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

0

Share

Published:

April 17, 2020

Country:

Comments:

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

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.

net-loss-eps-q1

Serbia’s power utility EPS posts Q1 net loss of EUR 254 million

30 June 2022 - The state-owned power utility is blaming the poor result on a drop in output, electricity imports, and capped prices for end-consumers

EU agrees fossil fuel car ban as climate package talks are starting

EU agrees fossil fuel car ban as climate package talks are starting

29 June 2022 - The Council of the EU and European Parliament are set for talks on the Fit-for-55 package. Both agree new combustion engines should be banned by 2035.

G7 reverses climate policy support LNG gas nuclear power

G7 reverses climate policy with support for LNG, gas, nuclear power

29 June 2022 - The G7 reaffirmed its commitment to climate goals, but it backed the deployment of gas, particularly LNG, and of nuclear power