Montenegro's power utility EPCG posts EUR 66.5mn loss in 2011.

By bne IntelliNews April 4, 2012
Montenegro's power utility Elektroprivreda Crne Gore (EPCG) posted 12% drop in revenues in 2011 due to lower tariffs amid rising electricity prices on international markets, the company said on its website. EPCG ended the year deep in the red and the loss surged to EUR 66.5mn compared to EUR 16.5mn net profit reported in 2010. Total generated energy in 2011 equalled 2.656 GWh, down by 34% compared to 2010. Thermal power plant Pljevlja generated 1.452 GWh, up 14% compared to the previous year. The quantity generated by hydro power plants fell by 56% to 1.204 GWh. Electricity imports thus surged 90% to 1.371 GWh while energy exports stayed almost flat on the year, at 411 GWh. The utility managed to optimise the level of energy losses to 19% in 2011 from 20% in 2010 but the collection rate worsened (fell to 87% from 93% in 2010), mainly due to KAP's rising unpaid debt.
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