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%.