Elektroprivreda Srbije

What Elektroprivreda Srbije does

Elektroprivreda Srbije (EPS) is Serbia's largest company and the country's dominant vertically integrated electricity utility, 100% owned by the Republic of Serbia and headquartered in Belgrade. EPS operates across the full electricity value chain: lignite mining (the Kolubara basin producing approximately 32.79 million tonnes annually, or 75% of Serbia's lignite), thermal and hydroelectric generation (7,759 MW of capacity producing 30,566 GWh per year), and supply to over 3,543,286 customers nationwide. Its portfolio includes the TENT Nikola Tesla thermal complex and Kostolac thermal plants, large hydro facilities including the reversible Bajina Basta pumped storage and the Vlasina cascade (~130 MW), and a nascent renewable portfolio (Kostolac wind farm at 66 MW completed in 2025, with 76 new green MW added that year).

On the commercial side, EPS serves both as a guaranteed supplier at regulated tariffs for households and small commercial customers, and as a commercial supplier at market-based prices (e.g., EUR 98.9-105.8/MWh reference bands per 2024 EUROSTAT data) for industrial and enterprise customers. Customer acquisition runs through regional sales offices, an online portal (portal.eps.rs), a mobile app, and a free 0800 hotline, supported by partnerships with banks, the Serbian Post, and IPS QR-code payment rails. An e-bill discount of 7% drives digital adoption. The company also operates EPS Trading d.o.o. Ljubljana (established 2014) for cross-border electricity trade.

EPS is in the midst of a major capital transition: 2025 saw 52.7 billion RSD invested (97% plan execution) and 42.3 billion RSD in profit (≈EUR 360 million), with EUR 300 million in EBRD financing, EUR 110 million from KfW, a EUR 900 million K-Sure-backed 1 GW solar PV + battery storage project with Hyundai Engineering and UGT Renewables, and a CEO-announced EUR 1.2 billion renewable investment pipeline. Strategic partnerships include Mitsubishi Heavy Industries (TENT B desulfurization), ANDRITZ Hydro (Vlasina modernization), and Western Balkans EU grant financing, positioning EPS as a state-anchored utility simultaneously executing lignite expansion and an EU-aligned decarbonization pathway.

Name

Elektroprivreda Srbije

Legal name

Akcionarsko društvo Elektroprivreda Srbije

Website

https://eps.rs

Company type

Private

Founded year

1991

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Elektroprivreda Srbije is Serbia's largest state-owned, vertically integrated electricity utility, generating 30,566 GWh annually from lignite, hydro, and renewables to supply 3.5 million+ customers nationwide through regulated and commercial tariffs.

Ownership category

akta.pro rank

Product category

Electric Utility Services

NAICS

Electric Power Generation, Transmission and Distribution (2211), Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Hydroelectric Power Generation (221111), Solar Electric Power Generation (221114)

SIC

Electric Services (4911)

akta.pro primary industry

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI)

akta.pro secondary industry

Incentives, Grants & Program Administration (Auctions, Tenders, IRA/ITC/PTC Advisory) (EUAMAAAJ)

Keywords

• Electricity generation
• Electricity supply
• Lignite coal mining
• Hydropower generation
• Renewable energy

Headquarters

HQ city

Belgrade

Offices8 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Operations, Supply Chain, Personnel, Technology or R&D

Revenue model

1. Electricity Generation and Supply: EPS generates electricity through thermal power plants (using lignite coal), hydroelectric plants, and increasingly from wind and solar farms. The company supplies electricity to over 3.5 million customers including households, commercial businesses, and industrial customers. Revenue comes from regulated tariffs for guaranteed supply customers and market-based pricing for commercial customers.
2. Coal Production: EPS operates the Kolubara and Kostolac mining basins producing lignite coal for its thermal power plants and potentially for sale. The Kolubara basin accounts for 75% of Serbia's lignite production with annual output of approximately 32.79 million tonnes.
3. Electricity Trading: EPS Trading d.o.o. Ljubljana, established in 2014, serves as the company's foreign trading entity for electricity trade abroad.
4. Customer Services and Maintenance: Services including billing systems maintenance for distribution networks across Serbia, technical services, and other utility-related services.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

Elektroprivreda Srbije (EPS) is Serbia's vertically integrated state-owned electricity utility that generates electricity from lignite-fired thermal plants, hydropower facilities, and renewable sources; produces lignite coal from the Kolubara basin for its own thermal generation; and supplies electricity to over 3.5 million customers via regulated guaranteed supply for households and small customers, market-priced commercial supply for larger buyers, and prosumer (customer-producer) and reserve supply schemes.

Product overview

Elektroprivreda Srbije (EPS) is Serbia's largest energy company, operating as a vertically integrated utility with four core business segments: coal mining (lignite production from the Kolubara basin at ~32.8 million tonnes/year), electricity generation (thermal, hydro, and growing renewable capacity), and electricity supply. EPS's generation mix includes lignite-fired thermal plants (TENT Nikola Tesla and TE-KO Kostolac with ongoing desulfurization), large and small hydropower (including pumped storage at Bajina Basta and the revitalized Vlasina cascade), and nascent renewable projects (66 MW Kostolac wind farm completed 2025; 1 GW solar with storage under development). On the supply side, EPS serves guaranteed supply customers (households/small businesses at regulated prices), commercial customers (at market prices), and prosumers, through digital channels including the EPS Portal, mobile app, and the EPS Calculator. The company also operates a Ljubljana-based trading subsidiary and is investing over EUR 1 billion in new renewable and modernization projects.

Differentiator

Problem solved

Functional benefit

Products and services

• Guaranteed Supply (Garantovano snabdevanje) Regulated electricity supply service for households and small customers at government-set prices, mandated by Serbian energy law. Covers over 3.5 million delivery points across Serbia.
• Commercial Supply (Komercijalno snabdevanje) Market-priced electricity supply service for commercial and industrial customers on the open energy market, with flexible contract terms and pricing that varies on a daily basis.
• Reserve Supply (Rezervno snabdevanje) Backup electricity supply service for customers without an active supplier contract, available for up to 60 days.
• Customer-Producer (Kupac-proizvođač) Scheme enabling prosumers who both consume and generate electricity (e.g., via solar panels) to sell surplus power back to EPS.
• Hydropower Generation EPS-operated hydroelectric power generation including HPP Djerdap 1, HPP Bajina Basta (pumped storage), the Vlasinske cascade (four plants, approximately 130 MW combined), and 15 small hydropower plants, with ongoing revitalization programs to extend facility lifespans and increase output.
• Thermal Power Generation Lignite-fired thermal power generation operated by EPS at TENT Nikola Tesla A and B (Obrenovac) and TE-KO Kostolac, with major ongoing environmental upgrades including desulfurization systems at TENT B to reduce SO2 emissions 30-fold and meet EU standards.
• Renewable Energy Sources EPS's growing portfolio of solar and wind power assets, including its first wind farm at Kostolac (66 MW, 187 GWh annual output), solar projects at Kostolac, and the strategic 1 GW solar PV project with battery storage across six sites contracted in 2024.
• Coal Mining EPS operates extensive lignite mining operations in the Kolubara basin, including the Radljevo, Polje, and Tamnava mines, producing approximately 32.79 million tonnes of coal annually for its thermal power plants.
• EPS Portal (Uvid u račun) Online customer portal allowing users to view electricity bills, check account status, and manage billing preferences. Supports electronic bill activation and electronic payment.
• EPS Calculator (EPS Kalkulator) Online consumption calculator enabling customers to estimate electricity charges based on category, consumption zone, and billing period. Covers guaranteed and commercial supply scenarios with both EPS-regulated and market-based pricing.
• E-Bill (E-Račun) Electronic billing service offering households a 7% discount on their electricity bill when they switch from paper to electronic billing and pay by the 20th of each month.
• EPS Mobile App Mobile application companion to the EPS Portal for bill viewing, consumption tracking, and account management, available on iOS and Android via OneLink distribution.
• Kostolac Wind Farm EPS's first wind farm located at Kostolac with 66 MW capacity and expected annual output of 187 GWh, financed with a EUR 110 million KfW loan and additional EU grants.
• Vlasina Hydropower Cascade Modernization Modernization of EPS's Vlasina hydropower cascade (four plants operational since 1955, approximately 129-130 MW combined capacity) with a EUR 109.7 million investment, including 10 new turbines from ANDRITZ, increasing capacity by 8 MW and extending operational life by 30-40 years.
• 1 GW Solar PV Project with Battery Storage Serbia's largest solar venture: 1 GW photovoltaic project with battery storage across six plants in Zajecar, Leskovac, Bujanovac, Lebane, Negotin, and Odzaci, contracted with a Hyundai Engineering / UGT Renewables consortium and backed by EUR 900 million in K-Sure export financing.
• EPS Trading Ljubljana (EPS Trgovanje Ljubljana) EPS's foreign trading subsidiary based in Ljubljana, Slovenia, established in July 2014 as the company's first international trading entity for cross-border electricity commerce.

Quantifiable outcome

• Coal production capacity of 32.79 million tonnes annually from Kolubara basin
• +5 more outcomes

Named customers1 record

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered core, minor and supporting.

• Hyundai Engineering and UGT RenewablescoreStrategic or Co-development Partner · 23 June 2026Consortium contracted in October 2024 for 1 GW photovoltaic power project with battery storage systems. Largest overseas solar power venture secured by a Korean company. Six solar plants to be built in Zajecar, Leskovac, Bujanovac, Lebane, Negotin, and Odzaci. Construction expected to start in 2026.
• China's Heavy Energy InternationalminorStrategic or Co-development Partner · 5 June 2026Acquired 168 MW Alibunar wind project (Alibunar Windfarm A and B) from Nordic developer Emergy and WV International. Project selected for Serbia's second renewable energy auction in February 2025. EPS will purchase electricity under 15-year PPA once operational.
• Mitsubishi Heavy IndustriescoreTechnology or Integration · 7 April 2026Partnership for desulfurization plant at TENT B thermal power plant in Obrenovac. Project costing around EUR 250 million reduces sulfur dioxide emissions by 30 times to meet European environmental standards. Produces approximately 200,000 tons of Euro-quality gypsum annually as by-product.
• ANDRITZ Hydro / Gamesa ElectriccoreTechnology or Integration · 27 February 2026Equipment supplier for Vlasina hydropower cascade modernization. ANDRITZ supplying 10 turbines in a deal valued at lower double-digit million euros. Gamesa Electric also supplying equipment. Project increases capacity by 8 MW.
• Energotehnika Južna BačkacoreImplementation/ SI/ Consulting Partner · 27 February 2026Main contractor for Vlasina hydropower cascade rehabilitation project worth EUR 109.7 million. Also handles assembly and installation work at Radljevo coal mine.
• Mihajlo Pupin InstitutesupportingTechnology or Integration · 25 February 2026Handles control system modernization for Vlasina hydropower plants rehabilitation project.
• Gruner Stucky Ltd / Gruner Balkans d.o.o.supportingImplementation/ SI/ Consulting Partner · 16 December 2025Joint bid awarded EBRD supervision contract worth EUR 2.49 million for Vlasina Hydropower Plants reconstruction project. Joint venture includes Belgrade-based Netinvest d.o.o.
• Telecommunications providers (banks, post offices)supportingChannel Partner/ Reseller/ Distributor · 21 October 2025Partnership with Serbian Post, banks, and payment institutions for bill payment services. Also instant payment via IPS QR code, and payment through e-banking/m-banking services.

Scale indicators13 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Hrvatska elektroprivreda (HEP Group): Croatia's state-owned vertically integrated electric utility, with generation (hydro, thermal, renewables), distribution, and supply. Closest regional peer to EPS in terms of mix (significant hydro + thermal), state ownership, regulated supply, and Western Balkans/EU-accession context.
• MVM Group: Hungary's state-owned energy group covering power generation, natural gas, and electricity supply. Comparable to EPS as a Central European state-owned utility with regulated supply obligations and an active role in renewable build-out.
• Public Power Corporation (PPC) - Greece: Greece's incumbent state-influenced utility with lignite-fired generation legacy, large hydro, and an aggressive renewable transition program. Highly comparable to EPS in fuel mix history, EU-alignment decarbonization pressure, and renewable pivot.
• Elektroprivreda Republike Srpske (ERS): Vertically integrated electric utility of Republika Srpska (Bosnia and Herzegovina) operating thermal and hydro generation plus supply. Closely comparable in scale, Balkan market, lignite-and-hydro fuel mix, and state-ownership model.
• Elektroprivreda Crne Gore (EPCG): Montenegro's state-owned electric utility with hydro-dominant generation and a regulated supply franchise. Comparable to EPS in regional context, system-integration role, and ongoing renewable/hybrid project development.

Broad incumbents

• ČEZ Group: Czech Republic's large listed utility with nuclear, thermal, hydro, and renewables across Central Europe. Comparable to EPS as a regional integrated utility executing coal phase-out and major renewable capex, but at substantially larger scale.
• Enel Group: Global integrated utility with a major European generation and distribution footprint, including a coal-exit and renewables-expansion strategy. Relevant broad incumbent for benchmarking EPS's transition roadmap, customer-platform digitization, and regulated vs. commercial supply segmentation.
• E.ON: Large European distribution and customer-solutions operator focused on networks, retail, and energy services. Comparable to EPS's regulated distribution and customer-management scale and to its emerging prosumer and digital-channel strategy.

Others

• Elektromreža Srbije (EMS): Serbia's transmission system operator, the domestic counterpart to EPS. Not a direct competitor but a key ecosystem partner for grid balancing, ancillary services, and integration of EPS's renewable and pumped-storage capacity.
• Mitsubishi Heavy Industries: Strategic technology partner that delivered the EUR 250M FGD/desulfurization systems at TENT A and TENT B. Relevant as an enabling vendor for EPS's environmental-compliance and thermal-modernization roadmap rather than as a competitor.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• YouTubeyoutube.com/@Elektroprivreda_Srbije
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• TikToktiktok.com/@elektroprivreda_srbije

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries5 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Elektroprivreda Srbije