CGES

What CGES does

CGES (Crnogorski elektroprenosni sistem a.d.) is the state-owned electricity transmission system operator (TSO) of Montenegro, headquartered in Podgorica. The company operates the national high-voltage transmission grid, comprising 1,586.7 km of overhead lines across 400 kV, 220 kV, 110 kV, and 110/35 kV voltage levels, along with 31 substations. CGES was established in March 2009 through a court-ordered spin-off from Elektroprivreda Crne Gore under EU directives mandating separation of competitive and monopolistic electricity activities.

The company runs the National Dispatch Center (NDC) on a 24/7 basis, equipped with an integrated SCADA system developed in-house for real-time monitoring and control of grid operations, and operates a supporting telecommunications backbone. CGES is interconnected with the electricity grids of Kosovo, Bosnia and Herzegovina, Serbia, Albania, and Italy via submarine cable, and is a member of ENTSO-E and Med-TSO. It plays a central role in the Trans-Balkan Electricity Corridor linking Romanian, Serbian, Montenegrin, and Italian markets, with the Pljevlja substation serving as a strategic gateway.

As a regulated monopoly, CGES charges tariffs set by the Regulatory Agency for Energy (REGAGEN) for the 2023-2025 regulatory period, providing mandatory grid access to renewable energy producers, distribution system operators, and large industrial/commercial consumers. Ownership rests with the Government of Montenegro as majority shareholder, with Terna Rete Elettrica Nazionale S.p.A. (Italy's TSO) as the second-largest shareholder under a strategic partnership. The company employs approximately 365 people and is executing a multi-year modernization and renewable-integration capex program financed by the EBRD and AFD.

Name

CGES

Legal name

Crnogorski elektroprenosni sistem AD

Website

https://cges.me

Company type

Private

Founded year

2009

Operating status

Operating

Headcount range

251–500 employees

Short description

CGES (Crnogorski elektroprenosni sistem a.d.) is Montenegro's state-owned regulated monopoly electricity transmission system operator, managing a 1,586.7 km multi-voltage high-voltage grid, 31 substations, and cross-border interconnections serving domestic producers, distribution operators, and large consumers.

Ownership category

akta.pro rank

Product category

Electricity Transmission Services

NAICS

Electric Bulk Power Transmission and Control (221121), Electric Power Generation, Transmission and Distribution (2211)

SIC

Electric Services (4911)

akta.pro primary industry

System Operations & Control Centers (EMS/SCADA for Transmission) (EUADAAAG)

akta.pro secondary industries

Transmission Substations & High-Voltage Switchyards (EUADAAAF), HVAC Transmission Lines (EHV/UHV Overhead & Underground) (EUADAAAD), Cross-Border Interconnectors & Regional Transmission Coordination (EUADAAAB), SCADA/DMS/OMS Integration, Upgrades & Managed Services (EUAEANAE)

Keywords

• Electricity transmission services
• Transmission system operator
• High-voltage grid infrastructure
• Grid dispatch operations
• Cross-border electricity interconnection

Headquarters

HQ city

Podgorica

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Transmission Services: As a regulated transmission system operator, CGES charges regulated tariffs for electricity transmission services. Revenue is determined by the regulatory framework set by REGAGEN for the regulatory period 2023-2025.

Go-to-market motion1 record

Distribution channels1 record

Core offering

CGES operates Montenegro's national electricity transmission network under a regulated monopoly, providing bulk electricity transmission services across 1,586.7 km of high-voltage infrastructure spanning 400 kV, 220 kV, 110 kV, and 110 (35) kV levels, with 63 overhead lines and 31 substations. The company runs a 24/7 National Dispatch Center equipped with an in-house developed SCADA system for real-time grid monitoring, frequency regulation, and coordinated system operation. It also auctions cross-border transmission capacity and supports renewable energy integration and interconnections with Kosovo, Bosnia and Herzegovina, Serbia, Albania, and Italy.

Product overview

CGES operates as a single unified transmission system operator providing electricity transmission services across Montenegro. The company manages a 1,586.7 km transmission network at various voltage levels (400 kV, 220 kV, 110 kV, 110/35 kV) with 31 substations and 63 overhead lines. Core operations include the National Dispatch Center (NDC) providing 24/7 operational control via in-house developed SCADA systems, electricity transmission, and telecommunications services. Additional services include capacity auctions and the WEB Konzum consumption monitoring portal. The company is also executing major infrastructure projects including the Trans-Balkan Electricity Corridor connecting Romania, Serbia, Montenegro, and Italy, and the 400kV Lastva-Čevo transmission line construction.

Differentiator

Problem solved

Functional benefit

Products and services

• Elektroprenos (Electricity Transmission) Core regulated service providing bulk electricity transmission across Montenegro's national grid for renewable energy producers, distribution system operators, and industrial/commercial consumers.
• National Dispatch Center (Nacionalni Dispečerski Centar) Round-the-clock grid operations and dispatching service providing real-time monitoring, frequency and power regulation, and coordinated safe operation of the Montenegrin transmission system.
• Capacity Auctions Auction platform service for allocating transmission capacity on the Montenegrin electricity network to eligible market participants, including cross-border interconnections with neighboring countries.
• WEB Konzum (WEB Consumption) Web-based consumption monitoring and data portal providing electricity transmission system users with real-time and historical consumption data for the Montenegrin transmission grid.
• Telecommunications Infrastructure Telecommunications infrastructure service supporting operational data transmission, voice communications, and SCADA connectivity across CGES's transmission network.

Quantifiable outcome

• Upgrading capacity of Trebinje-Perucica-Podgorica-Vau i Dejes corridor to approximately 600 MW
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Four partnerships are on record, tiered core.

• Vjetro park "Korita" (Korita Wind Park)coreStrategic or Co-development Partner · 23 June 2026CGES and Korita Wind Park formalized collaboration on a €132 million project for wind farm grid connection. This partnership supports renewable energy integration into the Montenegrin transmission network.
• Terna Rete Elettrica Nazionale S.p.A.coreStrategic or Co-development PartnerTerna, the Italian transmission system operator and second-largest shareholder, has a strategic partnership agreement with the majority owner (State of Montenegro). Terna provides expertise in transmission system operation and development as a major industry player.
• ENTSO-E (European Network of Transmission System Operators for Electricity)coreStrategic or Co-development PartnerCGES is a member of ENTSO-E, participating in the European network of transmission system operators and contributing to the Ten-Year Network Development Plan (TYNDP).
• Med-TSOcoreStrategic or Co-development PartnerCGES participates in Med-TSO, the Mediterranean transmission system operators association, for regional cooperation and electricity market integration.

Scale indicators8 records

Recent moves8 records

Expansion highlights5 records

Direct peers

• ELES (Elektro-Slovenija): Slovenia's national TSO. Comparable small EU-member TSO with ENTSO-E participation, cross-border interconnections, and similar scale and operational profile.
• EMS (Elektromreža Srbije): Serbia's national TSO and a key Trans-Balkan corridor partner. Comparable in role, regional integration function, and infrastructure profile to CGES.
• OST (Operatori i Sistemit te Transmetimit): Albania's national TSO interconnected with Montenegro. Comparable small Balkan TSO with ENTSO-E membership and similar cross-border market integration dynamics.
• HOPS (Hrvatski operator prijenosnog sustava): Croatia's national electricity TSO. Comparable small-country European TSO with cross-border interconnections, ENTSO-E membership, and similar regulated monopoly structure to CGES.
• NOS BiH ( Nezavisni operator sistema u BiH): Bosnia and Herzegovina's transmission system operator. Directly comparable small Balkan TSO interconnected with CGES via the regional grid and operating under similar regulatory frameworks.
• MEPSO (AD MEPSO): North Macedonia's national TSO. Comparable small Balkan TSO interconnected regionally, with similar regulatory and EU-integration trajectory to CGES.
• KOSTT (Kosovo Transmission, System and Market Operator): Kosovo's national TSO, directly interconnected with CGES via the 400 kV network. Same regional market context, ENTSO-E candidate status, and small-system profile.

Regional players

• IPTO (Independent Power Transmission Operator / ADMIE): Greece's TSO and Med-TSO member alongside CGES. Comparable Med-TSO participant and EU-aligned small-market TSO with similar regulatory and renewable-integration dynamics.

Broad incumbents

• Terna Rete Elettrica Nazionale: Italy's national TSO and CGES's strategic minority shareholder. Operates one of Europe's largest transmission networks and provides technical partnership, making it the most relevant incumbent comparable for CGES.
• Transelectrica: Romania's national TSO and Trans-Balkan corridor anchor. Larger and more developed but operates the upstream endpoint of the same corridor CGES participates in.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights5 records

Customer concentration

• Xx.com/cges_official
• Facebookfacebook.com/CGESofficial
• LinkedInlinkedin.com/company/cges-ad-podgorica

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds2 records

Investors3 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 CGES