Stronger Cooperation between the Electric Power Industries of Serbia and Montenegro

Meeting of EPS and EPCG leaders

Electric power industries of Serbia and Montenegro are making first steps towards stronger cooperation, which is of utmost importance for energy stability and security of both countries and the entire region, said Milorad Grčić, acting director of "Electric Power Industry of Serbia" and Milutin Đukanović, President of the Board of Directors of "Electric Power Industry of Montenegro" at the meeting in Belgrade.

- This is important for future stability of electricity generation and supply in both countries, particularly considering the energy crisis affecting Europe and the rest of the world. Following the policy of the President of Serbia, Aleksandar Vučić, and the economic integration of countries in the region, cooperation strengthening can yield positive results. Komarnica HPP project, which is of utmost importance, was designed in distant 1972, and finally set into motion two and a half years ago by an agreement between EPCG and EPS. So far, large part of the work related to the basic design and study preparation has been done - Grčić said.

According to Grčić, installed capacity of HPP Komarnica on the territory of Montenegro should be 155 megawatts, and estimated value of the investment is approximately EUR 265 million, of which 51 percent would be financed by EPCG, and 49 percent by EPS.

- Beginning of the project realization is possible, real and very close - Grčić pointed out and added that "Komarnica" has its own place considering the need to increase green energy generation capacities, while preserving the thermal sector.

Chairman of the Board of Directors of EPCG, Milutin Đukanović, said that energy sector has no boundaries and that every project that is of common interest should be realized as soon as possible.

- We are witnessing accelerated energy transition and energy prices are such that should cause concern. It would not be very wise to rely only on our own resources. I am convinced that EPCG and EPS leaders will not only start, but also succeed in implementing the project of HPP "Komarnica" - Đukanović said.

He added that the aim is to make electric power industry driver of development of the whole of Montenegro.

- That belief is strengthened by the cooperation with the energy giant in the region, such as Electric Power Industry of Serbia. We also have excellent cooperation with Electric Power Industry of Republika Srpska. EPCG also plans the construction of HPP Kruševo, and is discussing the joint construction of the HPP Sutorina/Boka with Republika Srpska. Our projects help us erase borders. We are convinced that the Open Balkan initiative will come to life primarily through the energy sector - Đukanović emphasized.

Chairman of the Board of Directors of EPCG invited acting director of PE EPS to visit EPCG so that other projects could be addressed that will contribute to the development of relations between the two electric power industries, as well as between Serbia and Montenegro.

Meeting with EPCG representatives was also attended by Vladimir Marković, Executive Director for Strategic Projects Development of PE EPS, Dragan Vlaisavljević, Executive Director for Energy Trading, Savo Bezmarević, Executive Director for Energy Generation, Igor Smiljković, Director of the Key Investment Projects Department and Aleksandar Jakovljević, Director of the Strategy Department of PE EPS.