Serbian state-owned power utility EPS is preparing for a new investment cycle focused on expanding generation capacity and modernizing its energy mix. According to company director Dušan Živković, the utility intends to allocate around 1.2 billion euros over the next three years to develop new renewable energy projects.
Speaking at the Kopaonik Business Forum, Živković highlighted that the company’s recent financial performance has created favorable conditions for this investment program. Strong results in the past three years, together with a reduction of corporate debt by roughly one third, have improved the company’s ability to finance major projects without placing excessive strain on its balance sheet. Among the key initiatives under consideration are the construction of the Bistrica pump-storage hydropower plant and the development of about 1 GW of solar capacity. In addition, EPS is preparing a gas-fired power plant in Niš, which is expected to strengthen baseload generation while also broadening the range of energy sources used by the company.
Živković also pointed to several projects already underway. Work has recently begun on the modernization of the Vlasinske hydropower plants, while the utility has completed a comprehensive overhaul of the Bajina Bašta pump-storage facility, its only installation of that type. The refurbishment was finished after more than four decades of operation.
In recent years, EPS has also added significant capacity to the national electricity system. New investments in Kostolac, including a thermal power plant unit, a solar facility, and the company’s first wind farm, have increased available capacity by 426 MW. Of that amount, 350 MW represents baseload generation.
The company’s leadership believes that further expansion of major generation assets will be essential for long-term energy security. Živković stressed that countries with strong and reliable baseload production tend to be among the most technologically advanced and industrially developed, underscoring the need for decisive investments in strategic energy infrastructure.
