Of the four large state-owned energy companies, three performed positively last year, while the Montenegrin Electric Distribution System (CEDIS) had an operating loss of 11.7 million euros.
Elektroprivreda (EPCG), Coal Mine and Montenegrin Electric Transmission System (CGES) ended the year positively and earned a total of 33.5 million euros.
Last year, compared to 2021, the coal mine increased its profit from 3.7 to 9.4 million euros, and CGES from 16.8 to 20.2 million euros. In 2021, EPCG had a net profit of 78.4 million euros, while last year it was only 3.9 million.
The main reason for EPCG’s worse result lies in the fact that last year it had an increase in electricity import costs of 182 million euros compared to the previous year.
CEDIS made a loss last year, which is 1.9 million more than in 2021. The main reason for achieving that bad result is the increase in the costs of the purchase value of goods sold from 33 million euros in 2021 to 49 million euros last year.
CEDIS has to buy electricity to cover technical losses on the stock exchange, at several times higher prices than those at which it can recover this cost from the consumer based on the previously determined allowed income from the Energy Regulatory Agency (REGAGEN). That CEDIS problem has been going on for two years due to disruptions on the European energy market and a large increase in electricity prices on the stock exchanges.
Pljevlja coal mine and CEDIS are companies owned by EPCG, while in CGES the state has 55 percent ownership, Italian Terna 22 percent, and Elektromreža Srbije 15 percent. Last year, EPCG had a sales revenue of 516 million euros, which is about 160 million more than the year before. Business expenses amounted to 507 million euros and are 190 million more than in 2021.