Montenegro’s electricity market recorded tighter supply conditions for delivery on 15 July 2026, with higher summer consumption and lower domestic generation driving the BELEN day-ahead baseload price to €126.59/MWh. The daily price increased by €22.60/MWh, reaching its highest level in seven sessions. Despite the rise, BELEN remained €24.48/MWh below Hungary’s HUPX market and €39.32/MWh below Italy’s electricity price level.
Higher consumption increases import dependence
Forecast national electricity consumption increased from 409 MW to 442 MW, representing growth of approximately 8 per cent within one day. At the same time, expected domestic generation declined from 308 MW to 291 MW, increasing Montenegro’s average import requirement from 101 MW to 151 MW. The projected shortfall represented around 34 per cent of total demand, highlighting the country’s reliance on regional electricity markets during periods of stronger tourism-related consumption and lower renewable generation.
Thermal generation remains dominant
The latest complete generation data showed continued reliance on the Pljevlja thermal power plant, which produced an average of 201 MW, accounting for around 71 per cent of recorded domestic generation. Hydropower contributed 49 MW, while wind facilities at Krnovo and Možura generated an average of 32 MW. Coal generation therefore remained the main source of electricity supply as Montenegro continued preparations for additional investments in solar, wind and battery storage capacity.
Evening scarcity lifts electricity prices
BELEN’s hourly price profile remained elevated throughout the trading session. The lowest hourly price reached €80/MWh at 12:00, compared with €22.10/MWh one day earlier. The highest price climbed to €200/MWh at 22:00. The average peakload price was €110.20/MWh, while off-peak electricity averaged €143/MWh, as the off-peak period included the higher-priced evening scarcity hours. The price structure increased the importance of flexible generation and storage capacity capable of supplying electricity after sunset.
Regional flows maintain Montenegro’s transit role
Montenegro continued operating as an electricity transit market, with commercial schedules showing average inflows of approximately 182 MW from Bosnia and Herzegovina, 72 MW from Serbia, 111 MW from Albania and 124 MW from Kosovo. Electricity exports towards Italy through the submarine interconnector averaged around 338 MW. These flows exceeded Montenegro’s domestic deficit because the country imports electricity from several regional markets while transmitting power towards the higher-priced Italian market.
Cross-border capacity remains important
The available transfer capacity outlook for August showed continued reliance on regional interconnections.
Available capacity into Montenegro included:
- 200 MW from Bosnia and Herzegovina
- 100 MW from Kosovo
- 50 MW from Albania
Available export capacity from Montenegro included:
- 200 MW towards Bosnia and Herzegovina
- 100 MW towards Kosovo
- 51 MW towards Albania
July transmission rights from Serbia to Montenegro cleared at approximately €6.51/MWh, while rights from Bosnia and Herzegovina to Montenegro were valued at €5.20/MWh.
Generation profile becomes key for new projects
For EPCG and private investors, electricity-market conditions place greater importance on project production profiles, balancing capabilities and access to transmission infrastructure. The value of future generation projects depends not only on installed capacity but also on when electricity can be delivered and how projects interact with regional markets.
Wind generation can provide higher system value than solar because of higher capacity factors and production outside the midday period, although wind projects still require analysis of transmission constraints and potential curtailment. Battery storage projects could capture higher evening prices, but their economic performance depends on maintaining sufficient grid connection capacity during periods of stronger demand and regional electricity flows.
