The Electric Power Company of Montenegro for the period January - June incurred an operating loss of 24,5 million euros, because in half of this period from April 1, the Pljevlja Thermal Power Plant (TPP) was not operating due to environmental reconstruction, so EPCG imported large quantities of electricity during that period at average prices of around 100 euros per megawatt, while selling it to households and businesses for around 45 euros, according to data from the company's balance sheet and reports published on the Montenegro Stock Exchange.
The thermal power plant, Montenegro's largest electricity producer, will not operate according to plan until November 15th of this year, which is why it was expected that EPCG, as well as its coal mine, would operate with significant losses this year because it did not increase the price of electricity to customers even though it is more than twice as high on the stock exchanges.
Even with this loss for half a year, EPCG's accumulated profit at the end of June amounted to 47,5 million euros. The state-owned company has accumulated profit in recent years precisely to cover this year's planned loss due to the EPCG's work break.
"During the first half of 2025, on a daily, weekly and monthly basis, 656 GWh worth €62,4 million was purchased at an average price of €95,09/MWh. For the observed period, EPCG purchased 238 GWh of electricity from COTEE (renewable sources at the feed-in tariff) at a price of €93,73/MWh, with a total value of €22,3 million," the report stated.
EPCG is entitled to a portion of the electricity bill, where it receives a total of 45 euros per megawatt hour. The company is also obliged to buy back the price from so-called privileged producers from sustainable sources (private small hydro and wind power plants), where the price is also more than double (93,97 euros) than the one at which it sells to citizens.
The part of the electricity that was known to be lacking this year was contracted by EPCG last year with prices that were slightly more than 100 euros per megawatt.
"EPCG's price to distribution consumers is significantly lower than the price at which energy is purchased on international exchanges, which has a significant negative effect on EPCG's operations and business results. The price at which EPCG purchases energy is above 100 euros per MWh, while it is delivered to distribution consumers for an average of 45 euros per MWh," the report states.
The extent of the loss due to price differences can be seen when comparing the total cost of all gross salaries in EPCG, which amounted to 15,4 million euros for these six months. The amount for gross salaries is 1,7 million less than in the same period last year, when 17,1 million euros were paid.
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