Serbia EPS( Electric power of Serbia) General Manager, electricity price to increase for 60% by 2014

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EPS GM, Dragomir Markovic stated that the company did not planed the electricity price this year but until 2014 the price must increase for 60%.

Markovic explained that this price increase can be done in one step of in phases, underlining that in 2015 the market will be completely open and the market itself will regulate and determine that price.

EPS is completely ready for market opening, and we are expecting for years now. The worst way for price policy management is administrative intervention way. This price should be facilitated and managed by market conditions itself.

Mr.Markovic stated that the low electricity price in Serbia, lowest in Europe, do stimulates irrational consumption and limits any EPS investments.

Serbia with average price of 5 eurocents per kwh is energy most inefficient country in Europe, stated Markovic.

EPS did not projected any price increase for 2012 and due to that fact EPS reduced also investment plans, so in this year EPS has very limited assets for investments.

Annual investment level of EPS was 400 to 500 mil euros, but with current electricity price the company has only around 100 mil euros for this year investments, explained GM of Serbia Electric Power company. He also reminded that the stable electricity supply during recent winter conditions