Macedonian Electricity Market Operator

What Macedonian Electricity Market Operator does

Macedonian Electricity Market Operator (MEMO) is the government-designated national electricity market operator of the Republic of North Macedonia, established in August 2018 following the enactment of a new Energy Law and formally designated as Operator of the Organized Electricity Market by Government decision in September 2020. The company is a private limited liability company (DOOEL) wholly owned by MEPSO AD, the state-owned electricity transmission system operator, and operates from its headquarters at Maksim Gorki 12 in Skopje. MEMO runs two organized wholesale electricity trading segments: the Day-Ahead Market, operational since 10 May 2023, where participants submit bids by noon for next-day delivery, and the Intraday Market, operational since 6 May 2026, which allows continuous trading up to one hour before physical delivery and is built on Deutsche Börse's M7 platform with Slovenian Energy Exchange (BSP) and EPEX SPOT serving as economic operators for trading and clearing.

Beyond market operation, MEMO manages balance responsibility for market participants in coordination with MEPSO, maintains official registries of market participants, preferred renewable producers, and balance groups, and issues Guarantees of Origin for renewable electricity. It became a full member of the Association of Issuing Bodies (AIB) in May 2026, integrating North Macedonia into the European system for cross-border recognition of renewable energy guarantees. MEMO also publishes monthly market reports, hourly and weekly renewable generation forecasts, and average electricity prices, supporting transparency for the wholesale market.

MEMO's customer base consists of licensed electricity producers, suppliers, traders, and aggregators; approximately 40 companies actively trade on the Day-Ahead Market and 21 on the Intraday Market as of mid-2026, with 177 privileged renewable producers (177.793 MW installed capacity) registered in its Preferred Producers Registry. Revenue is generated through transaction-based fees charged to market participants for organized trading, balance responsibility management, and registry services, with over 500,000 guarantees of origin issued since April 2025. The organization operates with 11-50 employees under an institutional, regulator-led go-to-market motion that targets participation through formal registration rather than commercial sales.

Name

Macedonian Electricity Market Operator

Legal name

Национален оператор на пазар на електрична енергија – МЕМО ДООЕЛ Скопје

Website

https://memo.mk

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

MEMO is the national electricity market operator of North Macedonia, running organized Day-Ahead and Intraday wholesale electricity markets, balance responsibility management, and a renewable energy Guarantees of Origin registry for state-owned and private producers, suppliers, traders, and aggregators. It is wholly owned by MEPSO AD.

Ownership category

akta.pro rank

Product category

Electricity Market Operation

NAICS

Electric Power Transmission, Control, and Distribution (22112)

SIC

Electric Services (4911)

akta.pro primary industry

Power Market Design & Pricing Regulation (Wholesale/Capacity/Ancillary) (EUAMANAG)

akta.pro secondary industry

Tariffs, Net Metering & Distributed Generation Regulation (EUAMANAD)

Keywords

• Electricity market operation
• Day-ahead market
• Intraday electricity trading
• Balance responsibility management
• Guarantees of origin registry

Headquarters

HQ city

Skopje

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Market Operator Fees: MEMO generates revenue through fees charged to market participants for trading on organized markets, balance responsibility management, and registry services.
2. Guarantees of Origin Issuance: Revenue from issuing guarantees of origin for renewable energy production, with over 500,000 guarantees issued since April 2025.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels4 records

Core offering

MEMO operates the organized wholesale electricity market of the Republic of North Macedonia, running a Day-Ahead Market (since May 10, 2023) and an Intraday Market (since May 6, 2026) for electricity producers, suppliers, traders, and aggregators. It manages balance responsibility for market participants and privileged renewable producers, issues and tracks guarantees of origin for renewable generation through its AIB-integrated registry, maintains official participant and preferred-producer registers, and publishes electricity market reports and renewable generation forecasts.

Product overview

MEMO operates as a national electricity market operator (Оператор на организиран пазар на електрична енергија) managing North Macedonia's organized electricity markets. The company runs two core market segments: the Day-Ahead Market (started May 2023) and the Intraday Market (started May 2026). MEMO also manages balance responsibility for preferred electricity producers using preferential tariffs, maintains registers of market participants and preferred producers, issues guarantees of origin for renewable energy, and publishes market reports and forecasts. MEMO is wholly owned by MEPSO AD (the electricity transmission system operator).

Differentiator

Problem solved

Functional benefit

Brands

• Пазар „ден однапред" (Day-Ahead Market): Day-Ahead Market segment for electricity trading.
• Пазарот во тековниот ден (Intraday Market)

Products and services

• Day-Ahead Market (Пазарот „ден однапред") First organized day-ahead electricity market in North Macedonia, enabling registered participants to trade electricity for delivery the following day via a single auction cleared by BSP/EPEX SPOT. Approximately 40 companies actively trade; trading volume grew 40% in 2025 vs 2024 and 23% in H1 2026 vs H1 2025.
• Intraday Market (Пазарот во тековниот ден) Organized continuous intraday electricity market allowing registered participants to trade electricity on the delivery day up to one hour before physical delivery. Enables real-time portfolio balancing, reduces imbalance costs, increases system flexibility and completes the organized market. Implemented via the M7 platform by Deutsche Börse with BSP Energy Exchange as economic operator; 21 active participants registered at launch (mid-2026).
• Balance Responsibility Management (Балансна одговорност) MEMO acts as the balance responsible party for preferred electricity producers using preferential tariffs, managing their balancing obligations within the Macedonian power system in coordination with MEPSO.
• Guarantees of Origin Register (Регистар на гаранции за потекло) Official registry for issuing and tracking guarantees of origin for electricity produced from renewable energy sources in North Macedonia, integrated with the European Association of Issuing Bodies (AIB) system. Over 500,000 guarantees of origin issued from April 2025 to mid-2026.
• Market Participants Register (Регистар на учесници) Official public registry of all participants on the Macedonian electricity market, tracking licensed suppliers, traders, producers, and balance groups.
• Preferred Producers Register (Регистар на ППЕЕ) Registry of preferred electricity producers using preferential tariffs, covering 177 small hydropower, photovoltaic, wind, and biogas/biomass producers with total installed capacity of 177.793 MW.
• Balance Groups Register (Регистар на балансни групи) Registry of balance groups operating within the Macedonian electricity market, supporting coordination of balance responsibilities among market participants.
• Electricity Market Reports and Statistics (Извештаи и податоци за пазар на ЕЕ) Monthly public reports on traded electricity quantities on the Macedonian exchange, average prices, market participant statistics, and electricity generation data from renewable sources.
• Renewable Energy Generation Forecasts (Прогнози за производство од ОИЕ) Publication of final hourly prognosis, preliminary weekly forecasts, preliminary monthly forecasts, and participation percentage data for renewable energy sources to support market operations and planning.

Quantifiable outcome

• Day-Ahead Market volume grew 40% in 2025 vs 2024, and 23% in H1 2026 vs H1 2025
• +2 more outcomes

Named customers4 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and minor.

• AIB (Association of Issuing Bodies)coreStrategic or Co-development Partner · 1 May 2026MEMO became a full member of AIB at the General Assembly in Athens in May 2026. This membership integrates North Macedonia into the European system for guarantees of origin of electricity.
• BSP (Borza električne energije / Slovenian Energy Exchange)coreTechnology or Integration · 1 January 2026BSP signed agreement with MEMO to establish Intraday Market using BSP's M7 platform. BSP and EPEX SPOT selected as economic operators for trading and clearing platforms.
• EPEX SPOTcoreTechnology or Integration · 1 January 2026EPEX SPOT and BSP selected as platform providers for Day-Ahead Market operations (since May 2023) and Intraday Market implementation.
• IBWT (Italian Border Working Table)minorStrategic or Co-development Partner · 1 January 2026MEMO actively participates in IBWT for accelerated implementation of market coupling process with Italian borders.
• Energy Community SecretariatcoreStrategic or Co-development Partner · 1 April 2025MEMO collaborates with Energy Community Secretariat for market integration, verification process, and alignment with EU energy market rules. North Macedonia is fourth Energy Community party entering verification process.
• MEPSO AD (Electrot ransmission System Operator)coreStrategic or Co-development Partner · 1 August 2018MEMO is wholly owned by MEPSO AD, the national electricity transmission system operator. MEPSO established MEMO as a subsidiary to fulfill market operator functions as required by Energy Law.
• RKE (Regulatory Commission for Energy)coreImplementation/ SI/ Consulting PartnerRegulatory oversight of MEMO operations and market participant licensing. MEMO operates under regulatory framework established by RKE.

Scale indicators9 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• HENEX (Hellenic Energy Exchange): Greek electricity market operator running day-ahead, intraday, and balancing markets; comparable NEMO in a similarly structured Energy Community/coupled market environment.
• HUPX (Hungarian Power Exchange): Hungarian power exchange operating day-ahead and intraday markets with similar NEMO structure; directly comparable in country size, product scope (DAM/IDM/balancing), and EU market integration status.
• SEEPEX (Serbian Electricity Exchange): Serbian power exchange operating day-ahead and intraday markets; directly comparable Southeast European peer with similar Energy Community alignment trajectory.
• CROEX (Croatian Power Exchange): Croatian power exchange operating organized day-ahead and intraday markets; comparable regional NEMO with EU market coupling experience relevant to MEMO's Italian border integration path.
• OPCOM (Romanian Gas and Electricity Market Operator): Romanian electricity market operator with DAM, IDM, and balancing markets; highly comparable as a regional NEMO in a similarly transitioning EU-neighboring market.
• BSP Energy Exchange (Slovenia): Slovenian power exchange and MEMO's technology partner providing the M7 platform; directly comparable NEMO operating DAM/IDM with market coupling, and a close commercial/operational peer.
• IBEX (Independent Bulgarian Energy Exchange): Bulgarian day-ahead and intraday power exchange; comparable in geography, scale, and EU-coupling ambitions as a regional NEMO.

Broad incumbents

• Nord Pool: Europe's largest power exchange operating across Nordic, Baltic and other markets; broad incumbent relevant as a benchmark for scaled NEMO operations and a potential future market coupling counterparty.
• EPEX SPOT: Pan-European power exchange providing MEMO's DAM and IDM trading/clearing infrastructure; broad incumbent operating across multiple jurisdictions with much larger scale and liquidity.
• EEX (European Energy Exchange): European Energy Exchange operating power, gas and environmental markets; broad incumbent offering registry/market services comparable in product scope (power + guarantees of origin) to MEMO's registry functions.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/memoltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

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 Macedonian Electricity Market Operator