Montenegro: Stable financial and production results of power utility EPCG in 1H 2015

26. August 2015. / SEE Energy News

Analysis shows that the business results achieved in the first half of this year exceed those of the comparative period, so it is expected that the trend of positive production and financial results continue.

In Montenegro, in the first seven months of this year it was produced 1.75 million megawatt hours (MWh) of electricity, 81.19 thousand MWh more than in the same period last year, it was announced from the company Electric Power Industry of Montenegro (EPCG), which celebrates its 105 years of work.

EPCG, as said its representatives, 105th birthday celebrated in an atmosphere of positive production and financial results, with firm investment commitment, with the aim of constant improvement of the energy system and providing even better and more sophisticated services to customers.

“On this day, 105 years ago, the Montenegrin sovereign Nikola I officially marked the start of operation of the first power station for public use in the capital Cetinje. Then Cetinje, well before the much more developed European environment, got electric lighting. Date of this remarkable event is celebrated as the Day of EPCG”, said the representatives of power company.

They said that the manufacturing facilities of EPCG, thanks to operational readiness, reliability, plant and commitment of employees, recorded positive results this year.

In EPCG reminded that the company had profit of about 35 MEUR, 9.6 MEUR more than in 2013th, while energy losses were reduced to 16.83 percent. That is 2.3 percent less than in 2013th.

The company said that the funds were paid out to shareholders in proportion to the share in the company capital.

“Analysis shows that the operating results achieved in the first half of this year exceeding those of the comparative period, so it is expected that the trend of positive production and financial results will continue”, said the representatives of EPCG.

They said that this year is the year of the capital investment in the distribution system of Montenegro.

“The newly built substation 35 / 10kV Petrovac has been introduced into the system, realized a project of laying a new 35 kV underwater cable Opatovo – Sveta Nedjelja, began the construction of the substation 35 / 10kV Popovici in Bar, and it will soon begin construction of substations Klinci in Herceg Novi”, they said in EPCG.

The value of these investments is over five MEUR; a successful investment process is rounded off by the construction of a large number of substations with voltage of 10 / 0.4 kV.

EPCG began in March the implementation of the second phase of the modernization project of measuring the electricity consumption, worth 36 MEUR, so more than 80 thousand new multifunctional meters will be built in the next two years.

EPCG began the project in 2011th and in the first phase, which cost 40 MEUR, it was built around 165.5 thousand of new multifunctional meters, and about 43 percent of Montenegro’s consumption was rounded by this modern technology of remote measurement.

In the company claims that EPCG has invested tens of MEUR in the construction of distribution facilities and networks in several Montenegrin municipalities in the recent years, for the purpose of the power system stability and losses reduction.

“Substantial funds are annually allocated for the maintenance of about four thousand transformer stations and over 20 thousand kilometers of overhead and cable lines”, said the representatives of EPCG.

They added that this year was successful also from aspect of debt collection for the consumed electricity. Organizing actions Gold Team, Five for five and Let share the load 3, which enabled debts repayment under favorable conditions, but also savings for consumers who pay regularly, the amount of total debt for the consumed electricity continuously recorded discrete decline.

EPCG announced that the July bills reduced by the amount of the discount for regular payers received even 152,64 thousand or 43 percent of households in Montenegro paid five and ten percent lower electricity prices because pay regularly.

“Since September, customers can expect additional benefits in the campaign Let share the load 3”, announced in EPCG.

From EPCG stated that information about this, as well as numerous other actions, services and advantages, customers can get through a modern Call center, which in order to improve customer service and relationships with its customers, was launched in February.

They add that EPCG currently employs 2.32thousands of workers.

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