Elektroprivreda Crne Gore (EPCG) has secured an additional €30m loan from the European Bank for Reconstruction and Development (EBRD) for extension of the smart electricity metering programme in Montenegro.
The loan will be spent on further installation of smart electricity metres to enhance the power distribution grid in the country that currently suffers from high commercial and technical losses including distribution losses.
Earlier in 2010, the EBRD had supported the €43m smart electricity metering project by signing the original loan of €35m.
The project included installation of more than 175,000 smart electricity metres throughout the country.
As part of the project that aims to improve energy efficiency and reduce carbon emissions, approximately 164,000m have been installed to date.
Consequently, EPCG requested an additional EBRD loan for the purchase and installation of further smart meters throughout the rest of the nation.
EBRD Energy and Natural Resources managing director Riccardo Puliti said the bank gives key importance to the investments in smart metering and smart grids.
"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 said.
Upon completion of the project, the majority of consumers in Montenegro are expected to have smart electronic metres.
Image: New smart electricity meters were funded by an EBRD loan. Photo: courtesy of European Bank for Reconstruction and Development.