GAZPROM ENERGOHOLDING SERBIA TE-TO PANČEVO

What GAZPROM ENERGOHOLDING SERBIA TE-TO PANČEVO does

Gazprom Energoholding Serbia TE-TO Pančevo d.o.o. is a Serbian limited liability company that develops and operates the CCPP Pančevo (Combined Cycle Power Plant Pančevo), a ~200 MW natural gas-fired power plant located in an industrial zone adjacent to the Oil Refinery Pančevo in Serbia. The asset is structured as a single-purpose operating subsidiary of Gazprom Energoholding Serbia d.o.o., which is itself a 51/49 joint venture between Gazprom Energoholding Group (PJSC Gazprom) and NIS JSC Novi Sad (Gazprom Neft Group). The plant entered commercial operation on February 22, 2022, and is the first natural gas-fired combined cycle power plant in Serbia, as well as the first international power generation project implemented by Gazprom Energoholding outside the Russian Federation.

The facility uses combined cycle cogeneration technology based on two Ansaldo Energia AE64.3A gas turbines, two heat recovery steam generators, and one 61 MW steam turbine supplied by Shanghai Electric Group as the EPC contractor. Natural gas combustion in the gas turbines generates electricity; waste heat is captured in heat recovery steam generators to produce process steam that drives the steam turbine and supplies thermal energy to the Oil Refinery Pančevo. The combined cycle and cogeneration design delivers higher thermal efficiency and lower emissions (no ash, no sulfur oxide emissions) than Serbia's legacy coal-fired generation fleet.

Revenue is generated through two streams: (1) electricity sold to the Serbian national power system (up to 65% of output) and into neighboring Balkan electricity markets, delivered via a 220 kV grid connection, and (2) thermal energy in the form of process steam sold to the adjacent Oil Refinery Pančevo under a captive supply arrangement that benefits from the JV partner's refinery ownership. The business operates as a regulated, infrastructure-style B2B energy asset with 85 employees, governed by long-term supply arrangements and backed by the Serbian Ministry of Mining and Energy as a strategically important project for national energy security and coal-mix diversification.

Name

GAZPROM ENERGOHOLDING SERBIA TE-TO PANČEVO

Legal name

Gazprom Energoholding Serbia d.o.o.

Website

https://geh-serbia.rs

Company type

Private

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

Gazprom Energoholding Serbia TE-TO Pančevo operates Serbia's first natural gas-fired combined cycle power plant (CCPP Pančevo, ~200 MW), selling electricity to the Serbian national grid and process steam to the adjacent NIS Oil Refinery Pančevo under a joint venture between Gazprom Energoholding Group and NIS.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Fossil Fuel Electric Power Generation (221112)

SIC

Cogeneration Services & Small Power Producers (4991)

akta.pro primary industry

Utility-Scale Combined-Cycle Gas Turbine (CCGT) Generation (EUACABAA)

akta.pro secondary industry

Natural Gas CHP (Industrial & Utility-Scale) (EUACAKAA)

Keywords

• Combined cycle power generation
• Natural gas power plant
• Cogeneration electricity and heat
• Thermal power generation
• Electricity and steam supply

Headquarters

HQ city

Belgrade

HQ country

Serbia

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Electricity Sales: Generated electricity is sold on the electricity market of Serbia and neighboring Balkan countries. Up to 65% of generated electricity is supplied to the Serbian power system.
2. Heat Energy Sales: Thermal energy produced by the CCPP is directed to meet the needs of the Oil Refinery Pancevo, operating as a captive heat buyer for process steam.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

The company owns and operates the CCPP Pančevo (TE-TO Pančevo), a ~200 MW combined cycle thermal power plant fueled by natural gas. It generates electricity using two Ansaldo Energia gas turbines and one steam turbine in cogeneration mode, simultaneously producing electrical energy (sold to the Serbian power grid and Balkan markets) and thermal energy in the form of process steam (supplied to the Oil Refinery Pančevo). The plant is the first natural gas-fired combined cycle power plant in Serbia.

Product overview

Gazprom Energoholding Serbia operates a single core product: the CCPP Pancevo (TE-TO Pančevo), a combined cycle power plant with approximately 200 MW electrical capacity. This cogeneration facility uses natural gas as fuel and is the first gas-fired combined cycle power plant in Serbia. The plant generates both electrical energy (sold in Serbia and other Balkan countries) and thermal energy (process steam supplied to the nearby Pancevo Oil Refinery). The facility supplies up to 65% of its generated electricity to Serbia's power system. The power plant uses gas turbines from Ansaldo Energia (AE64.3A model) and heat recovery steam generators, with Shanghai Electric Group serving as the main contractor for construction.

Differentiator

Problem solved

Functional benefit

Products and services

• CCPP Pancevo (TE-TO Pančevo) Combined cycle power plant (CCPP) with approximately 200 MW of total electrical capacity, fueled by natural gas. The facility uses cogeneration technology consisting of two Ansaldo Energia AE64.3A gas turbines with generators, two heat recovery steam generators, and one steam turbine with generator to produce both electricity (sold to the Serbian power grid and Balkan markets) and process steam (supplied to the adjacent Oil Refinery Pančevo). It is the first environmentally friendly natural gas-fired combined cycle power plant in Serbia.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Four partnerships are on record, tiered core and supporting.

• NIS JSC Novi Sad (Gazprom Neft Group)coreStrategic or Co-development PartnerJoint venture partner holding 49% stake in Gazprom energoholding Serbia LLC. Originally established as Serbskaya Generaciya LLC in June 2015, renamed in March 2019. NIS is a vertically integrated energy company and the offtaker of heat energy from the Oil Refinery Pancevo.
• Shanghai Electric Group Co., Ltd.coreImplementation/ SI/ Consulting PartnerMain contractor selected through tender procedure for turnkey construction of the combined cycle power plant. Responsible for EPC (Engineering, Procurement, Construction) of the CCPP Pancevo. Manufactured and delivered key equipment including steam turbine (61 MW), generator, and heat recovery steam generators.
• Gazprom Energoholding GroupcoreStrategic or Co-development PartnerParent company holding 51% stake in the joint venture. Special-purpose company managing Gazprom Group companies in the power generation sector. First international project outside Russian Federation.
• Ansaldo EnergiasupportingTechnology or IntegrationManufacturer of gas turbines (model AE64.3A) installed at CCPP Pancevo. Similar turbines have been operating at Gazprom Energoholding facilities in Russia for 9-10 years.

Scale indicators5 records

Recent moves9 records

Expansion highlights4 records

Others

• Ansaldo Energia: Manufacturer of the AE64.3A gas turbines installed at TE-TO Pancevo. Comparable as the technology supplier whose equipment platform defines the plant's performance envelope, but operates in equipment supply rather than IPP ownership.
• Shanghai Electric Group Co., Ltd. EPC turnkey contractor that delivered the steam turbine (61 MW), generator, and heat recovery steam generators for TE-TO Pancevo. Comparable as a power-generation EPC peer, though not a competing IPP operator.

Regional players

• BH Elektroprivreda (EPBiH): Bosnian state utility with coal, hydro, and growing renewables generation. Relevant regional peer in the coupled Balkan electricity market where TE-TO Pancevo exports power, and a potential off-taker counterpart.
• Elektroenergien Sistemen Operator (ESO Bulgaria): Bulgarian TSO and a key node in the regional Balkan grid interconnecting with Serbia. Not a generator itself but the system peer that defines cross-border export potential for Pancevo output into Bulgarian and onward markets.

Direct peers

• NIS JSC Novi Sad (Gazprom Neft Group): JV partner (49% shareholder) and the captive offtaker of TE-TO Pancevo's heat/process steam. Operates the Pancevo Oil Refinery and is itself a major energy player in Serbia, making it the closest peer in terms of industrial energy demand and ownership structure.
• Gazprom Energoholding (other CCGT assets): Parent company operating multiple Russian CCGT/CHP plants using similar Ansaldo turbine technology and shared operational know-how. Direct sister-asset peer — TE-TO Pancevo is Gazprom Energoholding's first non-Russian deployment of this platform.
• Adler TPP (Gazprom Energoholding): Russian CCGT plant operating Ansaldo turbines of the same model family that have run for 9-10 years. Direct technology and operational template peer for TE-TO Pancevo's equipment platform.

Broad incumbents

• Elektroprivreda Srbije (EPS): Serbian state-owned vertically integrated utility and dominant power producer, primarily coal- and hydro-based. EPS is the main counterpart on the Serbian grid receiving up to 65% of TE-TO Pancevo's output and is the reference competitor for Serbia's generation mix.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/gazprom-energoholding-serbia-te-to-pan%C4%8Devo

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 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 GAZPROM ENERGOHOLDING SERBIA TE-TO PANČEVO