The Memorandum of Understanding on the interconnection of the electricity market between Italy and Montenegro, which opens a new chapter in cooperation between the two countries and further strengthens Montenegro's position on the European energy map, was signed today in Rome.
The agreement was signed by the Minister of Energy and Mining, Admir Šahmanović, and the Minister of the Environment and Energy Security of Italy, Gilberto Piceto Frattini, with a shared message that energy connectivity means a safer future, more stable supply and more opportunities for development.
The connection of the electricity market between Montenegro and Italy, as announced by the Ministry of Energy and Mining, relies on the existing submarine cable, which already connects the two countries, and is now taking a step further, towards a common market and harmonization of policies that will enable a freer flow of electricity and a safer functioning of the system.
Šahmanović said that with this agreement, Montenegro confirms its status as a reliable partner and energy bridge between the region and Europe.
"After several years of stagnation, this is a big step forward, as it allows us to launch the continuation of the project and the construction of the second strand of the submarine cable to Italy. This opens up opportunities for our green, clean energy to become a recognizable export product, which means new revenues for the economy and greater competitiveness on the European market," said Šahmanović.
He stated that today they once again confirmed good neighborly relations with Italy and that they show that Montenegro is slowly but surely entering the European family through concrete projects and partnerships.
"This is a step that brings long-term energy security to our citizens, and new opportunities for development to our economy," said Šahmanović.
29 companies from 13 countries currently participate in the Montenegrin electricity market, which demonstrates the growing interest of international partners and confidence in the domestic energy system.
Since the launch of the day-ahead market in April 2023, around 900 GWh of electricity has been traded to date, while the total trading volume, together with the long-term market, amounts to around three TWh.
"The implementation of this memorandum with Italy will create conditions for (at least) three times the trading volume, a clearer price signal for new investments and a direct contribution to greater security of supply," the statement said.
Šahmanović said that partnership with Italy means more stability, more trust and more opportunities for everyone.
According to him, energy connectivity is a way for Montenegro to use its potential and for the energy it produces, in a clean and sustainable manner, to become part of the European energy future.
"For us at the Ministry of Energy, this is in a way the crowning achievement of the entire team. From March until today, we have launched many processes, accelerated the dynamics of some key projects and moved deadlines where possible. I have many reasons to be satisfied and proud of everything we have achieved," concluded Šahmanović.
Support for this important step was also provided by Prime Minister Milojko Spajić, who attended the signing of the Memorandum together with the Minister of Public Works, Spatial Planning and State Property, Majda Adžović.
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