Serbia’s EPS posts annual profit of EUR 223 million

State-owned power utility Elektroprivreda Srbije has reported a profit of RSD 26.1 billion for 2024, much lower than one year before.

The shareholder assembly of Serbian joint stock company Elektroprivreda Srbije (EPS) has adopted the report on the implementation of its three-year business plan for 2024 as well as the three-year business plan for the period 2025-2027.

According to the document, EPS kept business and financial stability and profitability and materialized significant investments, the Ministry of Mining and Energy said.

Last year the company achieved a profit of RSD 26.1 billion (EUR 222.8 million), the ministry added.

Electricity production matched the plan

In comparison, EPS’s profit in 2023 amounted to RSD 114 billion (EUR 972.5 million). The company suffered a loss of RSD 73.7 billion (EUR 628.4 million) in 2022.

Despite the complex objective circumstances, energy production was in line with the plan, according to the ministry.

They include the hottest summer on record – which led to record summer consumption and considerably worse water levels than in 2023 – significant overhaul activities in mines and coal power plants including units Kostolac B1 and Termoelektrana Nikola Tesla A2, and the start of rehabilitation of pumped storage hydropower plant Bajina Bašta.

The ministry noted that the company commissioned the 350 MW unit in Kostolac coal-fired power plant, its first new production facility after almost 35 years. Trial operation of the desulphurization system in TENT A has also begun. The project will contribute to air quality in the city of Obrenovac, where the coal plant is located, as well as in entire Serbia, the ministry said.

Conditions have been meet for salary increases

Total investments exceeded EUR 550 million, growing 26% year over year. The company hired 379 new employees.

Positive business results for the second year in a row have created the conditions for an increase in salaries in 2025, according to the ministry.

Working conditions will be improved with a new methodology for jobs and the value of the working hour, it said.

Human resources earlier introduced the representatives of EPS’s union to the basis of the new methodology.