The tender for the construction of a battery and energy storage facility worth €48 million, announced by Elektroprivreda Crne Gore (EPCG), has been canceled, ETV Portal reports.
The cancellation is due to concerns that new borrowing at this time could jeopardize the company’s liquidity. While the energy storage project remains important and will eventually be realized, the current financial structure is not stable enough to proceed.
EPCG management, led by Board Chairman Milutin Đukanović and CEO Ivan Bulatović, had requested approval from the Ministry of Energy and Mining for the necessary financing, but the ministry, after consulting the Ministry of Finance, denied the request due to the high financial risk. EPCG was subsequently instructed to cancel the tender.
This development highlights serious liquidity issues at EPCG, threatening not only planned infrastructure projects but also the stability of one of Montenegro’s key state-owned companies.
