Revenues from carbon tax to be invested in RES

Energy Symposium in Budva

Power companies in the region are not against introduction of carbon taxes, but the general requirement is that the money thus collected stays in the country and is invested in the projects of the companies which are under power transition, estimated the participants of EPCG NET Energy Symposium.

A fair transition is the fair money allocation and the region cannot invest in energy transition without financial support of EU. It is important to go step by step, protect energy stability of the state and to move forward together with the region – says Miroslav Tomašević, acting general manager of Elektroprivreda Srbije.

He pointed out that EPS already has its Go Green Road aiming at reducing CO2 emission by 28% until 2035 – It is a realistic plan for EPS which will be realized through investments of 8.5 billion euros. We are already on that path, we have an agreement for HPPs revitalization funding, we cooperate with electric power industries of the Republic of Srpska and Montenegro on the construction of new hydro capacities, we are also working on wind and solar power plants – says Mr. Tomašević. 

- We had a difficult period at the end of 2021 and beginning of 2022, it is much easier now, and comparing the first quarter of the last year with a minus of 250 million euros with the first quarter of this year with the profit of over 250 million euros, it is clear how important the result we have achieved is. Mr. Tomašević says that engagement of skilled people, mild winter and good hydrology contributed to such result. EPS still depends on coal import to a lesser extent, but that will change after the construction of “Field E”.

– The most important thing for us is to have basic energy, which enables system management and balancing – says Mr. Tomašević.  .

It was said that Montenegro already has internal carbon tax and that the Power Utility of the Republic of Srpska is moving in the same direction cooperating with Montenegro on the model implementation.

Power sector is facing serious challenges, and the initiated decarbonisation process passed a milestone point in the region, said prof. Nikola Rajaković, PhD, president of the Association of Energy Sector Specialists at opening of the symposium. – We have the initial results, which were the hardest to achieve. The region has great chances, since it has natural potentials – adding hydro potential and battery technology to sun and wind gives excellent technological basis. The issue of implementing the fair energy transition is also important – says Mr. Rajaković.  

Milutin Đukanović, Chairman of the Board of Directors of Elektroprivreda Crne Gore pointed out that the energy crisis is a great chance for Montenegro who forced all social stakeholders to take a more serious approach towards energy. – We have a big job ahead of us, since EPCG can be the driving force behind the country's economic growth. It is up to us to make Montenegro an energy independent and stable country. If we succeed in this, we have the potential to also develop other activities, such as tourism – says Đukanović.

EPCG NET Energy Symposium is organized by Elektroprivreda Crne Gore in cooperation with the Association of Energy Sector Specialists. It took place on 2nd and 3rd June and it hosted over 250 experts in energy field.