Podgorica, (MINA-BUSINESS) – Elektroprivreda (EPCG) recorded a profit of €36.47 million at the end of the first quarter, along with capital growth, a lower debt ratio, and a positive energy balance, said Chairman of the Board of Directors Milutin Djukanovic, adding that the company has overcome the most difficult period and is now beginning to see the results of its investments.

He stated tin an op-ed that EPCG recorded a loss last year, noting that this does not signal a business collapse.

“This shows how vulnerable the energy system is when the Thermal Power Plant (TPP) Pljevlja is out of operation for eight months and when hydrological conditions are unfavourable. That is precisely why all projects that bring new domestic production must now be accelerated,” said Djukanovic. 

He noted that as of 31 March this year, the company had already recorded a profit of €36.47 million, with a positive energy balance, growing capital, and a declining debt ratio. 

According to Djukanovic, EPCG is focused on new sources, new megawatts, battery systems, modernization of hydropower plants, rooftop solar, wind energy, and strategic partnerships.

“These projects mean new revenue sources, reduced imports, a better energy balance, and greater security of supply,” he said.