In 2025, Serbia’s state-owned electricity utility, Elektroprivreda Srbije (EPS), reported a notable improvement in its financial standing, achieving a net profit of €330 million, up from €208 million the previous year. This growth occurred despite ongoing operational challenges, including a significant decline in electricity exports and adverse hydrological conditions that impacted generation capacity.
The total operating revenue for EPS reached €3.9 billion, marking an increase of approximately €130 million year-on-year. A substantial portion of this revenue stemmed from electricity sales, which generated around €3.6 billion. Additional income was derived from transactions with the transmission system operator, EMS, as well as smaller contributions from coal, thermal energy, gas, and technological steam.
The rise in revenue was influenced by a 6.6% increase in electricity prices throughout the year. Notably, the threshold for the highest consumption tariff was lowered from 1,600 kWh to 1,200 kWh, prompting more households to transition into higher billing categories.
<pWhile domestic revenues saw an increase from €3.7 billion to €3.85 billion, EPS experienced a sharp decline in export performance. Export income plummeted nearly 48%, dropping from €54 million in 2024 to €28 million in 2025. This downturn reflects diminished competitiveness and reduced external trading activities.
The company’s business performance report indicated that electricity generation faced significant challenges due to poor hydrological conditions, with river inflows approximately 30% below long-term averages. Consequently, hydroelectric production fell for the second consecutive year, decreasing by about 20% compared to 2024.
Total electricity production for EPS in 2025 was recorded at 30,556 GWh, with coal-fired thermal power plants continuing to dominate the energy mix, contributing to 71.4% of total output. Despite these structural difficulties, the results for 2025 signify EPS’s ongoing recovery following a severe operational and financial crisis during 2021–2022 that necessitated large-scale imports and resulted in substantial financial losses.
