Management
Ownership structure
The share capital of Montenegrin Transmission System A.D. amounts to EUR 155,108,283.12 and is divided into 146,176,876 shares with a nominal value of EUR 1.0611 each. The total number of shareholders as of 8 February 2021 was 7,100. The majority owner of CGES is the State of Montenegro, holding 55.00% of the Company’s shares, while the strategic partner of the majority owner, the Italian transmission system operator Terna Rete Elettrica Nazionale S.p.A., holds 22.09% of the shares.
Elektromreža Srbije – the Serbian transmission system operator – holds 15.00% of the shares. As of 8 February 2021, natural persons held 6.69% of the shares, investment funds 0.14%, custodian accounts 0.61%, legal entities 0.10%, while Montenegrin Transmission System A.D. holds 0.38% of the Company’s share capital as treasury shares.
CGES shares are listed on the ‘A’ segment of the Montenegro Stock Exchange. The ISIN of the shares is: MEPRENRA1PG3.
CGES’s equity participation in other companies
As one of the ten founders of the South East Europe Coordinated Auction Office (SEE CAO), headquartered in Podgorica, CGES holds a stake amounting to EUR 40,000.10, representing 14.28% of the founding capital of the company.
Based on information on possible solutions to open issues in the field of energy within the framework of the Berlin Process, at the session of the Government of Montenegro held on 9 June 2016, a conclusion was adopted on the establishment of a limited liability company with the aim of setting up an electricity exchange in Montenegro. The Electricity Exchange LLC was established in 2017, and CGES, as one of three founders, holds a stake amounting to EUR 179,995.00, representing 33.33% of the Company’s capital.
As one of four founders, CGES holds a stake amounting to EUR 49,548.31, representing 25.00% of the share capital of the Power Coordination Center LLC, headquartered in Belgrade (EKC). EKC was established in 1993 with the aim of coordinating the operation of the power systems of Montenegro, Serbia, and Macedonia, and over time has evolved into a leading consulting company in Southeast Europe, while at the same time providing continuous expert support to CGES and the other shareholders, both in operational activities and in the area of strategic planning.
In compliance with the decisions of the competent bodies of ENTSO-E, and with the aim of timely preparation for the implementation of regional security coordination standards for system operation, CGES, in cooperation with the Serbian and Bosnian-Herzegovinian transmission system operators – EMS and NOS BiH – established the Regional Security Coordination Center – SCC d.o.o. (Security Coordination Center) in 2015, headquartered in Belgrade. The founders of the Center are equal shareholders, each with a founding contribution of EUR 34,765.00.
Electricity Exchange LLC (BELEN), headquartered in Podgorica, was established by CGES, COTEE, and EPCG with the aim of creating a wholesale organized electricity market in the form of an electronic trading platform.
The task of BELEN LLC is to ensure, at all times, transparent access to market prices, traded volumes, and the number of participants in the electricity market, while maintaining professional neutrality and respecting participants’ data privacy, and to operate towards market matching in accordance with the legal framework. In this way, it ensures a broader perspective of supply and demand on the local market, thereby improving efficiency and competition. During 2021, BELEN LLC, the European electricity exchange EPEX SPOT, and the Slovenian BSP ‘SouthPool’ signed a Service Agreement, marking the beginning of the establishment of the day-ahead electricity market (DAM) in Montenegro. The signatories committed to the development of a transparent and efficient electricity market, with the Montenegrin day-ahead electricity market planned to commence operations in the second half of 2022.