Montenegro — physical cross-border flows, 2026

Month by month

All borders together, with consumption for scale.

Month	Consumption, MWh	Physical exports			Physical imports			Zone price, €/MWh	Difference €	Import ÷ consumption
Month	Consumption, MWh	MWh	€/MWh	€	MWh	€/MWh	€	Zone price, €/MWh	Difference €	Import ÷ consumption
January	320,345	132,635	101.23	13,426,941	95,066	112.95	10,737,461	103.45	2,689,481	29.7%
February	272,139	158,644	59.51	9,440,222	70,959	60.71	4,308,085	63.91	5,132,137	26.1%
March	258,128	188,214	92.54	17,418,065	104,052	84.22	8,763,220	87.78	8,654,845	40.3%
April	194,270	138,951	95.91	13,326,938	104,682	84.69	8,865,779	89.44	4,461,158	53.9%
May	194,739	130,304	88.82	11,573,352	132,003	87.37	11,533,484	91.10	39,868	67.8%
June	244,767	164,500	94.80	15,593,791	122,655	93.70	11,493,038	100.30	4,100,753	50.1%
July	301,134	191,989	110.10	21,137,167	145,075	112.74	16,355,456	117.21	4,781,711	48.2%
August	349,899	200,130	139.49	27,915,812	150,100	140.34	21,065,565	149.73	6,850,247	42.9%
September34.0% of hours	62,820	45,514	150.90	6,868,278	32,601	154.57	5,039,116	163.37	1,829,162	51.9%
Total	2,198,241	1,350,880	101.19	136,700,568	957,193	102.55	98,161,206	105.00	38,539,362	43.5%

Consumption is measured separately, as the hourly average power summed over the month — not by adding up readings, since sources publish at different rates. The last column puts imports next to it for scale; it is not a dependency figure, because part of what enters passes straight through to another neighbour.

Where the difference comes from

38,539,362 € for 393,687 MWh that stayed in the country works out at 97.89 € per megawatt-hour, in a month that averaged 105.00.

Energy that stayed, at the month's average price −41,335,971 107.3%
What came in arrived above that average −2,341,213 6.1%
What went out left below it 5,137,822 -13.3%

The first line is energy the country needed and got. The other two — 2,796,609 € together — come not from how much moved but from when: cheap hours to sell in, expensive hours to buy in. That is the price of a timing mismatch, not a loss.

Official validation

The measured physical flow, checked against ANRE's published commercial trade.

Month	Physical net, MWh	Commercial net, MWh	Difference, MWh	Status
January	—	—	—	AWAITING OFFICIAL ANRE DATA
February	—	—	—	AWAITING OFFICIAL ANRE DATA
March	—	—	—	AWAITING OFFICIAL ANRE DATA
April	—	—	—	AWAITING OFFICIAL ANRE DATA
May	—	—	—	AWAITING OFFICIAL ANRE DATA
June	—	—	—	AWAITING OFFICIAL ANRE DATA
July	—	—	—	AWAITING OFFICIAL ANRE DATA
August	—	—	—	AWAITING OFFICIAL ANRE DATA
September	—	—	—	AWAITING OFFICIAL ANRE DATA

Gross volumes differ by design: the official indicators include transits, and a transit is counted once entering and once leaving, while a physical border sees it only once. Net figures converge, because transits cancel out — which is why the comparison is made on the net.

The percentage relates the difference to the month's commercial net. In a month with a small net, the same difference in MWh yields a larger percentage — which is why the difference is always shown in MWh as well.

ANRE publishes these exchanges as a physical balance in GWh. It publishes no import or export value and no average price per direction, so no money comparison is possible.

Physical cross-border flows and commercial electricity trades measure different phenomena. ANRE data is shown as an independent official benchmark and should not be interpreted as an exact reconciliation.