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%.

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