The Ministry of Energy and Mining will focus on strengthening energy sector institutions and implementing capital energy projects in the coming period, said the relevant Minister Admir Šahmanović during a meeting with representatives of the Montenegrin Electricity Market Operator (COTEE).
"COTEE has a very important role in that system and it is encouraging that this year it plans further modernization and development of the company, fully in line with EU standards," said Šahmanović.
He added that significant work was done last year in harmonizing legislation with European standards in the field of energy, and that in the coming period, the focus will be on strengthening institutions and implementing capital energy projects.
The Ministry announced that Šahmanović discussed with COTEE management key activities and plans in the area of electricity market development in Montenegro, and that special attention was paid to the implementation of a donation from the European Commission (EC) of 500 thousand euros, intended to improve the company's work.
The implementation of the modern Market Management System (MMS) software, the procurement of which has been contracted for a value of 420 thousand euros, as well as the provision of adequate IT infrastructure for its application, were also discussed. The completion of the complete implementation of the MMS system is planned for November.
The meeting also discussed the international role of COTEE, which has been entrusted with hosting the EUROPEX General Assembly next year, which represents a significant recognition for Montenegro and further strengthens its position in the process of integration into the European electricity market.
They also discussed the continuation of activities to join COTEE in the Association of Issuing Bodies (AIB), with the aim of fully integrating the system of guarantees of origin of electricity into the European infrastructure.
"Šahmanović recalled that the Ministry of Energy and Mining has already provided the necessary regulatory framework by adopting relevant by-laws, which created the prerequisites for the further development of that system during this year," the statement said.
Activities related to the sale of electricity produced from renewable sources through the stock exchange were also discussed, in accordance with applicable legislation, as well as the role of COTEE in the system of market premiums and auctions for renewable energy sources, which are planned for this year in accordance with the National Energy and Climate Plan.
"Special emphasis was placed on the initiative to procure an OTC platform for bilateral electricity trading, which would further improve market liquidity, transparency and efficiency, with the possibility of using support through the GovTech program of the Innovation Fund," the Ministry said.
They also discussed monitoring regulatory trends at the EU level, especially in the area of REMIT regulations, as well as strengthening the technical and institutional capacities of COTEE for reporting and protecting market integrity.
Šahmanović said that COTEE plays an important role in the development of a modern, transparent and stable electricity market in Montenegro, and confirmed the Ministry's full support in further strengthening its capacities.
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