First Half of 2021 Brings Profit of EUR 97 million
Revenues are higher than planned, eight percent more energy was generated compared to the same period last year.
Successful business growth of the Public Enterprise Electric Power Industry of Serbia has also been shown by the latest financial results, according to which a net profit of RSD 11.5 billion or about EUR 97 million was realized in the first half of 2021. Profit from January to June was approximately RSD 1.5 billion higher compared to the same period in 2019 and 2020, although business was hindered by difficult conditions caused by the COVID-19 pandemic.
Increased revenue growth was recorded, which in the first half of this year was nine percent higher than planned and amounted to RSD 150.7 billion. 95 percent of the total operating revenue is revenue from electricity sale, EPS’s main product.
– Thermal power plants and hydro power plants of Electric Power Industry of Serbia generate enough electricity from domestic coal and hydropower for reliable and stable supply of the entire Serbian market. We preserve the energy independence and stability of Serbia. In addition to supplying approximately 3.6 million of EPS customers – households, factories, hospitals, schools, businesses, shops, we also successfully trade at electricity markets. All owing to professional and hard-working engineers, miners and other EPS employees – pointed out Mr. Milorad Grčić, acting director of PE EPS.
Planned investments and professional work of EPS employees are evident in the generation results. In the first half of 2021, a total of 18.3 billion kilowatt-hours were generated, which is eight percent more compared to the same period last year. Excellent hydrology and modernized units enabled hydro power plants generation of 7.2 billion kilowatt-hours, which is even 53 percent more than in the first six months of 2020. Electricity generated by EPS hydro power plants from January to June this year was the largest one in the first half of the year, observed in the period from 1990 until this day.
In the first six months of the current year, EPS’ investments amounted to RSD 15.4 billion, while the existing projects are rapidly progressing and new ones are being prepared.
– The goal is that, in the upcoming decades, Serbia has reliable electricity generation, ensured energy independence and fully harmonized environmental standards. Without energy independence, there is no economic development, nor a secure future for the next generations – says Mr. Grčić.
Some of the key investment projects for stable electricity generation in the upcoming years are the construction of a 350 megawatt unit Kostolac B3, flue gas desulphurization projects in TENT A and TENT B thermal power plants in Obrenovac, and revitalization of units in the largest Serbian hydro power plant Đerdap 1. New projects are being prepared that will enable Serbia to have enough electricity for domestic needs, but also for export to the regional and European markets. One of these projects is Bistrica pumped-storage power plant, which will provide the necessary level of balance reserves and conditions for connecting new capacities for energy generation from renewable sources, primarily wind farms and solar power plants.
Price
EPS achieved a positive result, even though the electricity price for households is significantly lower than the price in the region and in Europe. Thus, in the first half of this year, the average price for households on a guaranteed supply was RSD 7.59 per kilowatt-hour, of which the electricity price was RSD 3.69 per kWh, and the price of access and use of the distribution system was RSD 3.9 per kWh, which is not EPS’ revenue.