The Serbian state-owned power utility, EPS, has reported a significant net profit exceeding €360 million for the fiscal year 2025, reflecting robust operational and financial performance. This achievement comes during a period marked by substantial investments and a strategic push towards renewable energy integration.
Energy and Mining Minister Dubravka Đedovic noted that EPS has successfully maintained stable operations and profitability for three consecutive years, despite facing the most severe hydrological conditions on the Danube in over thirty years. These challenges have necessitated a focus on enhancing operational resilience.
In response to structural reforms and operational hurdles, EPS increased its coal output and electricity generation from thermal power plants, which helped mitigate the impact of hydrological constraints. This approach has been crucial in sustaining overall system stability during challenging times.
EPS has also made strides in expanding its renewable energy portfolio, adding 76 MW of new capacity. For the first time, the utility has integrated wind and solar power into its generation mix. Environmental initiatives have progressed with trial operations of a flue gas desulfurization facility at TENT A and similar upgrades at TENT B.
Investment execution reached an impressive 97% of planned levels, totaling €450 million, primarily financed through the company’s own resources. Preparatory activities are ongoing for a strategic 1 GW solar-plus-storage project, with construction slated to commence in 2026. Other large-scale projects are also in the pipeline, including the Bistrica pump-storage hydropower plant and additional solar facilities.
In the mining sector, EPS completed all planned investments amounting to €160 million, which included the installation of major new equipment across four systems in the Kolubara basin. The refurbishment of hydropower assets, particularly on the second unit of the Bajina Basta pump-storage plant, is nearing completion and is expected to enhance national energy security as it returns to full operation.
EPS management has highlighted that these strong investment outcomes were achieved without any revisions to their business plan, indicating improved planning discipline within the organization. The company is also advancing its transformation process, which includes evaluating executive board KPIs and adopting a Decarbonization Action Plan alongside ongoing organizational reforms. Officials emphasize that the future of energy security will rely on continuous expansion of generation capacity, workforce development, corporate culture enhancement, and overall efficiency improvements.
