Between 2019 and 2024, the total number of employees within Montenegro’s state-owned power utility group, Elektroprivreda Crne Gore (EPCG), including its subsidiaries, increased by 1,491 — from 3,189 in 2019 to 4,680 in 2024, according to an analysis by the Ministry of Energy and Mining adopted by the Government.
The report highlights that while employment grew, EPCG’s overall financial performance weakened in 2024, marked by a sharp decline in profitability and liquidity. The ministry attributed much of the increase in employment and wage costs to EPCG Solar Gradnja, which added 124 employees despite its poor financial results.
EPCG Group — comprising EPCG, Coal Mine Pljevlja, CEDIS, Zeta Energy, EPCG Solar Gradnja, and EPCG Željezara — had total assets worth €1.6 billion in 2024, accounting for most of the Montenegrin energy sector’s assets. EPCG posted a consolidated net profit of €12 million in 2024, an 84% drop from 2023, primarily due to unfavorable hydrological conditions, lower electricity export revenues, and volatile market prices.
The analysis also included four other state-controlled companies: CGES, BELEN, COTEE, and Montenegro Bonus. Their combined operations remained positive, though profitability declined overall. CGES recorded a net profit of €24.8 million, down 30% from the previous year.
EPCG’s standalone net profit was €10.2 million, down 80% year-on-year. The company’s return on assets fell from 4% in 2023 to 0.8% in 2024, while return on equity dropped from 5% to 1%. Liquidity indicators also weakened, with the current ratio falling from 3.55 in 2020 to 1.5 in 2024, signaling growing short-term financial pressure.
Total capital investments in 2024 amounted to €52.9 million, mainly directed toward the “Solari” project, ecological modernization of the Pljevlja thermal power plant, and rehabilitation of hydro plants “Perućica” and “Piva.” The group’s total electricity production reached 3,234 GWh, led by the Pljevlja thermal plant (41%), followed by hydro plants Perućica and Piva.
For 2025, EPCG plans to invest around €250 million in further modernization and renewable energy projects, including the Gvozd wind farm and several solar plants.
The Ministry’s report concludes that, although the sector overall remains profitable, declining liquidity and profitability call for urgent measures — including stronger corporate governance, optimization of staffing, reduction of losses, greater transparency, and improved oversight of state-owned energy companies to ensure their long-term sustainability.
