Executive Director and Chairman of the Board of Directors of the Montenegrin Transmission System Operator (CGES) Ivan Bulatović i Dragan Laketić, Executive Director of Elektroprivreda Crna Gora (EPCG) Tonino Maljo, Executive Director of the Montenegrin Electricity Market Operator (COTEE) Milan RadovićThey signed today. Contract of Establishment and Articles of Association of the company Berza električne energije DOO.
The establishment of the Electricity Exchange has essentially created the conditions for a better and more competitive electricity market in Montenegro, said the Minister of Economy. Dragica Sekulić Following the signing of the Founding Agreement of the company Energy Exchange Ltd. today in Podgorica.
"This means that Montenegro, in addition to becoming an energy hub in an infrastructural sense with the construction of the submarine cable, will, by creating its own stock exchange, enable electricity to be traded in Montenegro under more transparent and high-quality conditions. For energy entities, this means they will have a level playing field for trading electricity, and for citizens, it means that the conditions will be created so that, as soon as we have more competitive market, we can perhaps speak of cheaper electricity for consumers," said Minister Sekulić.
She reminded that the obligation to establish the Electricity Exchange stems from our membership in the Energy Community, as well as the accession process to the European Union.
"Through the process of connecting the Western Balkans, our obligation was to either form or join one of the exchanges. Our decision was to form our own electricity exchange and in line with that, today three energy entities in Montenegro have signed the documents formally establishing the Electricity Exchange," said Minister Sekulić, adding that the Exchange entails that energy entities, who have surpluses or deficits of electricity, not only in Montenegro but also across the region, can sell electricity via the exchange.
Executive Director of CGES Ivan Bulatović he said that the signing of the founding treaty and The statute of the electricity exchange in Montenegro represents a significant step forward in the formation of a regional electricity market.
"Today's establishment of the stock exchange is extremely important because energy entities, as well as consumers in Montenegro, will be able to trade electricity as a stock exchange commodity in the future, thereby promoting the competitiveness and transparency of the entire process. It will also plug in and on the formation of a reference price for electricity," said Bulatović.
Executive Director of EPCG Tonino Maljo He said that this company will enrich its portfolio with the newly established exchange, as will the operators of the electricity transmission and distribution system, who will be able to buy electricity on it to cover part of the losses in their systems, as well as certain suppliers and direct customers from the country and the region.
"One of the exchange's goals is to cooperate with energy companies from the region, and establishing an efficient and liquid wholesale market is also a prerequisite for establishing a competitive retail market, which means that, consequently, the opening of the electricity exchange will also represent a benefit for the end customer," said Maljo.
Executive Director of COTEE Milan Radović He said that the establishment of the Power Exchange created the conditions for energy activity beyond the borders of Montenegro.
"We have over 50 electricity traders in Montenegro, and this number will increase with the establishment of the exchange. This is both an opportunity for new jobs at the exchange itself, and also for new employment for people who will be involved in exchange business," said Radović.
According to him, very important conditions have also been met for us to be represented in Europe, and to be part of the European energy system, both via the submarine cable and through trade.
"This is a great day for Montenegro, and the energy sector is known to be the backbone of both the stability and development of Montenegro's economy," concluded Radović.
After the Agreement on the Establishment of the Electricity Exchange is signed by the three energy entities, the company will be registered with the CRPS, after which the company will appoint an executive director at its first board of directors' meeting.