Montenegro’s state-owned power utility EPCG posted a net loss of 24.5 million euros in the first half of 2025, a sharp increase from the 3.43 million euro loss recorded in the same period last year, according to its half-year financial report. The company’s CEO is Ivan Bulatović, and the board is chaired by Milutin Đukanović.
Total revenues for the period amounted to 208.12 million euros, while expenses reached 234.7 million euros. Business expenses rose by over 15% year-on-year, driven by higher operating costs, despite a reduction in wage expenses. A key factor behind the loss was the shutdown of the Pljevlja Thermal Power Plant since March 31 for ecological reconstruction and regular maintenance.
Total electricity production for the first six months reached 1,058 GWh, or 78.8% of the plan. Hydropower output fell sharply due to poor conditions in the second quarter, with HPP Perućica and HPP Piva producing significantly below both plan and last year’s levels. TE Pljevlja generated 399.9 GWh, slightly above plan but well below 2024 output.
EPCG purchased 656 GWh from the market at an average price of 95.09 euros/MWh and sold 428.6 GWh at an average price of 124.8 euros/MWh. The company also bought 238 GWh from renewable sources under feed-in tariffs. EPCG noted that the price charged to domestic distribution consumers, around 45 euros/MWh, is far below market purchase prices exceeding 100 euros/MWh, which significantly impacts profitability.
