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Wednesday, April 24, 2024
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Record Profit for Montenegro Power Company

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Montenegro Power Company (EPCG) concluded the past year with its best business results ever, and the profit will amount to between 70 and 80 million euros,” announced the President of the Board of Directors of the company, Milutin Đukanović.

He stated at a press conference on the business results for the past year and the outlook for this year that the operations of Solar Construction and the Steel Plant of EPCG must be stabilized. A public call for the lease of the Steel Mill and Forge is currently underway, and Đukanović mentioned that there is significant interest from investors.

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Đukanović stated that at the end of last year, EPCG had around 58.9 million euros in its accounts. “About 16 million euros for December’s electricity exports are not yet included in that amount. Therefore, we can freely say that EPCG’s balance on December 31st is around 75 million euros,” announced Đukanović. He also added that electricity production last year was record-breaking, exceeding the plan by 15 percent.”

Our reservoirs on December 31st have a surplus of 80,000 megawatt-hours (MWh). If we translate that into money, it would be another eight million euros,” Đukanović specified. The operations of EPCG, as he emphasizes, are burdened by the cost of supplying electricity to privileged consumers. Nearly 40 million euros were allocated for this purpose last year.

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He also reminded that EPCG will offset the electricity price increase approved for the Montenegrin Power Distribution System (CEDIS) of about 5.63% with discounts for regular payers.

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