Electricity sales abroad brought Montenegro €78.5 million in export revenue during January-September 2026, accounting for approximately 18% of the country’s total merchandise exports, which reached €434.4 million, according to MONSTAT.
The figures underline the contribution of the power sector to export earnings and Montenegro’s exposure to regional electricity markets. Electricity was one of the most significant individual components of goods exports during the reporting period.
Energy-related industrial activity also recorded a sharp annual increase. Output in electricity, gas, steam and air-conditioning supply rose by 170.9% in the third quarter of 2026 compared with the same quarter a year earlier, contributing to overall industrial production growth of 31.6%.
The scale of the increase may partly reflect a recovery from a particularly weak comparative base. It does not, on its own, indicate an equivalent expansion in generation capacity or establish that Montenegro will maintain an export surplus in subsequent periods. Electricity exports are influenced by several factors that differ from those affecting manufactured goods. Wholesale market prices, hydrological conditions, thermal power plant availability, domestic consumption, interconnector capacity and the timing of transactions all affect export revenue.
Higher generation can increase the electricity available for foreign markets, while unfavourable hydrology or plant outages can change the balance. The reported €78.5 million in export value does not establish the volume sold or the average realised price without additional trading data.
For energy project developers and financiers, the value generated by electricity assets also depends on grid capacity, maintenance, storage, market access and reliable balancing arrangements. Electricity serves both as an export product and as an input for the wider economy. More diversified industrial production could reduce the dependence of Montenegro’s merchandise trade balance on fluctuations in a single resource-intensive sector, while reliable power supplies would support investment in tourism accommodation, logistics and industry.
