Montenegro, EPCG saves CEDIS from bankruptcy with 10 million euros, SEE Energy News
The government in Podgorica gave its consent to Elektroprivreda Crne Gore (EPCG) to cover last year’s loss of the Montenegrin Electricity Distribution System (CEDIS) with nearly 10 million euros, because that state company is threatened with bankruptcy.
According to the documentation available to Vijesti, this will be done retroactively through book approvals, ie the amounts of invoices already paid by CEDIS to EPCG for the period from April 2021 to the beginning of this year will be reduced.
CEDIS’s loss last year was 10.9 million euros, while EPCG made a record profit in the company’s history of 45 million euros. EPCG is the owner of CEDIS.
The outgoing government made the decision on Friday at an electronic session, which it did not inform the public about. The decision is not a proposal of the relevant Ministry of Capital Investments (MKI), because that department did not receive an assurance from EPCG that the issue of retroactive issuance of book approval was considered from all important aspects, and there is no report from an independent third party. For these reasons, Mladen Bojanić’s department transferred the decision-making to the Government, in accordance with the proposal of the EPCG leadership.
The position of MKI is also that the state budget will remain without part of the corresponding taxes.