Milutin Đukanović, Chairman of the Board of EPCG, highlighted the progress and ongoing challenges in Montenegro’s energy sector since 2021, emphasizing the critical role of renewable energy projects in ensuring the country’s energy stability.
He noted that EPCG overcame inherited problems, including previous mismanagement of the Pljevlja Thermal Power Plant (TPP Pljevlja), losses linked to non-market operations with Kombinat Aluminijuma Podgorica (KAP), and failed privatization attempts that cost hundreds of millions of euros. Strategic decisions to move KAP to market-based operations prevented further losses of nearly 150 million euros, while favorable hydro conditions and record production at TPP Pljevlja contributed to a positive financial result.
Đukanović stressed that previous governments and EPCG leadership had neglected green energy transition, failing to prepare for EU recommendations and the long-term shift to renewables. He criticized preferential treatment of certain energy producers, which he described as benefiting only privileged individuals rather than the state or citizens.
Since 2021, EPCG has focused on completing the ecological reconstruction of TPP Pljevlja, with over 80% of work and materials delivered, expecting the plant to return to operation by mid-November. Looking forward, Đukanović emphasized the need for new energy sources, including wind, solar, hydro, and battery systems, to secure Montenegro’s energy stability.
He also pointed out the dramatic decline in EPCG’s cash reserves from 230 million euros in January 2017 to 40 million euros by the end of 2020 and noted that electricity prices increased by 70.91% from 2010 to 2021, while remaining stable since 2021.
Đukanović concluded that Montenegro’s energy future relies on new investments in renewables and the continuation of strategic, professional management at EPCG.
