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SMEG Concession renewed for 20 years

19-12-2009-

In the late morning of Friday 18th December 2009, H.E. Mr Jean-Paul Proust, Minister of State and Mr Bernard Prades, SMEG Chairman, signed an agreement to renew the concession granted to the Société Monégasque de l’Electricité et du Gaz (SMEG) for the distribution of electricity and natural gas in the Principality.

Pursuant to a series of concession agreements, SMEG has operated this public service for over a century. SMEG shareholders include the GDF Suez group, one of the leading energy specialists in the world, EDF, the main network operator in Europe, and the Monegasque State.

The goals sought by the Government via this concession renewal include: ongoing improvement to the quality of services, security of energy supply and the active involvement of SMEG in the State’s environmental policy.

As far as the environmental aspect of the agreement is concerned, SMEG has made a commitment, alongside the Principality, to pursue a sustainable energy policy with, for example, the monitoring of consumption patterns and energy management diagnosis. Several tools will be implemented for all consumers in the Principality, such as the widespread introduction of smart meters.

SMEG has also agreed to repurchase electricity of renewable origin produced in Monaco and to develop a communication policy focused on energy saving and energy efficiency.

Last but not least, the setting up of a sustainable development fund credited by SMEG and controlled by the State, will help to fund action to promote: demand side management (DSM), the development of renewable energies and the reduction of greenhouse gas emissions.

This new 20-year agreement enters into force with a retroactive effect as from 1st January 2009.
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