The Serbian state-owned power utility, EPS, is set to embark on a substantial investment cycle aimed at enhancing its generation capacity and modernizing its energy mix. Over the next three years, EPS plans to allocate approximately €1.2 billion towards the development of new renewable energy projects, as announced by company director Dušan Živković.
During the Kopaonik Business Forum, Živković noted that EPS’s robust financial performance over the past three years has created a conducive environment for this ambitious investment program. The company’s corporate debt has been reduced by about one third, which has bolstered its capacity to finance significant projects without unduly impacting its balance sheet. Key initiatives include the construction of the Bistrica pump-storage hydropower plant and the development of around 1 GW of solar capacity. Furthermore, EPS is preparing to establish a gas-fired power plant in Niš, which aims to enhance baseload generation while diversifying the utility’s energy sources.
Živković also highlighted several ongoing projects that reflect EPS’s commitment to modernization. Recent efforts include the modernization of the Vlasinske hydropower plants and the completion of an extensive overhaul of the Bajina Bašta pump-storage facility, which had been in operation for over four decades.
In recent years, EPS has significantly bolstered its contribution to the national electricity system through new investments in Kostolac. These investments encompass a thermal power plant unit, a solar facility, and the company’s inaugural wind farm, collectively increasing available capacity by 426 MW, with 350 MW attributed to baseload generation.
The leadership at EPS emphasizes that expanding major generation assets is critical for ensuring long-term energy security. Živković remarked that nations with strong and reliable baseload production are often among the most technologically advanced and industrially developed, highlighting the imperative for strategic investments in energy infrastructure.
