Montenegro’s state power company EPCG recorded a loss of €78.7m in the first nine months of the year, an increase of €59.5m compared to the same period last year, when the company reported a €19.2m loss. The report notes changes in company leadership during this period. EPCG generated €302.2m in total revenue, but expenses reached €383.6m, driven by higher operating costs, while wage expenses decreased. Financial revenues slightly exceeded financial expenses.
The company’s performance was significantly affected by the shutdown of the Pljevlja Thermal Power Plant from 31 March due to environmental reconstruction and annual maintenance. Despite higher-than-average rainfall, hydropower output was below expectations. Total electricity production reached 1,244.3 GWh, or 77.9% of the plan, with hydropower plants missing targets and the thermal plant producing more than planned but far less than last year.
EPCG sharply increased electricity purchases on the wholesale market compared to 2024, buying 1,316 GWh for €140.5m, while selling 510.2 GWh for €66.2m. The company also bought more energy from renewable sources under feed-in tariffs and sold more electricity to cover grid losses. Revenue from domestic affiliated companies rose to €24.14m, while the cost of purchasing renewable energy increased to €35.72m.
