Montenegro’s state-owned power utility EPCG denied reports that it is over-indebted or owes €283 million, explaining that the figure represents the sum of various accounting and operational items, many of which have no financial impact.
According to EPCG, €114.7 million relates to non-debt items — including €59 million in loans for the Solari 3000+/500+ and 5000+ projects, which are formally recorded through EPCG but repaid by consumers. Deferred tax liabilities (€46 million) and provisions (€9.7 million) are accounting items required under international standards and do not affect liquidity.
The company emphasized that only €81 million represents real, development-related financial obligations — long-term loans financing key projects such as the ecological reconstruction of the Pljevlja thermal power plant, modernization of the Perućica hydropower plant, and other capital investments essential for sustainable electricity generation.
EPCG also reported €30 million in routine business obligations in June, including €20 million for electricity imports — short-term operational costs that are regularly settled. Another €25 million relates to system and operational obligations within Montenegro’s power grid, while around €32 million covers supplier and contractor payments, consistent with ongoing investment activity.
The company highlighted that the €283 million figure reflects an intensive investment cycle, not debt, and that EPCG remains financially stable and fully compliant with all obligations. It is currently carrying out the largest investment program in the past 40 years, without relying on state guarantees.
Projects include wind farms Gvozd and Gvozd 2, multiple solar power plants (Željezara Nikšić, Kapino Polje, Krupac, Gračanica, Štedim), and the installation of new battery energy storage systems (BESS). By early 2026, EPCG expects to add nearly 200 MW of new renewable capacity, boosting domestic generation, revenues, and environmental performance.
Despite a challenging year marked by ecological reconstruction works and poor hydrological conditions, EPCG remains liquid and stable, with full support from international and domestic financial institutions. The company stressed that its strategic investments are building Montenegro’s long-term energy security and sustainability.
