BELEN — Montenegro Electricity Exchange

Berza električne energije d.o.o. (BELEN) is Montenegro's licensed electricity exchange, founded by COTEE, EPCG, and CGES. It operates the wholesale organised electricity market as an electronic trading platform, and is designated as the Nominated Electricity Market Operator (NEMO) for Montenegro.

Key facts

Market structure

BELEN operates two distinct markets:

Long-term trade market — governed by Long-Term Trading Rules, used for long-term electricity procurement. Prices are formed on a pay-as-bid basis.

Day-ahead market — governed by Day-Ahead Market Rules. For each trading hour, the price is determined by the economic principle of supply-demand matching using the EUPHEMIA algorithm — the same algorithm used across the Single Day-Ahead Coupled (SDAC) European internal electricity market. EUPHEMIA calculates allocated electricity, net positions, and electricity prices with the goal of maximising economic welfare and ensuring price transparency.

As the central counterparty between sellers and buyers, BELEN assumes the purchase and sale risks within all transactions concluded on the day-ahead market.

Market access

The exchange market is anonymous, transparent, and optional — open to all companies and partners that meet the participation requirements. BELEN's overarching goal is to create new business opportunities for market participants, improve efficiency, promote competitive pricing, and raise security, quality, and service standards.

Price characteristics

BELEN prices exhibit strong seasonality driven by hydro generation. Spring snowmelt and autumn rainfall periods typically produce the lowest prices as reservoir levels are high. Summer drought and winter heating demand correlate with price spikes and increased imports from SEEPEX and GME.

The HVDC cable to Italy introduces a premium signal when Italian demand is high, allowing Montenegrin surplus to be exported at GME prices — making the GME–BELEN spread a key indicator for cross-border traders.