Assembly of the Joint Stock Company Elektroprivreda Srbije adopted the Report on the Three-Year Business Plan Implementation for Q1 2024, according to which the company’s profit amounted to RSD 28.3 billion, which is double compared to the plan, and exceeds 2023 by five percent.
Dubravka Đedović Handanović, Minister of Mining and Energy and representative of the founder in EPS JSC Assembly, highlighted that in the first quarter, in addition to the good financial indicators, stable results in electricity generation and coal production were achieved in line with the plan, and overburden production exceeded 2023 by 11 percent.
- Overburden production at Kolubara is improved by nine percent compared to 2023, reserves of uncovered coal in this part of EPS are exceeding the plan, which is a precondition for higher coal production – said Đedović Handanović. – The revenues are also stable, but we must additionally speed up the work in the field of the investments, to have them be more efficient, and planned on a realistic basis. The implementation of investments must be better since it is not at a satisfactory level now.
In the first quarter, EPS recorded stable revenues, and a profit of EUR 44 million was realized in the electricity trading on the open market. In the first three months, the electricity generation was matching the plan, and the generation structure included the hydro power plants with RES (36.9%), thermal power plants (60.6%) and Panonske CHPs (2.5%), respectively.
Đedović Handanović highlighted that EPS would address a series of challenges in the forthcoming period. The reduction of electricity price for industry consequently produces less earnings, lower hydrology level is expected during summer, and actual overhauls are not to be ignored as they bear risks for the business results. She pointed out the necessity of additional cost reduction due to the restructuring plan, which will enhance the efficiency and productivity improvement.
In addition to the Executive Board members, the Assembly session was attended by the Supervisory Board of EPS JSC.
