consecutive week of gains, bolstered by a drawdown in U.S. inventories and a pullback in production, combined with steady demand and the extension of OPEC’s global supply cut deal.


Turkey's National Energy Efficiency Plan welcomed by EBRD

12/01/2018 16:10:00

The European Bank for Reconstruction and Development (ERD) salutes Turkey's National Energy Efficiency Action Plan (NEEAP). It has as a target to reduce 14 percent of primary energy consumption by 2023 and invest almost $11 billion in energy efficiency measures.