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Thursday, May 23, 2024
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CEDIS procures 30,000 meters in Montenegro amid management shifts

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Montenegro’s electricity distribution system, CEDIS, has concluded three tenders for meter procurement, with around 30,000 meters set to be delivered by year-end, announced Vladimir Ivanović, the Acting Executive Director of the company.

Ivanović detailed that the first tender, completed at the end of February or early March, secured 7,000 meters. Subsequently, the second tender, resulting in the procurement of 15,000 meters, is expected to see deliveries between September and November. The third tender, for an additional 8,000 meters, has been finalized. This totals to approximately 30,000 meters expected by year-end, as specified during a media briefing.

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He acknowledged that the meter procurement procedures have faced various controversies, even from earlier periods. Ivanović emphasized the technical specifications’ compliance with no complaints, though procedural administrative matters prompted some objections. Despite this, three tendering procedures have been successfully conducted.

The meters will be acquired from Sombor Elektro and Mezon companies. Ivanović also mentioned ongoing tendering processes with the commission responsible for safeguarding public procurement.

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Furthermore, meters will be procured through financial arrangements with the European Bank for Reconstruction and Development (EBRD) and the World Bank (WB). Negotiations with EBRD involve the SCADA project aimed at enhancing substation infrastructure, with a €25 million loan planned alongside an additional €10 million for meters. Similarly, negotiations with the WB are underway for a €21 million loan to finance equipment procurement for decarbonization, including meters.

However, due to the non-implementation of the SCADA project this year, penalties amounting to €350,000 will be incurred.

Regarding financial performance, Ivanović indicated a positive balance of €3 million for the previous year and anticipates a positive outcome for the current year. An asset valuation has also been conducted, projecting CEDIS’s value to increase by €143 million to €480 million.

Nonetheless, the asset valuation presents challenges concerning increased expenditures, notably in taxes and depreciation. Ivanović underscored the need for an eight-million-euro depreciation adjustment pending approval by the regulator, contributing to an initial deficit of €8 million this year. Nevertheless, investments totaling €35 million are slated for network improvements this year.

Ivanović reassured that the company has fulfilled its financial obligations, including timely electricity procurement at a lower cost compared to the approved rate. He mentioned ongoing workforce analysis, with the current workforce comprising 1,780 employees.

Lastly, Ivanović expressed his intention to apply for the executive director position once the competition is announced.

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