Serbia: Power utility EPS joins with supply arm EPSS, News Serbia Energy
A subsidiary of Serbian state-owned power utility EPS – EPS Snabdevanje, which handled the supply of electricity, has been merged with the main company in accordance with the framework of the reorganization of this public company, which aims at achieving increased efficiency and profitability.
Acting General Director of EPS Milorad Grcic said that EPS continues the reorganization process in order to improve its business, with the help of Serbian Government. He added that the priority remains smooth and continuous electricity production and stable supply of customers.
This status change will have no effect on end customers since all the rights and obligations of EPS Snabdevanje are transferred to EPS. EPS Snabdevanje transferred all its assets and liabilities to EPS which, as the legal successor, continues to operate under the same name and with the same basic capital.
In the first phase of reorganization, which started on 1 July 2015, EPS began to operate as integrated system in which 14 former subsidiaries were grouped in three subsidiaries for production, distribution and supply of electricity. Cessation of EPS Snabdevanje as a separate commercial entity, unified the production and supply of electricity within EPS. Distribution of electricity is still under the jurisdiction of EPS Distribucija.
Grcic also said that electricity prices will not be increased in this year since the company has achieved significant profit so far. According to him, in the first three months of 2016, EPS achieved saving in the amount of 48.6 million euros, while the company’s profit amounted to 113.4 million euros which is 6.5 times more than expected. He added that electricity exports in that period amounted to 42 million euros, transmits Serbia-energy.eu
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