June 13 (SeeNews) - Montenegro's state-run power companies have given the green light to the incorporation of a power exchange operator to meet the EU goal for setting up an integrated internal energy market, the economy ministry said.
State-owned power utility Elektroprivreda Crne Gore (EPCG) [MNG:EPCG], power transmission system operator Crnogorski Elektroprenosni Sistem (CGES) [MNG:PREN] and electricity market operator COTEE approved the contract for the incorporation of the operator, named Berze elektricne energije, and will sign the contract for its launch in the short term, the economy ministry said in a statement on Monday.
"The process of developing an electricity market represents implementation of EU legislation. At the summit in Vienna, it was decided that the Western Balkan countries should establish a regional energy market through the launch of national energy exchanges, which will eventually be integrated into the single European market", the ministry explained.
The operator will be established to provide the necessary legal, organisational, operational and technical framework for the launch and operation of an electricity exchange.
"The exchange is one of the tools to prevent monopoly in electricity trade which is a prerequisite for creating a competitive energy sector in the country," the ministry noted.
In June 2016, the government ordered EPCG, CGES and COTEE to set up a company to operate an electricity exchange in Montenegro.