Elektroprivreda Crne Gore AD Niksic (EPCG) has received a €30m loan extension from the European Bank for Reconstruction and Development (EBRD) for installation of additional smart electricity meters across Montenegro.
EBRD had provided €35m loan to EPCG to fund a €43m project to install more than 175,000 smart electricity meters throughout the country.
With installation of 164,000 meters, the original project has already proved highly effective at enhancing energy efficiency and reducing CO2 emissions, thereby increasing distribution efficiency and accountability for consumption revenues.
EBRD Energy and Natural Resources managing director said the investment in smart metering and implementation of smart grids are key priorities for the EBRD.
"This project will improve energy efficiency and reduce losses. It is also evidence of the EBRD’s sustained engagement with the Montenegrin power sector, with EPCG, and with the Italian utility A2A," Puliti added.
EPCG CEO Stefano Pastori said, "As a result of this project the majority of consumers in Montenegro will be switched over to smart electronic meters."
Photo: © European Bank for Reconstruction and Development 2013.