-A dividend in the gross amount of five million euros will be paid to CGES shareholders
The XVI Annual Shareholder Meeting of Crnogorski elektroprenosni sistem, presided over by the Executive Director Ivan Asanović, at which a rich agenda was adopted with key decisions for the continuation of successful operations and further development of the company was held today in Podgorica.
The shareholders unanimously adopted the financial statements and the operating statement for the previous business year, in which the company achieved an exceptional profit in the amount of more than 24 million euros. In addition, an independent auditor’s report was adopted and the removal and appointment of new members of the Board of Directors was carried out, and the selection of Ernst & Young as auditor in 2025 was confirmed.
Among the most significant decisions of the Shareholder Meeting is the distribution of the net profit of CGES, realised in 2024 in the amount of 24,834,632 euros, whereby shareholders will be paid a gross dividend of five million euros, while the remaining 19,834,632 euros will be retained as retained earnings from previous years, which will be used to finance an extremely ambitious investment cycle, as well as to cover negative adjustments that the Energy and Water Regulatory Agency will define in accordance with the law.
The dividend payment confirms the stability of the operations and the company's commitment to creating values for its shareholders.
The final part of the meeting was dedicated to personnel issues, where shareholders voted on the removal of the current and the appointment of new members of the Board of Directors of CGES. In this regard, confidence was given to the majority of the members of the previous convocation, so Aleksandar Mijušković, BScEE, Jelena Matejić, BEcon, Maria Rosaria Guarniere (Terna – Rete Elettrica Nazionale S.p.A.), Slavoljub Todorović, BSc in Mining Engineering, Vučko Fatić, BEcon, and Violeta Vuljaj, BSc in Management, were reappointed, while Nicoletta Buonomo, on behalf of strategic partner-Italian Terna, replaced colleague Guido Guida.
The Shareholder Meeting took place in an extremely constructive and dynamic atmosphere. Open communication between the management and shareholders of our company, along with numerous questions and comprehensive clarifications, confirmed the joint commitment to transparency, further development of the company and strengthening the trust of all interested parties.
After the Shareholder Meeting, a constitutive meeting of the new convocation of the Board of Directors was held in CGES, where it was unanimously decided that the Chairman of the highest body of the company would be Aleksandar Mijušković, BScEE, who has held this position since June 2021 in several consecutive mandates, thus confirming long-term trust and continuity in the strategic management of the company.
Statement by the Chairman of the Board of Directors, Aleksandar Mijušković
"It is a great honour that I have once again been trusted to lead the Board of Directors of a company that year after year confirms its strength, stability and ability to create new value. Another extremely successful business year is behind us, in which we realised a profit of more than 24 million euros, and I am especially happy that for the seventh time since the company was founded, we have the opportunity to reward the trust of all our shareholders through the payment of a dividend. It is not only a reward for trust, but a clear sign of stability and the right path we are on. In this regard, since the spinoff of CGES until today, we have provided shareholders with a dividend payment in the impressive amount of almost 57 million euros.
What especially motivates us is the fact that we do not stop here. We have a detailed investment plan in the amount of more than 200 million euros, which will be aimed at the implementation of strategic projects of key importance for further growth, modernisation of the transmission system, and will represent the basis for creating additional value and opening new development opportunities.
In the coming period, significant activities await us, as well as new successes, which, as before, we will share together with all shareholders", Mijušković concluded.
Biography of Aleksandar Mijušković
Aleksandar Mijušković is a graduate electrical engineer, with over three decades of experience in the energy sector. He holds the position of the Chairman of the Board of Directors of Crnogorski elektroprenosni sistem (CGES) since June 2021, in multiple consecutive terms.
Previously, he worked for the Coordinated Auction Office in South East Europe (SEE CAO), an organisation responsible for allocation of cross-border transmission capacities between transmission system operators in Southeast Europe, which are also the company's founders.
From 2014 to 2019, he was the Executive Director of SEE CAO, where he played a key role in the operational development and strengthening of the regional auction office. His contribution to the establishment of this successful company began earlier – from 2012 to 2014, he was the Project Team Chairman and the Executive Director of the Project Company, in charge of establishing SEE CAO and launching its functional operations.
From 1995 to 2009, he worked in the National Dispatching Centre (EPCG) where he progressively advanced from an Operational Dispatcher to Chief Engineer for Analytics, Energy Billing and Forecasts. Through these roles, he gained valuable experience in electric power transmission system control, developing expertise in its optimisation and analysis. From 2009-2012, he served as the Director of the Regulatory, Legal, Personnel and International Cooperation Sector where he contributed to the strategic development and strengthening of the company.
He is actively involved in international energy organizations and is a member of ENTSO-E General Assembly and Med-TSO General Assembly. Throughout his career, he has been a member of SEETSO TF (South East Europe Transmission System Operators Working Group), which brings together transmission system operators from Southeast Europe, and a member of ENTSO-E (European Network of Transmission System Operators for Electricity), where he participated in the Market Committee and Regional Groups for Southeast Europe. He has also been active as a member of EUROELECTRIC (European Electricity Industry Association), through a task force dedicated to Southeast Europe. He is one of the key initiators of the Montenegro – Italy submarine cable interconnection project and actively participated in negotiations with the Italian transmission system operator Terna, contributing to the implementation of this strategic energy project. As a member of the Montenegrin delegation, he participated in the meetings of the plenary subcommittee and sector meetings of the Enhanced Permanent Dialogue between the European Commission and Montenegro on transport, energy, environmental and regional policy.
He has been a participant in all Athens forums since 2003 actively contributing to regional discussions on the development of the energy sector. Throughout his career, he has built successful collaborations with transmission system operators, energy companies, the Energy Community Secretariat, and international financial institutions. He is also a partner of the Institute of Energy for Southeast Europe (IENE) from Athens. His expertise has been recognised internationally, and he has been an invited speaker at numerous conferences and seminars across Europe, where he shared his knowledge and experience in the fields of electricity and market integration. Throughout his career, he has continuously improved his professional competencies through international programmes and seminars at renowned institutions.