Crnogorski elektroprenosni sistem (CGES), Montenegro’s electricity transmission system operator, reported a profit of €7.73 million for the first quarter of 2025—an increase of €3.83 million, or 98.5%, compared to the same period last year.
Total revenue reached €26.4 million, with €25.95 million generated from core sales. This represents an 11.87% year-on-year increase. Meanwhile, expenses rose slightly by 1.97% to €17.85 million. The company attributes its performance to stable operations and the absence of material risks during the reporting period.
CGES earns most of its regulated revenue through tariffs approved by Montenegro’s energy regulator, REGAGEN. However, regulatory corrections are applied when actual financial and energy figures deviate from approved values. REGAGEN has already imposed a €35.7 million negative correction for 2023, of which €9.5 million will be applied in 2025. For Q1 2025, a further correction of €7.3 million is expected.
Despite external risks such as energy price volatility driven by geopolitical instability, CGES says these factors will have no major impact on its financial stability for the remainder of the year.
Major shareholders include the Montenegrin state (55.37%), Italy’s Terna (22.08%), and Serbia’s Elektromreža Srbije (15%). CGES was established in 2009 following the restructuring of the national power utility and operates Montenegro’s high-voltage transmission network.
