November 22 (SeeNews) - Montenegro's state-controlled power utility Elektroprivreda Crne Gore [MNG:EPCG] expects to erase loss booked so far this year thanks to strong power exports, it said on Tuesday.
Elektroprivreda Crne Gore (EPCG) plans to book tens of millions of euro in profit in the next five months, it said in a press release.
"After unprecedented dry periods and disruptions in the electricity market, EPCG started exporting surpluses that were created thanks to a favourable hydrological wave," the company said, adding that exports are generating 1-1.5 million euro ($970,000-1.46 million) in revenue per day.
EPCG earlier reported a net loss of 88.7 million euro in the first nine months of 2022.
The negative result resulted from power imports worth over 100 million euro in the summer, it explained.
The government owns 88.7% of EPCG, followed by the company itself with 10%. The remainder belongs to smaller shareholders.
($ = 0.9738 euro)