In 2025, Elektroprivreda Srbije (EPS), Serbia’s state-owned electricity utility, achieved a notable financial turnaround, posting a net profit of €330 million, an increase from €208 million in 2024. This improvement comes despite facing significant operational pressures, including a sharp decline in electricity exports and adverse hydrological conditions that hampered generation capabilities.
The utility’s total operating revenue for the year reached €3.9 billion, reflecting an annual increase of approximately €130 million. The majority of this revenue stemmed from electricity sales, which alone contributed around €3.6 billion. Additional income was generated through transactions with the transmission system operator EMS, alongside smaller contributions from coal, thermal energy, gas, and technological steam.
The rise in revenue can be attributed partly to a 6.6% increase in electricity prices during the year. Furthermore, regulatory changes reduced the threshold for the highest consumption tariff from 1,600 kWh to 1,200 kWh, which has pushed more households into higher billing categories.
<pWhile domestic revenues rose from €3.7 billion to €3.85 billion, EPS’s export performance saw a drastic decline. Export income plummeted from €54 million in 2024 to €28 million in 2025, marking a nearly 48% drop that reflects diminished competitiveness and reduced activity in external markets.
The company’s business performance report indicated that electricity generation was adversely affected by poor hydrological conditions, with river inflows reported to be approximately 30% below long-term averages. Consequently, hydroelectric production decreased for the second consecutive year, dropping around 20% compared to 2024.
Total electricity production for the year stood at 30,556 GWh, with coal-fired thermal power plants maintaining their dominance in the energy mix by accounting for 71.4% of overall output. This reliance on coal underscores ongoing structural challenges within EPS’s operational framework.
The financial results for 2025 illustrate EPS’s continued recovery trajectory following the substantial operational and financial crisis experienced between 2021 and 2022. During that period, disruptions in coal production and electricity generation necessitated large-scale imports and resulted in considerable financial losses for the company.
