European Commission President von der Leyen visits EU-funded energy project in Podgorica

President of the European Commission Ursula von der Leyen visited today a power substation in Podgorica, one of the 15 electrical transmission facilities across Montenegro that have been upgraded with state-of-the-art equipment funded by the European Union.

As part of the Trans-Balkan Electricity Corridor, one the flagship projects under the Economic and Investment Plan for the Western Balkans, the EU has provided €25 million in non-repayable grants for Montenegro to improve its domestic transmission network, reduce transmission losses and outages, and to lower electricity prices for residents, industry and investors.

“It is a real success story – made in Montenegro and powered by the EU. With it, Montenegro has the potential to become a major energy provider in the region,” the Commission President said.

The total investment in modernization of Montenegro’s electric transmission grid exceeds €144 million, building on a Team Europe approach. It is financed by the country own resources, through the Montenegrin Electricity Transmission Company – CGES, and a combination of EU grants and investments from Italy, Germany and the EBRD.

The Montenegrin section of the Trans-Balkan Electricity Corridor has a strategic regional importance, as it allows for better connectivity with the electricity transmission systems of Bosnia and Herzegovina and Serbia and for the region’s closer integration into the wider European energy market.