What ELES does

ELES, d. o. o. is Slovenia's state-owned combined electricity transmission and distribution system operator, headquartered in Ljubljana. The company operates and manages Slovenia's high-voltage transmission network spanning 2,859 km across 400 kV, 220 kV, and 110 kV voltage levels, including 67 transformer stations with 6,783 MVA total transformer capacity and 42 km of 110 kV underground cables. ELES connects power producers (nuclear, thermal, hydroelectric) with five state-owned distribution system operators (DSOs) and large industrial consumers, while also facilitating cross-border electricity exchange with transmission system operators in Austria, Italy, Croatia, and Hungary through dedicated interconnections. The company is organized into four Regional Centers for Transmission Infrastructure (CIPO) covering Divača, Ljubljana, Maribor, and Podlog, and operates a centralized Republic Control Center for real-time grid monitoring.

The company's core technological assets include its transmission infrastructure, an information and telecommunications network spanning over 1,600 km of optical fiber (DWDM and IP-MPLS), and grid compensation devices including static synchronous compensators, battery energy storage systems, and energy capacitors with damping circuits. ELES joined the European PICASSO platform in June 2026 and the MARI platform in July 2026, enabling cross-border exchange of automatic and manual frequency restoration reserves (aRPF/rRPF) and integrating Slovenia fully into the European balancing market. The company also operates the SODO distribution subsidiary and a technical heritage museum (Museum of Electricity Transmission Fala-Laško), and is engaged in the SINCRO.GRID cross-border smart grid project.

Eles's business model is based on regulated revenue from transmission tariffs and system services, approved by the Energy Agency of the Republic of Slovenia. The company is 100% state-owned under the oversight of Slovenia's Ministry of Environment, Climate and Energy, holds an AAA creditworthiness rating from Bisnode, and received approximately $26.78 million in EBRD financing in 2023. It is currently executing a EUR 174 million grid modernization investment program co-funded by EUR 59 million from the EU Modernisation Fund, with an additional EUR 69 million allocated for smart grid investments over 2026-2030.

Name

ELES

Legal name

ELES, d. o. o.

Website

https://eles.si

Company type

Private

Founded year

1924

Operating status

Operating

Headcount range

501–1,000 employees

Short description

ELES, d. o. o. is Slovenia's state-owned combined electricity transmission and distribution system operator, managing 2,859 km of high-voltage grid that connects power producers, five state-owned distribution system operators, and large industrial consumers across Slovenia and cross-border interconnections with Austria, Italy, Croatia, and Hungary.

Ownership category

akta.pro rank

Product category

Electricity Transmission Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Transmission Reliability, Resilience & Emergency Restoration (NERC/ENTSO-E Compliance) (EUADAAAO)

akta.pro secondary industries

Distribution Network O&M (MV/LV Lines, Switchgear, Transformers) (EUAEAGAE), Network Upgrades & Capacity Additions (Reconductoring, Rebalancing, Voltage Optimization) (EUAEACAN)

Keywords

• Electricity transmission services
• Transmission system operator
• High-voltage grid management
• Power system balancing
• Cross-border electricity exchange

Headquarters

HQ city

Ljubljana

HQ country

Slovenia

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Others

Revenue model

1. Transmission Tariffs: Regulated revenue from electricity transmission services provided to distribution system operators and large industrial consumers, subject to regulatory oversight by the Energy Agency of the Republic of Slovenia
2. System Services: Revenue from providing system services including balancing energy, frequency restoration reserves (aRPF, rRPF), and loss compensation through regulated markets and cross-border exchange platforms PICASSO and MARI

Pricing tiers

Go-to-market motion1 record

Distribution channels2 records

Marketing channels3 records

Core offering

ELES operates Slovenia's high-voltage electricity transmission network spanning 2,859 km at 400 kV, 220 kV, and 110 kV voltage levels, connecting power producers with distribution system operators and large industrial consumers. The company provides system services for grid stability (frequency control, voltage support, balancing energy), runs balancing market auctions for aRPF/rRPF reserves and losses, and manages cross-border electricity exchange with Austria, Italy, Croatia, and Hungary through European platforms PICASSO and MARI.

Product overview

ELES operates as the combined transmission and distribution system operator for Slovenia's electricity grid. The company offers a comprehensive suite of services centered on electricity transmission network operation at 400 kV, 220 kV, and 110 kV voltage levels. Core offerings include grid infrastructure management (67 substations, 6783 MVA transformer capacity, 2859 km of power lines), system services for grid stability, balancing market operations with European platform integration (PICASSO, MARI), and cross-border transmission capacity management with neighboring countries. Supporting services include ICT infrastructure for smart grid applications, grid development planning, a centralized Republic Control Center, and a technical heritage museum. The company is organized into four Regional Centers for Transmission Infrastructure (CIPO) covering Divača, Ljubljana, Maribor, and Podlog.

Differentiator

Problem solved

Functional benefit

Products and services

• Electricity Transmission Network Operation Operation and management of Slovenia's high-voltage electricity transmission network spanning 2,859 kilometers at 400 kV, 220 kV, and 110 kV voltage levels, connecting power plants, distribution networks, and large consumers across the country.
• Grid Infrastructure Management Maintenance and operation of 67 substations with 32 power transformers and 1 phase-shifting transformer totaling 6,783 MVA capacity, along with 828 km of 400 kV, 328 km of 220 kV, and 1,926 km of 110 kV power lines plus 42 km of 110 kV underground cables.
• System Services Provision of system services for maintaining electricity grid stability including frequency control, voltage support, and other ancillary services required for reliable grid operation, delivered to DSOs, power producers, and balancing service providers.
• Balancing Market Services Balance market operations including auctions for RVF (restoration reserve), aRPF/rRPF (automatic/manual frequency restoration reserves), and losses, enabling cross-border exchange of balancing energy through the European PICASSO and MARI platforms.
• Cross-Border Transmission Capacity Management Management of cross-border electricity exchange with Austria, Italy, Croatia, and Hungary through international interconnections, including allocation of cross-border transmission capacities to neighboring TSOs and market participants.
• Information and Telecommunications Network Services ICT infrastructure services including DWDM and IP-MPLS networks spanning over 1,600 km of fiber optic cable, connecting all ELES locations with power producers, distributors, and neighboring transmission system operators for smart grid applications.
• Grid Development Planning Comprehensive development planning services for Slovenia's transmission and distribution networks, including 10-year development plans updated every two years, spatial planning, and environmental impact assessments for new infrastructure.
• Control Laboratory Services Testing and quality control laboratory services for transmission network equipment and components used in ELES high-voltage operations.
• Connection Capacity Atlas Interactive mapping service providing estimated available connection capacities at individual transformer stations for connecting new users, based on simulations of transmission network operation under normal (N) and contingency (N-1) conditions.

Quantifiable outcome

• Electricity prices on BSP Southpool declined from EUR 140.91/MWh in January to EUR 112.13/MWh in February and EUR 110.97/MWh in March 2026

Named customers3 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Slovenian Ministry of Environment, Climate and EnergycoreStrategic or Co-development Partner · 12 March 2026Minister Bojan Kumer signed contracts with six state-owned operators including ELES for grid modernization projects including upgrades, substation refurbishments, and digitalization initiatives.
• Five Distribution System Operators (DSOs)coreStrategic or Co-development PartnerFive state-owned DSOs receive electricity from the transmission network for distribution to end consumers. ELES collaborates with DSOs on grid development and operational matters.
• ENTSO-E (European Network of Transmission System Operators for Electricity)coreStrategic or Co-development PartnerMembership in European association of transmission system operators for electricity, facilitating cross-border cooperation and European market integration.
• Austrian, Italian, Croatian, and Hungarian Transmission System OperatorscoreTechnology or IntegrationCross-border interconnection for electricity exchange. Slovenia connected with Austria (two 400 kV, one 220 kV), Italy (400 kV, 220 kV), Croatia (four 400 kV, two 220 kV, three 110 kV), and Hungary (400 kV).

Scale indicators9 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• TenneT: TenneT is a major European transmission system operator managing high-voltage grids across the Netherlands and Germany. It is directly comparable to ELES as both operate high-voltage transmission networks, are ENTSO-E members, and participate in European balancing platforms (PICASSO, MARI).
• Terna: Terna is Italy's national transmission system operator, directly comparable to ELES as a neighboring TSO with cross-border electricity exchange to Slovenia. Terna operates Italy's high-voltage grid and participates in the same European market integration platforms.
• Swissgrid: Swissgrid is Switzerland's national transmission system operator, comparable to ELES as a similarly-sized European TSO operating a high-voltage grid, participating in cross-border exchanges, and engaging in ENTSO-E coordinated grid planning.
• MAVIR (Hungarian TSO): MAVIR is Hungary's transmission system operator and a direct cross-border partner of ELES with 400 kV interconnections. Both operate as similarly-sized national TSOs in Central Europe and are members of ENTSO-E.
• HOPS (Croatian TSO): HOPS is Croatia's transmission system operator and a direct cross-border partner of ELES with multiple 400 kV, 220 kV, and 110 kV interconnections. Both operate as similarly-sized national TSOs in South-Eastern Europe with ENTSO-E membership.

Broad incumbents

• RTE (Réseau de Transport d'Électricité): RTE is France's national transmission system operator, comparable to ELES as a fellow European TSO and ENTSO-E member, though significantly larger in scale and operating one of the most extensive transmission networks in Europe.
• Amprion: Amprion is one of four German transmission system operators, comparable to ELES as a high-voltage TSO operating within the European synchronous grid and participating in cross-border balancing markets. Significantly larger in network scale than ELES.
• 50Hertz: 50Hertz is a German transmission system operator covering northern and eastern Germany, comparable to ELES as a European TSO engaged in cross-border electricity exchange and ENTSO-E coordinated planning, though at a larger scale.
• TransnetBW: TransnetBW is the German transmission system operator for Baden-Württemberg, comparable to ELES as a regional TSO participating in European balancing markets and cross-border flows with neighboring countries.
• Red Eléctrica de España (Redeia): Red Eléctrica de España is Spain's national TSO, comparable to ELES as a regulated monopoly transmission system operator within ENTSO-E, operating the high-voltage grid and managing cross-border interconnections, though much larger in scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UC0zQ1c4A5wHfWMmkY9VcN3A
• Facebookfacebook.com/ELESdoo

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ELES