In the Government of Serbia, in the presence of the Minister of Energy Zorana Mihajlović, Mayor of Novi Sad Miloš Vučević signed today the Protocol on negotiations for the contract conclusion of the joint venture between the Public enterprise “Electric Power Industry of Serbia”, the City of Novi Sad, the "Energy Novi Sad" Company j.s.c, and a consortium of bidders comprising the company "METKA" from Greece, "GGE" from Slovakia and "CJSC Optima Energostroy" of the Russian Federation. The Protocol is related to the investment in the reconstruction of the existing and construction of the new unit for combined production of electricity and heating in the Thermal Power Plant-Heat Plant (“TE-TO”) Novi Sad and it was signed between the acting director of the Electric Power Industry of Serbia Aleksandar Obradović, Novi Sad Mayor Miloš Vučević, Chairman of the Board of Directors of "Energy Novi Sad" Company Miloš Stojanović and the consortium’s authorized representatives Roland Toth and Paul Smith.

- This project will provide long-term energy supply to the wider zone of the city and we will try to ensure both economically and environmentally sustainable supply of energy. This is very important to Novi Sad, because our city will be consequently supplied with sufficient electrical and thermal energy. It is important that the whole process is cost effective and that the citizens Novi Sad feel the benefits of this investment in the energy sector as soon as possible – Mayor Vučević said.

On this occasion, Energy Minister Zorana Mihajlović said that she expects the negotiations conclusion on the project implementation in March, while the contract signing is expected by the end of April and at that time we will know the exact date of the beginning of the construction and modernization of the facilities.

It is expected that TE-TO Novi Sad will have 400 MW of electric power and 300 MW of thermal power, while the estimated value of the first phase of the project, that could be completed in the next two years, ranges between 220 to 240 million euros.

Novi Sad, 15^th January 2014