Bosnian state-owned power utility EPBiH has signed a contract for the purchase and delivery of electricity in 2017 with the aluminium factory Aluminij Mostar.
On behalf of EPBiH, the contract was signed by General Director Bajazit Jasarevic and Executive Director for supply and trading Dzemo Borovina, while on behalf of Aluminij the contract was signed by its General Director Mario Gadzic. The joint assessment of signatories is that the first contract for the supply of electricity for Aluminij Mostar by EPBiH has a special importance for the economy of Bosnia and Herzegovina (BiH), considering that EPBiH is the largest electricity producer in the country, while Aluminij is the largest electricity consumer.
Gadzic said on the occasion that with the signing of this contract, the company used the opportunity offered by the free electricity market in BiH. Aluminij has shown that it intends to purchase electricity at most favorable conditions in the market and thus began a new era in the management of the company. By signing the agreement with EPBiH, the first prerequisite for the company’s successful operation in 2017 was met, in accordance with the company’s restructuring plan, through which it plans to solve long-standing lack of liquidity and accumulated problems from the past, Gadzic concluded.
Aluminij was previously supplied by another Bosnian power utility – EP HZHB. Mostly due to large debt for electricity supplied to Aluminij, EP HZHB recorded a net loss of 50.8 million euros in 2015.