Elektroprivreda Srbije
Serbia's state-owned integrated electricity utility and largest lignite producer.
Last updated August 26, 2026
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Overview
Elektroprivreda Srbije, commonly known as EPS, is Serbia's state-owned integrated electricity utility. Headquartered in Belgrade, the company operates across electricity generation, lignite mining, wholesale and retail electricity activities, and related energy services. It is one of the country's largest enterprises and has historically occupied a dominant position in the Serbian power market. EPS was established in its present corporate identity in 1991, although its industrial predecessors belong to a much older Serbian electricity system. Coal production began in Serbia in the nineteenth century, the first public electricity generation facilities appeared in the late nineteenth and early twentieth centuries, and the post-1945 period brought major hydroelectric and coal-fired developments. These assets were progressively consolidated into a national electricity organization. The company inherited a system centered on large lignite-fired thermal plants, hydroelectric stations, mines, and the distribution of electricity to households and businesses. The company's generation portfolio combines lignite, hydropower, and smaller gas- and liquid-fuel-fired combined heat and power facilities. Reference data for the early 2020s describe approximately 7,326 MW of installed capacity, including about 4,390 MW of lignite thermal capacity and approximately 2,936 MW of hydropower capacity. EPS also operates several facilities that are not owned by the company. Its principal generating assets include the Nikola Tesla thermal power complex near Obrenovac, the Kostolac thermal complex, the Đerdap hydroelectric plants on the Danube, and the Bajina Bašta hydroelectric and pumped-storage facilities. Mining is central to EPS's operating model. The company is Serbia's largest lignite producer, with mining activity concentrated in the Kolubara and Kostolac basins. Lignite from these basins supplies much of the fuel required by EPS's thermal fleet. This vertically integrated structure gives the company control over a critical part of its fuel supply chain, but also exposes it to environmental, geological, operational, and energy-transition pressures. EPS's role has changed as Serbia's electricity sector has been reorganized. In 2005, the transmission business was separated from EPS and transferred to the newly established Elektromreža Srbije. The electricity market began opening to competition in 2013, although EPS remained the dominant supplier and generator. Subsequent restructuring separated trading and distribution activities, and in 2021 the distribution-system business was removed from EPS Distribucija and continued as Elektrodistribucija Srbije. In April 2023, the Serbian government approved the transformation of EPS from a public enterprise into a joint-stock company. The reform was intended to improve corporate governance and operational accountability while retaining state ownership. EPS remains strategically important to Serbia's energy security, industrial base, and public finances. Its main long-term challenges include maintaining aging thermal and hydroelectric assets, securing reliable coal production, financing new generation and environmental upgrades, responding to European electricity-market rules, and adapting to decarbonization requirements.
History
Serbia's electricity industry predates EPS by more than a century. Coal extraction began in Serbia in the nineteenth century, while early electricity generation and electrification projects appeared in the late nineteenth and early twentieth centuries. Belgrade's first major power station began operating in 1893. The hydroelectric plant at Pod gradom in Užice entered service in 1900, followed by an early long-distance alternating-current transmission line from Vučje to Leskovac in 1903. Additional hydroelectric schemes were developed before the First World War, and Belgrade's Snaga i Svetlost plant, completed in 1933, became one of the largest power stations in the Balkans at that time. After the Second World War, Serbia consolidated electricity production and mining under state direction. Električno preduzeće Srbije was established in 1945. Between 1947 and 1950, the post-war system added the Sokolovica hydroelectric plant and the Mali Kostolac and Veliki Kostolac coal plants. Underground mining in the Kolubara coal field began in 1952, and the RB Kolubara thermal plant entered operation in 1956. The Vlasina and Zvornik hydroelectric plants were connected to the grid during the same period. From 1960 to 1967, further hydroelectric facilities, including Bistrica, Kokin Brod, and Potpeć, were developed. Institutional consolidation continued in the 1960s. Združeno elektroprivredno preduzeće Srbije was founded in 1965. The Bajina Bašta coal-fired power plant began generating in 1966. Serbia's two major strategic facilities, the Đerdap I hydroelectric plant on the Danube and the Nikola Tesla thermal power complex, entered operation in 1970. The Bajina Bašta pumped-storage plant was completed in 1982, while the Pirot hydroelectric plant began operating in 1990. EPS adopted its current name and organizational identity in 1991. The company became the principal state electricity enterprise, combining generation, mining, and electricity-supply functions. The 1990s brought severe disruption. During the NATO bombing of Yugoslavia in 1999, a number of power plants were badly damaged. After UNMIK assumed administration in Kosovo on 1 July 1999, EPS lost practical access to Kosovo-based mines and generating facilities, including Kosovo A and Kosovo B. EPS continued, as a matter of Serbian government policy, to maintain payroll and administrative links with several Kosovo-based EPS entities, even though many of the employees were not working at those facilities. The company reconnected with the European interconnected electricity system in 2004 as Serbia stabilized after the wars of the 1990s. On 1 July 2005, EPS's transmission division was separated and reorganized as Elektromreža Srbije. This created a clearer distinction between electricity generation and supply on one side and transmission-system operation on the other. From 2007 onward, EPS prepared plans to build new generating capacity and modernize or expand existing facilities in response to rising demand. The Serbian electricity market began opening to competition on 1 January 2013. Although the formal market structure allowed other suppliers to enter, EPS retained a de facto dominant position because of its generation fleet, mining assets, customer base, and public-service role. Reorganization continued in 2014, when EPS Distribucija Belgrade and EPS Trgovanje Ljubljana were established as separate subsidiaries or affiliated operating structures. In June 2021, the distribution-system activity was separated from EPS Distribucija and continued under the name Elektrodistribucija Srbije. In April 2023, the government approved EPS's transformation from a public enterprise into a joint-stock company. The change was presented as a corporate and governance reform rather than a transfer of ownership: the Serbian state remained the owner. EPS entered this period as a large integrated utility with a generation portfolio based principally on lignite and hydropower, and with mining operations in Kolubara and Kostolac producing roughly 37 million tonnes of lignite annually according to reference material. Its future depends on the reliability of aging thermal assets, coal-mine performance, investment in pollution controls and grid-related modernization, the development of renewable and lower-carbon capacity, and Serbia's alignment with European energy-market and environmental requirements.
- 2023
Government approved joint-stock-company transformation
[1]The Serbian government approved EPS's transformation from a public enterprise into a joint-stock company while retaining state ownership.
- 2021
Distribution-system activity became Elektrodistribucija Srbije
[1]The distribution-system section was separated from EPS Distribucija and continued as an independent company.
- 2014
Trading and distribution structures were reorganized
[1]EPS was reorganized into structures including EPS Distribucija Belgrade and EPS Trgovanje Ljubljana.
- 2013
Serbian electricity market began opening to competition
[1]The electricity market was opened to other suppliers, although EPS remained the dominant participant.
- 2005
Transmission division separated into Elektromreža Srbije
[1]EPS's electricity-transmission business was separated on 1 July and reorganized as an independent public enterprise.
- 2004
Return to the European interconnected system
[1]Following post-war stabilization, EPS again became a member of the European interconnected system then associated with UCTE.
- 1999
War damage and loss of access to Kosovo facilities
[1]Power plants were damaged during the NATO bombing, and EPS subsequently lost access to Kosovo-based mines and generating facilities under UNMIK administration.
- 1991
The company adopted the Elektroprivreda Srbije name
[1]The electricity enterprise was reorganized and took the name Elektroprivreda Srbije.
- 1970
Đerdap I and the Nikola Tesla thermal complex entered operation
[1]The opening of Đerdap I and the Nikola Tesla thermal complex established two of the most important pillars of Serbia's generating system.
- 1965
Združeno elektroprivredno preduzeće Srbije was founded
[1]A consolidated Serbian electricity enterprise was created as the sector continued to integrate generation, mining, and supply.
Products and positioning
State-owned, vertically integrated national electricity utility
Mining and fuel supply
Lignite mining
EPS operates major lignite-mining activities in Serbia's Kolubara and Kostolac basins. The mines provide fuel for much of the company's thermal generation fleet and make EPS vertically integrated from extraction through electricity production. Reference material describes EPS as Serbia's largest lignite producer, with annual production of approximately 37 million tonnes.
Electricity generation
Lignite-fired thermal generation
Coal-fired generation is the core of EPS's electricity portfolio. The Nikola Tesla plants near Obrenovac and the Kostolac complex provide large-scale baseload and dispatchable power for Serbia. The fleet is strategically important but faces pressure from aging equipment, emissions requirements, mine reliability, and the country's longer-term energy transition.
Electricity generation
Hydroelectric generation
EPS operates a substantial hydropower portfolio, including Đerdap I and II, Bajina Bašta, and other hydroelectric facilities. Hydropower provides renewable electricity and operational flexibility, while the Bajina Bašta pumped-storage facility adds a storage and balancing function to the Serbian system.
Retail and wholesale electricity
Electricity supply
EPS supplies electricity to Serbian residential, commercial, and industrial customers and participates in wholesale electricity activity. Although Serbia's market began opening to competitors in 2013, EPS remains the country's dominant electricity supplier because of its large generation base and historical public-utility role.
Electricity and heat generation
Combined heat and power
In addition to its major coal and hydro assets, EPS has gas- and liquid-fuel-fired combined heat and power capacity. These facilities form a smaller part of the portfolio and support the provision of both electricity and useful heat where applicable.
Controversies
2014
Review of alleged electricity-trade discrepancies
The Organized Crime Prosecutor instructed police to examine possible wrongdoing at EPS. The allegations drew on an Anti-Corruption Council report that identified discrepancies in EPS electricity imports and exports during 2010–2012.
2011
Kolubara procurement and coal-sale allegations
Serbian police and anti-corruption authorities investigated alleged irregularities involving the RB Kolubara subsidiary. The allegations concerned equipment procurement and leasing arrangements and the sale of coal. Authorities arrested 17 people, including former mine directors, company managers, and private-business owners.
Brand decisions
2023
Transform EPS into a joint-stock companyStrategyBackground
The Serbian government pursued a change in EPS's legal and corporate form to strengthen governance and improve the enterprise's operating framework.
Action taken
In April 2023, the government approved the conversion of EPS from a public enterprise into a joint-stock company while retaining state ownership.
Aftermath
EPS remained a state-controlled strategic utility, but its legal form changed from a public enterprise to a joint-stock company.
2021
Separate the distribution-system businessStrategyBackground
Serbia continued restructuring electricity-market institutions and operating companies.
Action taken
The distribution-system section of EPS Distribucija was separated in June 2021 and continued as Elektrodistribucija Srbije.
Aftermath
EPS's direct operating scope became more concentrated on generation, mining, and electricity supply and trading.
2014
Reorganize trading and distribution activitiesStrategyBackground
EPS sought to improve effectiveness and clarify its operating structure after the electricity market began opening.
Action taken
The company established separate structures identified as EPS Distribucija Belgrade and EPS Trgovanje Ljubljana.
Aftermath
The reorganization preceded the later separation of the distribution-system business into Elektrodistribucija Srbije.
2013
Operate in an opening electricity marketStrategyBackground
Serbia began opening its electricity market to competition on 1 January 2013.
Action taken
EPS continued operating as the dominant generator and supplier while the market framework allowed other companies to enter.
Aftermath
EPS retained a de facto leading position and pursued further internal reorganization.
2005
Separate electricity transmission from EPSStrategyBackground
The Serbian electricity sector was being reorganized to distinguish transmission-system operation from generation and supply.
Action taken
EPS's transmission division was separated on 1 July 2005 and established as Elektromreža Srbije.
Aftermath
Transmission-system responsibilities moved to a separate public enterprise, while EPS continued to focus on generation, mining, and supply activities.
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