Serbian state-owned power utility EPS reported a strong financial and operational performance for 2025, posting a net profit of over €360 million.
Energy and Mining Minister Dubravka Đedovic highlighted that EPS maintained stable operations, profitability, and high investment levels for the third consecutive year, despite extremely unfavorable hydrological conditions on the Danube, the worst in over three decades.
Last year saw structural reforms and operational challenges, but higher coal output and increased electricity generation from thermal power plants helped offset hydrological constraints, supporting overall system stability.
EPS also expanded its renewable energy portfolio, adding 76 MW of new capacity and integrating wind and solar power into its generation mix for the first time. Environmental upgrades progressed, including trial operations at the flue gas desulfurization facility at TENT A and similar works at TENT B.
Investment execution reached 97% of planned levels, with total spending of €450 million, largely financed from the company’s own resources. Preparatory work continues on a strategic 1 GW solar-plus-storage project, with construction expected in 2026. Momentum is also planned for other large-scale projects, including the Bistrica pump-storage hydropower plant and additional solar facilities.
In mining, all planned investments were completed, totaling €160 million, alongside installation of major new equipment across four systems in the Kolubara basin. Hydropower refurbishment, notably on the second unit of the Bajina Basta pump-storage plant, was mostly completed, allowing a return to full operation from March and reinforcing national energy security.
EPS management emphasized that the strong investment performance was achieved without revisions to the business plan, demonstrating improved planning discipline. The company also advanced its transformation process, including the first evaluation of executive board KPIs, adoption of a Decarbonization Action Plan, and ongoing organizational reforms. Officials stressed that sustained energy security will depend on continued expansion of generation capacity, workforce development, corporate culture, and overall efficiency and productivity.
