Electricity

Serbia’s power utility EPS adopts Transformation Plan

eps transformation plan djerdap 1

HPP Đerdap 1 (photo: EPS)

Published

June 14, 2024

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Published:

June 14, 2024

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The shareholders’ assembly of Elektroprivreda Srbije AD adopted the Company’s Transformation Plan, EPS announced.

The transformation plan of Elektroprivreda Serbia, as stated, defines changes in the organizational structure and improvement of operational and financial processes, without reducing the salary budget.

By adopting the Transformation Plan of the largest power company, Serbia has met an important structural benchmark within the framework of the arrangement with the International Monetary Fund, announced EPS.

As a reminder, at the end of 2022, within the framework of the two-year standby arrangement with the IMF, the Government of Serbia undertook to increase the price of electricity by about 26 percent and of natural gas by about 30 percent, to separate the activities of Srbijagas, transform EPS into a joint-stock company and prepare a restructuring plan, adopt the National Energy and Climate Plan (NECP), prepare an energy investment plan for a period of two to five years and appoint a permanent replacement for the acting management in two state-owned energy companies.

Structural changes will be implemented throughout the system

On the occasion of the adoption of the Transformation Plan, EPS has announced that the changes in the organizational structure are aimed, among other things, at improving the digitalization of business processes and services while increasing the security of systems and data, more efficient management of investments and human resources.

Structural changes will be implemented throughout the entire system, with precisely defined procedures and responsibilities, the EPS reports.

The goal of the planned reforms is for the company to become a market-oriented, profitable firm, aimed at increasing customer satisfaction and achieving the goals of the Green Agenda.

The establishment of the Office for Transformation is underway

By implementing the Transformation Plan, EPS will improve its operational performance by 2030 and it will be able to compete with the most developed companies, such as those in the European Union, EPS said, and added that it plans to complete significant investments and cost reduction until 2030.

According to EPS, establishment of the Office for Transformation is in progress. It will include EPS employees and external experts, recognized as leaders in their field, with the task of implementing the plan, the company noted.

It has not been announced wether the Transformation Plan is available to the public.

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