The Electric Power Industry of Serbia (EPS), headquartered in Belgrade, is the leading electricity provider in Serbia, playing a crucial role in the country's energy sector. Established to ensure a stable supply of electricity, EPS operates an extensive network of power generation, transmission, and distribution facilities. The company's portfolio includes thermal, hydro, and renewable energy sources, reflecting its commitment to diversifying energy production and enhancing sustainability. In 2024, EPS continued to modernize its infrastructure and operations, emphasizing the integration of renewable energy sources. The company invests in new projects to boost energy efficiency and reduce environmental impact. Key initiatives include upgrading existing power plants and expanding its renewable energy capacity, particularly wind and solar power. As of 2025, it employs around 20,000 people.
The Electric Power Industry of Serbia's unique selling proposition is its commitment to providing reliable and sustainable energy through a diversified mix of traditional and renewable sources, driving the country's energy future.
Business Sector
Electric Utility
Operating Geography
Serbia
Revenue
€3,898 million - FY ending 31st December 2023
€3,015 million - FY ending 31st December 2022
SWOT
SWOT Overview
The SWOT analysis of the Electric Power Industry of Serbia highlights its strengths as a state-owned entity with a dominant market position, a diverse energy portfolio, significant coal production from major lignite mines, and an extensive power generation and distribution network. Weaknesses include heavy reliance on lignite, the need for modernization, and previous issues with plant breakdowns. Opportunities lie in expanding solar and wind projects, leveraging excess capacity for neighboring markets, and gaining support for sustainable energy initiatives. However, threats like pressure to reduce carbon emissions, potential market liberalization, and operational cost fluctuations pose challenges. The company is well-positioned to adapt to the evolving energy landscape while leveraging its extensive resources.
SWOT Matrix for EPS
Strength
Weakness
Dominant market position state-owned, controls Serbia’s electricity market
Diverse energy portfolio combines thermal, hydro, and renewable energy sources
Significant coal production owns major lignite mines supplying thermal plants
Established infrastructure with extensive power generation and distribution network
Heavy dependence on lignite for power generation
Requires modernization to maintain efficiency
Past issues with plant breakdowns and outages
Opportunity
Threat
Potential for expanding solar and wind projects
Leverage excess capacity to neighboring countries
Support for sustainable energy projects and modernization
Pressure to reduce carbon emissions and adopt renewables
Potential liberalization of Serbia’s energy market
Fluctuations impacting operational costs
Detailed SWOT Analysis of EPS
The detailed SWOT analysis for Electric Power Industry of Serbia is presented below:
Strength
Dominant market position state-owned, controls Serbia’s electricity market: The Electric Power Industry of Serbia (EPS), a state-owned enterprise, dominates Serbia's electricity market. It owns all large generation capacities and supplies most consumers, effectively controlling the country's electricity production and distribution. In 2024, it reported a profit of €280.3 million in the first half of the year, indicating its significant role in Serbia's energy sector. The company's generation portfolio relies heavily on coal, accounting for approximately 60% of Serbia's total electricity production. Hydropower contributes around 27%, while the remaining share comes from renewable sources such as wind and solar energy. EPS's market dominance underscores its critical role in ensuring the stability and reliability of Serbia's electricity supply.
Diverse energy portfolio combines thermal, hydro, and renewable energy sources: The Electric Power Industry of Serbia (EPS) manages a diverse energy portfolio that includes thermal, hydro, and renewable energy sources. As of 2023, approximately 60% of Serbia's electricity was generated from coal, primarily lignite, underscoring the significant role of thermal power in the country's energy mix. Hydropower contributes notably to Serbia's electricity production, accounting for over 33% of the total in 2023. EPS operates several hydropower plants, leveraging the country's river systems to produce renewable energy. While Serbia's renewable energy sector is still developing, wind and solar power advancements have occurred. By the end of 2022, Serbia had 398 MW of wind power installed and 13 MW of ground-mounted solar capacity. Adopting the Law on Renewable Energy in 2021 aims to accelerate the integration of renewables into the energy mix. EPS's diverse energy portfolio enables it to meet the country's electricity demands while gradually transitioning towards more sustainable energy sources.
Weakness
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Opportunity
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Threat
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More Info
Major Competitors
Hrvatska Elektroprivreda (HEP)
Elektroprivreda Bosne i Hercegovine (EPBiH)
Montenegro Electric Power Company (EPCG)
Public Power Corporation (PPC)
North Macedonia’s Elektrani na Severna Makedonija (ESM)
Renewable energy companies
Major Brands
EPS Distribution
EPS Production
EPS Supply
TENT (Nikola Tesla Thermal Power Plant)
EPS Renewable Energy
EPS Trading
Table of Contents
Company Overview
1.1 About the Company
1.2 Business Sector
1.3 Operating Geography
1.4 Revenue
SWOT Analysis
2.1 SWOT Table/ SWOT Matrix
2.2 SWOT Overview
2.3 Detailed SWOT Analysis
2.4 Strength, Weakness, Opportunity and Threat
PESTLE Analysis
3.1 PESTLE Table/ PESTLE Matrix
3.2 PESTLE Overview
3.3 Detailed PESTLE Analysis
3.4 Political, Economic, Social, Technological, Legal and Environmental
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Electric Power Industry of Serbia SWOT and PESTLE analysis has been conducted and reviewed by senior analysts from Barakaat Consulting.
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