The Electric Power Company of Montenegro earned 46.4 million euros from the export of electricity in the last three weeks, said Milutin Đukanović, president of the EPCG Board of Directors. Montenegro can boast of another excellent result – on Friday, it was the country with the largest share of energy from wind farms in the total electricity production in Europe.
Due to the drought and bad hydrological situation, which lasted almost a year, EPCG was forced to import more electricity than usual and at high prices, caused by the energy crisis. The result was a minus in the company’s coffers after nine months of around 57 million euros. However, with the arrival of rainy days, the situation improved, so EPCG started exporting electricity around November 20.
For the period from November 21 to December 11, EPCG earned 46.4 million euros based on exported electricity.
The Hydrometeorological Institute states that there has been a severe hydrological drought in Montenegro since the autumn of last year, while the drought is extreme in the west of the country, and in that part there are two EPCG hydroelectric plants – Perućica and Piva. By the way, in a year with good hydrology, hydropower plants produce about 45% of electricity in the country.
Analysis by the Ministry of Capital Investments showed that in the first eight months of 2022, EPCG imported electricity on average at a price of around 280 euros per MWh, which is about 260% more than in the same period last year, when the price was around 78 euros.