The Electric Company of Montenegro (EPCG) is embarking on a significant investment cycle, planning to invest nearly €300 million over the next three years, with a particular emphasis on renewable energy sources, announced its CEO, Ivan Bulatović.
“We are fully committed to the green agenda and must follow trends emerging from the EU. However, the challenge lies in the fact that 40% of electricity in Montenegro is generated from the Pljevlja thermal power plant, which plays a crucial role in the country’s energy system,” Bulatović stated during a panel at the Montenegro 2024 Economy Conference organized by the Chamber of Commerce (PKCG), titled “Is There a Green Europe Without a Green Western Balkans?”
According to EPCG, Bulatović also announced the commencement of construction on the company’s first wind farm.
Additionally, he highlighted the signing of an agreement with the German Development Bank for financing the eighth unit of the Perućica hydroelectric plant, as part of the third phase of reconstruction and expansion of this hydroelectric facility.
Bulatović specifically addressed the Solar 5000+ project, which involves installing solar panels on residential buildings, emphasizing that they are fully dedicated to green initiatives and plan to implement an even greater number of such projects in the near future.
He reminded attendees that last year, 1.5 gigawatts worth of permits for renewable energy projects were issued, representing a significant energy potential that EPCG will eventually harness.
“I believe that energy from renewable sources will not be lacking,” Bulatović concluded.
