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Serbia’s EPS Records Historic Profit Amid Calls for Comprehensive Reform

Serbia's Electric Power Industry (EPS) reports a historic profit, sparking a push for extensive reforms to enhance management and operational efficiency

The Assembly of the Public Enterprise ‘Electric Power Industry of Serbia’ (EPS) has approved the report on the implementation of the Consolidated Three-Year Business Plan for the period January 1 to December 31, 2023, revealing a record company profit of 114 billion dinars (nearly one billion euros). This financial outcome is unprecedented in the company’s history, marking a significant achievement for Serbia’s largest electric utility provider.

Minister of Mining and Energy Dubravka Đedović Handanović, representing the founder at the EPS Assembly, highlighted the historic financial performance of EPS but emphasized the need for continued management improvement and comprehensive changes across all segments. She pointed out the necessity to enhance coal production, accelerate the opening of new surface mines, and speed up investments in production capacities to transform EPS into a profitable energy giant.

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Dubravka Đedović Handanović, Minister of Mining and Energy

During the meeting, which included members of the Executive Board and the Supervisory Board of EPS, Đedović Handanović acknowledged the stabilization of finances and electricity production, along with significant replenishment of coal stockpiles and reservoirs. She stressed that while changes have begun at the top, a deep systemic transformation is essential for the company’s evolution.

The state, as the owner, will persist in advocating for the transformation plan and the expedited execution of new mining projects, increased coal production, and enhanced investment realization. Đedović Handanović underlined the importance of realistic investment appraisal, better planning, and, crucially, improved execution, alongside dedicated and ongoing monitoring of both financial and physical investment realizations, particularly in the mining sector.

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