Six state-owned energy companies in Montenegro employed an average of 5,242 workers in 2024, and three of them reported a combined net profit of €50.7 million at the end of the year, with accumulated profits reaching €223.9 million, according to financial reports submitted by the NGO Action for Social Justice (ASP).
According to ASP, the highest net profit of €24.8 million was achieved by the Montenegrin Electric Transmission System (CGES), which also reported €104.8 million in retained earnings and 340 employees by the end of the year.
“In 2024, CGES showed a cash outflow of around €8.5 million for dividends. The main shareholders of CGES, which manages the national transmission grid, are the State of Montenegro with 55% ownership, Italy’s Terna with 22%, and Serbia’s Elektromreža with 15%,” ASP stated.
Montenegro’s Electric Power Company (EPCG) reported a net profit of €10.9 million and retained earnings of €70.1 million at the end of last year. The company employed 1,176 workers, and no dividend payments were recorded in its 2024 financial statements, ASP noted.
The State of Montenegro holds just over 98.5% of EPCG’s share capital.
The Pljevlja Coal Mine, a subsidiary of EPCG, reported 1,245 employees at the end of the year.
“It recorded a net profit of €15 million and has €49 million in retained earnings. This is one of the few companies that has transparently published a report on payments made to the State of Montenegro and the local government of Pljevlja,” said ASP.
The coal mine supplies coal to the Pljevlja Thermal Power Plant (TE), Montenegro’s only non-renewable energy source, which is currently undergoing an environmental reconstruction following years of delays. The financial impact of the seven-month halt at the Pljevlja TE on EPCG and the coal mine, as well as the potential impact on electricity prices for consumers, is currently difficult to assess, ASP stated.
The Montenegrin Electric Distribution System (CEDIS), another EPCG subsidiary, reported a net profit of €645,000 in 2024, but has an accumulated loss of nearly €24 million. CEDIS has 1,753 employees.
EPCG Solar Gradnja reported 444 employees and a net profit of €92,000, but with an accumulated loss of €4.8 million. Meanwhile, EPCG Željezara ended the year with a business loss of €2.1 million and an accumulated loss of €5.6 million. It employs 284 people.
“In total, CEDIS, EPCG Solar Gradnja, and EPCG Željezara have a combined accumulated loss of €34.3 million, according to their 2024 financial statements,” ASP concluded.
The official reports also show that EPCG and its four wholly-owned subsidiaries in Montenegro employ a total of 4,902 people.
“EPCG also owns a fully owned subsidiary in Serbia. In Montenegro, it holds a 51% stake in Zeta Energy, about 33% in the Electricity Exchange, just under 16% in Green Gvozd, and a partial stake in First Bank of Montenegro,” ASP added.
