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EPCG Reports Record Profits and Sets New Energy Goals for the Year

Electroprivreda (EPCG) concluded last year with their best ever financial result, expecting profits between 70 and 80 million EUR, according to the company’s Board Chairman, Milutin Djukanovic.

At a press conference on last year’s performance and this year’s outlook, Djukanovic emphasised the need to stabilise operations of Solar Construction and EPCG Steelworks. A public call is underway for leasing the Steel Mill and Forge, with substantial investor interest reported by RTCG portal.

EPCG ended the year with about 58.9 million EUR in accounts, not including approximately 16 million EUR from December’s electricity exports. “Thus, EPCG’s balance on December 31st was around 75 million EUR,” Djukanovic stated.

He also noted that last year’s electricity production was record-high, 15% above the plan. “Our accumulations on December 31st were a surplus of 80 thousand megawatt-hours (MWh). If converted to money, it’s an additional eight million EUR,” he elaborated.

Djukanovic highlighted the burden of electricity costs for privileged consumers, with nearly 40 million EUR spent last year. He criticized this policy as detrimental to EPCG and citizens, benefiting a small group, and urged investigation by the prosecution and investigative journalists.

Djukanovic reminded that EPCG will offset the approved 5.63% electricity price hike for Montenegro’s electric distribution system (CEDIS) with discounts for regular payers, numbering around 240,000.

For this year, Djukanovic prioritized developing new energy sources and stabilizing Solar Construction and EPCG Steelworks operations.


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