Antic: Restructuring of energy enterprises launched

KOPAONIK - The public enterprise Electric Power Industry of Serbia (EPS) is expected to adopt a financial consolidation plan by March 31, and then it will be reorganized into two companies by July 1, Energy Minister Aleksandar Antic said on Thursday.

This new company under the name EPS Group should be a group with the parent corporation as the founder of the two companies - one responsible for the grid to replace six regional power distribution companies, the other being EPS Supply which would replace 14 dependent power production companies, Antic said at the Kopaonik Business Forum.

EPS Group will be much more efficient, and will not be one of major loss-making firms in the system of public enterprises.

The public enterprise Srbijagas will be transformed into a holding with two functionally independent companies by July 1, the minister said.

One enterprise will be a transport operator, and the other responsible for gas distribution, he said.

The government adopted the plan for restructuring Srbijagas in December last year, so it should be reorganized by July 1, and its operations unbundled into two companies that would serve as gas transport and gas supply operators, Antic said.

By the end of 2015, Srbijagas will get a consultant for financial consolidation, Antic said.

The government will discuss the financial consolidation of Srbijagas with the European Bank for Reconstruction and Development and the World Bank, and that is part of the agreement with the IMF. Antic underlined.

The aim is to find the financial consultant that will propose a plan for settling the issue of debts owed to the company which total around USD 1 billion, its main debtors being the restructuring companies ...