Elektroprivreda Crne Gore

What Elektroprivreda Crne Gore does

Elektroprivreda Crne Gore (EPCG) is Montenegro's state-owned vertically integrated electric utility, operating under the ownership of the Government of Montenegro. Headquartered in Nikšić, the company generates, transmits, distributes, and supplies electricity across all 23 Montenegrin municipalities. It serves 257,266 household customers plus all commercial and industrial customers in the country, with 23+ branch offices, a 19100 contact center, and digital self-service channels including a web portal and iOS/Android applications.

EPCG's generation portfolio combines hydropower (HPP Perućica, currently 307 MW with a 58.5 MW A8 expansion to 365.5 MW by 2027), thermal (TE Pljevlja, which underwent an 8+ month revamp in 2025), and wind (54.6 MW Gvozd, commissioned May 9, 2026 — the company's first wind farm and first major new asset in 40+ years; plus 72 MW Krnovo). The company is building out solar PV (11.43 MW Kapino Polje B1 approved), battery energy storage (~500 MWh target via PowerX), and virtual power plant capabilities. International interconnections include a submarine cable to Italy (with plans to double capacity to 1,200 MW via Terna) enabling renewable electricity export.

The business model is a regulated domestic monopoly. Revenue comes from electricity tariffs and network charges across household, distribution-system, and transmission-system customer classes (published pricing effective January 2026). Ancillary programs include the "Zlatni tim" loyalty program (38% discount for timely-paying households under 500 kWh/month), a Green Tariff Model for 100% renewable electricity supply, and Solar gradnja for customer-financed distributed PV. Capital expenditure is funded through sovereign-backed development loans from EBRD, KfW, and EFSD+, supplemented by a 50/50 joint venture with Masdar for large-scale renewable energy development. The CEO describes the current period as the most intensive investment cycle in EPCG's history.

Name

Elektroprivreda Crne Gore

Legal name

Elektroprivreda Crne Gore AD Nikšić

Website

https://epcg.com

Company type

Private

Founded year

1998

Operating status

Operating

Headcount range

51–100 employees

Short description

Elektroprivreda Crne Gore is Montenegro's state-owned vertically integrated power utility, generating, transmitting, and supplying electricity to all households, businesses, and industries across the country via hydro, thermal, and wind assets.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Hydroelectric Power Generation (221111), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro primary industry

Green Tariffs & Utility Renewable Supply Programs (EUAGADAJ)

akta.pro secondary industry

Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)

Keywords

• Electricity generation
• Electricity distribution
• Hydroelectric power
• Wind power generation
• Renewable energy supply

Headquarters

HQ city

Niksic

Offices25 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Supply: EPCG generates electricity from hydro, thermal, and wind sources and supplies it to end customers (households, businesses, industrial) across Montenegro. Revenue comes from electricity tariffs and network charges. The company also imports electricity when domestic generation is insufficient (imported 1,341 GWh worth EUR 142 million in 2025 due to TE Pljevlja revamp).
2. Renewable Energy Incentives - Green Tariff Model: EPCG offers a 'Green Tariff Model' providing 100% electricity from renewable sources for end customers committed to socially responsible business practices.
3. Solar Installation Financing (Solar Gradnja): EPCG enables customers to install photovoltaic systems and repay through equal monthly installments via credit arrangements, with customers becoming owners of small solar plants.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels7 records

Core offering

Elektroprivreda Crne Gore generates electricity from hydro, thermal, and wind sources and distributes/supplies it to all electricity consumers across Montenegro through its national transmission and distribution grid. The company also offers renewable energy programs including a Green Tariff Model for 100% renewable supply, customer-financed solar installations, and a loyalty program offering bill discounts for timely payers.

Product overview

Elektroprivreda Crne Gore (EPCG) is Montenegro's state-owned power utility operating as a single unified product (electricity distribution and supply) with multiple service modules and programs. The core offering comprises generation assets including the Gvozd Wind Farm (54.6 MW, EPCG's first wind park), HPP Perućica hydropower plant (307 MW, expanding to 365.5 MW with A8 unit by 2027), and planned Kapino Polje B1 solar plant (11.43 MW). Customer-facing modules include the Moj račun online account portal and mobile app for bill management, the Green Tariff Model for 100% renewable electricity supply, the Zlatni tim loyalty program offering 38% bill discounts, and the Solar gradnja program enabling customer-owned solar installations. The portfolio also includes customer service centers across 21 municipalities, the EPCG List magazine, and advisory services for energy efficiency.

Differentiator

Problem solved

Functional benefit

Brands

• Zlatni tim: A loyalty program for customers who consistently pay their electricity bills on time. Members receive discounts on active energy charges.

Products and services

• Electricity Distribution and Supply

Quantifiable outcome

• Gvozd wind farm delivered 10.5% of planned annual output in first month of operation (May 9 - June 13, 2026)
• +1 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered core and strategic.

• PowerX (Japan)coreStrategic or Co-development Partner · 7 May 2026MOU for strategic cooperation on Battery Energy Storage Systems (BESS). Target of approximately 500 MWh BESS capacity over initial 3-year period to support renewable energy integration and grid stability. Evaluation of establishing local BESS assembly capabilities in Montenegro. PowerX's entry point into European market leveraging Montenegro's EU candidate status and power interconnection with Italy.
• Masdar (Abu Dhabi Future Energy Company)coreStrategic or Co-development Partner · 23 April 202650/50 joint venture agreement to develop large-scale renewable energy projects in Montenegro, covering solar PV, wind, hydropower, pumped hydro storage, battery storage, and hybrid solutions. JV headquartered in Nikšić. Builds on Masdar's 2018 investment in 72 MW Krnovo Wind Farm. Supports domestic energy needs and renewable electricity export to Western Balkans and Southern Europe via existing sub-sea interconnection with Italy.
• Terna (Italian Transmission System Operator)strategicStrategic or Co-development PartnerStrategic cooperation on submarine power cable to Italy. Plans to build second submarine cable doubling interconnection capacity from 600 MW to 1,200 MW. Partnership enables renewable electricity export to European market.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Elektroprivreda Srbije (EPS): Serbia's state-owned electric utility, the largest power producer in the Western Balkans with a similar hydro-thermal-lignite generation mix. Directly comparable as a regional state utility undergoing energy transition and balancing legacy thermal with new renewables.
• Elektroprivreda Republike Srpske (ERS): State-owned electric utility of Republika Srpska (Bosnia and Herzegovina) with hydro and thermal generation and national distribution responsibility. Comparable in scale, structure, and transition mandate to EPCG.
• JP Elektroprivreda Bosne i Hercegovine (EPBiH): State-owned electric utility of the Federation of Bosnia and Herzegovina operating hydro, thermal, and distribution assets. Highly comparable as a Western Balkans state utility with overlapping generation mix and EU-aligned transition pathway.
• Hrvatska Elektroprivreda (HEP): Croatia's national state-owned electric utility with diversified hydro, thermal, and renewable generation plus full T&D operations. Larger in scale but the closest Western Balkans peer with full vertical integration and EU membership context.
• Korporata Elektroenergjitike Shqiptare (KESH): Albania's state-owned power corporation, hydro-dominant generation profile with national strategic role. Comparable as a small Balkan hydro-heavy state utility now expanding into renewables and regional interconnections.
• Elektrani na Severna Makedonija (ESM): North Macedonia's state-owned power generation utility with hydro-thermal mix and ongoing renewable expansion. Closely comparable in scale, asset profile, and Western Balkans regional context to EPCG.

Broad incumbents

• Verbund AG: Austria's largest hydroelectric utility and a leading European renewable electricity generator. Comparable as a hydro-anchored state-influenced utility pursuing pumped hydro, wind, and grid-scale renewables, though operating at significantly larger scale and with EU electricity market access.
• Statkraft: Norway's state-owned renewable energy company and Europe's largest generator of hydropower. Comparable as a state-owned renewable utility developing wind, hydro, and storage projects at scale with deep experience in flexible, dispatchable renewable generation.
• CEZ Group: Czech Republic's largest integrated energy utility with generation across nuclear, hydro, wind, and solar plus T&D operations. Comparable in vertical integration and the strategic shift from legacy thermal/lignite to renewables and EU-aligned energy transition.
• Iberdrola: Global renewable-heavy utility with major wind, hydro, and BESS operations across Europe and the Americas. Relevant as a benchmark for how integrated utilities monetize pumped hydro, storage, and grid services at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCJDuF6HU5_8VcIH8ZJldWSA/videos
• Facebookfacebook.com/ElektroprivredaCG
• LinkedInlinkedin.com/company/elektroprivreda-crne-gore-ad-niksic
• Instagraminstagram.com/_epcg

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Funding overview

Funding rounds4 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elektroprivreda Crne Gore