Every fifth energy company in Serbia has no employees or revenue

The Electric Power Industry of Serbia (EPS) is the first company that comes to mind if we talk about electricity production in Serbia. However, CompanyWall rating agency says that as many as 1,131 companies are registered for electricity production in our country.

Unlike the state giant with 20,000 employees and revenues that, according to the 2022 financial report, reached almost 370 billion dinars, there are 227 companies operating in the same industry that have no employees or revenues.

Electricity in Serbia is produced by hydropower plants, thermal power plants and wind and solar power plants. And while the answer to the question of who produces the most electricity and generates the highest revenues is simple, since EPS currently has no competition, a review of the data on the revenues and profits of the “other” producers in the last year reveals much more about the key players in that activity.

Thus, based on the 2022 financial results, Gazprom Energoholding Serbia TE-TO Pančevo (a thermal plant), which was commissioned in October 2022, ranks second, with the generated income of close to 8.5 billion dinars.

The Vetroelektrane Balkana Company (WEBG), co-owned by Abu Dhabi Future Energy Company-PJSC Masdar from the United Arab Emirates (60 percent), the German development financial institution DEG (10 percent) and the Finnish energy infrastructure development company Taaleri Energia (30 percent), ranks third with a total revenue of 5.9 billion dinars in 2022.

WEBG owns Čibuk 1, the largest wind farm in Serbia with a capacity of 158 megawatts.

Electrawinds K-Wind and MK-Fintel Wind are among the top five producers by revenue. Electrawinds K-Wind, owned by Balkan Energies – Serbia 1 B.V., generated revenue of 3.1 billion dinars in 2022. This company owns the Kovačica Wind Park project, the first wind farm connected to the domestic electricity grid.

The “big five” also includes MK-Fintel Wind AD, which is majority owned by Fintel Energija AD with a 54 percent share and MK Holding with a 46 percent share, and which generated 2.1 billion dinars in revenue in 2022.

At the Kopaonik Business Forum, MK Group announced that it had so far built wind farms in Vojvodina. In May, the company will launch the Krivača wind farm in Eastern Serbia, a 165-million-euro investment. According to MK Group’s CEO, Mihailo Janković, the company also plans to invest EUR 900 million in renewable energy projects by 2026.

So, who are energy companies that have no employees or revenue? They are, for instance, the company Elektrana Sajan 1, which submitted a request for connection to the power grid for the Solar Ekopark solar power plant, and they have currently completed the first stage in the process.

Then there is the Belgrade-based Vat Energija, majority owned by the Dutch company P.D.& I. Power Development and Investment B.V. with Vat Portugal as a minority co-owner, which is mentioned in the documents of the Ministry of Construction, Transport and Infrastructure in connection with the Nikine Vode wind farm project. Nikine Vode is also on the current list of requests for connection to the power grid.

(Biznis.rs, 12.03.2024)


This post is also available in: Italiano

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