Electricity

EPCG’s net profit plunges 35.7% in 2019

EPCG 2019 annual report

Photo: Hydropower plant Piva (EPCG)

Published

April 17, 2020

Country

Comments

comments icon

0

Share

Published:

April 17, 2020

Country:

Comments:

comments icon

0

Share

Montenegrin state power utility Elektroprivreda Crne Gore’s (EPCG) net profit in 2019 dropped 35.7% against 2018, to EUR 28.3 million, according to EPCG’s annual report.

In 2018 the company posted a net profit of EUR 44.1 million.

Operating revenues stood at EUR 323 million in 2019, an increase of EUR 20 million compared to 2018, according to the EPCG financial statement for 2019, published on the Montenegro Stock Exchange website.

The company’s operating expenses in 2019 jumped to EUR 301 million, from some EUR 272 million in 2018.

Due to reduced output at hydropower plants, electricity imports increased

The largest increase in operating expenses was recorded in the procurement of goods – EUR 31 million. Payroll expenses were similar as in 2018, at about EUR 21 million.

The 2019 profit plunged as hydropower plants underperformed due to unfavorable hydrological conditions compared with 2018, which led to higher costs of electricity imports, according to the EPCG management report for 2019.

EPCG’s hydropower plants produced 419 GWh less electricity in 2019 compared to 2018

EPCG’s hydropower plants generated 1,621 GWh in 2019 and 2,040 GWh in 2018. On the other side, the company purchased 1,140 GWh through long-term, short-term and operational procurements in 2019, up from 745 GWh in 2018.

EPCG supplied 3,469 GWh to customers last year, about the same as in 2018 when deliveries totaled 3,482 GWh, the report reads.

The state of Montenegro owns 88.6% of EPCG shares, while the company itself holds 9.99%.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

croatia sweden Koncar substation Vattenfall contract

Croatia’s Končar signs its largest contract for substation construction

12 March 2025 - Croatian engineering firm Končar has signed its largest-ever contract to build a transformer substation, worth EUR 18.4 million

eu energy storage inventory map

14 GW of energy storage capacity under construction in Europe

12 March 2025 - There are 147 energy storage projects under construction in Europe, totaling 14 GW, according to the European Energy Storage Inventory

montenegro bess batteries epcg US China Japan

Montenegro’s EPCG discussed BESS project with companies from US, China, Japan, region

11 March 2025 - Elektroprivreda Crne Gore said in September that it started the preparations to install battery energy storage systems

electric vehicles ev ice costs savings eurelectric report

EV owners could save EUR 2,900 through smart charging, providing flexibility services

11 March 2025 - EV owners can achieve savings by using off-peak charging, V1G (time-of-use) charging, and V2G charging, according to Eurelectric and EY