Montenegrin state-owned power utility EPCG posted a significant financial decline in the first nine months of 2025, recording a net loss of 78.7 million euros, compared to a loss of 19.2 million euros in the same period last year.
The extended shutdown of TPP Pljevlja, Montenegro’s only coal-fired power plant, dominated this year’s results. The unit went offline at the end of March for a major environmental reconstruction and returned to trial operation only in early December. Since the plant typically supplies around 40 % of the country’s electricity, its absence forced EPCG to rely heavily on imports—about 800 GWh worth approximately 80 million euros—to meet domestic demand.
Net sales slipped slightly to 293 million euros, while expenses rose sharply. Operating costs jumped to 355 million euros from 293 million euros, offset only modestly by lower labor expenses, which dropped below 22 million euros. As a result, the company’s operating loss widened to 81.8 million euros, compared to 23.4 million euros in the same period of 2024.
Electricity generation also declined. EPCG produced 1,244 GWh in the first nine months, falling 22 % below its production plan and resulting in a trading deficit of 78.8 million euros. The company’s total installed capacity stands at 877.4 MW, dominated by the Perućica (307 MW) and Piva (342 MW) hydropower plants, along with the 225 MW TPP Pljevlja and several small hydropower stations.
Hydropower performance was particularly weak: HPP Perućica generated 478 GWh, about 25 % under plan and 6.3 % lower year-on-year, while HPP Piva produced 361 GWh, coming in 33 % below target and 31 % lower than last year.
TPP Pljevlja contributed only during the first quarter, generating 400 GWh before the overhaul—slightly above expectations but more than 50 % lower than in the same period of 2024.
