Company Overview of Elektroprivreda Crne Gore AD Niksic
Elektroprivreda Crne Gore AD Niksic is engaged in the generation, trade, distribution, and supply of electricity in Montenegro. It operates hydro and thermal power plants. The company also engages in the construction and maintenance of electric power facilities; and designing, supervision, and other activities. It serves household and industrial customers. The company was founded in 1910 and is based in Niksic, Montenegro.
street Vuka Karadzica no. 2
Founded in 1910
Key Executives for Elektroprivreda Crne Gore AD Niksic
Chief Financial Officer and Acting Director of Procurement and Warehouse Management
Director of Division for Corporate Planning
Head of Center for Information Telecommunication Technologies
Compensation as of Fiscal Year 2015.
Elektroprivreda Crne Gore AD Niksic Key Developments
The Montenegrin Government and Elektroprivreda Crne Gore to Establish Joint Venture for Construction of Second Unit at EPCG-Operated Thermal Power Plant Pljevlja
Nov 3 15
The Montenegrin government and Elektroprivreda Crne Gore (EPCG) will establish a joint venture for the construction of a second unit at EPCG-operated thermal power plant Pljevlja. The government will be the majority owner of the special purpose entity, SPE, with a stake of 51% while EPCG will control the remainder. The formation of the SPE is set out in a Term Sheet which was adopted by the government on October 15 and which outlines the basic terms of cooperation between EPCG's co-owners, the government and Italy's A2A, and the government's clear commitment to the realization of the Pljevlja project. The government will fund its participation in the SPE with the revenues derived as EPCG co-owner. At least 65% of the funds necessary for the construction of Pljevlja's second unit will be secured from loans, while the remaining 35% of the project cost - or a minimum of 15% - will be financed from the company's own funds. According to the Term Sheet, EPCG will purchase the entire electricity output of the SPE at a cost-based price in order to ensure the sustainable functioning of the joint venture. The project for Pljevlja's second unit was earlier said to be a sticking point in the negotiations for extending the pact for EPCG's management between the government and A2A, with the Italian company reportedly questioning the profitability of a new TPP unit. However, speculations were laid to rest in October when the government announced that the two parties have reached an agreement to extend their EPCG management pact for a period of five years. The previous five-year deal expired in April. The new five-year period is set to commence when the two parties sign a shareholders agreement which is planned to take place by the end of the year and which will outline all elements of the construction project, but will also include a put option. The put option will entitle A2A to get paid a total of 250 million euro by the Montenegrin government in seven annual installments if the Italian partner chooses to exit EPCG. EPCG, which plans to raise output to 3,159 GWh this year from 3,036 GWh in 2014, operates over 870 MW of installed generation capacity.
Elektroprivreda Crne Gore Reports Earnings and Production Results for the First Nine Months of 2015; Provides Production Guidance for the Year 2015
Nov 3 15
Elektroprivreda Crne Gore reported earnings and production results for the first nine months of 2015. For the period, the company reported net profit fell 30.4% to EUR 12.7 million ($14 million) in the first nine months of 2015, while its operating revenues increased 3.1% to EUR 181.1 million. The decline in net profit is the result of the new valuation of the company's fixed assets on financial statements dated December 2014 in accordance with the international financial reporting standard IAS 16, which saw assets increase by EUR 55.5 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased by EUR 715,000 through September as a result of higher profitability and efficiency. The company's net profit rose 38% to EUR 34.7 million in 2014.
For the period, the company reported electricity output rose 1% to 2,151 GWh in the first nine months of 2015.
For the year, the company plans to raise output to 3,159 GWh this year from 3,036 GWh in 2014, operates over 870 MW of installed generation capacity.
Elektroprivreda Crne Gore Reports Production Results for the First Half of 2015
Aug 11 15
Elektroprivreda Crne Gore reported production results for the first half of 2015. The company reported electricity output rose 2.5% to 1,482 GWh in the first half of 2015. Electricity production rose on the back of the increased output of thermal power plant (TPP) Pljevlja, whose regular annual overhaul was shorter this year, as well as due to the higher output of hydro power plants (HPPs) Piva and Perucica.
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