Đukanović: Montenegro earns EUR 46.4 million from electricity exports in three weeks

State-owned power utility Elektroprivreda Crne Gore (EPCG) has earned EUR 46.4 million from the export of electricity over the last three weeks, said Milutin Đukanović, President of the Board of Directors of EPCG. Also, on December 9, Montenegro had the largest wind power share in Europe in domestic electricity production.

The drought and low water levels forced EPCG to import a larger quantity of electricity than usual in the first three quarters of 2022, and at high prices, because of the energy crisis. The result was a EUR 57 million loss. However, with recent rain, water levels improved and the company started exporting electricity.

From November 21 to December 11, EPC earned EUR 46.4 million on electricity exports, Đukanović said.

The price of import electricity increased 260% from last year

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— Милутин Ђукановић (@MicoDjukanovic) December 11, 2022

In its reports, the Hydrometeorological Institute said a severe hydrological drought was registered in Montenegro since the autumn of last year and that it was extreme in the country’s west, where EPCG’s two large hydropower plants are located – Perućica and Piva.

Of note, HPPs account for around 45% of domestic power production when water levels are regular.

According to an analysis issued by the Ministry of Capital Investments, EPCG imported electricity at an average price of about EUR 281 per MWh in the first eight months of 2022, which is about 260% higher than in the same period last year, when the price was about EUR 78.

First place in Europe

Another good news from Montenegro’s electric power system was an increase in output in wind farms Krnovo, with a capacity of 72 MW, and Možura, with a capacity of 46 MW.

The WindEurope association announced that on December 9 the share of wind in electricity production in Montenegro was the highest in entire Europe – 34%. Croatia was in second place, trailed by Greece.