Montenegro: EPCG to launch...

According to Milutin Djukanovic, the Chairman of the Board of Directors at Montenegrin...

Hungary: Paks nuclear power...

Hungary's only nuclear power plant, Paks, operated by the state-owned energy company MVM,...

Croatia forms working group...

The Croatian Ministry of Economy has formed a working group on nuclear energy,...

Bulgaria: TPP Maritsa East...

State-owned thermal power plant Maritsa East 2 reported a remarkable surge in electricity...
Supported byClarion Energy banner
HomeUncategorizedMontenegro: CGES gets...

Montenegro: CGES gets green light for 28 million state guarantee

The Agency for the Protection of Competition assessed that the Government’s guarantee to a state-owned company is not state aid

The Agency for the Protection of Competition (AZK) has given the green light for the issuance of a state guarantee for 28 million euros to the Montenegrin Electric Transmission System (CGES), which is a pledge for a loan from the European Bank for Reconstruction and Development (EBRD) with which this state-owned company will finance the construction substations 400/110 kV TS Brezna.

“Issuing a state guarantee does not constitute state aid”, is the opinion of AZK.

The Ministry of Energy and Mining submitted this request to the Agency at the end of April for assessment of whether the guarantee is state aid.

In the decision of AZK, the ministry states in its request that CGES is a large company, that it has 334 employees, the annual turnover in 2023 was 108.360.581 euros, and that the total annual balance in the same period was 35.717.703 euros.

It is also stated that this company is not in difficulties, that guarantees of 28 million euros are issued for regional development, and that there is no cumulation of this measure with any other aid to cover the same justified costs, Vijesti reports.

Supported byOwner's Engineer banner

Recent News

Supported byspot_img
Supported byspot_img

Latest News

Supported byspot_img
Supported bySEE Energy News

Related News

Montenegro: EPCG to launch tender for 240 MWh battery energy storage systems

According to Milutin Djukanovic, the Chairman of the Board of Directors at Montenegrin state-owned power utility EPCG, the company is preparing to launch a tender for battery energy storage systems (BESS) with a total capacity of 240 MWh. The...

Montenegro: Household electricity bills rise slightly in January

In January 2025, the average electricity bill for households in Montenegro amounted to 46.16 euros, marking a 0.6% increase compared to December 2024 (45.86 euros) and a 2.9% rise from January 2024 (44.84 euros). The lowest average monthly bill...

Montenegro: EPCG launches tenders for design studies of new Kapino Polje solar power plants

Montenegrin state-owned power utility EPCG has announced the launch of two identical tenders for the development of main project design studies for the proposed Kapino Polje L1 and Kapino Polje L2 solar power plants, each with a capacity of...
Supported bySEE Mining News
error: Content is protected !!