Montenegro, EPCG’s record profit in the first quarter – 33.5m euros, SEE Energy News
In the period from January 1 to March 31, 2022, Elektroprivreda Crne Gore (EPCG) made a net profit of 33.5 million euros.
EPCG’s quarterly financial report shows that profits have increased significantly compared to the same period in the previous ten years, the company said in a statement.
Net profit last year was 23.6 million euros, in 2020 12.07 million euros, in 2019 10.69 million euros and in 2018 31.89 million euros.
From 2019, the total amount includes the cost of income tax, adds EPCG.
Despite lower-than-planned production of hydropower – by 12% in HPP Piva and 30% in HPP Perućica – a historic result was achieved, which was dominated by movements in stock market electricity prices, the statement added.
EPCG said that during the second quarter, regular annual overhauls will be carried out at TPP Pljevlja, which means higher imports of electricity.
Favorable hydrological conditions can be expected only in the second half of the year, so that EPCG will have significantly higher costs in the coming period.