Montenegrin state-owned power utility 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.
in September, EPCG obtained loans worth 48 million euros from two domestic banks in order to maintain liquidity, namely pay salaries to employees and pay its suppliers for delivered goods. Reportedly, the company took 28 million euros loan from NLB bank and 20 million euros loan from CKB bank. It is not clear at which interest rate, but since EPCG recorded losses of over 60 million euros in the first eight months of the year, the interest rate could hardly be lower than 50 %.
EPCG’s short-term liabilities amounted to 152.5 million euros in the first nine months of 2022, while its long-term liabilities amounted to 46 million euros. The company’s retained earning at the end of September 2022 amounted to 63.3 million euros.
Total assets of the company amounted to 1.235 billion euros at the end of September 2022, up 0.9 % on the year.