On 2 July, the Montenegrin electricity transmission system marked nine years of independent operation with a special ceremony at the Hotel 'Podgorica', celebrating its full commitment to development goals, the maximum engagement of its employees, and the tangible results of significant investments and completed projects.
Greeting the guests present, Vesna Bracanović, Chairwoman of the Board of Directors, emphasised that CGES continued its positive business trend in 2017, noting that almost 22 million euros were invested, which is in line with the five-year average. The net profit of €4.7 million achieved is higher than planned and has doubled compared to the profit from 2016, while a profit of €1.4 million was achieved in the first quarter of this year.
"I would like to highlight that over the past year we have worked intensively on the realisation of the project to connect the electricity systems of Montenegro and Italy, the importance of which has been recognised by the EU and the Energy Community. Despite the complexity of the project, it is quite certain that by the end of 2018, the conditions will be created for connecting the submarine cable to Montenegro's transmission system, which will make our transmission network more reliable, with another interconnection, this time with the largest transmission system operator in Europe – Italy's Terna. ", stated Bracanović.
To ensure a reliable transmission system, capable of meeting the demands for electricity transmission in an economically justifiable way, CGES is constantly working on strengthening its capacity to be ready for the challenges of the future," Bracanović emphasised, adding that the effects of the investments can also be seen in the permanent reduction of the total electricity not delivered from the transmission network to consumers in Montenegro. The availability of allocated cross-border capacity at a level of 100 per cent demonstrates reliability and is a positive signal to electricity traders.
Last year, according to the Chairwoman of the Board, was the year in which Montenegro's electricity mix was enriched with a new primary energy source. Indeed, last year the first wind farm in Montenegro began generating electricity, with which CGES demonstrated its ability to keep pace with the dynamic development of renewable energy generation capacities and thereby contributed to the overall development goals of Montenegro's electricity sector and further economic development.
In addition to implementing investments, CGES has contributed to creating the conditions for a more competitive electricity market through its active participation in national and regional working bodies. In the past year, we initiated the certification process for CGES as an electricity transmission system operator, which in April this year, with a positive opinion from the Energy Community, successful conclusion of the certification of CGES as an electricity transmission system operator, which, with the positive opinion of the Energy Community, was successfully concluded in April this year with the adoption of the RAE decision, thereby confirming, among other things, that our place is alongside developed European transmission system operators," Bracanović stated.
She also touched upon our company's socially responsible business practices, highlighting financial support for healthcare, namely the General Hospital in Pljevlja, the Paralympic Association of Montenegro, local communities, and others.
She concluded by thanking her colleagues and staff for their hard work and dedication, and expressed her hope that, with an additional effort to achieve their goals, they would continue to work on improving the business.
CGES has on this occasion announced the best workers from all organisational units, as employees are key to the success of any company, and the development of their knowledge and skills is essential for our collective progress.
Executive Director Dragan Kujović He presented plaques on this occasion to Sonja Banjević, representing the Economic Sector; Slobodanka Šehovac from the Sector for Financial Planning, Control and Investor Relations; and Krsto Radulović, the best worker at NDC. Marko Peričić from Elektroprenos, Darko Vukašinović from the Sector for Regulatory, Legal, Personnel and International Cooperation Affairs, and Aleksandar Stijepović from the Office of the Executive Director.
Also, the Executive Director finally presented a plaque to Boško Popović, the head of the 'Ulcinj' substation, which, in the opinion of the authorities, was declared the best substation.