CGES shareholders will be paid a dividend of five million euros gross.
Today, the 16th Ordinary General Meeting of the Shareholders of the Montenegrin Electricity Transmission System was held in Podgorica, chaired by the Chief Executive Officer. Ivan Asanović, at which a comprehensive agenda was adopted, with key decisions for the continuation of the company's successful operations and further development.
The shareholders unanimously adopted the financial statements and the Report on Business for the previous business year, in which the company achieved an exceptional profit of more than 24 million euros. The report of the independent auditor was also adopted, the discharge of the members of the Board of Directors was carried out, and the election of new members was confirmed. Ernst And Young for the auditor in in the year 2025
Among the most significant decisions of the General Meeting of Shareholders was the distribution of CGES's net profit,earned in 2024, amounting to €24,834,632, of which a gross dividend of €5 million will be paid to shareholders, while the remaining €19,834,632 will be retained as undistributed profit from previous years, to be used to finance an exceptionally ambitious investment cycle, as well as to cover losses.632 is retained in the undistributed profit from previous years, which will be used to finance an extremely ambitious investment cycle, as well as to cover the negative adjustments that will, in accordance with the law, be defined by the Regulatory Agency for Energy and Regulated Utility Activities. The dividend payment confirms the stability of the business and the company's commitment to creating value for its shareholders.
The final part of the General Meeting of Shareholders was dedicated to personnel matters, during which the shareholders decided on the dismissal of the existing and the appointment of new members of the CGES Board of Directors. In this regard, the majority of the members of the previous board were shown renewed confidence and were re-elected. Aleksandar Mijušković, M.Eng.Jelena Matejić, M.Ec. Maria Rosaria Guarniere (Terna – National Electricity Grid S.p.A.), Slavoljub TodorovićMining EngineerVučko Fatić,Diploma in Economics, Violeta Vuljaj, M.Sc. in Management, as well as Nicoletta Buonomo, in front of the strategic partner, the Italian company Terni, who replaced a colleague Guide Guide.
The shareholders' meeting was held in an extremely constructive and dynamic atmosphere. Open communication Between the management and shareholders of our company, numerous questions and comprehensive clarifications reaffirmed a shared commitment to transparency, the further development of the company, and strengthening the trust of all stakeholders.
Following the General Assembly of Shareholders, the constitutive session of the new Board of Directors was held at CGES, where it was unanimously decided that the chairman of the company's highest body would be Aleksandar Mijušković, A graduate engineer in electrical engineering, who has held the position since June 2021 for multiple consecutive terms, thereby confirming the long-standing trust and continuity in the company's strategic leadership.
Statement by the Chairman of the Board of Directors, Aleksandra Mijuškovića
It is a great honour to have been entrusted once again with leading the Board of Directors of a company that, year after year, confirms its strength, stability and ability to create new value. We have just concluded another exceptionally successful business year, in which we achieved a profit of over 24 million euros, and I am particularly pleased that for the seventh time since the company's foundation, we have the opportunity to reward the trust of all our shareholders through a dividend payment.This is not only a reward for their trust, but also a clear sign of the stability and the right path we are on. In this regard, since the spin-off of CGES, we have provided our shareholders with dividend payments totalling an impressive almost 57 million euros.
What particularly motivates us is the fact that we are not stopping here. We have a detailed investment plan of over 200 million euros, which will be aimed at the realisation of strategic projects of key importance for further growth, the modernisation of the transmission system and will represent a basis for creating added value and opening up new development opportunities.
"Significant activities and new successes await us in the period ahead, which we will, as we have done so far, share with all our shareholders," concluded Mijušković.
Biography of Aleksandar Mijušković
Aleksandar Mijušković is a graduate electrical engineer with over three decades of experience in the energy sector. He has served as the Chairman of the Board of Directors of the Montenegrin Transmission System Operator since June 2021, in multiple consecutive terms. Previously, he worked at the South East Europe Coordinated Auction Office (SEE CAO), an organisation responsible for the allocation of cross-border transmission capacity between the transmission system operators of South East Europe, who are also its founding members.
From 2014 to 2019, he served as Executive Director of SEE CAO, where he played a key role in the operational development and strengthening of the regional auction house. His contribution to the formation of this successful company began earlier – from 2012 to 2014, he was the project team leader and CEO of the Project Company, responsible for establishing the SEE CAO and its functional launch.
From 1995 to 2009, he worked at the National Dispatch Centre (EPCG), where he progressively advanced from an operations dispatcher to a Lead Engineer for Analytics, Energy Settlement, and Forecasting. Through these positions, he gained valuable experience in the management of the electricity transmission system, developing expertise in its optimisation and analysis. From 2009 to 2012, he served as Director of the Sector for Regulatory Affairs, Legal and Human Resources, as well as International Cooperation, where he contributed to the strategic development and strengthening of the company.
He is actively involved in international energy organisations, and is a member of the ENTSO-E Assembly and the Med-TSO Assembly. During his career, he has been a member of the SEETSO TF working group, which brings together the transmission system operators of Southeast Europe, as well as a member of ENTSO-E, where he participated in the work of the Market Committee and the Southeast Europe regional group. He was also active in EUROELECTRIC, the European association of the electricity industry, through a working group dedicated to South-Eastern Europe. He was one of the key initiators of the project to connect Montenegro and Italy with a submarine power cable and actively participated in negotiations with the Italian transmission system operator, Terna, contributing to the realisation of this strategic energy undertaking. As a member of the Montenegrin delegation, he participated in plenary sub-committee meetings and sectoral meetings of the enhanced standing dialogue between the European Commission and Montenegro on transport, energy, environmental and regional policy.
Since 2003, he has regularly participated in the Athens Forums, actively contributing to regional discussions on the development of the energy sector. Throughout his career, he has built a successful collaboration with transmission system operators, energy companies, the Secretariat of the Energy Community, as well as with international financial institutions. He is also a partner at the Institute for Energy of Southeast Europe (IENE) in Athens. His expertise is internationally recognised, and he is frequently invited as a speaker at numerous conferences and seminars across Europe, where he has shared his knowledge and experience in the fields of electricity and market integration. Throughout his career, he has continuously developed his professional expertise through international programmes and seminars at renowned institutions.