Electricity

Parliament of Montenegro adopts Annex of EPCG management contract

Photo: Skupstina.me

Published

March 10, 2017

Country

Comments

comments icon

0

Share

Published:

March 10, 2017

Country:

Comments:

comments icon

0

Share

The Parliament of Montenegro adopted the Annex of the shareholders’ agreement between the Government and Italian company A2A concerning the management of Electric Power Company of Montenegro (EPCG).

The Annex extended the contract on EPCG management until June 30 this year, after the shareholders’ agreement previously expired on December 31, 2016. The decision was published on the Parliament’s website.

The previously signed agreement established the pre-emption right, which implies that A2A is obliged to inform the government about its potential intention to sell shares, with clear information about the buyer and the transaction’s conditions. The state will exercise the option if it is not satisfied with the buyer.

In the event of circumstances affecting the implementation of the new agreement or termination of the agreement, the value of the exit option by which the government takes the Italian partner’s stake in EPCG is EUR 250 million, payable in seven annual installments.

The Government of Montenegro and A2A had disagreements over the management of EPCG. The bone of contention has been the construction of block 2 of thermal power plant Pljevlja, which was eventually agreed upon. That deal was made between the government and A2A in June last year.

A2A bought 44 percent of shares in EPCG for EUR 430 million in 2009.

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

East West Energy Corridor extend Turkey Montenegro

East-West Energy Corridor to extend from Turkey to Montenegro

24 July 2024 - Bulgaria's ESO received a grant from the US for a feasibility study for the proposed East-West Energy Corridor between Turkey and Montenegro

Portable photovoltaic system invented for disaster stricken areas

Portable photovoltaic system invented for disaster-stricken areas

24 July 2024 - Turkish engineers have designed a foldable and portable photovoltaic system of 15 kW for restoring power supply in case of a disaster

macedonia mepso ebrd loan grid renewables koka basso bozinovska

MEPSO secures funds for grid investments; upgrade to enable connecting 1.2 GW of renewables

23 July 2024 - MEPSO and the European Bank for Reconstruction and Development (EBRD) have signed an agreement on a EUR 26.4 million loan

fiat grande panda stellantis serbia electric cars automobiles

Stellantis starts producing electric cars in Serbia

22 July 2024 - With the announced state subsidies, Fiat Grande Panda from the Kragujevac plant could cost around EUR 18,000