EPCG

Montenegro: EPCG secures €25.63 million EBRD loan to expand Gvozd wind farm capacity

Montenegrin state-owned power utility EPCG has obtained government approval to borrow 25.63 million euros from the European Bank for Reconstruction and Development (EBRD) to finance the second phase of the Gvozd wind farm, which will add 21 MW of capacity. The original Gvozd installation currently has 54.6 MW and is expected to generate approximately 150 […]

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Montenegro: EPCG seeks international partner for Komarnica hydropower project

Montenegro’s state-owned power utility Elektroprivreda Crne Gore plans to include an international partner in the development of the Komarnica hydropower project. The company cited the experiences of Norway, Austria, and France. The plant, with a proposed capacity of 172 MW, is expected to have an annual production of around 213 GWh. Elektroprivreda Crne Gore (EPCG)

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Montenegro: EPCG seeks international partner for controversial HPP Komarnica project

Montenegro’s state-owned power utility, EPCG, is preparing to bring an international partner on board to support the development of the long-delayed Komarnica hydropower plant. Designed to have an installed capacity of 172 megawatts and produce approximately 213 gigawatt-hours of electricity annually, the project is part of EPCG’s broader hydropower expansion strategy. Alongside Komarnica, EPCG is

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Montenegro: EPCG faces major financial strain amid TPP Pljevlja shutdown and rising electricity demand

Montenegro’s state-owned power utility EPCG is bracing for a significant financial shortfall in 2025, according to CEO Ivan Bulatović. To ensure a stable electricity supply for households and businesses, the company is expected to seek financial assistance from commercial banks. Several key challenges are driving the projected losses. The thermal power plant (TPP) Pljevlja, a

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Montenegro: EPCG reports €10.2 million Q1 2025 profit amid revenue and cost increases

Montenegro’s state-owned power company EPCG posted a net profit of 10.2 million euros in the first quarter of 2025, slightly down from 11.4 million euros in the same period last year. The company’s net sales revenues increased to 125.7 million euros during the first three months of 2025, up from 113.2 million euros in Q1

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Montenegro: EPCG receives environmental approval for Krupac solar power plant project

Montenegro’s state-owned power utility, EPCG, has received approval for the environmental impact assessment (EIA) study for the construction of the Krupac solar power plant. The facility will be located on three sites along the shores of Lake Krupac near Nikšić, covering a total area of approximately 118 hectares. The project, estimated at around 28.2 million

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Montenegro: EPCG reports sharp profit decline in 2024 amid hydrological and market challenges

Montenegro’s state-owned power utility EPCG recorded a net profit of €10.2 million in 2024, marking an 80.5% decrease from the €52.5 million profit achieved in 2023. The company’s pre-tax profit stood at €12.47 million, with retained earnings reaching €70.17 million by year-end. EPCG cited multiple factors for the profit slump, including unfavorable hydrological conditions that

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Montenegro: EPCG cancels second tender for Otilovici small hydropower plant over bid compliance issues

Montenegro’s state-owned power utility EPCG has terminated its second tender for the design and construction of the Otilovici small hydropower plant after rejecting all submitted proposals. The public procurement commission dismissed bids from three consortia led by local firms Vigoris Ecotech, Permonte, and Elnos Crna Gora. While all three offers aligned with the tender’s estimated

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Montenegro: EPCG seeks one-year extension for Otilovici small hydropower plant project

State-owned power utility EPCG has requested a one-year extension for completing the first phase of the Otilovici small hydropower plant (SHPP) project near Pljevlja. The delay is due to the ongoing tender process for the facility’s design and construction. The first phase involves preparing the necessary technical documentation. The Otilovici SHPP will be built on

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