EUR 503 million will be spent to modernize the electric energy distribution system in Serbia over the next ten years, said President of the Serbian Chamber of Commerce Energy Association Slobodan Petrovic.
Modernization of the distribution system will cut commercial and technical losses and advance the meter-reading system and contact with consumers, he told Tanjug.
Petrovic, who is in the Catalonian capital for a conference on the potential of the Serbian electric energy sector, said modernization encompasses longterm projects which require considerable investments.
He reminded that a tender is open for the procurement of equipment for distance meter-reading, financed by the European Bank for Reconstruction and Development and the bidders should be known soon.
According to Petrovic, the funds will be allocated in stages, and some EUR 80 million have been set aside for this tender.