Serbia’s EPS 2020 profit more than doubles to EUR 137 million

State-owned power utility Elektroprivreda Srbije (EPS) has posted a RSD 16.2 billion (EUR 137 million) profit for 2020, more than double compared with 2019, when it stood at RSD 7.2 billion (EUR 61.1 million).

Elektroprivreda Srbije last year produced 34 TWh of electricity, up 2% compared with 2019. It realized investments in the amount of RSD 37.7 billion (EUR 320 million), out of which RSD 11.8 billion (EUR 100 million) was invested in environmental protection projects.

The company has also maintained good results at the beginning of this year, tripling its electricity sales on power exchanges in the period from January 1 to April 6 against the same period last year and generating revenues of about EUR 74 million, the company said.

EPS invested EUR 100 million in environmental protection, with total investments reaching EUR 320 million

In the year to April 6, a total of 1.4 TWh was sold on the power exchanges. The main reason were good hydrological conditions, the company said.

Hydropower plants produced 4 TWh in that period, an increase of 50% compared with the same period in 2020 and 27% compared with 2019.

In 2021 EPS will invest in thermal power plants, hydropower plants, mining equipment, green power plants

EPS’ total electricity output in this period was about 11 TWh, which is 9% more than in the same period in 2020 and 6% more than in 2019.

Milorad Grčić, acting director of EPS, said that investments will continue in 2021. “The goal is to upgrade the existing thermal power plants, hydropower plants, mining equipment, while a particular challenge is the opening of modern mines and the construction of new green power plants,” he added.