A prolonged shutdown of its main thermal power plant pushed the state-owned utility EPCG deep into the red in 2025, fully reversing the profit recorded in the previous year. The company ended the year with a net loss of 92.1 million euros, a sharp deterioration compared to 2024, when it posted an 11 million euro profit. The downturn was primarily driven by an eight-month outage at TPP Pljevlja, which underwent environmental modernization works during the period.
Financial data show a clear weakening in revenue performance combined with rising cost pressures. Sales revenues fell to 397.4 million euros, more than 20 million euros below the previous year’s level. At the same time, operating expenses increased significantly to 466.1 million euros, rising by roughly 75 million euros year-on-year. Personnel costs edged slightly lower to 28.5 million euros, while the average number of employees decreased to 1,170.
The combination of lower income and higher expenditures resulted in a substantial annual loss. Despite this, the company’s financial position was partially supported by accumulated reserves, with retained earnings of around 72 million euros carried into 2025, limiting the impact on overall equity. However, at year-end, EPCG still reported accumulated losses of 19.3 million euros.
On the asset side, the company recorded growth in its long-term infrastructure base. Total fixed assets rose to 1.173 billion euros, an increase of around 75 million euros compared to the previous year, reflecting ongoing investments and capitalized projects within the energy system.
Overall, 2025 was marked by a combination of operational disruption and cost inflation, with the extended TPP Pljevlja shutdown emerging as the key factor behind EPCG’s reversal from profit to significant loss.
