In 2025, Elektroprivreda Crne Gore (EPCG) recorded a deficit of EUR 92 million, while EPCG Group posted a loss of EUR 100 million.
Shareholders of Montenegro’s state-owned power utility Elektroprivreda Crne Gore adopted the financial and operations report for 2025, alongside a consolidated financial statement for EPCG Group.
EPCG’s total revenue in 2025 amounted to EUR 412.2 million, of which operating revenue accounted for EUR 405.6 million and financial revenue was EUR 6.6 million. Total expenses reached EUR 506.4 million, with operating costs making up EUR 466.1 million and employee compensation costs of EUR 28.5 million.
The net result after tax was a EUR 92.1 million loss, EPCG announced.
Of note, the company had a EUR 10.2 million profit in 2024, and it recorded a EUR 24.5 million loss in the first half of 2025.
EPCG Group’s consolidated financial statement for 2025 showed a net loss of EUR 100.2 million.
The result was primarily driven by an eight-month production halt at the Pljevlja coal power plant due to the completion of works on environmental reconstruction, as well as unfavorable hydrological conditions, according to the statements.
Electricity generation nearly 40% lower year-on-year
According to the report, total electricity generation was 1,801 GWh or 61.2% of the output achieved in 2024 and 77.5% of the target set in the electricity balance plan for 2025.
Total electricity supply amounted to 2,908 GWh, of which 2,869 GWh was delivered to consumers connected to the distribution network, marking a 5.5% increase above the plan and a 4.55% rise compared to 2024.
Through long-term and short-term trading, 1,611 GWh of electricity was purchased and 666 GWh was sold. To cover network losses, 321 GWh was supplied to distribution system operator (DSO) Crnogorski elektrodistributivni sistem (CEDIS), and 2 GWh was supplied to transmission system operator (TSO) Crnogorski elektroprenosni sistem (CGES).
New members of the Board of Directors
Capital investments last year totaled EUR 86.8 million.
At the shareholders’ assembly, current members of the EPCG Board of Directors were dismissed and new ones were appointed.
Jelena Anđelić, Neven Gošović, and Irfan Husović were appointed as non-executive directors; Milutin Đukanović, Zdravko Dragaš, and Nikola Madžgalj were named executive directors; and Rilinda Gjonbalaj Gerguri was appointed as independent director.
Tahir Gjonbalaj and Simo Jokić are no longer members of the board.
