Electricity

Serbia’s TSO EMS acquires 5% of shares of Montenegrin TSO CGES

Elektromreza Srbije CGES shares purchase

Photo: Alois Grundner from Pixabay

Published

January 12, 2021

Country

,

Comments

0

Share

Published:

January 12, 2021

Country:

,

Comments:

0

Share

Transmission system operator (TSO) Elektromreža Srbije today acquired 5% of the shares of Montenegrin TSO Crnogorski Elektroprenosni Sistem (CGES) for about EUR 7 million.

EMS now owns a total of 15% of the shares of the Montenegrin TSO. Five years ago it purchased 10% for EUR 13.8 million.

EMS bought the shares for EUR 0.95 apiece

The Serbian state-owned company bought the shares from small shareholders at the Montenegro Stock Exchange at an average price of around EUR 0.95 each, portal Vijesti reported.

According to the portal, the price is about 9% higher than in the previous transaction.

The majority owner of CGES is the Government of Montenegro, with 55% of shares, while Italian Terna holds 22%, and small shareholders control 8%.

CGES’s profit in the first nine months of 2020 was three times higher than in the same period of 2019

According to data from the latest financial report, for the period from January through September 2020, CGES’s profit was EUR 10.8 million or almost four times higher compared to the same period of the previous year, when it was EUR 2.8 million. The full-year profit in 2019 was EUR 3.6 million. It is clear that 2020 will be a record year for CGES.

In 2020, the company’s electricity transit revenues tripled to EUR 11.6 million compared to the previous year, due to the effects of the commercial use of the submarine power link between Montenegro and Italy.

On the other hand, EMS reported EUR 8.3 million in profit for 2019. The data for 2020 are not yet available.

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

montenegro-solar-wind-eu-green-steel

Montenegro on track to add 4 GW of solar and wind, seeks EU support for green steel roll-out

29 November 2023 - Montenegro's strategic goals include renewable energy, smart electricity metering, but also green steel production

eu action plan grids european commission

Industry welcomes EU’s grid action plan but criticizes lack of some crucial measures

29 November 2023 - The European Commission has presented a 14-point action plan for seven challenges to improving electricity grids

GIZ opens applications for green jobs consultant in Western Balkans 

28 November 2023 - The German development agency has launched a call for the expression of interest and the deadline is December 12

can europe necp western balkans report missed targets

CAN Europe: BiH, Kosovo* and Serbia’s NECPs lack climate ambition, coal phaseout dates

28 November 2023 - Bosnia and Herzegovina, Kosovo*, and Serbia sent draft NECPs to the Energy Community Secretariat for review in late June and July