The head of the regional representative office of the European Investment Bank for the Western Balkans said that the energy transition, although it represents a challenge for the country, can be a significant driving force for its growth.
In order to fully develop the energy sector, Montenegro will have to make progress in creating a favorable regulatory framework and improve the transmission and distribution network in order to keep pace with the expected increase in the production of renewable energy, the European Investment Bank estimated.
The head of the regional representative office of the European Investment Bank (EIB) for the Western Balkans, Alessandro Bragonzi, said that the energy transition, although it represents a challenge for the country, can be a significant catalyst for its growth.
“Montenegro has already demonstrated the ability to support important projects, such as the installation of an underwater electric cable for the transport of electricity between Montenegro and Italy,” said Bragonzi.
He added that most countries in the Western Balkans still rely heavily on fossil fuels for energy production and cogeneration. According to him, Montenegro has a relatively balanced energy mix, because electricity is mostly produced in the Pljevlja Thermal Power Plant, as well as in the Perućica and Piva hydroelectric plants.
“Currently, hydropower dominates the production of electricity from renewable sources. “Montenegro has an abundance of rivers and streams, but it also has the potential to develop additional solar power plants and wind farms, given its favorable geographical exposure to sun and wind,” said Bragonzi.
He said that the wind farms at Krnovo and Možura, with a power of 72 MW and 46 MW, significantly contribute to covering the demand for electricity, and that plans for capacity expansion are well underway, with the construction of a new 55 MW wind farm near Gvozd.
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