Executive Director and Chairman of the Board of Directors of Crnogorski elektroprenosni sistem (CGES)Ivan Bulatovićand Dragan Laketić, Executive Director of Elektroprivreda Crne Gore (EPCG)Tonino Maglio and Executive Director of Crnogorski operator tržišta električne energije (COTEE)Milan Radović signed today Articles of Incorporation and Articles of Association of the Power Exchange Llc.
The establishment of the Power Exchange has created essential conditions for better and more competitive electricity market in Montenegro, told today in Podgorica minister of economy Ms Dragica Sekulićafter signing the Articles of Incorporation of the Power Exchange Llc.
“This means that Montenegro, besides the fact that it will become an energy node in terms of infrastructure after construction of the undersea cable, will ensure electricity trading in Montenegro under more transparent and efficient conditions by creating its own power exchange. For energy undertakings this means that there will be equal conditions for electricity trading, and for citizens this means that necessary conditions will be created, when we have more competitive market, perhaps we may talk about cheaper electricity for consumers”, told minister Sekulić.
She recalls that the obligation to create the Power Exchange stems from our Energy Community membership and European Union accession process.
“Through the Western Balkan connectivity process, our obligation was either to create or join some of the exchange markets. However, we decided to create our own Power Exchange and accordingly three energy undertakings in Montenegro today signed documents formally establishing the Power Exchange”, told minister Ms Sekulić, and added that the Power Exchange means that energy undertakings having either surpluses or deficits of electricity may sell electricity in the market not only in Montenegro but also throughout the region.
CGES Executive DirectorIvan Bulatovićtold that the signing of Articles of Incorporation and Articles of Association of the Power Exchange in Montenegro was a strong move towards creating regional electricity market.
“Today’s establishment of the Power Exchange is of paramount importance, because energy undertakings and consumers in Montenegro will be able to trade in electricity as an exchange commodity in the future, thus encouraging competitiveness and transparency of the whole process. It will also influence the formation of referential price of electricity”, told Bulatović.
EPCGExecutive Director Tonino Maglio told that this company will enrich its portfolio by the newly-established power exchange, as well as electricity transmission and distribution system operators that will be able to buy electricity in the power exchange to cover portion of losses in their systems, and some power suppliers and direct buyers in the country and region.
“One of the aims of the Power Exchange is to cooperate with power companies in the region, and the establishment of an efficient and liquid wholesale market is a precondition for the establishment of a competitive retail market, which means that, consequently, the opening of power exchange will bring benefits to end customers as well”, told Mr. Maglio.
COTEEExecutive Director Milan Radovićtold that the establishment of Power Exchange created conditions for power operations beyond Montenegrin borders.
“We have more than 50 electricity traders in Montenegro, which will be enlarged by the establishment of the Power Exchange. This is simultaneously the chance for new employments in the very Power Exchange company, as well as new employments of people that will deal with exchange transactions”, told Radović.
According to him, very important conditions were created for us to be represented in Europe, i.e. to be part of the European power system through undersea cable and trading.
“This is a big day for Montenegro knowing that power sector is the backbone of the stability and development of economy in Montenegro“, concluded Radović.
Following the signature of Articles of Incorporation of the Power Exchange by three energy entities, the company is to be registered with the Central Registry of Commercial Entities, and afterwards the company will appoint Executive Director at the first session of the Board of Directors.