Executive Director of the Electric Company of Montenegro (EPCG) Ivan Bulatović He was removed from that position based on a political agreement between the parties that, among others, make up the government at the state level - PES, Bosniak Party and the coalition For the Future of Montenegro, it was confirmed to "Vijesti" by several sources who are familiar with the developments in the state energy company.
According to the newspaper's sources, PES wanted better control over party employment, but Bulatović was not suitable for implementing those plans.
Interlocutors of "Vijesti" claim that Bulatović was offered to resign from the position of executive director and instead receive the position of director of the Regulatory Agency for Energy and Regulated Utilities, which he refused.
"The Prime Minister was also involved in these talks." Milojko Spajic", said one of the sources.
"Vijesti" asked these three parties last night whether Bulatović was dismissed after a political agreement and whether it was true that he was offered a position at the Energy Regulatory Agency in exchange for his resignation, and they are awaiting a response.
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Member of the SD Boris Mugoša yesterday he stated that the Government should have dismissed the Board of Directors if there were poor results.
"Of course, PES-BS cannot touch the Chairman of the Board of Directors, Milutin Đukanović, because he is a DF, but they are dismissing the executive director who has been a professional in the energy sector for over 20 years. What is the difference between PES, BS and DF? Ideological," he wrote on the X network.
They don't point out his mistakes.
The proposal for the expansion of yesterday's Board of Directors (BOD) session, which "Vijesti" has access to, calls for Bulatović's dismissal "after it was observed that key obligations set out in the business and development plans for 2025 have not been implemented, which has called into question the achievement of planned indicators of electricity production, procurement and consumption, as well as the implementation of several strategic projects" and "The Board of Directors assessed that, given the entry into the last quarter of the year, the situation cannot be postponed and that it is necessary to react urgently by making a decision to dismiss the executive director". There are no details about which obligations Bulatović has not fulfilled and what delays are involved.
The proposal to expand the Board of Directors session was signed by members of the Board of Directors close to the "Europe Now" Movement. Dragan Lončar, Jelena Andjelic, Simo Jokic i Irfan Husovic who is close to the Bosniak Party.
In addition to these four members, the chairman of the Board of Directors also voted for Bulatović's dismissal. Milutin Djukanovic (Coalition for the Future of “Montenegro”), while Neven Gosovic (Democrats) and Tahir Djonbalaj (Democratic Alliance of Albanians) did not vote for Bulatović's dismissal.
According to unofficial information from "Vijesti", Đukanović, who did not sign the proposal to expand the agenda, voted to dismiss Bulatović "for the sake of further cohesion in the OD and the ruling coalition at the state level."
Appointed as Acting Director of EPCG je Bojan Giordan, former executive director of the Directorate for Renewable Energy Sources.
The energy company announced that it will soon announce a vacancy for a new CEO. However, this cannot happen soon due to the recently adopted Law on Business Companies, according to which the Government must provide guidelines to all state-owned enterprises on which of two models they should apply in selecting the management of state-owned companies. The law comes into force on 1 January 2026.
EPCG appointed Bulatović as the Executive Director for a four-year term at the end of January 2024 after the complete public competition procedure was carried out. He replaced Nikola Rovčanin (Democrats) who previously resigned due to his transfer to the position of MP. Bulatović also has the right to sue EPCG for the dismissal.
"The only lawyer in the Board of Directors, Gošović, said that the dismissal was completely illegal, and at the Board of Directors meeting, comments were heard that it was the result of an agreement at a higher level. The minutes from the meeting can reveal a lot to the public," Bulatović told Vijesti yesterday.
Reason for the shift
The proposal to expand the agenda was submitted, as stated in the document that "Vijesti" has access to, based on Article 64, paragraph 2, in connection with Article 63 of the Rules of Procedure of the Board of Directors of EPCG.
"Article 27 of the Employment Agreement of the Executive Director of EPCG stipulates that the Executive Director and the company accept all rights, obligations and responsibilities established by law, the company's general acts and the contract in question. Article 174, paragraph 3 of the Law on Business Companies stipulates that the Board of Directors may dismiss the Executive Director even before the expiration of the term of office, without stating reasons, in which case the Executive Director may request payment of compensation in accordance with the contractual, legal and prescribed provisions. Article 63 of the Rules of Procedure further stipulates that the proposed agenda may be amended at a meeting of the Board of Directors in accordance with Article 64, i.e. by the votes of the majority of members, while Article 64, paragraph 2 states that the Board of Directors may amend the agenda if there is a need to consider issues that are of particular importance to the company and whose resolution cannot be postponed," the document states.
It is further noted that a detailed analysis of the report on the business operations and implementation of EPCG's plans for 2025 has revealed that some of the key obligations, which were identified as priorities in these documents, have not been implemented, which threatens to lead to significant deviations from the planned indicators of electricity production, procurement and consumption in 2025, or to the postponement of some of the key projects. However, it is not specified which projects are in question.
"Given that the last quarter of 2025 has begun, we believe that there are reasons of particular urgency for the proposed agenda item to be considered at the first subsequent meeting, namely the XXXVII regular meeting of the Board of Directors, so that the effects achieved by the potential consideration and adoption of a decision on this agenda item are visible and produce results before the end of 2025. Although materials have not been prepared for this item in accordance with the Protocol referred to in Article 38, paragraph 1 of the Rules of Procedure, we believe that the explanation in the proposal meets the requirements of Article 64, paragraph 2 of the Rules of Procedure, since this is an agenda item that requires the consent of the majority of members of the Board of Directors," the document states.
The Energy Balance of Montenegro for 2025, which the Government adopted in November last year based on the EPCG plan, stated that the Željezara and Brana Vrtac and Krupac solar power plants would begin operating in April this year, but that did not happen.
The "Vijesti" source explains that the project was delayed, but that it is not Bulatović's fault because upon his arrival as executive director, the project to connect these power plants began, solar panels were installed, but expropriation had to be done, substations with CEDIS had to be reconstructed, poles had to be moved...
"These are objective circumstances that could not be influenced, and these solar power plants will be put into operation by the end of the year. It is absurd that Đordan, who was appointed acting director, is in charge of these projects. It is also necessary to point out that the Board of Directors, according to the Statute, has an operational function and that it met every 15 days and that it never had any objections to the work of the entire company management," said one of the sources for "Vijesti".
Đordan also sought support for Bulatović from Spajić, Šahmanović and the Board of Directors
On October 6th of this year, the management of EPCG sent a letter to Prime Minister Spajić, Minister of Energy Admir Šahmanović and the Board of Directors of the energy company, in which it requests support for Bulatović and the management in completing the environmental reconstruction project of the Pljevlja Thermal Power Plant and implementing strategically important EPCG projects.
This letter, which "Vijesti" has access to, was signed by all members of the company's management, including the technical and financial directors, and all executive managers of functional units and directorates. A total of 12 of them, including Đordan.
"EPCG is in the final phase of implementing the Project for the Ecological Reconstruction of the Pljevlja Thermal Power Plant and the sub-projects for the adaptation of the boiler and the adaptation of the chimney. It is not necessary to emphasize how important it is to return the thermal power plant to the production process as soon as possible, since it is one of the most important production facilities that still generates 44% of the total electricity produced annually in EPCG production facilities. Accordingly, it is unknown what reasons are driving individuals who, in the last few weeks, have been systematically and inappropriately publishing inaccurate and unverified information about the Executive Director of EPCG, Ivan Bulatović, which is aimed at calling on the Government of Montenegro, as the founder and majority owner of EPCG, to initiate the early dismissal of the Executive Director of EPCG, although there is no reason or legal basis for this," the letter states.
It is further stated that the completion of one of the largest projects in the history of EPCG, the environmental reconstruction of the Pljevlja TPP, is significant for the stability of the country's electricity sector and the stability of EPCG's operations.
"We believe that the Government's strategic commitment is to complete the aforementioned project as soon as possible and to ensure a stable supply of electricity to citizens and businesses at a time of poor hydrological conditions, and that this is more important than the position of the Executive Director of EPCG or any other individual in the country," the letter states, listing all the projects that the management is working on.
It was also pointed out that all members of the management are of the opinion that EPCG Executive Director Ivan Bulatović is leading the company on the right path and therefore has the undivided support of the management.
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