December 9, 2023
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HomeSEE Energy NewsMontenegro could be a major supplier of electricity in SEE region

Montenegro could be a major supplier of electricity in SEE region

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The President of the European CommissionUrsula von der Leyen, today visited the substation in Podgorica, one of 15 electricity transmission facilities throughout Montenegro improved thanks to the most modern equipment financed by the European Union, and on that occasion she stated that Montenegro has the potential to become a major supplier of electricity in the region.

As part of the Trans-Balkan Electricity Corridor, one of the leading projects of the Economic and Investment Plan for the Western Balkans, the EU has provided 25 million EUR in non-refundable donations to Montenegro to improve the domestic transmission network, reduce transmission losses and disconnections, and lower electricity prices for residents, industry and investors.

– This is a real example of success, achieved in Montenegro and supported by the EU. Thanks to that, Montenegro has the potential to become a major supplier of electricity in the region – said the president of the EC.

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The total investment in the modernization of the Montenegrin electricity network exceeds EUR 144 million, based on the Team Europe approach. It is financed from the state’s own funds, through the Montenegrin Electric Transmission System – CGES, and through a combination of EU donations and investments from Italy, Germany and the EBRD.

– The Montenegrin section of the Trans-Balkan Electricity Corridorhas strategic regional importance, as it enables better connection with the electricity transmission systems of Bosnia and Herzegovina and Serbia and closer integration of the region into the wider European energy market – the announcement concludes.

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