In 2021, Montenegro’s economy was ranked 151st in the world in gross domestic product (GDP). The country’s economy is dependent on the export of raw aluminum, electricity, packaged medicaments, dried legumes, aluminum ore, sawn wood, and zinc ore.
In 2016, Montenegro signed the “Paris Climate Agreement,” committing to a 30% reduction in greenhouse gas emissions by 2030 compared to 1990 levels.
Power Generation Capabilities
In 2021, the state-owned Electrical Power Company of Montenegro (EPCG) used renewable energy (59.7 %) and coal (40.3 %) to generate electricity in the nation. Hydropower and wind are the dominant types of renewable energy used to generate electricity in Montenegro.
Recent renewable energy projects in Montenegro include:
- 250 MW Solar Project – Montenegro company Elektroprivreda, Finnish company Forum, and Indian company Sterling and Wilson Solar are continuing work on the Briska Gora Solar PV project at a site approximately 30 miles south of the nation’s capital, Podgorica. The project is forecast to be commissioned by year-end 2022.
- 172 MW Hydropower Project – In February 2022, state-owned Electrical Power Company of Montenegro (EPCG) announced plans to build the Komarnica hydropower plant, which is located in the southern region of Montenegro.
- 6 MW Wind Project – EPCG is continuing work on an onshore wind project at a site approximately 30 miles northwest of Podgorica. The project is forecast to be commissioned by year-end 2023.
Montenegro imports refined petroleum primarily for transportation. In 2020, Montenegro spent U.S. $118 Million just for imported refined petroleum.
On 24 February 2022, Russia invaded Ukraine, resulting in the United States, Canada, and the European Union placing embargos on Russian exports. The international price for crude oil and natural gas increased by over 50% from May 2021 to May 2022.
Montenegro has significant undeveloped renewable energy resources, including hydropower, onshore wind, solar, offshore wind, and biomass. Montenegro is actively developing new renewable energy projects to increase electricity exports to European Union (EU) countries.
Montenegro’s green electricity exports will help the EU adjust to the loss of Russian natural gas and oil.
Website – “Our Energy Conundrum”
Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio and television stations from New York City to Los Angeles on a wide range of energy topics.
 Montenegro Slovenia Population (2022) – World Population Review, November 11, 2022
 The World Bank Group, Access to Electricity (% of Population) – Montenegro
 Gross Domestic Product By Country 2021 – Worldometer
 The Observatory of Economic Complexity (OEC) – Montenegro
 Carbon Brief – “2015: Tracking Country Climate Pledges”
 Our World In Data, Montenegro : Energy Country Profile by Hanna Ritchie and Max Roser
 The Observatory of Economic Complexity (OEC) – Montenegro Imports