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Montenegro's EPCG to export electricity worth 40 mln euro in Q1 - CFO

Author Radomir Ralev
Montenegro's EPCG to export electricity worth 40 mln euro in Q1 - CFO Source: EPCG

PODGORICA (Montenegro), January 12 (SeeNews) - Montenegro's state-owned power utility EPCG [MNE:EPCG] expects to export 191 GWh of electricity worth some 40 million euro ($45.4 million) in the first quarter of 2022, CFO Miro Vracar said.

EPCG will have a 528 GWh electricity surplus in 2022 after the shutdown of primary aluminium production by smelter KAP that was already sold to CEDIS and CGES, Vracar said in a video file posted on the website of public broadcaster RTCG on Tuesday.

"If the energy balance we projected is achieved, we would have over 100 million euro positive effect of electricity exports [in 2022]," Vracar said.

According to Montenegrin media reports, EPCG committed to deliver 61 GWh of electricity to KAP in 2022, down from 586 GWh envisaged in the country's energy balance, adopted by the government before the shutdown of the primary aluminium production at the smelter.

EPCG is benefiting from high electricity prices on the European market, which rose by as much as 70% since March 2021, and the trend is expected to continue this year, Vracar said in the video file.

EPCG CEO Nikola Rovcanin said earlier this month that in 2021 the company will achieve significantly better financial results than those recorded in 2020.

In November, EPCG said it covered 10% of the country's power demand through exports in the first eleven months of 2021.

($ = 0.8801 euro)

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