State-owned Serbian power utility Elektroprivreda Srbije (EPS) reported a net profit of €92 million in the first quarter of 2025, surpassing expectations despite a reduction in electricity prices for businesses of up to 20% year-on-year.
The strong financial performance has been attributed to improved operational efficiency and a secure energy supply during the winter. While hydropower output fell by 30% due to low water levels, EPS offset the shortfall through an 8% increase in coal production and a 3% rise in electricity generation from thermal power plants. Coal reserves were also reported to be 8% higher than in the same period last year.
Serbian Minister of Mining and Energy, Dubravka Djedović, highlighted the company’s ability to deliver positive results amid challenging conditions.
In a significant development, EPS completed construction of its first renewable energy facilities: the Kostolac wind farm and the Petka solar power plant. Once operational, these projects will contribute a combined 76 MW to Serbia’s renewable energy portfolio.
