The state-owned utility EPCG in Montenegro has reported a substantial net loss of 92.1 million euros for the year 2025, a stark contrast to the 11 million euro profit achieved in 2024. This financial downturn is largely attributed to an extensive eight-month shutdown of the TPP Pljevlja, which was undergoing necessary environmental modernization during this period. The prolonged outage significantly impacted the company’s operational capabilities and revenue generation.
Financial performance indicators reveal a marked decline in sales revenues, which fell to 397.4 million euros, over 20 million euros lower than the previous year’s figures. Concurrently, operating expenses surged to 466.1 million euros, representing an increase of approximately 75 million euros year-on-year. While personnel costs saw a slight decrease to 28.5 million euros, the overall workforce reduced to an average of 1,170 employees.
The combination of diminished income and escalating costs culminated in a significant annual loss for EPCG. Nevertheless, the company managed to partially cushion the blow through accumulated reserves, carrying forward retained earnings of around 72 million euros. Despite this, EPCG concluded the year with accumulated losses of 19.3 million euros, highlighting ongoing financial challenges.
On the asset front, EPCG has shown resilience with an increase in its long-term infrastructure investments. The total fixed assets rose to 1.173 billion euros, marking an increase of roughly 75 million euros compared to the prior year, indicative of continued investment in capital projects within Montenegro’s energy sector.
The events of 2025 underscore a critical intersection of operational disruptions and rising cost pressures within Montenegro’s energy landscape, with the extended shutdown of TPP Pljevlja being a pivotal factor that led EPCG from profitability into significant financial distress.
