Country Overview
The European country of the People’s Republic of Montenegro is bordered by Bosnia and Herzegovina, Serbia, Kosovo, Albania, Croatia, and the Adriatic Sea. The population of Montenegro is approximately 0.63 million people.
In 2021, Montenegro’s economy was ranked 146th in the world in gross domestic product (GDP). The country’s economy is dependent on the export of copper ore, raw aluminum, electricity, dried legumes, and packaged medicaments.
Environmental Policies
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, 99.8% of the people in Montenegro had access to electricity. In 2022, the state-owned Electrical Power Company of Montenegro (EPCG) used renewable energy (52.3%) and coal (47.7%) 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:
- 262 MW Solar Project – In December 2022, Montenegro company Elektroprivreda, Finnish company Forum, and Indian company Sterling and Wilson Solar commissioned the Briska Gora Solar PV project at a site approximately 30 miles south of the nation’s capital, Podgorica.
- 172 MW Hydropower Project – In February 2022, state-owned Electrical Power Company of Montenegro (EPCG) is continuing work on 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.
Conclusions
Montenegro imports refined petroleum primarily for transportation. In 2021, Montenegro imported U.S. $374 Million just for imported refined petroleum.
On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices 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 developing new renewable energy projects to increase electricity exports to European Union (EU) countries. Montenegro’s electricity exports will help the EU weather the loss of Russian natural gas and oil.
Jack Kerfoot
Website – “Our Energy Conundrum”
www.jackkerfoot.com
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, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.