May 27, 2024
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HomeUncategorizedMontenegro: CGES recorded profit of 35.7 million euros

Montenegro: CGES recorded profit of 35.7 million euros

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Montenegro’s Electric Transmission System (CGES) achieved an unprecedented profit of €35.7 million last year, as announced by Aleksandar Mijušković, the Chairman of the Board of Directors. He highlighted the company’s remarkable journey since 2021, marked by historic accomplishments. Mijušković, in an interview with the Mina-business agency, underscored CGES’s dynamic evolution into a symbol of success since operating independently.

“Since assuming the role of Chairman of the Board of Directors in 2021, our path has been characterized by historic milestones. CGES recorded a profit of €16.9 million in 2021, €20.3 million in 2022, and a record profit of €35.7 million last year. This cumulative profit of €72.9 million over three years is truly impressive,” Mijušković specified.

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He further noted that dividends totalling €15.7 million for 2020 and 2022 were distributed, with €8.7 million, in gross terms, allocated to the state as the majority owner of CGES.

“In addition, we paid €9.6 million in corporate taxes for the same period while simultaneously reducing the transmission tariff by approximately 22%, reflecting our commitment to community responsibility and support for Montenegro’s economic development,” emphasized Mijušković.

According to him, strategic investments in infrastructure projects, well-defined strategies, and dedicated efforts to overcome challenges have been key factors in the company’s success.

“Our vision, determination, and commitment to sustainable energy solutions have not only ensured financial prosperity but also earned the trust of the community and business partners beyond Montenegro’s borders. The tireless dedication and expertise of our team have been instrumental in achieving historic business success. Every member of our team, from technical experts to administrative staff, deserves recognition for this significant achievement,” Mijušković stated.

Addressing the benefits derived from the submarine interconnection project, Mijušković highlighted its significance as a vital infrastructure for CGES. He emphasized that the transmission of electricity through this cable symbolizes connectivity and prosperity.

“By leveraging modern technologies and sophisticated systems, we maximize the benefits of cable utilization, ensuring stability in energy supply, profitability, and increasing interest from electricity market participants for cross-border transmission capacity allocation. This has led to increased revenue from this source and at other borders,” explained Mijušković.

He also noted that total revenues from cross-border transmission capacity allocation since the operation of HVDC until the end of March this year amounted to €152.1 million, with €56.1 million attributed to the cable.

“As the national electricity transmission operator, our realized and approved revenues are subject to adjustments for the regulatory period, resulting in a 22% reduction in the electricity transmission tariff for the regulatory period from 2023 to 2025,” Mijušković highlighted.

Mijušković concluded by emphasizing that Montenegro has become a crucial energy hub in the region, contributing significantly to the country’s economic development, thanks to CGES’s efficient operations and connectivity initiatives.

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