Montenegro, CEDIS recorded a net loss in the amount of 9.8 million euros in 2021

, SEE Energy News

Montenegrin electricity distribution system operator CEDIS recorded a net loss in the amount of 9.8 million euros in 2021, mostly due to rising electricity prices in the second half of the year.

However, the operator said that the 2021 financial results were submitted without calculating the invoices of power utility EPCG for the supply of electricity in the period between April and December 2021. These invoices should be approved by EPCG by 30 June, which will affect the result, turning it to a net profit of some 400,000 euros.

CEDIS also said that the increase of expenditures for salaries and other personnel expenses, which reached 2.3 million euros in 2021, is not the rea- son for the reported loss.

Last month, CEDIS announced that it has entered the last phase of the revitalization of the country’s electricity distribution system. The company has invested a total of 34.8 million euros in the first two phases of the project, which involved the overhaul of transmission lines with a total length of 1,230 kilometers, as well as the replacement of 11,000 electricity poles.

The project was launched in March 2020. In late 2018, CEDIS signed a contract worth 22.4 million euros for the overhaul of its low and mid-voltage electricity network. The contract was signed with a consortium of local companies Mezon, Electro Team and Ramel and should take up to 24 months to be completed.

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