A record profit of EUR 114 million for the first quarter without state aid and electricity price increases, the Solari project and the purchase of Željezara are the most important indicators of Elektroprivreda’s (EPCG) operations in the previous period, the company announced.
– Dedicated to achieving the goals of the energy transition and developing projects in the field of renewable energy sources, regardless of numerous challenges, we celebrate this year’s Company Day – 113th year of existence and continuous development – with great optimism, they said.
The company reminded that Elektroprivreda Montenegro celebrates August 19th as Society Day, in commemoration of the date when, in 1910, King Nicholas I put into operation the first electric power station in Montenegro.
As they say, the time between the two anniversaries in the Electric Power Industry of Montenegro was marked by a series of achievements, among which stand out projects of strategic importance, SOLARI 3000+ and 500+, and the beginning of the ecological reconstruction of the Pljevlja Thermal Power Plant. What is encouraging, they add, is the record profit of EUR 114 million for the first six months of 2023, as well as the ever-improving rate of collection of current accounts and accumulated receivables.
– Record net profit of EUR 114 million for the first quarter of this year, without state aid and electricity price increases, together with the successful implementation of the SOLARI 3000+ and 500+ project, as well as the launch of the new SOLARI 5000+ and the purchase of the Željezara property for a multiple lower than the real one, which enabled the start of a new company, EPCG-Željezara Nikšić, are the most important factors of our business in the past period – said Milutin Đukanović, president of the EPCG Board of Directors.
EPCG managed to preserve liquidity, creditworthiness, increased collection rate, number of regular payers as well as the same level of electricity prices, despite challenging energy conditions.
– EPCG, as part of the projects it develops, takes a serious step with the modern trends of the energy transition, and something like that is especially important in the context of the development of those environments that, through conventional sources, keep our energy system stable and profitable for decades – stated Nikola Rovčanin, executive director of EPCG.
The company says that they continue to work in the general interest.
– Proud of a rich tradition, dedicated to development and convinced that the current energy crisis can be successfully overcome only by the rational and synchronized action of all social factors – concludes the EPCG announcement.
