BELEN - Berza električne energije / MEPX - Montenegrin Power Exchange

What BELEN - Berza električne energije / MEPX - Montenegrin Power Exchange does

BELEN (Berza električne energije d.o.o., branded in English as MEPX – Montenegrin Power Exchange) operates as the sole regulated wholesale electricity exchange in Montenegro, headquartered in Podgorica. Founded on June 21, 2017, by three state-aligned entities — COTEE (market operator), EPCG (national generation/supply utility), and CGES (transmission system operator) — the company runs an electronic trading platform that facilitates anonymous, central-counterparty trading between electricity sellers and buyers. It was officially designated by the Government of Montenegro as the country's Nominated Electricity Market Operator (NEMO) on May 30, 2024, and is licensed by REGAGEN.

The platform operates two core markets: a Day-Ahead Market (DAM) launched in April 2024 using the EUPHEMIA algorithm and integrated into the Single Day-Ahead Coupling (SDAC) for pan-European price formation, and a Long-Term Market with pay-as-bid auctions used principally by CGES to procure electricity to cover transmission system losses. Technology infrastructure includes the proprietary MATS (MEPX Auction and Trading System) trading platform and a REST API launched in January 2026 providing authenticated, rate-limited, HTTPS-encrypted programmatic access to market data. As of July 2026, BELEN had executed 1,196+ day-ahead auctions and 221+ long-term auctions, serving 32+ registered participants from 13+ countries across the Balkans and Central/Western Europe.

BELEN earns revenue through transaction-based fees on day-ahead and long-term trading, clearing and settlement charges, and recurring API subscription fees. Pricing is not fully publicly disclosed; specific fee amounts are set out in a published Fee Schedule and API price list. Go-to-market is sales-led, targeting qualified wholesale electricity generators, suppliers, and traders, with regulatory onboarding via COTEE membership and Balance Responsibility Agreements. The company maintains a small operating team of 8 employees and is a private limited liability company with no external investment or acquisition activity disclosed.

Name

BELEN - Berza električne energije / MEPX - Montenegrin Power Exchange

Legal name

Berza električne energije d.o.o.

Website

https://belen-spot.me

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1–10 employees

Short description

BELEN is the sole regulated wholesale electricity exchange in Montenegro, operating a day-ahead market (EUPHEMIA/SDAC-coupled) and a long-term auction platform. Founded in 2017 by COTEE, EPCG, and CGES, it serves 32+ registered energy traders and utilities across the Balkans and Central Europe.

Ownership category

akta.pro rank

Product category

Wholesale Electricity Exchange / Power Market Operator Services

NAICS

Securities and Commodity Exchanges (523210)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Market Access, Bidding & Settlement Services for Aggregators (ISO/RTO, Balancing) (EUAFAHAH)

akta.pro secondary industries

Certificate Origination & Market Making (Liquidity Provision) (EUAGAFAG), REC/GO Market Makers & Liquidity Providers (EUAMAKAE)

Keywords

• Wholesale electricity trading
• Day-ahead power market
• Electricity market operator
• Transmission loss auctions
• Energy market data API

Headquarters

HQ city

Podgorica

HQ country

Montenegro

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Technology or R&D, Operations, Infrastructure

Revenue model

1. Transaction and Trading Fees: BELEN charges fees for trading activities on both day-ahead and long-term markets. The company publishes a Fee Schedule document and API price list. As a central counterparty, the exchange facilitates electricity trading between buyers and sellers.
2. Clearing and Settlement Services: BELEN provides clearing and settlement services for market participants. The company has published Clearing and Settlement Rules that members must comply with after registration.
3. API Access Fees: BELEN offers API access for market data with payment instructions provided after completing an access request form. API keys are valid for one year.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels4 records

Core offering

BELEN operates a regulated wholesale organized electricity market in Montenegro through an electronic trading platform that hosts a Day-Ahead Market (price formation via the EUPHEMIA algorithm with SDAC coupling) and a Long-Term Market (pay-as-bid auctions). It acts as a central counterparty providing clearing, settlement, and anonymous price discovery to qualified generators, suppliers, traders, and the transmission system operator, with programmatic market data access offered via a dedicated API.

Product overview

BELEN (Montenegrin Power Exchange / MEPX) operates a wholesale organized electricity market as an electronic trading platform. The company offers three core products: (1) Day-Ahead Market using EUPHEMIA algorithm for SDAC European market coupling, (2) Long-Term Market with pay-as-bid auction pricing for transmission loss procurement, and (3) BELEN API for programmatic market data access. BELEN operates as the designated NEMO (Nominated Electricity Market Operator) for Montenegro and provides clearing and settlement services as central counter-party between electricity sellers and buyers.

Differentiator

Problem solved

Functional benefit

Products and services

• Day-Ahead Market (Dan unaprijed tržište) Wholesale day-ahead electricity market for Montenegro where prices are formed using the EUPHEMIA algorithm for coupled internal European market (SDAC), maximizing economic welfare and transparency in electricity prices and flows calculation. Available to qualified generators, suppliers, and traders registered as market participants.
• Long-Term Market (Dugoročno tržište) Long-term electricity market for procurement of electricity to cover transmission system losses, where prices are formed by the pay-as-bid principle through an auction platform. Supports weekly and monthly auction periods and is used by CGES (Montenegro's transmission system operator) for transmission loss procurement.
• BELEN API Service REST API providing programmatic access to electricity market data (day-ahead prices, volumes, bid/ask curves, identified block trades, and member-specific bid/result data) for both commercial and non-commercial purposes. Features encrypted HTTPS (TLS), API-key authentication, rate limiting, access controls, audit logs, date filtering with pagination, and versioning via /api/v1. API keys are valid for one year.
• MATS Trading System (MEPX Auction and Trading System) Electronic trading platform used by registered market participants for long-term auction submissions and day-ahead market trading. Provides MATS certificates, web tutorial, client certificate guide, fundamentals, and bidding submission forms.

Quantifiable outcome

• 1196+ day-ahead auctions conducted
• +2 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and regional.

• COTEE (Crnogorski operator tržišta d.o.o.)coreStrategic or Co-development Partner · 21 June 2017COTEE is one of the three co-founders of BELEN along with EPCG and CGES. COTEE serves as the Market Operator for Montenegro's electricity market. BELEN members must register with COTEE and sign Balance Responsibility Agreements with COTEE.
• EPCG (Elektroprivreda Crne Gore AD)coreStrategic or Co-development Partner · 21 June 2017EPCG is one of the three co-founders of BELEN. As Montenegro's national electricity utility, EPCG is also the largest market participant on BELEN's exchange.
• CGES (Crnogorski elektroprenosni sistem AD)coreStrategic or Co-development Partner · 21 June 2017CGES is one of the three co-founders of BELEN and serves as the Transmission System Operator. CGES uses BELEN's auction platform for transmission loss procurement through regular long-term auctions.
• REGAGEN (Regulatorna agencija za energetiku i regulisane komunalne djelatnosti)coreOthersREGAGEN is the energy regulator that issued BELEN's license to operate the power exchange market, which is part of the wholesale electricity market in Montenegro.
• NEMO CommitteecoreStrategic or Co-development PartnerBELEN has observer status in the All NEMO Committee, working towards future connection of Montenegro's day-ahead market with the broader European market coupling.
• Market Coupling Steering Committee (MCSC)coreStrategic or Co-development PartnerBELEN has observer status in the Market Coupling Steering Committee, progressing towards integration of Montenegro's market with European market coupling initiatives.
• Italian Borders Working Table (IBWT)regionalStrategic or Co-development PartnerBELEN is a full member of the Italian Borders Working Table, a regional market coupling project for electricity price and flow coordination in the Balkan-Italian border region.

Scale indicators7 records

Recent moves1 record

Expansion highlights5 records

Market position

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/belen-berza-elektri%C4%8Dne-energije-mepx-montenegrin-power-exchange

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 BELEN - Berza električne energije / MEPX - Montenegrin Power Exchange