Interview for "Vijesti" the Chairman of the Board of Directors CGES Dragan Laketić
In “Crnogorski elektroprenosni sistem” (CGES) are satisfied with the implementation of the project of electric power submarine connection of Montenegro and Italy, especially keeping in mind the complexity and scope of the investment, as well as the specificity of partnership between one of the biggest transmission system operators in Europe “Terna” and one of the smallest CGES, said in an interview for "Vijesti" the Chairman of the Board of Directors of the Montenegrin company, Dragan Laketić.
He admitted that CGES recently had problems with liquidity, but he emphasised that the capital investment of construction of submarine cable will be completed by the end of 2018.
What kind of problems do you face regarding the construction of submarine cable and will this investment be completed by the end of 2018?
"We face serious challenges, especially relating to construction of the overhead line, which are partly expected because the construction of overhead lines represents a long-term and hard work everywhere in Europe. Main problems are related to the large number of locations, on generally inaccessible terrain, on which constructions are performed and to which should be provided access, status of the cadastre in certain cadastral municipalities, resolution of a large number of property-legal relations, resolution of a number of numerous conflicts between the overhead line route and the environment within the corridor defined in the spatial plan… Even though the main contractors are renowned European companies, inconsistence between domestic and European technical regulations, as well as other specificities of a small market as ours, caused certain difficulties that affected the desired dynamic of works. Anyhow, the answer to your question if this capital investment will be completed by the end of 2018 is affirmative.”
Can the eventual exit of A2A from “Elektroprivreda” have an impact on the partner relationship between CGES and the Italian company “Terna”?
"“Elektroprivreda”, and thereby also the company A2A as one of the owners of EPCG, represent important partners of CGES with which we endeavour to develop good business relations. However, in my opinion, an eventual change of ownership structure in EPCG should not have negative implications on partner relations between CGES and “Terna”“.
When it will be withdrawn the loan for which the State provided guarantees yet in mid last year?
"I assume you think about the loan for construction of electric power infrastructure on Luštica peninsula for which it was envisaged a sovereign guarantee in the Budget Law. The plan is to sign a loan agreement in this year, and the dynamic of withdrawal of loan funds will be aligned with the dynamic of project implementation”.
Does CGES have problems with settlement of short-term liabilities due to matured obligations?
"As the interested public is aware, CGES recently has problems with liquidity which, principally, are a consequence of a high level of receivables that CGES has for a longer period of time. Considering the high level of investment activities and obligations occurred on this basis, it is necessary to maintain the financial stability of the company, and this will be very difficult without a prompt resolution of issues regarding our receivables”.
They hope to solve the problem with EPCG
Will CGES in 2017 finally collect the outstanding receivable towards EPCG in the amount of 12 million, or again some new discussion will be held outside the court?
"Frankly I hope that this year we will finally solve this issue, whether through court proceedings or mutual agreement.
Institutional support and support of all stakeholders are a necessary precondition for success, especially keeping in mind the complexity and specificity of the problem we are solving, by complying with the obligation to create conditions for carrying out of public interest activity, and in favour and satisfaction of our users, as well as both shareholders and owners of energy undertakings”.