Serbia’s state-owned electricity utility Elektroprivreda Srbije (EPS) significantly improved its financial performance in 2025, reporting a net profit of €330 million, compared to €208 million in the previous year.
Despite the stronger financial result and generally stable system operations, the company continued to face operational pressures, particularly weaker electricity exports and unfavorable hydrological conditions that negatively affected generation output.
Total operating revenue reached €3.9 billion, an increase of around €130 million year-on-year. The bulk of income still came from electricity sales, which generated approximately €3.6 billion. Additional revenue was recorded from sales to the transmission system operator EMS, while smaller contributions came from coal, thermal energy, gas, and technological steam.
Revenue growth was partially driven by higher electricity prices. During the year, electricity prices increased by 6.6%, while the threshold for the highest consumption tariff was reduced from 1,600 kWh to 1,200 kWh, accelerating the shift of households into more expensive billing categories.
While domestic revenues rose from €3.7 billion to €3.85 billion, export performance weakened sharply. Export income fell from €54 million in 2024 to €28 million in 2025, a decline of nearly 48%, reflecting reduced competitiveness and lower external trading activity.
According to EPS’s business performance report, electricity generation was significantly affected by poor hydrological conditions, with river inflows approximately 30% below long-term averages. As a result, hydroelectric production declined for the second consecutive year, falling by around 20% compared to 2024.
Total electricity production in 2025 amounted to 30,556 GWh, with coal-fired thermal power plants continuing to dominate the energy mix, accounting for 71.4% of total output.
Despite these structural challenges, the 2025 results confirm EPS’s ongoing recovery following the major operational and financial crisis of 2021–2022, when disruptions in coal production and electricity generation led to large-scale imports and significant financial losses for the company.
