News

Serbian EMS buys share in transmission utility CGES

Published

December 29, 2015

Comments

0

Share

Published:

December 29, 2015

Comments:

0

Share

Transmission system operator Elektromreža Srbije (EMS) purchased 10% of ownership of the Montenegrin Electric Power Transmission System (CGES) for EUR 13.84 million at Montenegrin Stock Exchange, Mina-Business news agency said. A total of 14.57 million stocks were purchased in 197 transactions. The price jumped 9.2% to EUR 0.95 per share.

Serbian Prime Minister Aleksandar Vučić earlier stated that EPS has bought 11% of shares in CGES, part of Montenegrin Electric Power Company (EPCG). Montenegro is looking for a new strategic partner in the energy industry because it wants to ensure the construction of the second part of the thermal power plant Pljevlja II, which requires an investment of EUR 338 million. Vučić said on December 1 that his government bought a stake, and that it is considering investing further. The company reacted by saying it is not aware of any sale to Serbia and that such purchase wasn’t mentioned even as an idea. “Terna couldn’t have negotiated the sale of a part of its 22% of shares either, not without the knowledge its partner, the Government of Montenegro, which owns 55% of the shares,” CGES stated. Eight thousand minority shareholders own about 23%, some through custodial accounts.

An owner of a 3.71% stake is hidden behind HB omnibus custodial account, whereas Investment Fund Trend owns about 2.8%, Mina-Business said. An owner of 1.57% shares is behind EC omnibus custodial account. Sig company owns a 1.55% stake, and others hold less than 1% each.

CGES will cover the cost for a cross-border power transmission capacity with half of the EUR 50 million in European Union funds recently secured by the government in Podgorica. Funds secured at last year’s Western Balkans Summit in Vienna will be earmarked for the construction of a transmission line connecting Montenegro with Serbia and Bosnia, a project being implemented by the company.

Related Articles

Solar power generation to increase ten times in Montenegro energy balance

Solar power generation to increase tenfold in Montenegro next year

25 November 2022 - According to the estimate in the Energy Balance of Montenegro for 2023, electricity production will drop 12.63% this year

Austria can reach 1,2 GW with additional solar in 2022

Austria set to add over 1 GW in solar power in 2022

25 November 2022 - Austria is on track to install more than 1 GW in photovoltaics this year and as much as 1.5 GW every year

Four times more installed power plants in North Macedonia in 2022

North Macedonia’s regulator issues 200 licenses for renewable electricity plants in 2022

25 November 2022 - The Energy and Water Services Regulatory Commission issued 200 licenses this year for electricity production from renewable sources

Albania applications solar power 151 MW

Albania receives applications for solar power projects of 151 MW in total

25 November 2022 - Applications for solar power projects sent to the Ministry of Infrastructure and Energy of Albania include one of the largest ones so far, for 93 MW