EUR33 Billion in Investment Needed over Next 15-20 Years

Serbian President Aleksandar Vucic (BETAPHOTO/AMIR HAMZAGIC)

Serbian President Aleksandar Vucic said on Nov. 17 that Serbia would need to invest around EUR16-17 billion to EUR32-33 billion in the energy sector in the next 15-20 years according to a proposal by Norwegian experts.

At a regional conference called, Possibilities for Investments in Renewable Energy Sources in the Western Balkans, organized by the Norwegian embassy in Belgrade and Sarajevo, he said that Serbia was experiencing structural problems.

"We are not just talking about diversifying gas and oil supplies but about there being an old fashioned approach, outdated technology in coal-fired power plants, while there is nothing new in hydropower potentials either.  We are still not in a position to raise the percentage of renewable energy sources in total consumption," Vucic said.

He stressed that "reforms must be carried out and new habits adopted which is why Serbia has begun begging the British and Norwegians. "Our Norwegian friends helped us a lot and have short-term, middle-term and long-term proposals for the energy sector with priorities. We are going to have to do this as soon as possible otherwise we will be facing a catastrophe. We are going to have to invest EUR16-17 billion to EUR32-33 billion in the energy sector in the next 10-20 years," Vucic said.