CGES earns EUR 3 million by auctioning capacity of submarine power cable
Montenegrin transmission system operator (TSO) Crnogorski Elektroprenosni Sistem (CGES) has earned EUR 3 million by auctioning the capacity of the undersea power cable between Montenegro and Italy.
The electricity interconnector was put into operation in mid-November, and in December the Coordinated Auction Office in South East Europe (SEE CAO) has started the auction process for 2020 by offering the capacity of 140 MW. The link’s total capacity is 600 MW.
The capacity of the cable is 600 MW, of which Montenegro is using 200 MW, and CGES auctioned 70 MW
By auctioning only a part of the capacity in the submarine power cable to electricity traders, CGES has generated EUR 3 million in annual auctions for 2020, said Vesna Bracanović, Chairman of the CGES Board of Directors, in an interview with daily Pobjeda.
She noted the company holds a 200 MW capacity in submarine cable and traders received 70 MW on auctions.
Through commercial exploitation on the new interconnection border, CGES generated more than half of the total income it generated last year at all borders
It means that by commercial exploitation of one-third of the capacity at the new border between Montenegro and Italy, the company generated more than half of the total revenue it generated last year at all borders, she asserted.
CGES also continues to work intensively on the Trans-Balkan Electricity Corridor, by constructing a 400 kV transmission line from Čevo to Pljevlja, according to Bracanović.
She said the TSO has invested EUR 18 million last year in 16 projects.