EBRD is considering a sovereign guaranteed loan of up to EUR 40,000,000, to Elektroprivreda Srbije ("EPS") in parallel with a similar loan of EUR 40,000,000 from the EIB (in total EUR 80,000,000) to finance the purchase and installation of modern electricity meters and the associated infrastructure and software in the Serbian electricity distribution system. These measures will target the existing level of electricity losses in the network with the aim of significantly reducing these losses over the project implementation period. They will also assist in increasing bill collection rates.
The transition impact of the project stems primarily from the following:
The accurate metering of, and payment for, power will enhance the development of an efficient electricity market, and create accurate incentives to optimise power use and improve efficiency. It will thus reduce Serbia's power consumption and carbon intensity.
The introduction of advanced metering technology will enable the implementation of tariff methodologies aimed at improved demand side management, helping to optimise power system operation and improve energy efficiency.
- A substantial reduction of losses in the distribution system and increase in collections, together with reduced costs for meter reading and a reduction in meter reading errors, will all improve EPS's operational performance.
Elektroprivreda Srbije, the vertically integrated electricity company of Serbia, owned 100% by the Government of the Republic of Serbia.
A sovereign guaranteed loan of up to EUR 40,000,000.
The Project has been categorised B under EBRD's Environmental and Social Policy (2008), requiring an Environmental and Social Due Diligence ("ESDD"). The ESDD was undertaken by an international independent consultant consisted of an Environmental Audit of the existing assets and management capability around the Bank’s Performance Requirements (PRs) and an Environmental Analysis of the proposed investment programme.
The ESSD has confirmed that the EBRD-funded project will not give rise to significant environmental or social impacts and can be managed in a manner which will comply with EBRD's Performance Requirements. The ESDD identified, in addition to specific risk management actions, a need to strengthen further the capacity and resources within EPS to implement the Environmental and Social Action Plan (‘ESAP’) required by the Bank to ensure that the project meets the PRs.
The ESAP for this project will include, amongst other requirements, the need for EPS to develop waste management procedures for the collection, segregation, storage, and disposal of waste (including old electricity meters); improvements to the health and safety management and training of both staff and contractors; as well as development of a stakeholder engagement programme.
EBRD will monitor the project to asses the status of implementation of the ESAP.
EBRD's technical, environmental and procurement due diligence has been supported by an external consultant under a EUR 50,000 contract funded by the Spanish Government.
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