Vucic: Power from new solar plants to replace Serbia's winter electricity imports

BELGRADE - Electricity generated by new solar power plants will replace Serbia's costly electricity imports during the winter season, Serbian President Aleksandar Vucic said after the signing of an agreement with a consortium between Hyundai Engineering and UGT Renewables on building self-balanced solar power plants that will ensure 1 GW of power generation capacity to Serbia.

"On average, we will be able to produce an estimated 1.6-1.8 TW. That is incredibly important for our system, because that is exactly the amount of electricity we import every year, and we usually import it when it is the most expensive and the most in demand in the Western Balkan market," Vucic said.

"Firstly, this is a part of what we have been talking about as the most important job we must finish before 2027, and it has to do with energy safety and security and the ability to have electricity in the coming years," he said.

"I want people to know that we consume an actual 30 TW every year but, essentially, it is 34 TW of power because we lose at least 4 TW in the grid," Vucic said, adding that the losses were due to an outdated grid and a lack of investment in power lines, transformers and electric posts in the past 60-70 years.

UGT Renewables CEO Adam Cortese said the solar power project would inject hundreds of millions of dollars directly into the Serbian economy.

He said that, once operational, the power plants would revolutionise Serbia's energy sector, boost its energy security and greatly reduce its annual carbon emissions footprint.

Hyundai Engineering CEO Hyeon-Sung Hong said the project was one of the largest of its kind in the European renewable energy sector.

He noted that it would drastically change Serbia's energy portfolio and have enormous significance for the country's energy sector.