Crnogorski Elektroprenosni Sistem (CGES), Montenegro’s electricity transmission system operator, reported a net profit of €12.9 million in the first half of 2025, up €2.83 million compared to the same period last year.
The company generated total revenues of €47.9 million, a 2.5% increase year-on-year, with operating expenses slightly higher by 0.27%. CGES maintained financial stability and liquidity, with approximately 74% of its assets financed by equity and 26% by debt.
The majority owner of CGES is the Montenegrin government with a 55.3% stake, followed by Italy’s Terna (22%) and Elektromreže Srbije (15%).
Despite market risks such as rising electricity prices caused by energy supply issues in Europe and geopolitical tensions, CGES has taken steps to mitigate impacts and expects continued positive financial performance.
In 2024, CGES achieved a net profit of €24.8 million. At the June 2025 shareholders’ meeting, a dividend payout of €5 million was approved, with the remainder retained for ambitious investment projects and regulatory requirements.
The shareholders also reappointed most board members, confirming Aleksandar Mijušković as Chairman of the Board, a position he has held since 2021.
