Montenegro’s state-owned coal mining company Rudnik Uglja recorded a net loss of €6.9 million in 2025, reversing a €15 million net profit the previous year, after the extended closure of the country’s sole thermal power plant slashed demand for its output by more than half.
TE Pljevlja, which is Rudnik Uglja’s principal customer and the only coal-fired power station in Montenegro, was taken offline between April and December 2025 for a major ecological overhaul costing approximately €70 million. The shutdown caused Rudnik Uglja’s deliveries to the plant to fall to 561,000 tonnes, a reduction of 849,000 tonnes compared to 2024, and sent net sales revenue plummeting to €32 million from €65 million the prior year.
Total coal mined in 2025 reached 733,000 tonnes — 27% below the company’s production plan and 55% lower than 2024 output. After supplying TE Pljevlja, the remaining volume was sold to other buyers in Montenegro and the wider region. Operating expenses held broadly flat at €29.7 million against €29.6 million in 2024, while staff costs fell to €24.4 million from €26.3 million. The company swung to an operating loss of €7.5 million from an €18 million operating profit in 2024.
Both Rudnik Uglja and TE Pljevlja are owned by state power utility Elektroprivreda Crne Gore. The thermal plant returned to trial operations in December 2025 and is expected to resume normal output by mid-2026, which should restore coal demand to more typical levels in the current financial year.
