Both companies recently met with the Serbian Minister of Energy and Mining, Radomir Naumov, and the Norwegian Ambassador, Haakon Blankenborg, to discuss future possibilities of cooperation in hydro generation and trading between Norway and Serbia, Naumov and Blankenborg emphasised that the existing cooperation between the two countries in the energy sector would be a good basis for further expansion in the area of hydro and other renewable energy sources.

Zoran Manasijevic, Deputy General Director of EPS, and Bard Mikkelsen, CEO and President of Statkraft, signed the protocol which confirms the parties’ intention to initiate preparatory activities for the revitalisation of Zvornik hydro power plant and close cooperation in the area of trading in the energy market.

‘This agreement is an important signal of our interest in the Serbian market and the Balkan region as a whole,’ said Mikkelsen. ‘Statkraft and EPS are leading players in the fields of hydro power in their respective markets. Our two companies will work together to explore mutual business opportunities, using our combined knowledge, experience and resources.’

At the meeting Manasijevic highlighted the investment potential in the Serbian electric industry and pointed to the significant investment opportunities in the hydro power sector. He said: ‘The signing of the agreement is very positive for EPS. Statkraft’s experience from rehabilitation of hydro power plants, and energy market restructuring and deregulation is very relevant for the Serbian energy market.’