Montenegro: TSO co CGES and Power utility EPCG to settle multi-million dept

18. February 2015. / SEE Energy News

In Commercial Court, three CGES lawsuits against EPCG worth around ten million euros. The majority state-owned companies, the Montenegrin Electrical Transmission System (CGES) and the Electric Power Industry of Montenegro (EPCG), are on the verge of reaching the agreement about solving the disputed mutual debts of two years.

The Directors of these two companies, Ivan Bulatović and Stefano Pastori, will soon sign the agreement on out-of-court settlement.

The competent Ministry of Economy has also been informed about this.

The first part of the agreement refers to the disputed amount of around eight million euros for the fee for using the transmission network in the first half of 2013 which has not been paid to the CGES. According to the unofficial information of “Vijesti“, when the part of the claims that EPCG has towards CGES is deducted, the company governing the transmission network will collect the claim in the net amount of 5-6 million euros.

The other part of the agreement refers to the failure of EPCG to comply with the regulator’s decision (December 2013), EPCG having been refusing to pay the fee for using the transmission network as an electricity producer.

In the Commercial Court, there are three ongoing lawsuits against EPCG brought by CGES, who claims around 10 million euros in total.

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