Serbian power board EPS reported a net loss of close to €250 million in Q1 2022, said the company in its latest business report, the Serbian daily Danas reported on Friday.

This came as a result of a 13.2 billion dinars (€112 million) loss posted in Q4 2021, because over the first nine months of 2021 the company had a net profit of 8.5 billion dinars (€72 million).

The report said that EPS did not use any state subsidies and that the company borrowed loans instead, and at the end of Q1 2022 its debt stood at 165.7 billion dinars (€1.4 billion).

“The main reason for this situation is the collapse of the thermal power plant Nikola Tesla (TENT),” Danas said. In Q4 2021 EPS imported 1.224 GWh of electricity which cost the company €289.7 million, which was €278.7 million more than planned.