The Board of Directors of Elektroprivreda (EPCG), acting as the General Assembly of Pljevlja Coal Mine (RUP), decided to distribute dividends for the years 2021 and 2022. EPCG is the sole owner of RUP, and the EPCG Board is responsible for overseeing the operations of the coal mine.
RUP’s Executive Director, Nemanja Laković, expressed hope that EPCG would not withdraw these funds in the upcoming year. He emphasized that any withdrawal of dividends next year could destabilize RUP’s operations, especially considering the planned capital investments that are crucial for Montenegro’s energy system.
When making the decision to distribute dividends, EPCG acknowledged that the payout would not negatively impact RUP’s investments or liquidity. Laković also noted that RUP had achieved the best result in Montenegro’s energy sector this year and would continue contributing to the stability of the EPCG group.
In a recent interview, Laković stated that RUP would earn a profit of 15 million euros this year, but the following year would be the most challenging due to the planned ecological reconstruction of the Pljevlja Thermal Power Plant and the rerouting of the Ćehotina River. RUP is expected to lose 48 million euros in revenue due to the plant’s eight-month shutdown.
EPCG plans to withdraw 7.7 million euros in dividends despite facing its own financial challenges, including the high costs of importing electricity, which are expected to reach 80 million euros due to the shutdown of TPP Pljevlja. EPCG assures that RUP’s operations will not be jeopardized by this decision.
RUP has planned several major investments for next year, including the completion of the Ćehotina River rerouting, costing 20 million euros, and the purchase of land for coal extraction, which will cost 3.6 million euros. RUP also plans to start producing asphalt, open a factory for personal protective equipment, and expand its laboratory services.
For the first nine months of this year, EPCG reported a loss of 19.2 million euros, a 130.5% decline compared to the same period last year. In contrast, RUP posted a profit of 3.33 million euros during the same period.
During the same meeting, the EPCG Board dismissed the previous Board of Directors of RUP and appointed a new one, retaining Dragan Leković, Mladen Gogić, and Vladislav Mićković while appointing new members Dragoljub Krezović and Milanko Kečina. Milan Lekić, who resigned as chairman in October after a car accident while under the influence, is no longer part of the board. A new chairman will be appointed at the constitutive session.
