EPS is Profitable, Import of Electricity to Be Minimal – Open Letter of Acting Director to President of Fiscal Council

After the statement regarding the operations of Elektroprivreda Srbije (EPS) made at the Kopaonik Business Forum by the president of the Fiscal Council, Pavle Petrovic, the acting director of EPS, Miroslav Tomasevic, responded in an open letter, saying that EPS “is profitable and a on a good path”.

– EPS did go through a crisis, but since the final quarter of 2022, it has been operating profitably and that is when a positive result of RSD 5.8 billion was recorded. Thanks to the measures for the stabilization of operations, in 2022, a cost reduction of RSD 24 billion was realized. The rationalization of public procurement procedures led to savings of RSD 1.5 billion. In 2022, the management of EPS took a number of measures to overcome the inherited problems. Those steps were directed primarily at the stabilization of the production of coal and securing the import of the missing quantities of coal. Thanks to the non-continual coal excavation at the Kolubara Mining Basin, additional quantities of coal were secured from own capacities, so the import of coal dropped from the planned 2.1 million tons to 1.4 million tons – Tomasevic said in a letter to Petrovic.

He added that the positive trend and the record results in the production of electrical energy continued in 2023:

– This year, EPS is in the plus by nearly EUR 30 million when it comes to the trade of electrical energy in the free market. Over a year ago, there were plenty of problems in the thermal sector, but urgent measures were taken. Results followed. One of those results is the 17.7% higher production of the TENT branch in the first two months of the current year compared to the same period last year.

He also pointed out that “the estimates that EPS will have to import 10-15% of electrical energy or coal in the coming years are not true, because the total planned quantity of electrical energy that needs to be imported (the import of coal or the purchase of electrical energy) is minimal”.

– More precisely, in 2023, up to 5% of the total consumption in Serbia, in 2024, up to 4% of the total consumption in Serbia, and in 2025, up to 2% of the total consumption in Serbia – says the director of EPS.

Elektroprivreda Srbije ad Beograd

Fiskalni savet Republike Srbije

EPS

Pavle Petrović

Miroslav Tomašević

EPS operations

EPS losses

import of electricity

export of electricity