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Pejović: KAP is paying the most expensive electricity in Europe

Podgorica-based Aluminium Plant, KAP, is paying the most expensive electricity in Europe and I’ll have the meeting with the representatives of the Electric Power Company of Montenegro, EPCG, soon in order to agree on the conditions for the next several years, Veselin Pejović, the owner of KAP, told Dan daily.

KAP is paying EUR 52 per megawatt hour, of which EUR 38.9 is paid to EPCG, EUR 4 to the Montenegrin Electric Transmission System (CGES), while the rest goes for VAT. The 3-year contract with EPCG is to expire in the end of this year.

“The electricity bill for March that I’m paying to EPCG amounted to 2.2 million euro, while the transmission charge ranges from 200.000 to 230.000 euro. I’ve been paying the most expensive electricity in Europe and in June or July, I’ll have the meeting with the EPCG representatives to see what to do in the next few years,” said Mr Pejović during his recent visit to the factory.

He emphasized that he has invested 36 to 40 million euro in KAP so far and that despite these massive investments, the factory still has great losses.

When asked why he has invested only 40 million, having in mind he had told he was going to invest 76 million euro by 2019, he said one of the reasons for this was that he couldn’t transfer assets in his own name.

In addition, Mr Pejović made a point of being clear about KAP – he did not intend to sell it. “I won’t leave it. Ever. There’s no need to sell KAP.”

 

 

 

 

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