Montenegro's energy provider CEDIS will use a €32m loan issued by the European Bank for Reconstruction and Development (EBRD) to implement its smart meters programme.In a statement, the EBRD said CEDIS will use the loan to finance the purchase and installation of some 60,000 smart electric meters under the utility's ongoing smart meters programme.
Benefits of smart meters programme
The loan will help CEDIS install the advanced metering infrastructure to 85% of its customers. The loan will also be used to install an energy management system. The developments will help the utility to improve its billing accuracy and expand its renewable energy portfolio.
The smart metering infrastructure and energy management system is expected to help CEDIS to reduce its carbon emissions by 86,000 tonnes per annum.
According to the EBRD, the loan will enable Montenegro to be "the first EBRD country of operations to meet the EU target of smart meter coverage for at least 80 per cent of the population by 2020."
Harry Boyd-Carpenter, EBRD Director for Power and Energy, said: “Montenegro’s electricity sector is already one of the most modern in Europe. It is not a coincidence that the country also has the highest amount of EBRD financing per capita in all of our region. This project builds on our previous loans to EPCG, as well as our support for Montenegro's interconnection to Italy and the country's first ever wind farm. We are delighted to work again with EPCG, which has achieved the remarkable transformation of Montenegro's electricity distribution network, reducing losses and improving the quality of supply for all consumers.”
Zoran Djukanovic, CEO of CEDIS, added: Besides the fact that the electricity metering project is placing Montenegro among the leading countries that are transitioning towards smart grid networks, completion of this project is also bringing additional value by investing significant resources in reconstruction of the low voltage distribution network with the aim to improve considerably quality of services to all customers.
The €32 million ($35.6 million) loan brings investments made by EBRD towards the development of Montenegro's energy sector to €270 million ($301 million). [The EU directs €30 million towards energy efficiency initiative].
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