Owner of the local company Uniprom Mr. Veselin Pejkovic, which is new owner of the Aluminum factory Podgorica (KAP) said that EPCG offered to deliver electricity to the plant at the price of 40.80 EUR/MWh not including 3.5 EUR/MWh for transmission tax.

Although new price is lower than previously proposed by EPCG, it is still not acceptable and company will continue to purchase electricity at market price until long term agreement with either EPCG or some other supplier is signed.  KAP is the largest electricity customer in the country, with maximum hourly consumption of 200 MWh/h.

Earlier, Mr.  Pejovic proposed to EPCG to deliver electricity to KAP at the price of 38 euros/MWh (all transmission taxes included) in period of five years. Pejovic earlier said that, if EPCG refuses to deliver electricity at the 38 euros/MWh, KAP will only process imported aluminum.

Uniprom won in the tender for sale of KAP, which underwent bankruptcy proceedings, and runs the company since July 2014. Uniprom offered 28 million euros for KAP, but only in the case if EPCG agreed to deliver electricity at the abovementioned price.

 CEAC filed several complaints against the sale of KAP to Montenegrin courts, but they were all rejected. However, CEAC filed a complaint to the District Court of Nicosia, Cyprus. In the beginning of July 2014, District Court of Nicosia adopted a complaint and ordered an injunction on operations involving the assets of KAP, including the sale of KAP, its products but also disbursement from KAP`s accounts. The injunction will remain effective until the court passes final judgment on 44 million euros claim of En Plus Group (mother company of CEAC)

CEAC has initiated two international arbitrations against the government of Montenegro for breach of the KAP settlement agreement, and the foreign investments protection agreement between Cyprus and Montenegro. On 30th of September 2014, CEAC increased its damages claim in arbitration against Montenegro, to 910 million euros. Company said that there is a possibility that the claims would be even further increased during the arbitration process. This increase was resulted by the increase of claim for the first arbitration, from 100 to 310 million euros. First 310 million euros claim against the state of Montenegro is related to damages and losses caused to CEAC when the government decided to breach of the settlement agreement from 2010.

Regarding 2nd claim, CEAC said that the company is currently evaluating damages and losses caused to CEAK when the government decided to breach an agreement on “Protection of investment”.  Company has estimated losses and damages to 600 million euros, but said that there is possibility that claim would be increased after additional analyses.

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