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BELEKTRON, svetovanje in trgovina, d.o.o.

Slovenian independent carbon-trading and MiFID II investment firm specialising in EU emission allowances and environmental products.

Last updated September 28, 2026

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Overview

BELEKTRON, svetovanje in trgovina, d.o.o. — trading simply as Belektron — is a Slovenian company whose main business is trading carbon emission allowances and related environmental products. According to its own corporate description, the company has been active on the carbon market since 2008 and has grown into one of the larger independent participants in global carbon trading, despite not being based in a major European financial centre and not belonging to a larger banking or energy group. Its stated positioning is as an independent bridge between EU ETS compliance companies, project developers and the liquid carbon markets. Belektron's core activity is buying and selling European Union Allowances (EUAs) and EU Aviation Allowances (EUAAs) on a spot and forward basis, as well as UK Allowances (UKAs) and Certified Emission Reductions (CERs). The company also offers indirect access to EUA and EUAA auctions run by the European Energy Exchange (EEX), and it describes itself as a member of both ICE and EEX, as well as an official EEX market maker on the spot and derivatives market. Beyond the mandatory European carbon market, its service range covers voluntary markets, power products, F-gases and International Renewable Energy Certificates (I-RECs). It also markets advisory-type offerings such as helping counterparties become carbon neutral as part of a sustainability strategy. A significant regulatory step in the company's evolution was its authorisation as a MiFID II regulated investment firm under the supervision of the Slovenian Securities Market Agency (ATVP) in January 2018. This licence allowed Belektron to operate as an investment firm rather than purely as a commodity trading house, supporting its stated ambition to keep and expand its position in the carbon market. The company is led by director Boštjan Bandelj, who has a background in electrical engineering and finance. Belektron publishes a free weekly carbon newsletter and maintains a news section with regular commentary on European carbon market prices and trends. Its client and counterparty base is described as international, including major European carbon traders, industrial companies, electric utilities and banks. The firm remains privately held and is not part of a listed group.

History

Belektron, registered as BELEKTRON, svetovanje in trgovina, d.o.o., is a Slovenian company that has been active on the carbon market since 2008, according to its own corporate description. It was founded as a trading company focused on carbon emission allowances, at a time when the European Union Emissions Trading System (EU ETS) was still a relatively young policy instrument. The EU ETS, launched in 2005, had by then entered its second phase, and a specialised intermediary market for allowances was developing around it. From its base in Slovenia — outside the traditional European financial centres such as London, Frankfurt or Paris — Belektron built an international trading network. The company states that it is not part of any larger banking or energy group, and that this independence, combined with a wide international network and trading relationships with major European carbon traders, industrial companies, electric utilities and banks, allowed it to become one of the largest and most successful global companies in carbon trading. Its self-described role is to act as a bridge between EU ETS compliance companies, project developers and the liquid carbon markets. Over time Belektron expanded its product coverage beyond the mandatory European carbon market. Its services now include trading of EU Allowances (EUAs) and EU Aviation Allowances (EUAAs) on a spot and forward basis, buying and selling EUAs and UK Allowances (UKAs) on a spot and forward basis, exchange-settled carbon transactions, and primary Certified Emission Reductions (CERs) purchased from project owners. It also covers voluntary markets, power products, F-gases and International Renewable Energy Certificates (I-RECs). The company offers indirect access to EUA and EUAA auctions conducted by the European Energy Exchange (EEX), and it states that it is a member of both ICE and EEX as well as an official EEX market maker on the spot and derivatives market. A defining regulatory milestone came in January 2018, when Belektron became a MiFID II regulated investment firm under the supervision of the Slovenian Securities Market Agency (ATVP). In the director's statement, Boštjan Bandelj describes this as a natural and necessary step in Belektron's evolution into an investment firm, enabling it to keep and expand its position in the carbon market. The MiFID II licence moved the company from being purely a commodity trading house towards being a regulated financial-market participant. Belektron is led by director Boštjan Bandelj, who holds university degrees in Electrical Engineering and Finance and, according to the company, has been part of the carbon market from its early beginnings. The firm maintains a public profile through its website, where it publishes a free weekly carbon newsletter and regular news items on European carbon market prices and trends. It remains a privately held company and does not appear to be part of a listed group.

  • 2018

    Belektron becomes a MiFID II regulated investment firm under the supervision of the Slovenian Securities Market Agency (ATVP).

  • 2008

    Belektron begins operating on the carbon market, according to its corporate description.

Products and positioning

Independent, non-bank carbon trading and MiFID II investment firm acting as a gateway between EU ETS compliance companies, project developers and liquid carbon markets.

  • EU Allowances (EUAs)

    Traded on a spot and forward basis; also bought on primary auctions.

  • EU Aviation Allowances (EUAAs)

    Traded on a spot and forward basis; also bought on primary auctions.

  • UK Allowances (UKAs)

    Bought and sold on a spot and forward basis.

  • Certified Emission Reductions (CERs)

    Primary CERs purchased from project owners.

  • International Renewable Energy Certificates (I-RECs)

    Part of the voluntary markets service range.

  • F-gases

    Covered within the company's environmental product offering.

  • Power products

    Covered within the company's service range.

  • Indirect auction access

    Indirect access to EUAs and EUAAs auctioned by the European Energy Exchange.

  • Carbon neutrality support

    Helping clients make CO2 neutrality part of their sustainability strategy.

Sources5 sources

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