Montenegro, No chance for EPCG to be €50m in the black by year end

, SEE Energy News

So far, our citizens have not felt the consequences of the economic crisis because Montenegro’s power supplier (EPCG) has amortized them on its shoulders, said the representatives of state power companies at the panel Montenegro and Energy Crisis – Challenges and Opportunities, organized by the European House. They could not specify how much it would cost EPCG, but they said that it was necessary to build new sources of electricity.

“Renewable energy sources should be invested very intensively in the first place. If possible, it should be built by EPCG with state money or a loan, and not by making concession arrangements”, said the full professor of the Faculty of Electrical Engineering, Gojko Joksimovic.

EPCG Economic and Financial Analysis Coordinator Vasilije Savovic could not answer Pobjeda’s question with what financial result EPCG would finish this year.

Head of the ICT and Development Department of Montenegro’s power distribution system (CEDIS), Goran Kovacevic, stated that the energy crisis spilled over to that company, which was obliged to purchase electricity on the market to cover losses on the network.

“When there was a disturbance in the electricity market, those amounts increased many times compared to the amount the Regulatory Agency for Energy and Utilities approved CEDIS. What CEDIS can do and contribute to itself in terms of business, and also in terms of the obligations it has, is to deal with the losses on the network and thus try to mitigate the financial moment that accompanies it in this period”, said Kovacevic, CDM reports.