Montenegro's power utility EPCG posts EUR 10.4mn loss in H1 2011.

By bne IntelliNews September 26, 2011
Montenegro's power utility Elektroprivreda Crne Gore (EPCG) posted net loss of EUR 10.4mn in the first half of the year, compared to EUR 32.5mn profit in H1 2010, the company announced on its website. The main reasons for the loss are the adverse meteorological conditions with poor water supply, the increased costs driven by higher volumes of imported electricity and the tariff reduction imposed by the state regulatory agency, Srdjan Kovacevic, chairman of the board of directors, informed. Revenues dropped by 11% y/y to EUR 139.2mn in Jan-Jun, due to the reduction of the tariffs for electric energy by around 10% as of April, 2011. Total power generation was by 1.6% higher than planned but lower by 32% on the year as a result of lower water supply and a decrease in electricity generation by HPP Perucica (by 45% y/y) and by HPP Piva (by 51% y/y). As recalled, EPCG ended 2010 with a EUR 16.5mn profit and the electricity output reached 4,022GWh, exceeding its full-year target by 28.1%.

Related Articles

Montenegro says to borrow EUR 220mn this year, down 12% than planned.

Montenegro's government said it decided on Thursday, March 21, to reduce to EUR 220mn from EUR 250mn the amount it plans to borrow this year for financing its budget spending and servicing ... more

Montenegro reports increased budget revenue in Q1.

Montenegro's budget revenue increased by 11.5% y/y to EUR 195mn in the period from January 1 to March 20 due to higher profit tax, social contributions and VAT inflows, news service ... more

Mobile phone penetration in Montenegro drops to 155.5% in Feb 2013.

Mobile phone penetration in Montenegro dropped to 155.5% at the end of February 2013, from 159.81% at end-Dec 2012 and 163.66% a year earlier, the latest figures of the telecommunications agency ... more