Montenegro’s EPCG posts biggest profit in its history

Montenegro’s state-owned power utility Elektroprivreda Crne Gore (EPCG) posted a record profit for the first half of 2023.

In the first six months of this year, EPCG recorded a net income of more than EUR 100 million, the most since the company was established, Chief Executive Officer Nikola Rovčanin said.

Of note, profit was EUR 6.4 million in the same period last year.

Rovčanin compared the state-controlled coal and power producer’s net earnings from the first half of 2023 with the first half of 2018, when they came in EUR 43 million, a record high at the time.

He pointed to the results for the first six months from several previous years. In 2011, the utility suffered a loss of EUR 10 million. In 2012 and 2017 it was EUR 4 million and EUR 7 million in the red, respectively. EPCG also achieved profit in 2021 (EUR 17 million), the year before that (EUR 2 million), 2019, 2016, 2014 (EUR 13 million each), 2015 (EUR 12 million), and 2013 (EUR 42 million).

EPCG’s debt is low

Rovčanin claimed the record windfall was driven by smart business decisions by the management and the board of directors, a sound business vision, favorable hydrological conditions, and good management during the energy crisis.

He noted the results were achieved without financial support from the state budget and with no price increases for households.

It is a unique example in the region and in Europe, Rovčanin stressed and added that EPCG’s indebtedness level is low.

According to the company’s website, EPCG was established in 1998 based on the decision to transform the public utility Elektroprivreda Crne Gore.