Montenegrin state-owned power utility EPCG reported a strong financial recovery in the first quarter of 2026, supported by higher electricity generation, increased sales revenue, and reduced operating costs.
The company achieved a net profit of 36.5 million euros for the January–March period, a significant rise compared to 10.2 million euros recorded in the same quarter last year. Operating profit also improved sharply, reaching 36.8 million euros, up from 9.4 million euros a year earlier.
Revenue from electricity sales increased to 142 million euros, compared to 126 million euros in the first quarter of 2025. At the same time, total operating expenses declined from 110 million euros to 97 million euros, while labor costs were slightly reduced to 8.1 million euros.
According to EPCG, the improved results were primarily driven by exceptionally favorable hydrological conditions, which boosted electricity production well above planned levels. Total generation in the first three months of 2026 reached 1,204 GWh, exceeding internal projections by 49%.
Hydropower facilities were the main driver of output growth. The 307 MW HPP Perućica produced 493 GWh, surpassing expectations by 48%, while the 342 MW HPP Piva generated 323 GWh, or 43% above planned levels.
Electricity production also rose at Montenegro’s only thermal power plant, the 225 MW TPP Pljevlja, which produced 385 GWh during the quarter, exceeding planned output by 83%. Small hydropower plants operated by EPCG added another 2.7 GWh, also outperforming expectations.
