Serbian utility company EPS is preparing for another phase of electricity market liberalization starting from beginning of next year and EPS CEO Aleksandar Obradovic expects that EPS retain their customers at medium voltage, as it succeeded to keep those at high voltage from the beginning of this year.
“We managed to retain 97 percent of the market at high voltage, and at the same time with improved market price we realized incomes of 20.175.438 MEUR”, he pointed out.
Speaking of unused credits, he said that so far there was no indication that EPS would give up of any of them.
According to him, EPS has several unused credits, because he does not want to spend a single dinar for projects that are incorrectly designed and contracted by the previous management.
All current loans for strategic projects in the EPS, he added, were found and these projects were mainly set on the completely wrong foundations and assumptions.
These loans were taken without realistic goals and the necessary financial cost-benefit analysis. In the record time new management started negotiations with all financial institutions in which the loans were agreed in order to complete the necessary documentation in accordance with the laws of Serbia and the EPS business interests, pointed out director.
“Thus, for example, the loan from the EBRD of 45 MEUR for small HPP was withdrawn in the past before the documentation was ready, by which the previous management caused great damage to the EPS business interests. Now it is working as quickly as possible to collect missing documentation in order to start the credit use as soon as possible “, Obradovic said.
Source; Serbia Energy/EPS