Montenegrin state-owned power utility EPCG said that it plans to cover the losses made so far in 2022 by increased electricity exports in the next five months, during which it expects much higher revenues since its electricity generation is predominantly hydro-based.
The statement from the company said that after unprecedented dry periods and disruptions in the electricity market, EPCG has started exporting surpluses that were created thanks to a favorable hydrological conditions, adding that exports are currently generating 1-1.5 million euro in revenues per day.
EPCG recorded a net loss in the amount of 88.7 million euros in the first nine months of 2022, compared to a profit of some 400,000 euros in the same period last year. The company’s operational revenues increased by 38.7 % year-on-year and reached 340.7 million euros in the first nine months of this year, while its operational expenditures also rose by an annual 77.6 % to 490.1 million euros, mainly a result of increased electricity imports due to a drought, with additional 19 million euros in personnel expenses.
According to the Ministry of Capital Investments, if it weren’t for electricity imports at extremely high prices, EPCG would record a net profit of 133 million euros in the January-September 2022 period. The company imported electricity at the average price of 281.15 euros/MWH, compared to the same period last year when the average price was 77.81 euros/MWh.