Ownership structure

Share capital of the Company amounts 155.108.283,12 , divided into 146.176.876 shares with the nominal value of 1,0611 €.

The total number of Company’s shareholders as of 08 February 2021 was 7.100. The majority owner is the state of Montenegro with 55,00 % of the Company‘s shares, while the Strategic partner of the majority shareholder - Terna Rete Nazionale S.p.a. holds 22,09% of shares. As of 08 February 2021 Natural persons owned 6,69 % of shares, joint venture funds owned 0.14 % of shares, custody accounts owned 0,61% of shares, legal persons owned 0,10 % of the Company‘s shares while Crnogorski elektroprenosni sistem AD holds 0,38 of the Company’s share capital.


chart Ownership structure 


CGES shares are quoted on “A” list of the stock exchange of Montenegroberza AD. ISIN of the share is: MEPRENRA1PG3.


Interest of CGES in Equity of Other Companies

CGES, as one of the ten founders, holds an ownership interest of 40,000.10 euros in the Coordination Auction Office in Southeast Europe (SEE CAO) headquartered in Podgorica, which is 14.28 % of the capital contribution of this company.

Based on information on possible solutions to open issues in the field of energy as a part of the Berlin Process, the Government of Montenegro at its session held on 9 June 2016 reached a conclusion on founding a limited liability to establish power exchange in Montenegro. The Power Exchange LLC was established in 2017, where CGES, as one of the three founders, holds a share of 179,995.00 that makes 33.33 % of the Company's capital.

As one of the four founders of Electricity Coordinating Centre Belgrade (EKC), CGES holds the ownership interest amounting to 49.548,31 which makes 25,00% capital of EKC. EKC was founded in 1993, with the aim of coordinating operation of electric power systems of Montenegro, Serbia and Macedonia, and in time has become a referential consulting house in South East Europe, at the same time providing permanent expert support to CGES and other owners in both operational work and strategic planning.

While respecting the decisions of the ENTSO-E relevant authorities, and in an effort to prepare in a timely manner for the implementation of standards of regional operational security coordination, in 2015, CGES, in cooperation with Serbian and Bosnian transmission operators - EMS and ISO BiH, established a Regional Security Coordination Centre - SCC LLC with headquarters in Belgrade. The founders of the center are equal owners, with a capital contribution of 34,765.00 each.

Power Exchange Ltd. (BELEN), headquartered in Podgorica, was established by CGES, COTEE and EPCG with the intention of establishing a wholesale organized electricity market in the form of an electronic trading platform.

Task of BELEN d.o.o. is to provide at all times in a transparent manner insight into market prices, quantities realized, as well as the number of participants in the electricity market while maintaining professional neutrality and respect for privacy of participants' data and to work towards market coupling in accordance with legal framework. It provides a broader aspect of the placement of supply and demand of the local market, thus improving efficiency and competition.

During 2021, BELEN d.o.o., the European Power Exchange EPEX SPOT and the Slovenian BSP “SouthPool” signed a Service Agreement that will mark the beginning of the establishment of a day-ahead electricity market (DAM) in Montenegro. The signatories of the Agreement have committed themselves to the development of a transparent and efficient electricity market, and the Montenegrin day-ahead electricity market is planned to commence operating in the second half of 2022.

CGES has a share of 40.6% of the capital of BELEN d.o.o.