Montenegro and Italy interconnect energy networks - Parties sign agreement worth 500 million euros
Montenegro and Italy have signed a memorandum of understanding in Rome on electricity market interconnection. The partnership also paves the way for the installation of the second Monita interconnector cable, which runs under the Adriatic Sea.
The energy ministers stressed that energy connections bring a more secure future, more stable supply and greater development opportunities. The agreement opens a new chapter in cooperation between the two countries and further strengthens Montenegro's position on the European energy map.
In the new phase of cooperation, Montenegro and Italy aim to connect their electricity markets for a more secure functioning of the system, according to the ministry's announcement.
“With this agreement, Montenegro is confirming its status as a reliable partner and energy bridge between the region and Europe. This is a big step forward, as it enables us to continue the construction of the second underwater cable line to Italy. Our green and clean energy will become a distinctive export product, which will bring new revenues to companies and greater competition in the European market,” the ministry announced.
The Montenegrin electricity market is attended by 29 companies from 13 countries. Since the establishment of the daily market on the Montenegrin Energy Exchange in April 2023, around 900 GWh (gigawatt-hours) of electricity have been traded, while the total volume, including the long-term market, amounts to around 3 TWh (terawatt-hours), the statement added.
The implementation of the memorandum will create the conditions for at least tripling the trade volume, as well as making a direct contribution to improving security of supply, according to the ministry.
The project has a value of 500 million euros, while the double cable will enable the exchange of energy in both directions simultaneously.
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