Aleksandar Mijušković (first from the right - phto: CGES)
Montenegro’s transmission system operator CGES recorded a profit of EUR 24.8 million last year.
The net income of TSO CGES compares to EUR 35.7 million from 2023. In 2022, the company’s profit amounted to EUR 20.3 million, after EUR 16.9 million in the previous year.
President of the Board of Directors of CGES Aleksandar Mijušković noted in a statement to Mina news agency that the total since his appointment is almost EUR 100 million.
He recalled that the company’s operations are regulated by the Energy and Water Regulatory Agency of Montenegro (REGAGEN), pointing out that the profit is subject to revision, in line with the regulatory mechanism.
Implementation of visionary projects led to income growth
Implementation of crucial infrastructure projects, investments in new technologies, and improvement of work processes were the decisive factors for the success, Mijušković underlined.
In his words, conducting important, visionary projects has led to a significant increase in income from electricity transit. In addition, by applying new technologies and improving work processes, the company achieved a more efficient and reliable system with the lowest grid loss rate so far, despite a much higher transit and flow of energy through the system, Mijušković pointed out.
He added that good business results secure multiple benefits for shareholders and users of the transmission system in Montenegro. CGES’s results have contributed to lowering the transmission tariff paid by citizens and businesses, Mijušković said.
The company plans to continue the investments within its five-year plan, worth EUR 207 million. It envisages significant infrastructure projects.
The Trans-Balkan Corridor will facilitate market coupling with Europe
He singled out the Trans-Balkan Corridor among the largest infrastructure projects. Its completion will significantly increase the capacity for power transit from the Balkans to Italy.
It will enable coupling the Montenegrin electricity market with the Italian one and, with it, the single European electricity market, Mijušković said.
The green transition brought great challenges for the European power system, he stressed. The production of electricity from renewable sources cannot be controlled, so large, uncontrolled electricity flows began appearing in the system, threatening its stability, Mijušković said.
The issues can be effectively solved only by strengthening the internal grid and interconnections with neighbors, which CGES has envisaged in its plans, he asserted.
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