Montenegro’s electricity transmission operator CGES reported a net profit of €24.8 million for the past year, continuing its strong financial performance. The company has recorded significant growth in recent years, with profits rising from €16.9 million in 2021 to €35.7 million in 2023.
Key factors behind this success include major infrastructure investments, the adoption of new technologies, and improved operational efficiency. The company emphasized that its efforts to optimize electricity transmission have resulted in lower losses despite increased energy flow.
As a result of the company’s financial performance, electricity transmission tariffs for consumers in Montenegro were reduced, mitigating an expected 5.73% increase in electricity prices to 3.41%.
The company is implementing a five-year investment plan worth €207 million, focusing on expanding transmission capacity and integrating renewable energy sources. Key projects include the Trans-Balkan Corridor, strengthening interconnections with neighboring countries, and modernizing internal infrastructure to enhance system reliability.
The shift to renewable energy presents challenges, as fluctuating electricity production can impact grid stability. The company is addressing this by reinforcing its network and collaborating with regional operators to improve system security.
Since becoming independent in 2009, the company has expanded its infrastructure significantly while keeping workforce growth minimal. The number of employees has increased from 316 to 340, while the length of transmission lines has grown from 1,270 km to 1,550 km, and the number of high-voltage substations has increased from 19 to 30.
Despite operating with a lean workforce, the company continues to achieve strong financial results and enhance Montenegro’s energy security and integration into the European electricity market.
