Montenegro: Triple decline in Pljevlja mine profits – to 4.4m euros in 2021

, SEE Energy News

The Montenegrin Coal Mine Pljevlja made a profit of 4.42 million euros in the previous year, according to a report by the company’s management. However, that is three times weaker result compared to 2020, when the company, which is 100 percent owned by Elektroprivreda Crne Gore (EPCG), made a profit of 13.1 million euros.

The total capital of the company, whose main product is coal intended for industrial and general consumption, increased from 60.5 million to 65.1 million euros, while the undistributed loss from 25.07 million at the end of 2020 decreased to 16.6 million euros due to dividend payment.

The extension of the planned annual overhaul of the Pljevlja Thermal Power Plant in the second quarter and unplanned delays, as well as restrictions on coal delivery and bad weather conditions have narrowed the space for mining operations, while the usual problem of lack of spare parts for mining equipment and machinery planned and less than achieved in 2020, according to a report from the company’s management.

In the structure of total revenues, which amounted to 49.8 million euros last year, the most important place belongs to revenues from coal sales in the amount of 43.3 million euros, which is 4% less than in 2020.

Revenues from the sale of coal for the needs of TPPs were lower by 10.8%, and revenues from sales on the consumer market were higher by 48.2% compared to 2020, according to the report.

In terms of expenditures, they amounted to a total of 44.3 million euros and were 28.6% higher than in 2020, but also 14.5% lower than the expenditures determined by the innovated plan.

Coal production amounted to 1.54 million tons, which is 4.8% less than planned and 6.5% less than in 2020.

Of the total coal produced by TPP Pljevlja, 87.85% was delivered, the remaining 10.64% to customers from the region and only 1.51% to customers from Montenegro.

The total production of electricity in the country in 2021 amounted to 3,648 GWh, where the largest share was TPP Pljevlja with 36.53%, followed by hydroelectric power plant Perućica with 27.11%, hydroelectric power plant Piva with 22.9%, wind power plants with 8.79% and small (hydro and solar) power plants with 4.58%.


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