Montenegro, EPCG recorded 17.1 million euros profit in H1 2021

, SEE Energy News

In the first half of 2021, Montenegrin state-owned power utility EPCG recorded a net profit in the amount of 17.1 million euros, which is higher compared to first-half financial results in recent years.

In the first six months of the year, EPCG generated sales revenues in the amount of 170.9 million euros, which is 16 % or 23.8 million euros more than last year. At the same time, operating expenses amounted to 151.4 million euros.
The first quarter of 2021 was characterized by extremely favorable hydrology and good operational readiness of production facilities, which contributed to a significantly higher six-month production of large hydropower plants
compared to the planned values and averages of previous years. A total of 1,697 GWh of electricity was produced in the first six months of 2021, which is about 14 % more than planned. In the first half of 2021, EPCG exported 729 GWh of electricity, worth about 41.4 million euros, and imported 377 GWh, worth about 23.7 million euros.

Operating expenses in the six-months period amounted to 151.4 million euros, of which 45.5 million euros was related to the use of network capacities, 23.7 million euros to electricity import costs, 22.6 million euros to electricity purchase costs from privileged producers from renewable energy sources, 13.9 million euros for the purchase of coal for the needs of TPP Pljevlja, and the rest for the costs of depreciation, salaries, materials, services, taxes and provisions.

Despite the impact of the crisis caused by the coronavirus pandemic, the company’s investment cycle is being carried out in accordance with the planned dynamics. Great efforts are being made to increase efficiency, optimize and reduce costs. EPCG also takes all necessary measures to ensure a secure supply to all customers in such circumstances and to maintain the stability of the country’s electricity system.