Photo: EPS/Emilija Jovanović
Serbia’s state-owned power utility Elektroprivreda Srbije achieved a profit of RSD 32.8 billion (EUR 280.3 million) in the first half of 2024, according to its report on the implementation of the consolidated three-year business plan.
The shareholder assembly of Serbian joint stock company Elektroprivreda Srbije (EPS) adopted the report. The company added that its net earnings were RSD 9.4 billion (EUR 80.3 million) higher than planned.
Minister of Mining and Energy Dubravka Đedović Handanović, the sole shareholder assembly member, highlighted the significance of the result amid a decrease in unregulated electricity prices, the ones for businesses.
However, in her words, it is necessary to continue reducing operating costs and speed up investments in coal and electricity production.
The production of coal and electricity was in line with the plan
EPS’s profit dropped 55% from the same period of last year, when it amounted to RSD 73.7 billion (EUR 630 million). The company’s 2023 net earnings came in at a record RSD 114 billion (EUR 972.5 million). EPS achieved a profit of RSD 28.3 billion (EUR 241.6 million) in the first quarter of 2024.
EPS noted that in the first half of the year, coal and electricity production was stable and in line with the plan. The production at Kolubara mines Polje G and Tamnava – Zapadno polje has exceeded the plan.
The minister commended the year-over-year rise in overburden production by 8%. Coal purchase costs decreased, she underscored and said certain incompetent and malicious people are constantly claiming the opposite.
Đedović Handanović denied that the company suffered a loss in electricity trading on the market. EPS made a profit of EUR 23 million, the minister added.
EPS should take over the new unit in coal-fired power plant Kostolac in October
The share of energy production from hydropower plants and renewables reached 37.5%.
Đedović Handanović said the majority of planned overhauls are done within the preparations for the winter season but that plenty of work remains. She added that the operation of the new B3 unit in coal-fired power plant Kostolac is being tested. EPS is expected to take it over in October, according to the minister, who stressed that the facility would provide additional security before winter.
She said the implementation of the Transformation Plan needs to be accelerated.
Be the first one to comment on this article.