Montenegro: Power utility EPCG shareholders postpones distribution unbundling decision

, SEE Energy News

Extraordinary Shareholders’ Assembly of Montenegrin power utility EPCG, on which the separation of the distribution unit was supposed to be approved, has been postponed due to the absence of the representatives of the state.

EPCG’s Secretary, Milivoje Vujacic explained that the state representative has not been named yet due to the administrative problems during the constitution of the new Government and without the state’s 57.1 % of the shares it is not possible to hold the shareholders’ meeting. According to him, new Assembly may be held within ten to thirty days.

At its session on 27 April, the Assembly should have adopted a decision on the separation of EPCG’s distribution unit and the establishment of private limited liability company named CEDIS, but the Board of Directors, on a proposal from the company’s management, decided to withdraw it from the agenda of the Assembly. The separation of distribution from EPCG would allow equal conditions for all suppliers in the electricity market.

This Extraordinary Shareholders’ Assembly was convened by the Board of Directors and in accordance with the law the decisions are made by a two -thirds majority of present or represented shareholders, transmits