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Unveiling the financial landscape of renewable energy in Serbia

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In 2023, Elektroprivreda Srbije (EPS) spent over 216.8 million euros on electricity generated from renewable sources. The distribution of payments reveals wind farms as the top beneficiaries, followed by biogas power plants, small hydropower plants, natural gas facilities, and others.

Despite ongoing concerns about environmental impact, small hydropower plants (SHP) have consistently attracted significant attention. Last year, EPS disbursed 36.8 million euros for electricity from SHPs, with notable payments going to EPS-owned plants like Međuvršje, Ovčar Banja, and Radaljska Banja, totaling nearly 4.7 million euros.

Historically, companies associated with Nikola Petrović, known as Vučić’s godfather, received substantial funds from the state and EPS. However, last year, many MHEs linked to his interests were notably absent from the payments list.

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HPP Samokovska reka 1, owned by the company Samuk, received the second-highest payment after EPS, totaling almost 1.8 million euros. Energo Ras from Kraljevo ranked third, with payments exceeding one and a half million euros for its SHPs Kašići and Belci.

Zlatiborsk Elektrane from Čačak received close to 1.2 million euros for the HPPs Beli Kamen and Komalj.

Wind farms received the lion’s share of payments, amounting to nearly 113 million euros. Čibuk 1, the largest wind park located near Kovin in southern Banat, received almost 44 million euros, surpassing the combined payments to all small hydropower plants. This wind farm is jointly owned by companies from the United Arab Emirates, the Netherlands, and Germany.

Following Čibuk 1, the Kovačica wind park received over 31 million euros, and the Košava wind park, owned by MK Fintel Wind, secured more than 18.5 million euros.

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Biogas energy incurred costs exceeding 41.7 million euros, with Serbian company Vinex Etil receiving around three million euros. Biogas Energy, majority-owned by an Austrian company, also received a considerable amount.

Payments for electricity generated from natural gas amounted to over 20 million euros. Novosadska toplana, a public utility company, received slightly over 14 million euros, while PUK Beogradske elektrane and the Oil Industry of Serbia (NIS) obtained 3.2 million euros and 2.3 million euros, respectively.

Solar power contributed about 2.2 million euros, with Solar Matarova and Solaris Energy being notable recipients for their solar panel-generated electricity. Additionally, electricity produced from biomass and waste received around 3 million euros in total state payments.

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