State-owned power utilities Elektroprivreda Crne Gore (EPCG) and Elektroprivreda Srbije (EPS) will jointly construct the Komarnica hydropower plant, and the start of the realization of the investment is very close, according to the directors of the two companies from Montenegro and Serbia.
EPCG and EPS will strengthen cooperation, which is extremely important for the energy security of Montenegro and Serbia and the entire region, said Milorad Grčić, acting director of EPS, and Milutin Đukanović, President of the Board of Directors of EPCG, after a meeting in Belgrade.
Of note, EPCG has a concession agreement with the Government of Montenegro for the construction of HPP Komarnica.
Grčić noted the project was designed in 1972, and that two and a half years ago EPCG and EPS restarted it. So far, the preparation of the study and conceptual design has well advanced, he added.
The investment in HPP Komarnica will be financed by EPCG with 51 percent, while EPS needs to provide the rest
The hydropower plant is planned to be built on the territory of Montenegro, and the planned capacity is 155 MW, while the investment is estimated at EUR 265 million. According to Grčić, 51% of the investment will be financed by EPCG, and 49% by EPS.
“The beginning of the realization is possible, realistic and very close,” he asserted, and added the investment is in line with EPS’s plan to increase the capacities for the production of green energy, while preserving its coal-fired power plants.
Milutin Đukanović, President of the Board of Directors of EPCG, underlined that energy has no borders and that all projects of common interest should be implemented as soon as possible.
Đukanović: I am convinced the current management of EPCG and EPS will start the construction of HPP Komarnica
“I am certain the current management of EPCG and EPS will not only start, but also advance greatly in the implementation of the HPP Komarnica project,” Đukanović said.
He underlined EPCG also plans the construction of HPP Kruševo, and that it is in talks with power utility Elektroprivreda Republike Srpske (ERS) from neighboring Bosnia and Herzegovina about the joint construction of HPP Sutorina/Boka.