Heating plants unable to keep pace with rising gas prices: Why is PUC Beogradske elektrane recording growing losses and what is the solution?

Of the ten largest municipal heating plants in Serbia, six operated profitably last year, while four ended the year with a net loss.

At first glance, this could be seen as a significantly better result compared to 2024, when as many as seven of the ten largest heating plants operated at a loss, while only three recorded a profit.

However, the combined net result paints a different picture - the ten heating plants analysed ended last year with a total net loss of around RSD 1.6 billion, while a year earlier their combined net loss amounted to around RSD 488 million, meaning that the overall financial result deteriorated by approximately RSD 1.1 billion.

The main reason is the large loss recorded by PUC Beogradske elektrane.

How did heating plants in Serbia perform last year?

Novi Sad Heating Plant, as well as heating plants in Nis, Subotica, Zrenjanin, Cacak and Pancevo, recorded positive results last year.

Novi Sad Heating Plant ended last year with a net profit of around RSD 300 million. However, the profit was slightly lower than in 2024, when it amounted to around RSD 365 million.

The heating plant in Nis achieved a major turnaround compared to 2024. After ending 2024 with a net loss of around RSD 230 million, it recorded a profit of RSD 159 million last year.

The next heating plant to end the year in positive territory was the heating plant in Subotica, although with a significant decline in profit compared to the previous year. Net profit amounted to around RSD 45.5 million, while in 2024 it was as high as RSD 1.9 billion.

The heating plant in Zrenjanin continued its positive performance from 2024 and managed to increase its profit in 2025. Last year, it recorded a net profit of RSD 29 million, while a year earlier the profit amounted to RSD 21.5 million.

Grejanje Pancevo managed to achieve a major turnaround and move from a loss to a profit. While it recorded a net loss of RSD 8.2 million in 2024, it ended last year with a profit of as much as RSD 80 million.

Grejanje Cacak also managed to move out of the red. After ending 2024 with a loss of RSD 47 million, it recorded a net profit of RSD 2.9 million last year.

Grad Beograd

JKP Beogradske Elektrane Beograd

JKP Novosadska toplana Novi Sad

City of Belgrade

Beogradske elektrane

Novi Sad Heating Plant

Nis Heating Plant

Subotica Heating Plant

Zrenjanin Heating Plant

Cacak Heating Plant

Pancevo Heating Plant

Grejanje Pancevo

Grejanje Cacak

Energetika Kragujevac

Kraljevo Heating Plant

Novi Pazar Heating Plant

Jagodina Heating Plant

Valjevo Heating Plant

Association of Serbian Heating Plants

International Monetary Fund

IMF

GSP

Dejan Stojanovic

natural gas prices

heating price

increase in heating prices