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t.Ko oM('KH l.lll(-ll,l lY I a.,r

01,046e .l/g
06 o2. -zoL,,_,oo
6EOTPAII

t'frEer Wfiitozj
nPEnOPvKE 3A vHAnPEbEHTE MOAEIIA flOCIIOBHOT nflAHllPAl-bA
AKTvEfl143Aql4JA

EPC
MJEU'OB!4TI4 XOnAhHT.EnEKTPOnPhBPEAA PEnvsfl 14KE CPnCKE'
MarnqHo npeAy3ehe, a.A. Tpe6ulbe

Seorpag, Se6pyap 2023. roAute

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yBoA

Koxsopqujyu je y orro6py 2020. roguxe npeAao MX EPC-y l4seeuraj aa yxanpeleue MoAena nocnoBHor nnauupaua".
"flpenopyxe
Y ue[yepeuexy Hacrynnne cy npoMe]beHe oKonHocrr4 y norfleAy npoMeHa y 3aKoHcKoM oKBr4py, crarycHe 14 opraHu3aquoHe
npoMeHe lt To:

1. AoHerh cy HoBu 3aKoHcxu nponucgr:

. Hogu 3axox o eneKrpxqHoj eHepruju ("Cnyrx6exu rnacHlrK Peny6nraxe Cpncxe'6p. 68/2020)
. Hoar,,r 3axox o o6xoaruhgr4u H3Bopr4Ma (,Cnyx6exu rnacHuK Peny6nuxe Cpncxe" 6p.1612022)
. Onuru ycnoBr 3al.rcnopyrry u cxa64rjesarue (ynaqa eneKrpxqHoM eHeprujoM (,Cnyx<6exu macHr4K PC" 6poj 13/21)
2.Cnpoee4execyopraHH3aq}!oHenpoMeHe,yrory|egoHoUe}5exoeorCTaTyra

3. Tarofle, MX EPC je npucrynrao yHanpeleby nocnoBHr4x npoqeca yxruyvyjyhu x npoqece nnaHnpaba - u ro

o floxere cy OYK npoqeAype

llonasehu oA HaBeAeHor u AocraBrreHor l4seeurraja MX EPC je gocraero Kouexrape u 3arpaxxo arryenuaaqujy l4saeuraja xoje
he yaaxuru cBe HaBeAeHe oKoflHocrh. hxcrpyxqrja o npouexaua je Aara y Kouexraprua Ha AocraBrbeHra hseeu.rraj.
 Caapxaj
PE3I,1ME AHA,II,I3E CTAI,bA, KOMEHTAPA h NPENOPYKA 3A YHANPEbEI'bA NOCIIOBHOT NTAHhPAFbA MX EPC-A.......4
vBoAHE HAnOMEHE, r-ll,1rb AHAfl r,13E 14 METOAOnOUJKh nPilCryn ........... ...18
AOKyMEHTAqhOHA nOArOrA 20
I nornABrbE - CABPEMEHA nPAKCA nflAHt4PAlbA y nOCnOBAT-bv KOMnAHhJA v OvHKql4Jt4 nflAHl4PAlbA KAO
ocHoBHor AnATA 3A OCTBAPE|-bE ql4rbEBA V BVSVIJE nPEAy3EhA - nOCIIOBHO OAII) {14BAr-bE, nPAhElbE
PEAnr3Aqt4JE t4 KOHTPOII E nOCfl OSAlbA 22
1.1 3xavaj ra Mecro nnaHlrpaba y nocnoBalsy - npeno3Haaabe BaxHocn4 u noAn3albe cBecrlr o sxa.rajy nnaxuparsa......23

1.2 Ocxoee, cagpxaj h qr4rb nnaHupaba 23

t.3 Ocxoee npxcryna u opraxuaaquje nocnoBHor nnaHHpatsa..... .24
1.4 Koxruxyrrer y nnaHupaby ca norneAoM y 6y9yhxocr........... 26
1.5 AocneAxocr y nnaHupatsy - Haqefla nnaHltpaba .....................26
1.6 Xujepapxuja nnaHupalba H BpeMeHcKu xopH3oHT - sxavaj 4yropovHor nnaHltpaba 28
il nornABItE - oPTAHh3AqtlJA nOCnOBHOT nrAHl4PAtbA t4 KOHTPOflE 31

ll.1 Caepeuexa reopraja !t npaKca opraxr,roaqnje nflaHupaba y $uxaxcrajaua u npegysehy - aAeKBarHocr yHfrpaulbe
opraxusaquje Syxxquje nnaHxpatsa y MX EPC-y........... 32
11.1.1 Opraxusaquora crpyrcypa - caBpeMeHa npaxca ..... ........38
ll.2 llpoqec nnaH14patsa - caBpeMeHa npaKca, ,W uoAen" opraxusaquje nnaHupalba .....43
ll.3 Kruyvxra noKa3arerbr4 nocnoBaba y (oHrponu nocnoBaba - ocHoBe KPI uogena.... ,,..,44

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llll-lornaerbe - AHAII[43A flOCTOJETET CTAI-bA 143PME t4 AOHOIXEIbA nnAHA flOCIIOBAI-bA MX EPC CA

nPE qfl 03t4MA 34 yHAnPE-bElbE 48
lll.1 Axanusa npaBHor oKBupa u Crarfra MX EPC-a 50
lll.1.1 Axanhsa 3aKoHcKe perynarr4Be - o4peg6e roje ce ogxoce Ha nnaHxpalbe 50
111.1.1.1 3axox o enerrpuvxoj exepruju (,Cnyx6exu rnacHHK Peny6nuxe Cpncre" 6p. 68/20) 50
lll.1.1 .2 3arox o eHeprerhLl4 ("Cnp<6exu rnacHltK Peny6nuxe Cpncre", 6poj 49/09) 51
lll.1.'l .3 3axox o o6xoerbuaru x3BoplrMa exeprrje (,Cnyx6enr rnacHrK Peny6nure Cpncre", 6p.16122) 53
111.1.1.4 3arox o jaexru npeAy3ehuMa 53
111.1.1.5 3arox o npHBpeAHltM ApyrurBr4Ma Peny6nnre Cpncxe 54
lll.1.2 Axanuaa Craryra MX EPC-a 55
lll.2 Ynope4xa aHann3a r4HrepHerx aKara, nnaHcKr4x n nparehux AoKyMeHara MX EPC-a - npoqect4 nnaHxpalba, Qopue n
caApxal aKaTa n AoKyMeHara u npHMeHa y npaKcn 59
lll.2.1 flpaaunxnr o xHTepHuM KoHTponaMa h uHTepHhM KoHTponHr4M nocrynquMa - HaqenHa aHanu3a h caBpeMeHa
npaKca, ca KoMeHrapoM H npeAroroM oa yxanpefleue 59
lll.2.2 Ananrga llpaernxrxa o t.tHTepHHM KoHTponaMa u uHTepHuM KoHTponHhM nocrynquMa yt ]beroBe npHMeHe y npaKcx
- ca KoMeHTapoM u npeporou sa yxanpelelbe......... 63
|t.2.2.1 Ycnosu nocnoBalba - qnax 37 6............... 63
111.2.2.2 f'lonrrrra MX EPC 3a roAxHy 3a Kojy ce AoHoce nnaHcKa AoKyMeHra - qnax 37s ...65
111.2.2.3 Enerrpoexeprercxu 6unaxc - vnax 37 a) 67
|.11.2.2.4 Cepxa, eneuexru u cagpxaj l-ogur.user nnaHa nplrxoAa u pacxoAa -.{nax 38 u 39 68
111.2.2.5 Tporoguu:*u nnaH nocnoBa$a -.{nax 39 69
111.2.2.6 Pe6anarc nocnoBHor nnaHa u Pe6anaxc EE6 (Pe6anaxc nnaxa) ........70
111.2.2.7 Axanusa npaKce - CaApxai u $opua flnaxa nocnoealba............. . .. .72
111.2.2.7.1 Cagpxaj l1naxa nocnoaaua MX EPC aa roAnHy, oAHocHo rporoAhurlbu neproA........... ..............................72
111.2.2.7.2 Crpyrrypa nplrxoAa !r pacxoAa - ucKa3nBabe y ra6enaua BY y flnaxy n hsseurrajy 95
 111.2.2.8 fl paheue lr KoHrpona nnaHa............. 102
111.2.2.9 Tepmuxcxn nnaH AoHotxelba KoHcont4AoBaHux nnaHoBa 103
111.2.2.10 Axanhsa npaKce - Cuepxuqe n Tepuuxcxu nnaHoBl4 3a u3paAy Flnaxoea nocnoBaba 3a roAlrHy AaHa u 3a
TporoAHuJrbx nepxoA..................... .112
111.2.2.10.1 Axanuga cagpxaja x KoMeHrap Cuepxuqa .113
lll.2.3 OYK npoqeaype l1Y2 sa nnaHuparbe u flY 4 sa r3BeuraBabe .118
lll.2.4
haaeurraju o nocnoBaby lr x3Bpr.uelby nnaHa nocnoBalba - ca aHanet3oM npaKce Ha npuMepy hsaeuraia o
nocnoBaby MX EPC 3a roAltHy 14 KBapran........ .'t20
v nPt4flo3H .125
lV.1 flpunor 1 - flpoqeAype MX EPC-a .127
lV.2 flpunor 2 - Cuepxuqe 3a nnaHhpa$e .157
lV.3 llpunor 3 - flnax aKrHBHocrh - Tepuutxcxlt nnax .163
lV.4 flpr,tnor 4 - Ca.qpxaj nnaHa nocnoBaba .169
lV.5 flpunor 5 - Bunaxc ycnexa, HoBeaHH rox, 6unaxc craba ................. .172
lV.6 flpunor 6 - floxasaretblt tt t4HAhKaropu nocnoBaba .178
lV.7 llpunor 7 -,W uogen" r KP|........... .182

II I I I II I I I II I I I I I I I
IT I I 1-I I I I I I I I I I I I I I I I

A
EKOHOMCKT,I UHCTI,TTYT
Deloitte f,
l.r
AriMrrpxieBr,rh
x naprneplr
ECONOMICS INSTITUTE
t9a7

PE3]4ME
AHATII43E CTAI-bA, KOMEHTAPA h NPENOPYKA 3A YHANPE]1EI.bA
flOCflOBHOT nnAHhPAlbA MX EPC-a

4 | CrpaHa
 A
EXOHOMCXT HHCTTTvT
Deloitte. fi; Arurrpriearh
l,l [apTHePn
ECONOMICS INSTITUTE
t,4l

PE3]/ME NPENOPYKA - HIGH LEVEL

) fleQuxucaru, yceojrru H neproAueHo npelrcnlrruBaru u ynanpefiuaaru flpoqe4ypy nnaHhpalba (OYK npoqe4ype) ca

flujarpauou roKa arn,tBHocrn
D Yxanpe4nrn flnax aKruBHocru - Tepuuxcxu nnax
) Yxanpegurh caAp)mj n Qopuy l1naxa nocnoeaua
F Yeecrr4 nnaHxpalbe no cerMeHTr4Ma
D Yxanpegurrn npaheue x KoHrpony peanusaquje yBoDe$eM KPI
D Paauorpuru yeofierse npaKce u3page flnaxa paseoja MX EPC 3a npo]r3BoAHH Aeo 3a nepuoA og 10+ ro4llna

5 I CrpaHa

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rI I I I I II I' I I I I I I I I I
-I

A
EKOHOMCK}I I,IHCTYTYT
Deloitte. f,* ,(rr'rxrpra jeaNh
lr naprnepN
-
ECONOMICS INSTITUTE
IX'

PE3t4ME
AHAnh3E CTAtbA, KOMEHTAPA h nPEnOPvKA CA flPEAIIO3I4MA yHAnPET2ElbA
NOCNOBHOT NflAH]4PATbA MX EPC.A
Axaansou peneBaHrxr.rx nponuca 14 AocraBrbeHe HHTepHe perynaruBe, AorqMeHara n ux$opuaquja o AocaAaurlboj npaKcur,
carne4axo je aKryenHo crarbe npoqeca nnaHlrpalba y MX EPC-y r ro ca cne4eherx acneKara:

. HOpMaruBHOr ypelesa,
. MOAena nnaHltpaba,
. opraHlr3aqr4je npe4yaeha y npoqecy nnaHxpalby,
. afihaHocTH y npoqecy nnaHr4paba,
o Qopue u ca.qpx€ja nnaHa t.t
. g3BeurTaBaba 1/l xoHTpone ocTBapeba nnaHa.

Ha ocxoey gocraBrbeHe goxyuexraquje ypaflexa je aHarr43a:

. 3aKoHcKor !r perynaropHor oKBHpa y xoue MX EPC nocnyje,

. HHrepHe perynaruBe xojou je ge$uxucaxa $yxxquja nnaHr4pa$a, opraxrsaquja u npoqec,
. HaAnexHocrh 14 oAroBopHocrl4 Hocxnaqa aKTuBHocrr4,
. @Ap)Kaja u Qopuu nnaHcKYtx aKara,
. Cuepxuqa u Tepuuxcxor nnaHa HaBeAeHlrx y uHTepHoj perynaruBu, xao u ucrux AoHerHx sa uspa4y Flnaxa,
. caApxaja u $opue nnaHcKl.tx AotryMeHTa 3a jeAHy roAltHy h 3a rporoAHu}bu nepHoA,
o hseeluraja o nocnoBaby MX EPC, roAHu+bH H KBapranHx

6 | CrpaHa
 A
EKOHOMCXH T,IHCTIITYT
Debitte. ,,
?
Ar,ruxrprjearh
r{ napTHePx
ECONOMICS INSTITUTE
ty7

ooPMA 14 CA.qPXAJ AHAnr3E

Harox npesexraquje npucryna u npaKce y caBpeMeHo opraHu3oBaHhM npegyaehuua u aHErnH3e nocrojeher craua opraxusaquje
Qyxxquje !r npoqeca nnaHhpalba, MoAena nnaHupalba, rao u Qopue u ca4pxaja nraHcKr4x AoKyMeHara y MX EPC-y, Aaru cy
HaqenHn H AerarbHh KoMeHTapH H npeAno3r uoryher yxanpefierua.

Axqexar y aHErnH3u nnaHlrpalba je craeruex Ha npeno3HaBaue o6nacru y AolryMeHrHMa vi aKTHBHocruMa nnaHupalba xoje uory
6uru npeguer yxanpetlesa, 6lrno xoxrperu3oBaHlrM npepo3xMa Koxcynraxra, 6uno garuuu aKrlrBHocruMa oA crpaHe cauor MX
EPC-a.

Y npucryny aHanu3u H AaBaby npeAflora yranpelleua Koxcynraxr ce pyxoBoAr,ro norpe6ou Aa carneAa uoryhxocru ea

. rse. quick win yxanpefeua, oAHocHo yxanpefieua roja ce uory nphMeHvtrl,,r eeh y xapeAxoM quKnycy nnaH]4pa]ba,
. yxanpefiesa sa vrjy npunexy je xajeepoearxuje norpe6ax A]Drc4 BpeMeHcKr,r neprloA, Kao ]r
. npeno3HaBalbe 14 npeAlaralbe Moryhe Mane nrra sa MX EPC y qrrby KoHrlrHyHpaHor ynanpelersa Qyxxquje u npoqeca
nnaHupalba y cKnaAy ca xaj6oruou reopujou h npaKcoM.

7 | CrpaHa

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IIIIIIIIITITIIIIIIIII

A
EKOHOMCKI,I IIHCTfiYT
Detoitte. I ,(rlurprjearh
H naPrHePr{
ECONOMICS INSTITUTE
t947

nphcryn 14 KoHl_lEnT nPEqnorA 3A yHAnPEDET-bE nocnoBHor nflAHl4PAl-bA

flpegnosu aa yxanpefese cy Aar]t:

o nonasehu og nocrojehe perynarHBe h npaKce carneAaHr4x uoryhxocru 3a beHo yranpefiese,

. Ha onuJTlr HaqglH - cKperalgeM naxlbe Kpo3 aH€rnu3y ]r KoMeHTape xa uoryhxocr yxanpeleua nocrojehe npaKce,
. xa noce6ax Hai{uH - np}rKa3oM reopuje u npeoanalyjyhe npaxce y caBpeMeHo opraHr3oBaHlrM xounaxujaua (opraxnsaquja,
yeolerue Koxrponrxra, o6es6eleue ,W uogena'y npoqeclrMa, yeoleue npaheua u KoHrpone ocrBapelba nnaHa nyreM
KrbflHrx llHAnKaropa nepQopuaxcu - Kfll4) xoju 6r ce npesexroBElnvr y Dashboard-u, rao u
. y Haeeurrajy npeAaroM roxou 2020. roArlHe, y Qopuu KoHKperHhx AoKyMeHara, aKara lt npurKa3a. f'lpegnoau ce uory ycaojuru
u npyrxBarurlr 3a npuMeHy hnu h3MeHhrr4 y cuaAy ca norpe6aua MX EPC-a y penarr4BHo KparKoM polry:

o sa xajaehu 6poj rauyvxnx npeAnora yxanpef;ersa npunoxeH je xoxrgerax HaLlpr AorryMexra (npegnosu: flpoqec
nnaHlrpa$a, fir,tjarpar,r npoqeca, Cuepxuqe, flnaH arruexocru, Cagpxaj u Qopua nnaxa, Ca.qpxaj r Qopt'la
hseeurraja o nocnoBaby n Keapranxor usaeuraja, npeAnor eKoHoMcKor Aefla cera KI'll4),
o raxo[e, npnnoxex je npeAnor npoMeHe cagpx]rHe u Qopue ucKa3uBaba 6y, 5C h HT y cxna4y ca cneqnQuvxocrr,rMa
eneKTponphBpeAHe AenaTHocTH,
o Ma4a cy y eehuxu cnyvajeaa Aarlr Ha qenoBurceeo6yxaaraH HaquH, npeAno3r cy npenopyKa n/nnu y jegxou geny
r
unycrpaquja Koxcynraxra llocnoeogcray y q]lrby yxanpeleua nocnoBHor nnaHupalba, y cKnagy c:r aKryenHoM
reoprajorrl x npaxcoM caBpeMeHo opraHu3oBaHr4x npe4yseha r cneqlrQuvnocrr4Ma eneKTponpuBpeAHe AenarHocrlr.
PeAocneA u 6psuxa yaofleua x eBeHryErnHo Aarbe npunarolaaarse HaBeAeHxx npeAnora cnequSnvxocruua
nocnoBatba MX EPC-a le npeguer garuux oEIyKa flocnosoAcrea.
a y aKryenx3oBaxou lrlsaeurrajy Aara cy uHrepHa aKra AoHera go orro6pa 2022. roAnae OYK npoqe4ype ca aHanH3oM H
-
KOMeHTapOM.

8 | CrpaHa
 A
EKOHOMCKII HHCT}ITYT
Deloitte If Arr-rrrpuieaNh
r [apTHepr{
-
ECONOMICS INSTITUTE
t9a7

NPilMEHA TEOP]4JE, hC}C/CTABA h NPAKCE NNAHhPAI-bA

CABPEMEHO OPTAHH3OBAHI1X KOMflAHTJA vr ilMnflEMEHTAI_lt4JA Y MX EPC-y

Y npeou 4eny l4seeurraja gar je KparaK ocBpr xa reopujy H npaKcy nnaHlrparba y caBpeMeHo opraHr43oBaHHM xounanujaua y qntby

noAu3atsa KopnoparhBHe cBecrlr !r pa3yMeBaba opraxa pyxoaolelba u cBr4x cy6jexara nnaHupaba o sxavajy nnaHupaba,
onuThM HaqenhMa nnaHupalba, u3BeuTaBaby u KoHTponu ocTBapeba nnaHcKl,rx 3aAaTaKa H qlrrbeBa,

a ycnocraBrba$a nlunu ocHEDK4Balba rHTepaKTHaHor MynruAr,rcqlrnnhHapHor npucryna y nnaHhpaby no MoAeny,\M, oAxocxo

nnaHupaue oA Bpxa Ka Aone u o6pxyro, y Br4uJe urepaquja, ca jacuou pacnoAenoM xrjepapxuje Ha4nexHocrn H
oAroBopHocrx 3a H3paAy Aenoea flnaxa nocnoBaba y caaxo! Qasu npoqeca nnaHupasa,

-,]
npeno3HaBaba axavaja u uxuqujaruae sa yeolese H3Beurraaalba, KoHTpone u npesexraquje nyreM MoAena uHAl4Karopa !r
noKa3arerba nocnoBaba - Kllh, xoju eQnracxo ouoryhasa npaherre ocrBape|ba 6urxux genosa ['lnaxa, 6naroapeuexe
KopeKrrBHe arquje r AoHouelbe Mepa, Kao lr npe3eHroBaue flnaxa u peanuaaquje l1naxa Ocxueavy, Crynurrxn,
Hagsopxou og6opy u Ynpaan MX EPC-a,

a
AocneAHor nplrApxaealbe Haqera nnaHupaba y cBHM aKThBHocrr,rMa. npuMeHa Haqera nnaHlrpalba ocurypaBa Aa nnaHoBx
6ygy go6pa noAnora 3a AoHouelbe n cnpoeolerue paquoHanHhx oAnyKa o 6ygyheu nocnoBalby

hnycrpaquja - ,W uogen" u KPl, 4ara je y flpunory 7 l4seeuraja.

9 | CrpaHa

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A
EXOHOMCKH HHCTfiYT
Deloltte. 2
t
Aullurpnier.ub.
,{ naprHep[
ECONOMICS INSTITUTE
t9.l

HAJBAXHI4JE NPENOPYKE 14 NPEAIIOXEHA YHANPEbEbA NOCTOJEhE NPAKCE

1. fieQlrxucalbe H KoHrerHyenHo npencnuruBatbe l-lpoqeaype h npoqeca nnaHmpa]ba

Ha npeAMer n caeo6yxearau cagpxaj flpaeunxura o uHTepHhM KoHTponaMa H r4HrepHuM KoHTponHr,rM nocrynqxMa
O6sraporvr
paqroHanHo je npoqec nnaHlrpaba rsgaojnrr y noce6ax arr, nuajyhr y BAAy Aa je cee genoae nnaHupaba, y pasnnqurnM
o6nacruua nocnoBalba, norpe6xo geraruxuje pa3paAr4ru ge$uxncaueu npoqeca 3a cBaKlt Aeo.
MX EPC aeh uua flpaaunxux o 6unaxcupauy h ynpaBrbaby eneKrpoeHeprercKvtM cxcreMoM EPC-a, hCO npoqeAype 3a
nnaHlrparse, a caAa u llpoqec nnaHxpalba y cKnaAy ca 3aroxou o o4creMy xHrepHhx Quxaxcnjcxux KoHrpona xoju he 6uru
npocnelex ceuu 3n xaxo 6u caqhHunu ceoje npoqece nnaHlrpalba. MX EPC je 4oxocehu uxrepxa arra OYK npoqeAypaMa sa flnax
nocnoBalba, 6rnaxc u r43BeuraBalbe y rorry 2022. roguae roAr4He Aerarbxo ge$uxucao HaBeAeHo.

Iloce6xo HanoMuueMo ga je norpe6xo KoHTl4HyHpaHuM npellcnurr.reaueu nocrojehux rxrepxux aKara AoAarHo ojauaaaru u
$opuanusoear,i r4HTepaKTxBHy Be3y raeue[y cB]rx Hoc]rnaqa nnaHcKrx aKTvrBHocrr/t, xao u uauely aKT]rBHocrr,r H pe3ynrara
nnaHupaba, no cBhM Sasaua - og uxuqujaruBe, npeKo HaqenHor Ao KoHaqHor ogo6paaaua, eogehu paqyHa o peAocneAy h
poKoBuMa 3a h3paAy nojeguxrx Qaaa r qenuxa.

2. Pe6ananc nnaHa -Ae+tAr.ucaru enacrur{Hrje Kp[repujyMe

Cr,rarpauo ga je cruqarse ycnoBa 3a pe6anaxc nnaHa noxerbHo u paquoHanHo4eQuxucaru xa enacruvxuju HaquH y oAHocy Ha
nocrojehe rgurepujyue y llpaeunxury o uHrepHuM KoHrponaMa h uHTepHlirM KoHTponHhM nocrynqnMa, Kao Ha nplrMep:

a llpegsngern npoMeHy o4roaapajyhux oApeA6u flpaeunrnxa unn yrepluea]beM craBa: "xajracxuje" Ha ocHoey
nonyroAuruJlber Hnn HapeAHfix KyMynarhBHlrx MeceqHrx reeeuraja unu npellu3r4palbeM - oAMax no ca3Haby o norpe6u
u npoqeHlr HeraruBHux e$exara Ha nocroBa$e,

10 | CrpaHa
 EXOHOMCKI,T
A XHCTvrryT
Detoitte [rauxrprierrh
,r naPaHePH
ECONOMICS INSTITUTE
l9a,

a flpegsugerr npoMeHy oApeA6u flpaarnxuxa unn yrapluaarseM craBa: ,o6aaesxo" axo je y aHanu3upaHoM neplroAy
oAcrynabe y(ynHor npuxoAa hnu yKynHor pacxoAa y oAHocy Ha npojerroaaxu xueo gehe og 10o/o, xao n axo je oAcrynalse
y npou3BoAtbx nojeguxor npor.r3BoAHor npegyseha eehe og 15Yo, axo nocrojr norpe6a sa pe6anaxcou nnaxa uxaecruquja
(npouexa/ogcrynaba, HennaHnpaxe nlunu pe€rnoqupaHe raneecrraquje), oAHocHo y cloaAy ca npoqeHoM Ynpaee o
cBpo4cxoAHocru r4 peanHoj norpe6u sa h3paAy pe6anaHca.

3. Yxanpelerbe nnaHa axrhBHocnt -Tepurxcxor nnaHa

Axanuoou Tepuuxcxor nnaHa y llpaeunxury o HHTepH]tM KoHTponaMa ]r HHTepHHM KoHTponHHM nocrynquMa u Tepunxcror nnaxa
3a roAHHy carneAaHe cy cnegehe uoryhxocru sa yxanpefiere:

. npeqr43Huje $opuynuca*e aKfl4BHocn|, naeolese o6pafiraeava, 4e$uxucarse npoqeca (noxperav/rocrnaq aKruBHocrr,,r,

npeAnaraq no $asaua, AenoBuMa H KoHai.lHo yceajane, hHTepaKT}rBHo h KopeKruBHo nnaHHpabe y $asu HaqpTa,
oAo6paBaEe u ycBajarbe),
. AOKyMeHTOBaHO lrHytqHpalbe aKTUBHOCT!i, CMepHuLla u ynrrcTaBa,
. H3pa4a gujarpaua aKrhBHocrr4,
. nojeAhHu noAnnaHoBu Hr4cy npeno3Haru Kao AenoBH qenlrHe nnaHlrpaba,
. nogeharu noKpHBeHocr nnaHupalba uero4onorujaua, jegnxcraexr,tM o6pacquMa, u
. ycarnacuru peAocneA aKTHBHocrr,r ,r noBe3aHo poKoBe y quruy o6es6elelba 6naroBpeMeHor 3aBpulerKa nnaHa.

'll I CrpaHa

I I I I I TI I I'I I I ITI I I I I I I
II I I I I I I TIII I I II I I
-II

A
EKOHOMCKII ]IHCTI,TYT
Deloltte T .{uuxrpriearh
,r IIaPrHePr{
-
ECONOMICS INSTITUTE
t9a7

flpunperarru r
ycaojnru Teprauxcru nnax roju npe4eufla AoHor.uelbe AerarbHr4x Crvrepxraqa Ha noqerKy npoqeca nnaH]4palba.
flpegaugeru uoryhxocr usuera/amyenrgoeaua Crvrepxuqa unh Aena Craepxuqa sa noje4uxe o6nacru y rolry oABr4jarua amuaxocru
Ha lr3paAh nnaHa, ycneA npoMebeHxx oKonHocrr4 y oKpyxelby nlunu y MX EPC-y.

t-lpeAnor Teprauxcxor nnaxa je Aar y nplrnory. [loxeruxo je 4oxern jegax Tepuuxcxu nnaH 3a o6a nnaxa, roA]iuJ[6H H TporoAururbr4,
xojru ce Bpuu nnaHupabe npBe roAr,rHe, a noroM paoeuja xa cnegehe ABe roAhHe.

I-lpenopyxa je ga ce sagaqr!/aKruBHocru y H3paAH nnaHcKnx axara ogaujajy y KoHrlrHyHrery u no cnegeheu peAocfleAy - aKnrBHocru
xa uspagn jegnoroAlrllber nnaxa roju y rajaaxxujuu eneMeHruMa lrMa y BxAy u npoqeHy 3a rph roAhHe lr napanenHo ce pagu. Ha
ocxoay ypa[exe npBe roAfiHe y HacraBxy ce Bpuh AerarbHo nnaHhpa$e HapeAHe ABe roAxHe aa norpe6e ]43paAe rporoA]tlJ]ber
nnaHa.

4. Yxanpelelbe aKrhBHocrr4 Ha yrBphxBaby nonrrlrKe, nnaHcKurx r{r4rbeBa, npernocraBKr MX EPC-a Koje cy

ocH o Ba 3a yrB ptj r4 Balbe o6aB$yjyh r,rx C uepxu qa

Ilpegnaxe ce geraruxuju npxcryn yreplueasy u ge$uxrcaruy nonuruKe !r nnaHcKl,rx qnrbeBa ycarnauJeHux ca uucnjorvr u ausnjou
MX EPC-a, oAHocHo Crparernjou paseoja eHeprer[Ke Peny6nraxe Cpncxe, Ha onuru h AerarbaH xavux, ycrnaleH ca pecypcrMa et
ycnoBuMa nocnoBa$a MX EPC-a.

[a 6u ce Qopuynucanu peanHu H Aocr]4xH]r qurbeBx, HeonxoAHo je nespururu Kp]rrur{Ky aHanu3y nperxoAHor nep}roAa u pearHo
carneAarx 6ygyhxocr Ha KparaK, cpeA$,r r4 Ayxu poK. Tpe6a xacrojarh Aa ce npeAenAe 6ygyhh gorafiaju ca AoBorbHr4M HhBooM
TaqHocrr4 raxo 6u ce ouoryhuno AoHouebe 6naroapemexrx h aAeKBarHHx oAnyKa, a nocneAxi{Ho cagau}be u 6y.qyhe aKTHBHocTH
Morne ycMeplrru y npaBoM cMepy.

Excrepxe x uHTepHe npernocraBKe cy BeoMa BaxHe 3a peErnHo nnaHrpane a6or vera je norpe6xo yxanpeAuru o6uu r xrso gerarua
npernocraBKh. flpe4naxeuo 4a ce Ha geraruxrju HaqlrH r,r AoKyr eHrooaHrje rero urro je arryenxa npaKca, y norerxoj Qasn

12 | CrpaHa
 A
EXOHOMCKX I4HCTHTYT
Dctoitte. fE Aruxrprjenrh
,r naprHepn
-
ECONOMIC5 INSTITUTE
l947

nnaHupaba, y KoMyHuxallujx H capaAlbr4 ca ogroaapajyhnM MHHr4crapcraBhMa BnaAe PC H ApyrlM ApxaBHuM lrHcruryqHjaMa,

yrBpAe yna3He npernocraoKe r eneMeHTr xojuua ce ge$uxuury ycnoBr nocnoBaba.

Peaynrar oBe aKruBHocrlr rpe6a Aa 6yAe ceeo6yxearax h qenoBnr nperneA MaKpoeKoHoMcKt4x uHnyra, Kao u npoMeHa y
eneKrpoeHeprercxou cerropy PC.

MaxpoexoxorrlcKr.r uHnfru sa Peny6nraxy Cpncqy ['lpoueue y ceKropy

o Pacr gpyuraexor 6pyro npou3BoAa
o O6rau uHBecrhqlroHe aKTltBHocn4
o Crona uxQnaqnje
o flesnsxu rypc
o flpouexe aaKoHcKhx nponuca
o flpouexe nopecKe nonhruxe
o flpouexe raKcu, HaKHaAa, AonpuHoca
o flpouere perynaropHr4x ycnoBa
' o flpouexe Ha rpxuuJry eneKrpr4qHe exepruje u yrrua
o flpouexe xoA OhE
o flporuexa rapuQxor crcreMa
o Hueo rapr,tSa 3a eneKrpr4qHy exeprujy 3a peryflucaHe Kynqe
o Cerropcre norr,rnrKe u nonuTuxe ea jaexa npe4yseha
H Ap

Ynpaea MX EPC rpe6a 4a, Ha ocHoBy ycnoBa nocroBaba x HHrepHux aHanh3a u oAnyxa, 4e$uxrure ulra cy qurbeBu u sa4aqu MX
EPC u 3ll y xapeAnoj roAlrHr4, HaKoH qera 6u ce ga Krbyr{He o6nacru u AenoBe nocnoBaba 6naroepeuexo AoHene o4roeapajyhe
Cmepxuqe sa peanrsaqujy qulbeBa u 3agaraKa.

13 | CrpaHa

IITIIITIIIIIITIIIIIII
I I I I I I I II I I I II I I TI T I
-I

A
EXOHOMCKH UHCTI,ITYT
Deloitte.
:{ [nunrpnjewrh
! ,r naPrHePx
ECONOMICS INSTITUTE
IX7

Teue xoje cy npeAnor uoryhux eneMeHara, cagpxaja t.t npeAMer pa3Marpaba MX EPC-a 3a lr3paAy l1naxa nocnoea]ba:

o l-lunean x 3aAaqx, o Flpnopurerr y Ka HAHAoBaHxM llHBecrlLlg,roHuM npojefi ,rMa,

o Muc$ja n euenja MX EPC-a,
o flnaxupaxu o6uu u Arxaunra pecrpyKrypxpa]ba,
o flnanlrpaue peopraHlt3aqltie u ynanpef;eue onurux aKara,
o flprnarolaaabe ycnosltMa Ha rpxl4urry x xoHlqpeHquju,
o flonrrura qeHa 3a eneKrplrvxy exeprujy,
o TapnQxu cucreu,
o f'fonnrnxa qeHa HeenefiponpnBpeAHux npou3BoAa u ycnyta,
o flonmnxa yroaapaba npogaje po6a u ycnyra
o Mepe xojnr,ra he ce noApxaBaru ocrBapebe nnaHltpaHrx
npox3BoAHxx 3aAaraKa. cMauelbe ry6uraxa y Mpexx !'t Ap.
o flonuluxa u npxopxrerx y Ha6aBqu ocHoBH]1x cpeAcraBa,
o flonlrrlrra 3a npouJhpebe nnr yao[eue HoBxx ]4T peueba,
o 3aurrura xHBorHe cpeAhHe
o flP u MapKeruHurxe aKTuBHocrH
o l4xrepxu exoxoucxo<Duxaxcujcxn oAHocx h3MeDy MX u 3l-l
o Onxaxcnpaue nocnoBalba !t nonltrllKa 3aAyxt4Balba
o l'lonlrruxa xa6aExn
o nonrruxa 3anouuLaBalba x 3apaAa
o Mepe u o6nacru 3a paqxoH:rnx3aqrjy nocnoaaua
o fipyuraexo oAroBopHo nocnoBabe H Ap.

florpe6xo je yreplexe qurbeBe, npernocraBxe rr nonuru(y Ha oAroBapajyhn HaquH, AoKyMeHroBaHo nocnaru cBr4M yqecHrq]4Ma y
npoqecy nnaHltpaba Ha Aarbe nocrynalse, y cKnaAy ca lbhxoBhM HaAnexHocTl,rMa. TaKoie, hcTe je noTpe6Ho nphKa3aTu Ha noqeTKy
$uxanxor goryMeHra l1naHa nocnoBa]ba.

Cuepxuqe 3a AoHouelbe nnaHa ce Mory yHanpeAurr,r Ha cneAehu HaqHH er Kpo3 cneAehe o6nacrh, TeMe h eneMeHTe, HapoquTo y
norneAy:

a Qopue Cuepxuqa h peAocJreAa reMa h o6aBe3yiyhux 3axreBa (noxeruxo je Aa peAocneA cneAu Tepuuxcxu nnax
aKTHBHOCTIT),
a cBpxe t4 o6aBe3Hocrlr 3a nocrynabe u npuMeHy y nocrynKy lr3paAe nnaHa nocnoBaba MX EPC h 3fl sa cee h,(,
,Qupercrope 4rapexqraja u ocrane f{ecH}rKe y npoqecy nnaHupa$a 3a HapeAHy roguxy(e),
a Cnegrursocru r o6asesHocrH Aa cBa ynyrcrBa, Koja ce aajy y npoqecy nnaHupalba y cBr4M AenoBuMa h nocrynqxMa
uopajy 6uru ycrnalexa ca oBerM Cuepxuqaua,

14 | CrpaHa
 A
EXOHOMCKI,I HHCTUTYT
Deloitte. Iu Axunrprieouh
,{ naPrHePu
-
ECONOMICS INSTITUTE
t9a7

. JeAxoo6pa3Hocrlr nnaHcKux Qoprr,rara, ca.qpxaja u ra6ena y MX EPC-y u 3l-1,

. Kounnetxocru t1 noKphBeHocrn cBHx 6rrxux 4enoea r qenuHa nnaHcKux aKara, Kao uJTo cy Ha npuMep

o flpernocraeKe u ycnoBu nocnoBalsa,

o l'locnogxe nonnr]4Ke MX EPC y HapeAHoM neproAy, yxruyvyjyhu nonuruKy qeHa, ]iHBecrxqrja, paquoxanusaquje
nocnoBalba, 3anorurbaBalba u 6poja sanocnexux (go6poaorbHe ornpeMHvrxe), nonurury 3apaAa, paqroxanuaaqujy
rpoluxoBa !r Ap.,
o 3axree 3a H3paAy caeo6yxaarxe aHaru3e nocnoBalba 3a nperxoAHu nepuoA, xaxo 6r,r roAulrlbr,r nnaH nocfloBarba
3a HapeAHy roAuHy, oAHocHo TporoAur.rjrbl4 nnaH nocnoBalsa, nnaH pajlu Ha KoHTl4HyupaH HaqIH u Ha peanHr4M
ocHoBaMa,
o Kpegurxe 3aAyxeHocrlr u norpe6e 3a 3aAyxl4BalbeM,
o Merogonornje u ynyrcraa 3a nnaHupabe noeuquja npuxoAa H pacxoAa,
o llnaxupaxu Hai{hH pacnoAene go6uru, oAHocHo nnaHxpaHu xarrx norpuha ry6urxa u gp.

Y flpnnory 2 je aar npeAnor yHanpefexor Qopuara u cagpxaja Cuepxuqa.

5. Crpyrrypa, caApxxHa, peAocneA u o6uM AerarbHocl4 flnaxa nocnoBalba

Haxox nperneAa u aH€rnHse qenoKynHor AoKyMeHra flnaxa nocnogaua MX EPC y nornegy $opraara, crpyKrype, caApxr{He,
peAocneAa, o6uua, AeraruHocrr4 14 aHanuTuqHocrr4, oqeHunH cMo Aa cy uoryha yxanpelersa xojnrraa he ce no6oruuraru:

a nperneAHocr,
a aHannruqHocr H cr,rHTerlr3aqHja ca4pxaja,
a crpyKrypa u AerarbHocr ra6enapxux nplrKa3a npuMepeHa eneKrponpuBpeAxoj Aenarxocrr,

15 | CrpaHa

IIIIIITIIIIIIIIIIIIII
I I I I IT IT I T II I I I I I' T I I I I T I

A
EXOHOMCI(I1 HHCTfiYT
Deloltte II .{ruurprlewrh
N naprxepx
ECONOMICS INSTITUTE
t9a7

. peAocneA cneAu npolr3BoAHlr !r BpeAHocHu naHaq nocnoBaba,

KoJh
. y
npuKa3 311 nnaxy h no AenarHocrhMa,
. Ta6enapHx npuKa3 6y, 6C, HT, nnax 3anourbaBalba, nnaH 3apaAa, HOC n gp.,
. cgeo6yxgarxocr []naxa, Ha HaquH Aa ce AonyHu reMaMa, oAHocHo Aa ce npexcnxra cBpo4cxoAHocr Hexux nocrojehnx
reua y flnaxy, no rpr,lrepujyr,ry cBpxe hnlt HaquHy xopuluherua y KoHrponu nssptuesa l-lnaxa.
Y [lpnnory 5 6Y, 6C u Hos,{aHu rox.

l'lpenopyxa Qopue r ca4pxaja flnaxa nocnoealsa - Hai{erHo:

. Ha noqerKy npuKa3aru pe3uMe eneuexara f'lnaxa,

o fieQuxucaru peAocneA H3nararua yaaxaaajyhu:
o peAocneA oA onurer xa noce6xou,
o npoH3BoAHU H BpeAHOCHX naHaq,
o sxa.raj eneMeHara,
. OnpeAenurx qenuHe u Aenoge flnaxa nocnoeaba,
. f'lpunaroArarra cagpx<aj flnaxa nocnoeaua u o6uu nojeguxavxux genoaa,
. OApeAuru o6uu y cxnagy ca sxavajeu,
. OnpeAenuru xerbeHl't HltBo Aer€rrba y reKcry l-lnaxa nocnoea$a u y npuno3nMa,
. OnpeAenurlt urra cy nphno3u flnaxa nocnosarta, xojn 6u o6yxearunu AerarbaH flnax nojeguxttx qenxHa

Y flpunory 4 - Ca,qpxaj u Qopua flnaxa nocnosasa

Cacraaxu geo flnaxa nocnoaaua je 9r npeno3HaBabe pyr3r4Ka x AoHorlelse llporpaua Mepa sa peanusaqujy flnara.

16 | CrpaHa
 A
EXOHOMCKH l,THCTfiYT
Ileloitte ,{Nur,rrpNjeuNh
,( naPrHePx
-
ECONOMICS INSTITUTE
t9a7

oPrAHn3AqrJA nflAHCKE OvH KUI4J E

Ha.{enxo, l-exeparxu A}rpeKrop ca nparehuu cnyx6aua, Kao u cBr4 l4sapurxu AupeKropu n gupexquje xoje cy y ruuxoaoj
HagflexHocrt4 ca cnyx6aua xoje cy y cacraBy graperqnja y onr4cy ceojrax nocnoea u o4roaapajyhru npoqe4ypaua unaf,y
4e$uxucaxe aKTlrBHocrH y Be3u ca nnaHr4palbeM.

Ilpenopyxa - Koxruxyenxo
npehcnhrarH aAeKBarHocr opraxusaquje h onr4ca nocroBa, HaAnexHocrh 14 oAroBopHocrH, Kao u
npoqeAypa hMC-a. l1peua uxrepxoj axanrasu y MX EPC u 3O u npena carne4axoj norpe6u usBpur]4rH ogroaapajyhe npoMeHe.

17 | CrpaHa

I I I I I IT I I I I I TI I I I I I I I I I
I I T I IT I I I IT I I I I I' I I I I I I I

A
EXOHOMCXX ],t HCTl,tTvT
Deloitte [
I
,[nruNrprienrh
N naprnepr
ECONOMICS INSTITUTE
t!ra,

yBoAHE HAnOMEHE, q],1[b AHAI|h3E h METOAOnOUKI4 nPhcryn

Meuoeuru Xonguxr 'EaerrponpuapeAa Peny6nuKe Cpncxe" a.4. Tpe6r*e (y garueu reKcry MX EPC) je crpareurKo npeAy3ehe
Koje o6aBrba nocnoBe oA onuJrer [HTepeca y Peny6nuqu Cpncroj.

MX EPC je ocxoaax Ognyxora Bnage Peny6nuxe Cpncre xpajeu 2005. roAHHe, ca qurbeM Aa ce cnpoBeAy peQopMcKl,r 3aAaqlr u3
Axquoxor nnaxa Peny6nuxe Cpncxe 3a pecrpyKrypnpalbe eHeprercKor ceKropa yr Aa ce nperxoAHo ApxaBHo npegysehe
rpaxcQopurau:e y HoBl4 o6nuK opraHu3oBaba - y ApyuJrBo Kanlrrara (rpaxcQopruaqraja je nsepr.uexa y gpyroj nonoBuHt4
2006.roArxe).

llocnoaxy nonlrruKy frBpDyje Bnaga Peny6nr,rxe Cpncre y Qyxxquju Cxynurruxe ,QpyurrBa, a cnpoBoAx Ha4sopxn oA6op u Ynpaaa
MX EPC. Ynpaeruaue MX EPC je jegraxcreexo, a oAnyKe Hagsopxor og6opa MaruqHor npe4yaeha cy o6aeesyjyhe 3a cBa npaoHa
nrqa y MX EPC-y.

Ynpaay MarhqHor npe4yseha, I-exepannor 4npeKropa u ner ll3BprxHux AupeKropa uuexyje Ha4sopxu og6op.

Enerrpoexeprercru 6nnaxc MX EPC ce ocraapyje y ycnoBlrMa pa3BrjeHor 6anacxrapaxor rpxr4tura. Tpxur.uxuu npaBhnuMa cy
ypeilexu oAHocr4 nsrr,refly HOC EnX H nuqeHqlrpaHrx yqecHhKa Ha rpxxurry eneKrpuqHe exeprrje, AeQr4HxcaHu cy rpxxulHu
frecHuql4, o6uu rsnxoer4x aKrlrBHocru u xouepqujaau!,rx oAHoca Ha eneKrpoeHeprercxoM TpxcruJry. Taxofie, geQnrracaxe cy u
o6aeese xoje ce ogxoce Ha: ynpaBJbabe h paA o6es6eferue noAaraKa 3a nopaBHabe eHeprercKr4x rpaxcaxquja, ynpaBrbabe
3aryuJelbuMa, Kao u pacnoAeny HaKHaAa u rporlJKoBa 3a HexerbeHa oAcrynaba, nouohxe ycnyre H 6anaxcuparue.

Y 2020. ro4uxu je ycBojeH xoeu 3arox o enerrpuvxoj exeprujr,t, ycKna|eH ca Tpehuu eHeprercKr4M naKeroM, urro nsncxyje
ycrnalnaarue yHfrpaulbe opraxuaaquje MX EPC npeBacxoAHo y geny roju ce oAHocu xa usgeajarue nocroBa cHa6AeBalba lr
npor43BoAbe x3 caAautslrx eneKrpoAr,,rcrpr46yqnja - aKrlrBHocrH cy y ror(y. Afiuexocrr4 Ha peopraHu3aquju gucrpra6yruexrax
npegyaeha, h lbuxoBa rpaHc$opMaquja y OflC-ee, Kao r,t ocHlrBalbe cnaE4njeearra cy 3aBpuJeHe.

18 | CrpaHa
 A
EXOHOMCKT4 YIHCTI,ITYT
Deloitte
; \ulaxrpuieruh
T H naPrHePx
ECONOMICS INSTITUTE
l9a7

Bygyhla ga je Koxrypexqrjcxo eehe 6uX 2017. roAuxe Aano Muu.ruerue xa sarrea Arexqnje sa jaane xa6aere EnX aa je peneBaHrHo
Tpxnure eneKrphi{He exeprraje y 6uX oreopexo aa cno6ogry xoxxypexqrjy, HacraBrba ce paoeoj uanonpo4ajxor rpxHUTa 3a
cna6geaaue xaanuQnxoeaxux Kynaqa, 3anoqer roxou 2019. roAHHe.

flapanenxo ca opraHlr3aq]roHr4M npoMexaua MX EPC je carneAao u

norpe6y Aa ce Kpo3 yxanpefierse opraxusaqnje u
$yxxquoxucarua MX EPC ocnoco6r sa eQuracxo n paqhoHanHo f{euhe Ha rpxr4ury h np}rnaroAu ycnoBHMa xoxrcypexquje.

,Qaxa 10. jyna 2020.roAuxe MX EPC je nornucao Oxerapxu Yroaop (Cnopasyu) exoxoucxr,rx 14 npaBHr4x eKcnepara-KoHcynraHara 3a
hHBecrytquoHe npojerre (noA saeoAxlru 6pojeu 01-366-11120) u floje4uxavxr (fo4unlrsu) Yroaop rojum ce 6nuxe perynuuy
aKThBHocrH, npaea u o6aee3e yroBopHr4x crpaHa 3a nepuoA oA npaux 12 Mecequ rporoAruJ$er nocnoBHor apaHxMaHa npe4euleuor
Oxaupxuu Yroaopou (nog aaeogxuu 6pojeu 01-366-12120), o6a ca Koxaopqrjyuou xojn vuxe Exoxoucxu HHcrr.ryr, 6eorpag,
Deloitte, Eeorpag n Agaorarcra KaHqenapuja ,Qr,rnurpujear,rh ca HaMepoM ga usapuaaajyhu ea4arxe yraplexe llpojerrxuu
3aAarKoM npyxrl rgo3 KoHcynraHTcKe ycnyre crpyi{Hy nouoh h noApulry Flocnoeo4crey MX EPC y }rcny}baBa}by nocraBrbeHux
r.ll,rrbeBa.

,Qeo oeux aKn4BHocru je u Ananrsa nocrojeher craba u npenopyKa nocJroBHor nnaHr4parba, a osaj useeurraj je npaa $asa y
KoHrxHyupaHoM npoqecy yxanpelersa nocnoBaba MX EPC.

Yxanpe[erue nnaHupa]ba y MX EPC he ce pasuarparr Kpo3 aHanyt3y nocrojeher craba opraHu3aquje u npoqeca, Kao H npaKce H
carneAaBalbe uoryhxocru sa rae. Quick win yxanpeflerua u npeno3HaBa[be Mane nfra 3a KoHrt4HyupaHo yxanpelerse Qyxxquje u
npoqeca nnaHupaba y coaAy ca xaj6oruou reopujou !t npaxcoM.

19 | CrpaHa

I I I I I I I I II T I I! I II I T I I I I I
I I I I I I I I I I I I I IT I I I I I I I

A
r-
EXOHOMCXI4 I,THCTHTYT
Deloitte. *
Ii
Ar,rMxrpxieBr{h
lr naprxepn
ECONOMICS INSTITUTE
t9a7

AOIO/M EHTAI_II4OHA nOAnOrA

Koxcynraxr je gocraBuo npenuMhHapHu cnncaK noAnora Koje cy HeonxoAHe 3a AHanu3y nocrojeher cralba opraHlr3aqrje ,r npoqeel
nocnoBHor nnaHxpaba. l1ope4 xaeegeHrx aKara x AorcyMeHara rpaxeHo je 4a MX EPC 4ocraau H cBa Apyra HenoMeHfra aKra x
AoKyMeHra aa roja Hapyvunaq oqeHu 4a cy norpe6xa y Be3,r ca pearueaqujoM 3aAarKa.

MX EPC je 4ocraauo cnegehy goxyuexraqnjy:

3axoxcxa aKra Koja ce oAHoce Ha SyHKqlroHlrcaue MX EPC-a r perynlruJy oKBr4p 3a AoHouebe nnaHcKhx aKara:

3axox o enerrplrqHoj eHeprlrjlr ("Cnyx6exu rnacHr4K Peny6nuxe Cpncre', 6p. 34/09, 92109 u 01/11), a ycBojeH je r xoeu 3arox
o enerrpuvxoj exepruju ("Cnyx6exu macHl,rK Peny6nrre Cpncxe' 6p. 68/2020),
3axox o oHepreruqx ("Cnyx6exu rnacHlrK Peny6nnxe Cpncxe", 6p. 9l2009),
Hoau 3axox o o6xoerbuer4u H3BopxMa (,,Cnyx<6exu rnacHuK Peny6nnxe Cpncxe' 6p.1612022).
3arox o jaaxum npe4yrehulraa ("Cayx6exr rracHuK Peny6nrxe Cpncxe", 6p.75l$a u78llll,

3arox o npr4BpeAHuM ApyrurBuMa ('Cnyx6eru rnacHlrK Peny6nuxe Cpncre" 6p. 127108, 58l0g, 1OOl11 ,67113, 1O0l'17 u 82119)
3axox o jaaxuu Ha6aBKaMa 6rX ("Cnyx6exn rnacHlrK 6ocxe u Xepqeroauxe" 6p. 39/14 u 59122),
3axox o paqyHoBoAcrBy ra pearasrajr.r PC ("Cnyx<6enh rnacHltK Peny6nure Cpncre" 6p.94115 n7812020),
3arox o yxyrpaurrbeM nnarHoM npouery ("Cnyx6eHu rnacHlrK Peny6nrre Cpncxe" 6p. 52n012,9U20'12,5812019 u 3812022),
Crparerraja pa3aoja eHeprerxKe Peny6nrxe Cpncre go 2035. l-oguxe,
Enerrpoexeprercxr 6unaxc Peny6nnxe Cpncxe (web crpaxuqa Bnage Peny6nnre Cpncre),
HoeH Onuiru ycnoBli 3a lrcnopyrcy u cxa6gujesase Kynaqa eneKrpr4qHoM exeprujou (,Cnyx6exn rnacHlrK Peny6nuxe Cpncxe"
6pq 13t21)
Oepeg6e HEPfI-a, xoje ce ogxoce xa exonoure ujepe

20 | CrpaHa
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hxrepxa onulTa aKTa:

Arryenxu Crarfr MX EPC Malaqxor npe4yeeha a.4. Tpe6uue ca cauM H3MeHaMa !t AonyHaua,
Ocxuaaqxu arr - O4nyxa o opraHx3oBalby Meuoararor XonAuxra "Ererrponpraape4a Peny6nuxe Cpncxe" axquoHapcKo
ApyurrBo Tpe6raue, 6p. O211-020-60/06 oa 30.12.2005. roAuHe,
Ognyra o u3MeHaMa x AonyHaMa OEIryxe o opraHH3oBalby Meuroauror XonAuxra 'Eaerrponpraepega Peny6nuxe Cpncre"
aKquoHapcKo ApyrxrBo Tpe6urue, 6p. 041
I 1 -012-1 966/06 oA 07.09.2006. roAuHe,

Fno6anxa ureua Meuoenror XonAuxra 'Eaerrponpuapega Peny6nuxe Cpncxe" axqnoHapcKo ApylurBo Tpe6uue xoja ce
Hana3li Ha 3BaHur{HoM cairy MX EPC,
Opraxraaquoxa uleMa Meuoeuror Xon4uxra xoja ce Hana3r4 Ha 3BaHuqHoM cajry MX EPC,
flpaaunxux o 6rnaxcupauy u ynpaBJbaby eneKTpoeHeprercKr4M cucreuou EPC,
llpaeunxur o uHTepHxM KoHTponaMa H HHTepHvtM KoHTponHltM nocrynquMa (npevuuhex rexcr)

l1naxcxa AoKyMeHra u ueeeuraju:

o EE 6unaxc MX EPC,
. Pe6anaxc EE 6unaxca MX EPC,
o flnax nocnoBaba MX EPC jegxy ro4uny,
. flnax nocroBalba MX EPC 3a rporoAuuJlblr nepr.roA,
. l4seeufiaj o nocnoBaby, roArrutstl t4 KBapranHn

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y
nornABrbE !
- GABPEMEHA nPAKCA nnAHhPAtbA nOCnOBAlby KOMnAHhJA y OyHKu,UJU
KAO OCHOBHOT AnATA 3A OCTBAPEIbE ql4rbEBA X B[43XJE
nnAHrPAbA
nPEAy3EhA - nOCflOBHO OMyr{t4BA}bE, nPAhE}bE PEAnU3AqnJE U KOHTPOnE
nocnoBAlbA

1 3xavaj u Mecro nnaHrlpaba y nocnoBaby - npeno3HaBa$e BaxHocrr ta noAlr3atse cBecru o sxavajy nnaH]4paba
2 Ocxoee, caApxaj u qr,rrb nnaHr,rpalba
3 Ocxoee nplrcryna n opraxuaaquje nocnoBHor nnaHxpaba
1.4 Koxruxyurer y nnaHlrpaby c:l norneAoM y 6yAyhxocr
1.5 locnegxocr y nnaHupalby - Haqena nnaHupalba
1.6 Xujepapxrja nflaHrpaba u BpeMeHcKu xoph3oHr - sxavaj 4yropovHor nnaHupalba

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1.1 3xavaj u Mecro nnaHupalba y nocnoBalby - npeno3HaBalbe BaxHocrr4 r noAr3albe cBecrh o 3Haqa1y
nnaHrpalba

14 nopeg rora uro cy, no npaBhny, opraHu ynpaBrbalba u pyxoaofieua carx npe4yseha HaqenHo caecxu sxavaja: nnaHupalsa 3a
ynpaBrbabe nocnoBalseM, KoHTpone ucnyluelba qurbeBa H 3aAaraKa !r AoHouelba 6naroepeuenrx 14 aAeKBarHHx oAnyKa opraHa
ynpaBrbalba u pyxoeolerua - u3 MHorux o6jerruaxux u cy6jerruexnx pa3nora Qyxrqnjn nnaHlrparba ce y 3eMrbaMa y rpaxsnquju -
y opraxusaqnjn, npoqecxMa, u3paAn u ropur.uherry nnaHoBa xe gogeruyje u xe npra4aje o4roeapajyhra nphcryn r,r sxavaj.

Hrje perxa nojaea ga ce flnax AoHoch jep je ro 3aKoHcKa o6aeesa" x Aa ce HeKh AenoBu flnaxa nopafiyjy tt Kopt4cre ca AyxHoM
naxlboM H KBanurerHo, a HeKlr AenoBn ,noBpulHo". ulecr cnyvaj je ga cy 4eraruHocr 14 KBanhrer noje4uxux Aencaa nnaxa o6pxyro
nponopquoHanHlr y oAHocy Ha cyuruHcKn r uarepujaaxu sxavaj xojr raj 4eo nnaxa lrMa y nocnoBaty npegyseha.

Axcuou caBpeMeHo opraHu3oBaHor nocnoaaba H caBpeMeHor npe4yseha je pa3yMeBase ga je nnaxupaue ocHoBHlt H He3aMebHB
anar BnacHt,tllKhx, ynpaBrbaqKux 14 pyKoBoAehrax crpyrrypa 3a ycneurHo nocnoBalbe x oApxr,tBvt paseoj. CaapeMeHu npucryn
eKcnepara sa opraxusaqujy yBex HarnauJaaa 4a je norpe6xo Aa oBo npuxBarH Ton uexaquexr u Aa AocneAHo cnpoBeAe Ao
nocneAber 3anocneHor.

1.2 Ocxoee, caApxaj u qurb nnaHr4palba

f'lnaxupaue o6yxsara aKTHBHocTH noqeB oA AoHoue$a ogyKa o Mucuju, Btouju vi LlrrbeBr4Ma, nonr4ruqu, crparerhjaMa, a noroM
h AerarbHt4M nporpaMuMa !r nnaHoBr.rMa, xojraua ce ouoryhyje ycMepaBalbe r nprnarofaaalbe nocroBaua npegyseha y
KoHTvrHylrpa HoM n poqecy n pra apelr,t eaua x oApxt4 Bor pas aoja.

llnaxuparee je KoMnneKcaH !t AuHaMnqaH npoqec xoju ce cacroju oA Hr,r3a noAnpoqeca, $asa r arrnerocrl,t, oAHocHo KoHTr,rHyupaH
npoqec cBecHor u cBpo,rcxoAHor ogpeluaaua H ycMepaBalba 6ygyhr4x aKrr4BHocrr4 npe4yseha, xaro 6n oHo y peanHoM BpeMeHy u
y 6ygyhxocru o6es6e4uno aAexBaraH oAroBop Ha nocnoBHe H3a3oBe u pu3HKe, oncraHaK, pacr u oApxt4Bn paseoj.

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f'lnaxupaue o6yxaara cBe AenoBe r,t cae Syxxr]Hje npe4yseha, uro 3Haqu Aa cBaKa opraHu3aqhoHa jegnxuqa u cBaKa $yxxquja
yHfrap npeAy3eha epulra h3paAy cBor nnaHa paAH Aocryr3alba nocrasrbeHux qr4rbeBa, aogehu paqyHa o MaKclrMtl3r4palby yKynHux
qrrbeBa npegyaeha, jep, no npaeuny a6rp uaxcruu3r4palba pe3ynrara opraHu3aquoHr,rx jeguxuqa xe gaje MaKcuMaraH pe3ynrar
qenor npe4yaeha.

Ocxoa nnaxnparsa jecre npegeraflarue, na je oxo noBe3aHo ca ph3r4KoM u Heu3BecHoruhy, urro noApa3yMeBa 4a je gocrnsaue
qurbeBa xoje rpe6a peanu3oBaru y 6y4yhxocrr nopoxHo MHorl,rM npoMeHaMa xoje xacrajy yHfrap lrnu usaax npegyseha.
llpercnnruaaueM aAeKBarHocru nnaH,ipaHor u 6naroapeuexetM aAeKBarHlrM pegeQuxucaueu flnaxa npegyaehe ce npunarofiaea
ycnoBuMa y xojrua ce nocroBalbe o4anja.

flper,t xopax y npoqecy nnaHupaba je geSuxucarue qyubeBa, xojra cy ycarnaureHr ca uucrjou u ausnjor,t npeAyseha. Aa 6u ce
Qopuynracanr peanHlr !r AocrlrxHr4 qxrbeBh, HeonxoAHo je uuaru reuruqKy aH€Inlr3y nperxoAHor nepuoAa x peanHo carneAaBabe
6ygyhxocrn. Axanhsa Mopa caAp)rclrr/r pe€rnHy oqeHy pecypca npegyseha u ycnoBa nocnoBalba. flpeAeuiabe xacrojn ga npeABlrAu
6yAyhe goralaje ca AoBorbHlrM Hr4BooM raqHocru xaxo 6u ce caAaLrllbe axquje uorne ycMepxrrl y npaBoM cMepy.

llnaxupase ce oAHoc[ u xa us6eraeabe norpeulHhx oAnyKa, Kao u Ha carneAaBa]beuoryhxocru raro 6u ce ucKopr4crnne uraHce.
To je npoqec AoHouJelba xrasa rrreflyco6Ho noBe3aHux nonhrlrKa h oAnyKa npe cnpoeofietsa caMe aKTvtBHocrl,,t, jep yxonrro ce
npeAy3Me o4rosapajyha axquja, sepoearxoha ga ce ocrBaplt noBorbaH ercxoA ce noeehaea.

1.3 Ocxoee nplrcryna ta opraHh3aqlaje nocnoBHor nnaHuparba

Ocxoge npxcryna u opraxusaquje nocnoBHor nnaHupatua cy:

1. Carnegaeaue cBhx aKryenHrx eKcrepHhx Qarropa rojr yruvy Ha nocnoBalbe r buxoBa npegurqrja y 6yayheu nepnogy rojr
fruqy Ha nocnoBabe y nepuoAy aa xoju ce nnaHxpa,
2. Carnegaaabe phgxKa y 6yayheu nnaHcKoM nepr,toAy,
3. AHanlr3a ocrBapeHor nocnoBaba r lrcKycraBa h3 npeTxoAHor neplroAa,

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4. npehcnlirhBalbe Mucxje, eueuje u qHrbeBa xounaxuje,

5. Peanxo ge$uxucarue pacnonoxuBr4x pecypca xounaxuje 3a nocnoBalbe,
6. Opraxusaqrja arruaxocru Ha x3paAr4 nnaHcKux aKara,
7. fie$uxncaue cagpxaja u $opue nraHcKvrx aKara y cKnaAy ca norpe6aua KopxcHHKa.

l-lnrueeu cy r{HrerpanHh 4eo llnaxa noluro npeq]43upajy 6ygyhe xerbeHo craue xoje ce cMarpa Aocrrxxru. Arquje cy cnequ$rvxu
npeQeprpann HaquHlr 3a ocrBapebe qurbeBa. Pecypcra npe4craaruajy uoryhxocrn, oAHocHo orpaHhi{e}ba y cnpoeofiety arquja.
llnaxou rpe6a ga ce oApeAe Bpcre x Konhi{t4He HeonxoAHr4x pecypca, AocrynHocr, Kao H br,rxoBh norexqujaau u anoqhpaHocr.

l1naxoeh ce Mory pa3nuKoBaru no cBoM Qoxycy, Sopuu, creneHy Aerarba, aflu y cBaKoM cnyvajy rpe6a ga aAeKBarHo oAroBope
Ha nocTaBrbeHe qurbe8e nocroBaba y KpaTKoM, cpeAlbeM u AyroM poKy.

flnaxoeu 3a ycnocraBrbabe aAeKBarHe opraHh3aqxje npeAcraBrbajy nprarr,rapxo cpeAcrBo 3a npHnpeMy npegyseha sa

npunaroflaeaue ]4 cyoqaBabe ca npoMeHaMa y rpxl4r.lJHoM oKp]fi(euy.

Y npoqecy nnaHlrpatsa nflaHcKH 3aAaqr4 la oAnyKe ce AoHoce Ha ocHoBy aHann3e u Kpr,rrr4qKe oqeHe nocnoBaua npe4yaeha y
npournocrr4 u npegaufa*a nocnoBatsa y 6y4yheu nepuoAy.

llnaxupaue ce cnpoBoAh ocrBapuBabe 3aAaraKa u Llt{rbeBa, xao u npaheue ycnexa y

Kpo3 pa3n]rt{ure aKTr,rBHocnr ycMepeHe Ha
ocrBaphBalby qurbeBa, xaxo 6u ce y cnyvajy lbhxoBor HeocrBapelba, Morna x3Bplruru xopexquja nnaxa u axquja.

Agerearxo nflaHhpatse noApa3yMeBa yrapluaarue nnaHoBa oA rno6anrux Ao nojeAuxaqxux !r AerarbHux, o4 ge$uxucasa

crpareruja, BpeMeHcKor xopu30HTa 3a ucnyuelbe crpareruja, ocrBap]4Be Ar4HaMHKe 14 peAocneAa nflaHcKr,rx qutbeBa, ogroaapajyhe
opraxusaquje 4o mero4onoruje u KoHqlrnupalba npoqeAypa u npaBlrna 3a peanh3aLpjy nnaHoBa.

l'lnaxupaue ouoryhyje ga ce ca BHUJe noy3AaHocrr4 ynpaBrba h KoopAr4Hupa nocnoBa]be npegyseha u 4a usnexafieua xoja Aona3e
u3 oKpfxeba 6ygy cae4exa xa urro le raoryhe uaruy uepy.

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1.4 Koxruxyurer y nnaHupalby ca norneAoM y 6y4yhxocr

flnaxuparse xuje je4xorparxu .u4x, eeh npoqec r ro npoqec xoju reua nplrpoAHy 3aBpuHy raqKy. Oao crora uJro y rorry nocnoBalba
Aona3h Ao HennaHupaHlrx npoMeHa r{uMe oe u xauehe ce norpe6a sa 6naroepeueHuM KoHThHyt4paHuM axlypupaseu nnaxa. Hrje
yBeK HyxHo Hr4T[ paqr4oHanxo $opuanxo goHocr,rrr4 pe6anaxce nnaHa, aru ro He 3Haqu Aa cy HennaH]4paHe npoMeHe 3aHeMapeHe
y nocnoBHoM oAnf{}rBarby. Y caapeuexuu npegysehuua y rpxr4mHr4M nphBpeAaMa nnaHcKe aKT}rBHocrr4 eapupajy oA KoMnneKcHe
$opuanxe npoqeAype go je4xocraexe h Malbe $opuanxe.
He cue ce 3aHeMaphn,r Hh ynora nnaHuparba y npranarolaaalby ycnoBuMa KojH ce o.{eKyjy y 6yAyhxocrn. Hanue, yKonrKo ce He
Moxe frlrqaryt Ha npoMeHy ycnoBa nocnoBaba y 6y4yhxocrlr, rpe6a rau ce npunaroAlrrrl r,r r,rcKoplrcrr,rru uoryhxocru xoje npouexe
ca co6otit xoce.

1.5 flocne4xocr y nnaHnpalby - Haqena nnaHrpalba

Y ceuu aKrlrexocrl,tMa nnaHhpatea norpe6xo je npexcnuruBarlr AocneAHocr y npuMeHn Haqena nnaHnpaba.

Agexaarxo nnaHupabe rpafl npxAp)lclBalbe Haqena nnaHxpalba. flpuuexa Haqera nnaHxpalba ocxrypaBa ga nnaxoau 6ygy
4o6pa no4nora 3a AoHoulelbe n cnpoao[erue paqxoHanH]rx oAnyxa o 6ygyheu nocnoBaby.

Ocxosxo Haqeno je 4a ce o6es6e4r,t onruManaH ogxoc usuely nnaxnpaxux/nocrlrrHyrux pe3ynrara nocnoBalba u aHraxoBaHhx
cpeAcraBa.

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Onura uetoAoflouKa Haqefla nnaHupaba cy:

. Haqeno peanHocrH - cBe nnaHcKe ognyxe xoje ce AoHoce y npouecy nnaHxparua rpe6a 4a 6ygy peanxe, oAHocHo
cnpoBoArbuBe;
. Haqeno cHcreMarhqHocrr4 - npu nnaHupalby nocMarparH npegysehe xao ycrnalexu opraHu3aLluoHn cr4creM cacraBrbeH oA
Bhue noAcr,rcreMa:
. Haqeno uHTerpxqlHocrh - npu nnaHupaby He rperr4paru cerMeHTe nocnoBaba ogeojexo, ltHTerpanHr4M nnaHnpabeM
o6es6elyjy ce cuHeprercKr4 eQerru;
. Hai{eno xoMoreHocrr4 - cBe BenuquHe oA eKoHoMcKor sxavaja u3pa3nrn ucruu jeguxuqaMa Mepe:
. Hageno r4croBpeMeHocru - norpe6xo je BpeMeHcKH ycKnaAr,rru AoHouJelbe nnaHoga cBux Aenoaa npe4yseha;
. Haqeno KoHTuHyupaHocrr,r - norpe6no je KoHTlrHyHpaHo nnaHuparr.r 14 carneAaBarn npoMeHe ycnoBa nocnoBalba;
. Haqeno enacrxqHocrx - nnaHuparu Ha raKaB xarux ga je uoryhe npunaroAxrr4 ce npoMeHrbr4B}rM ycnoBuMa nocnoBa}ba;
. Haqeno crp) {Hocrr,r - nnaHcKe oAnyxe uopajy Aa 6yAy pe€rnHe u o6jerruaxo carneAaHe na 6agu peneBaHTHHx noAaTaKa }l
got<yrrlexraquje;
. Har{eno aepu$nxoeara - o6es6eglrrlr uoryhxocr npoBepe H xoHTpone ocrBape}ba nnaHoBa;
. Haeeno onruManHocru - oga6paru xaj6oruy r peanHy anrepHaruBy ruely paenuvuruu uoryhxocruua;
. Haqeno caeo6yxearxocru - norpe6xoje nnaxou o6yxaarurn cBa peneBaHTHa nogpyvja nocnoBHe aKThBHocru;
. Haqeno ycrnafiexocrr,t ca opraHH3aqHoHoM crpyKrypoM - nnaH cne4u nocrojehy opraHu3aq]4oHy crpyKrypy;
. Haqeno KoHKperHocrH - npr,r u3paAr4 nnaHa npequ3upan4 npaBa 14 AlDxxocru cy6jerara nraHlrpaba;
. Haqeno ycxnalexocru nraHoBa - noApa3yMeBa norpe6y ga ce o6es6egu ycarnauJeHocr LlurbeBa 14 3aAaraKa nojeguxavrux
nnaHoBa ca qxrbeBuMa u 3aAaquMa ocTanhx nnaHoBa 14 yKynHor nnaHa;
. Hai{eno KoHTr.rHyurera - Hanaxe HenpeKxAHo npoBepaBatue u npunaroflaearue paesojxutr,t q]4rbeBuMa n uoryhxocruua.

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1.6 Xujepapxrja nnaHnparba l,t BpeMeHcKr4 xopt43oHr - 3Haqal Ayropot{Hor nnaHhpaba

nnaxoeu Kao hHcrpyMeHrH npoqeca nnaHupalba AoHocece sa rpahe unh Ayxe BpeMeHcKe nep],loAe, y 3aBhcHocrH oA ql4rbeBa Kojx
ce y rsr4Ma npegau[ajy:

1. crpareurxu nnaHoBr4 (5, 10 unu euue roguxa)

2. ocxoaHu nnaHoBr,r (1 roAuxa)
3. oneparuaun nnaHoBr4 (ueceq unu xeapran)

KOMEHTAP T NPENOPYKA

3axoxou o jaexnu npegysehuua n Craryrou EPC-a nponucaxo je goxor.uelbe roAunJber r,r rporoAxuJber nnaHa nocnoaalba EPC-
a h nporpaMa rxaecruquja 3a nnaHcKt4 nepxoA (Aoxocu ux Crynurrxa).

Y vnaxy 84 Craryra MX EPC Mll xaeeAeHo je ga he Ynpaaa Maru.{xor npegyseha, xoprcrehlt ce go6pou npaKcoM, npepnararh
nnaHoBe x nporpaMe nocnoBaba r,t paseoja Matuqxor npegyseha.

Y vnaxy 79 Craryra je oApefiexo Aa he Maru.{xo npe4ysehe 'goxujerr ocHoBe sajegxuvxnx uxaecruqrja, y cKnaAy ca paseojxuu
nnaHoBr4Ma, u.no he ce 3acHt4aaru xa yceojexoj nonxrlrqu Marrqxor npe4yseha'. 9naxou 30 je nponncaxa HaAnexHocr Crynurnxe
Mfl sa yrep[naabe nocJIoBHe nonuruxe Mf1.

Melyruu, xu y 3axoxy xlr y Craryry HeMa npeqhsHuiux oApeA6u y Be3u ca nnaHltpalseM paaeoja npoh3BoAHor Aena cscreMa
oAHocHo AyropoqHt4M nnaHrparseu. Huje HaM no3Haro Aa ce AoHoce, oAHocHo caAa nocroje raxBll nnaHoBt4.

Saxox o en.eu. (Cn.rn.PC 6poj 68/20) je y vnaxy 53. o6aeeaao gucrpu6yquje Aa cBaKe rpu roAhHe AoHoce AeceroroAvttulstl nnaH
paseoja gucrpn6yruaxe Mpexe, a xoju je ocHoBa 3a nnaH uHBecrlrquja. Ypalex je flnax paoeoja 3a neplroA 2019-2029. roAuHa.

28 | CrpaHa
 A
EXOHOMCKYI HHCTfiYT
Deloitte. I ,{rurrprienr,rh
,r naPrHePn
€CONOMICS INSTITUTE

Y Craprerrajra eHeprernKe cy Aaru rno6arxn eHeprercKr,r rpeHAoBrl ca HarnacKoM xa OhE, npecex EY perynaropHor H
uxcruryqrajaxor oKBhpa, crpyKrypa npor43BoAHor h npeHocHor nopr$onuja M rpxxurra, HHAr4KaruBHa cqexaprja paseoja ca
crpareuJKr4M cMepHnqaMa 3a eneKTprqHy exeprujy t ytarb.
Oeaj goryuexar rpe6a Aa 6yAe noAnora 3a u3paAy flnaxa paseoja MX EPC-a 3a nepuoA 10+ roAnxa.

Y nporexnux 15 rogura eHepreruKa, a Hapoquro eneKTpoeHeprercKlr cefiop ce rno6anxo, a xajuurexsuanuje y Eeponu

Qyxgauexranxo Meba. Y raxeuu ycnoByrMa je uoyserxo BaxHo Aa EPC caoje 6y4yhe nocnoeabe carneAaBa n Ha Ayropot{HoM
xop1,r3oHry.

ParrQuxoaaueu llaprcxor cnopa3yMa o KnHMh 16. Mapra 2017.EruX u Peny6nuxa Cpncxa cy yune y rno6arxe npoqece 6op6e ca
Knt4MarcKHM npoMeHaMa, a oBe h Apyre npoMeHe ce npuxsarajy H y oKBr.rpy Yroeopa o ocHuBalby Exeprercxe eajegxuqe (Ex3) u
npoqeca npucrynatsa Eaponcxoj yxuju

Eaponcxa yxraja caga r ca EaponcrrM 3eneHuM nflaHoM ug Aeqeu6pa 2019, rexa ga sxa.rajxo cuauu euucujy racoBa ca e$errou
craKneHe 6aune u ocrBapu KnHMarcKh HefrpanHy Eapony go 2050. OA.rnaxnqa EY ce, rsuely ocraflor, 3axreBa Aa yrBpAe AaryM
npecraHKa xopur.uhesa yrrua (ou ceAaM 3eMEuba EY ro xuje yruxuno). EY nauepaaa Aa ce x 4eo Jyroucrovre Eapone xoju xuje
y EY yrruyvra y oaaj npoqec xpos 3enexy areHAy 3a 3anagxu Banxax xojy Esponcxa xouracuja HaMepaBa 4a o6jaer,r y 2O2O.EnX
npey3uMa raxee o6aeese y AoMeHy eHepreruxe y oKBHpy Yroaopa o ocHlrBatsy Ex3 r npoqeca npr.rcrynaba Eeponcxoj yxrju. Y rou
qhrby, nphnarolaeahe ce npaBHu oKBHp ,i crparerxKa a Apy.a peneBaHrHa AoKyMeHara u ruMe he ce o4peluBarh oKBHp 3a
AuHaMHKy 14 ynpaBrbalbe rpaH3lL14oHr,rM npoqecr4Ma H pH3HL14Ma y EPC-y, oAHocHo ycnoBr4 nocnoBalba !r rpxltrJHa noauquja EPC-
a y HapeAHuM 4eqexujaua. Ilopeg gexap6oxusaquje, EPC he ce y HeKoM neplroAy cyoer.rrr4 14 ca AoAarHuM Heu3BecHocruMa
Be3aHltM 3a npoAop HoBt4x rexHonorrja, yxruyvyjyhu 4eqexrpanuaaqnjy u Axrlrranr,r3aqujy exeprercxux cucreMa, norpe6y aehe
$nexcu6unxocn4 cucreMa, Kao !r H3MebeHy ynory rynaqa exepruje ra nojaay ABocMepHlrx eHeprercxr4x roKoBa y gucrpu6yruexoj
Mpexh.

Boflerse nocnoBHe nonhruKe, AoHouJe[be nnaHoBa nocroBaba u nporpaMa unaecrrquja u uHBecruqr4oHr4x oAnyKa 6es gyropovxor
KoHTeKcra, xocu sxa,rajxe pu3uKe.

29 | CrpaHa

IIIIIIIIIIIIIIIIIITII
IIIIIITIIIT IIIIIIIIII

A
.-
EI(OHOMCKI,I UHCTI,TTYT
Deloltte.
E
,{rurrpujeaNh
,{ naprHePn
ECONOMICS INSTITUTE
t9a7

NPENOPYI(A

l4unnemexrupart4 caBpeMeHy npaKcy nocnoBHor nnaHlrpaba. 6e3 o63upa urro raKBa o6asega xnje excnnuqurHo nponucaHa,
npeAnaxe ce Aa EPC noqHe Aa npr4npeMa, a CKynu.[]4Ha MX EPC-a Aa AoHoch, nnaHoBe paseoja npou3BoAHor Aena EPC-a 3a
neplroA oA 10 roAraxa ca carneAaBabeM 3a Ayropoi{xrajra nepuog. Oae nnaxose 6u rpe6ano nephoAr,rqHo - npegor je cBaxe ABe
roAHHe - aKryenu3oBaTu.

Oeu nnaxoeu rpe6a Aa 6ygy oxeup u 6aga ga nocnoBHe nonur Ke, roAhuJlbe u rporoAurulbe nnaHoee H nporpaMe uHBecrxqlrja.

l,lnycmpaquja 6p. 1 - uoden npucmyna nnaHupaby

n/raHrpait,c

30 | CrpaHa
 A
EKOHOMCKI,I }IHCTTTYT
Deloitte Iir Ax:,orrpuieaNh
I,I [aprBePn
ECONOMICS INSTITUTE
l9a,

nornABrbE ll
- oprAHu3Aqt4JA nocnoBHor nnAHllPAlbA u KoHTPonE

ll. 1 Caepeuera reopr,lja t4 npaKca opraxnsaquje nnaHlrparsa y $ranaxcrjaua u npegysehy - aAeKBarHocr yHyrpaulrue
opraxuaaquje Qyxrquje nnaHupalba y MX EPC-y

11.1.1 Opraxusaqnoxa crpyKrypa - €BpeMeHa npaKca

ll. 2 Flpoqec nnaHupa$a - caBpeMeHa npaKca, ,W uogen" opranusaquje nnaHuparba

ll. 3 Kruyvxu noKasarerbu nocnoBaba y KoHTponu nocnoBaba - ocHoBe KPI uogena

31 | CrpaHa

IIIIIIIIIIIIIIIIIIIII
IIII rIII I IIIITITIIII

A
EKOHOMCKI,T HHCTfiYT
Deloitte. e
I
AHMrrpr'{ieBHh
x naprnepx
-
ECONOMICS INSTITUTE
l9a,

ll.1 CaapeneHa reophja h npaKca opraHr3aqrje nnaHuparba y QHHaHcHjaMa It npeAy3ehy - aAeKBarHocr

yHyrpauJbe opraHH3aqnje syxrqrje nnaHlrparba y MX EPC-y

AHAJIh3A nOCTOJEhE OPrAHh3ALl,'lJE

Koxcynraxr je raraao orpaHui{eH yBr4A y yHfrpau}by opraHu3aqujy y MX EPC r 3fl. Ha ocxoay AocrynHr4x noAaraKa ns Craryra,
cajra MX EPC r,r xoxcynraqrja ca Hapyruoqen, MoxeMo caMo HaqerHo KoMeHrapucarn n AarA npenopy(y Ha ocHoBy caBpeMeHnx
MoAena opraxusaquje x npaKce.

Yxyrpar.ursa opraxueaquja MX EPC-a (ca xa4nexxocruua xoje ce oAHoce Ha nnaHhpabe u usaeuraearse):

YNPABA NPEAY3EhA

B.A.N 3BpllrH14 Ar4peKrop 3a TexHlrqKe nocnoBe

B.A. 1,1 3BpllJHl,r AUpeKrOp 3a OpfaH!t3aqlroHo npaBHe nocnoBe
B.A.n 3BpruHH AupeKrop 3a eKoHoMcKo-Quxancrjcre nocnoBe
B.A. 14 3BpurHr,r Ar4peKrop ea paseoj u uneecruquje
B.A. tl 3BpruHH AlpeKrop aa jaexo cxa64eeaue

AHPEKqt4JE

llrpexqnja 3a ynpaBrbalbe npox3BoAlbou xagnexxa je ea o6astbabe cne4ehnx nocnoBa

o flpaheue, aHanu3lrpalbe, nnaHupalbe u xoopgnxaqnja npou3BoAHttx Kanaqurera;
. ExeprercxonnaHltpa$e;

32 | CrpaHa
 A
EXOHOMCKI,I UHCTIITYT
Deloitte Ii Arurrpuienuh
n naprHepx
ECONOMICS INSTITUTE
t9a7

flupexquja 3a ynpaBrbalse npouseo4rou je opraHu3oBaHa Kpo3 paA cnegehux cnyx6u: Cnyx6a 3a oneparxBHo ynpaaruarse EEC,
Cnyrr<6a 3a nnaHupalbe npoll3BoAlbe, Cnyx6a 3a eHeprercKh o6paqyH u crarlrcrr4Ky n Cnyx6a sa reneux$opMaquoHH ct4creM.

Arpexqtja 3a npox3BoAtsy - flocnoeu ,Qnpexquje 3a npoh3BoAlby ce o6aBruajy y oKBHpy ABe opraHu3aqvtoHe qenhHe - rexHuqKe
cnlD(6e u cnyxEe 3a nnaH, aHanr43y u yxanpefierue npo]43BoA]be.

1 Y Texxuvxoj cnlax6u 3a npou3BoArby o6aeruajy ce cnegehu nocnoau:

o ,QeQuxucaue crparerHje peMoHara Kanaqr4rera 3a npou3BoAlby eneKrpr4qHe exepruje u xoop4uxaquja u3paAe
roAlr uJlbr.rx nnaHoBa peMoHara ca npou3BoAH vttvt npegyseh u ua
o hspaga noAnora 3a 6unaxcupaue (xopuarrea u craHgapAa) npou3BoAbe eneKrpvrqHe eHepruje y repnoeneKrpaHaMa
14 xHApoeneKTpaHaMa

2. Y Cny>6u 3a 3a nnaH, aH.rnr43y H yHanpehelbe npolt3BoAlbe o6aersajy ce cne4ehr nocnoBu:

o 14spa4a Hallpra roAuuJrber u rporoAnurber eneKrpoeHeprercKor 6unaxca y capaAlblr ca AupeKqxjoM 3a ynpaBJbalse
14 npou3BoAHvtM npegysehnua

o hspaga MeceqHrx, KBapranHux 14 roAururbrx rx$opuaquja r usaeurraja o ocreapexoj npou3BoArbu eneKrpt4qHe

eHepnrje (ocrsapese EE 6unaxca)
o l,1spaga nnaHoBa 3a Ha6aBKy ocHoBHl,rx cpeAcraBa y capaAtslr ca flr,tpexqrajorlt aa unaecruquje H npoH3BoAHhM
npe4yaehuua.

Arpexqnja 3a nocnoBe oneparopa Axcrpx6yrxBHor crcreMa je opraxuaoeaxa je y rpu cnyx6e:

1 Y Cnyx6u 3a ynpaBrbabe r,rMoBr4HoM o6aaruajy ce cnegehu nocnoBu:
o l,1epaga eneKTpoeHeprercror 6unaxca n nnaHoBa nocnoBalba;
o KoxconuAaqnja nnaxoaa ynpaBrbalba IMoBt/tHoM cerx OAC-oea;

33 | CrpaHa

_I-IIIIIIIIIIIIIIIII
 IIIIIIIIIII

EKOHOMCXU
A HHCTfiYT
Deloitte. I'E ,I NAPTHCP'T
A,rMrrpxjeElrh

-
ECONOMICS INSTITUTE
l!x,

o ['lpaherse ocrBapeba eneKrpoeHeprercxor 6unaxca;

o 6rnaxcnpaue ry6urara
o hapa4a uaaeuraja xojra cnyxe Kao nogora Mepa 3a ycxnalraarue npoqeca nnaHhpalba c peanHuM oKonHocrhMa;

2 Y cnfx6u 3a ynpaBrbalbe MpexoM o6aeruajy ce cneAehu nocnoBlr

3. Y cnyx6r 3a ynpaBrbarbe noAaqlrMa !r oAHocoM c rpxr,ltureM o6aeruajy ce cneAehu nocfloBt4:

o H3eeuraealbe o npxxoAuMa u pacxoAhMa gucrpu6yrraxux npegyseha;

Ilocnoer f[rpexqrje 3a xHBecr]l{xje o6aeruajy ce y oKBr4py cnegehnx opraHu3aLluoHr4x qenuHa: Cnyx6a sa nxaecruquje y
nocrojehe o6jerre u Cnyx6a aa rxaecruquje y xoae o6jeme.

1 . Y cnp<6u aa uxeecruquje y nocrojehe o6jerre o6aaruajy ce cneAehu nocnoBlt:

o Hspaga nraHoBa nxaecn,tqraja - 14spa4a Merogonoruje h cMepHHqa 3a u3pa4y nnaHoBa uxaecruqnja, Koop4uxaquja r
nphKynrbabe noAaraxa 3a lr3paAy nnaHoBa nraecrrquja, lrlspaga nnaHa uHBecruquja y crnony u3paAe KoHconhAoBaHor
nnaHa nocnoBarsa MX EPC, hopaAa nnaHa uHBecruqnja y crnoy u3paAe nnaHa nocnoBaua Matuqxor npegyseha, hepaAa
Pe6anaxca nnaHoBa uxeecruquja Ha HuBoy MX EPC u Maru.{xor npe4yseha.

o l,lapaga useeuraja o peanusaquju raxeecrraqrja u KoHrlrHy€rnHo npaherue peanrsaqrje uxeecrrquja Ha HuBoy MX "EPC',
hspaga useeuraja (rpouecevxr, nonyroAuuJrbr4, AeBeroMeceqHu u rognu+uu) o peanusaqnjn nxeecruquja y cKnony u3paAe
KoHconHAoBaHor usaeuraja o nocnoBaluy MX,EPC", l4spaga useeu.raja (rpouece.rxu, nonyroAlruJtbr.r, AeBeroMeceqHu u
rognulrsra) o peanraaquju uxeecrnquja y cKnony u3page usaeurraja o nocnoBaby Marr..txor npegyseha.

2. Y cny>x6u oa rxeecruqnje y xoae o6jerre o6aeruajy ce cnegehu nocfloBm:

34 | CrpaHa
 A
EXOHOMCXI,I ltHCTrrvT
Ileloitte. flnv,utpujesnh
,r [aprHePrr
ECONOMICS INSTITUTE
|a7

o ['lnanupaue r opraxusaquja H3paAe uHBecrhq]4oHo-TexHur{Ke AoKyMeHraqraje sa xoee o6jerre,

o flpaheue peannoaqrje rxeecruquja y xoae o6jerre.

Arpexqr,ria ea paeaoj - nocnoBer aHzrnu3upalba u npeparaba crpareuJKux nnaHoBa H qurbeBa eHeprercKor paoeoja npegyseha,
nocnoBh aHanlr3e u uMnneMeHTaquje cumenaa KBanlrrera, Kao 14 3aurr4Ta xxBorHe cpeAuHe Ha HhBoy npegyseha.

,Qr,tperqraja aa pasaoj o6aarba nocnoBe rpos Cnyx6y aa crparerujy u Cny-x6y sa exonorujy.

llrpexqtja3a exoHoMcxo$rraxcrjcxe nocnoBe - o6asrba nocroae us o6nacru Quxaxcuja, paqyHoBoAcrBa, nnaHa u aHanu3e,
o6pavyxa nopesa 14 Quxaxcujcror u3BeuJraBarba u rua cnegehe cnyx6e:

o Ouxaxcnjcra cnpx6a;
o Pavyxoaogcreexa cnyDK6a;
o Cnlnx6a 3a nnaH u alanu3y;
o Cnyx6a 3a eKoHoMcKe nocnoae jaaxor cxa64eaarsa;
o Cnyx6a 3a nope3e;
o Cnyx6a sa $uxaxcujcxo r43BeuJTaBalbe.

Arpexqrja 3a rpxxllrHo cxa6geearse enexrpnr{HoM exeprrjou o6aetba nocnoBe xpos cnegehe cnyn<6e:
cnyx6e:

1 .
Cnfx6a sa npegsularse h l4crpaxuBalbe rpxurura, ogpelneaue qexa rl rapu$a
2. CnW<6a ea npogajy xouepqujanxru KynqHMa, oAHoce c KynLlHMa H MapKeruHr
3. Cnyr'<6a ynpaBrbalba o6pavyxotr,t u HannaroM norpaxuBaba

35 | CrpaHa

II E II I I I AI I I I I I I I I I I I
 -TITIIIIIIIIIIIIIII

A
EKOHOMCKH HHCT],ITYT
Deloitte. Ie ,{nrrNrpNiewrh
,{ flaprHepn
-
ECONOMICS INSTITUTE
t9a7

Y xaAnexxocrra Cnyrx6e 3a npeABh[atse rpxr4ura, ogpeluaarue qexa u rapuQa cy npoqecll crpareuiKor u

!1 r4crpaxuBalue
onepaThBHor nnaHlrpaba noTpouJrbe rortrepqrajanxux Kynaqa y pexlrMy TpxlrluHor cxa6geaaua, Kao r aHarlgl3a TpxxuTa x
yrapf;uear+e uanonpogajxe qeHe 3a ronepqujanxe rynqe. Arruaxocn4 y $yrxqrjr xsBpuJetsa oBnx npoqeca o6yxaarajy
oneparhBHy pa3pa4y crpareuKux nnaHoBa Kpo3 r43paAy roAlluJrbr4x, MeceqHr.rx t4 KparKopot{H}rx norpe6a sa xa6aaxy u npogajy
exeprrje xouepqujanxuu Kynqr/tMa, aHarruse Kperalba qeHa Ha uanonpogajxoM Tpxr4uJry, aHanusy pr43hKa, re ogpeluease raprQa.

p[rpexqrja 3a opraxx3aqroHo npaBHe nocroBe o6aarba nocnoBe rpoo cnyx6e: f'lpaexa cnyx6a, Cnyx6a 3a KopnoparuBHo
ynpaBrbabe u Kagpoacxa cnyx6a.

Anpexrlrja 3a nocroBe Oneparopa crcreMa nogcrrqala (OCn) je HaAnexHa 3a:

o hspaAy rognuuer 6unaHca npou3BoAbe eneKrpr4qHe eHeprule uo o6xoerbr4eux r43Bopa r y eQnxacxoj xorerepaquju;

llrpexqrja sa jaaxe xa6aexe

['locnoa!4 xoje o6aerua ,(upexquja sa jaaxe xa6aare rpynucaH!'t cy y HeKonhxo qenuHa:

o hepaga npeAnora nnana jaexux xa6asn4 MX EPC MarhqHo npegysehe, Ha ocHoBy AocraBrbeHlrx 3axreBa HaAnexHrx
Aupexqnja.

Haqenxo, l-exepaaxu Alrpefiop ca nparehuu cnyx6aua, Kao H cBl,r hsapulxu AupeKropvt u guperqnje xoje cy y ruuxoaoj
HaAflexHocrr4 ca cnyx6ama xoje cy y cacraBy grapexquja y onlrcy ceojux nocnoea ra ogroeapajyhuu npoqegyparla uuajy
ge$lrxucaxe aKTr,rBHocru y Be3u ca nnaHhpabeM:

a flocnoee nnaHupar$a, yceajaree nnaxa, npaherse peanr,tsaqraje, cacraBrbabe uaeeurraja o peann3aqx, rspa4y pe6anaxca
nnaHa !r AaBarbe Mltllubelba o ycarnauJeHocTt4,

36 | CrpaHa
 A
EXOHOMCKU }1HCTI,ITYT
Deloitte .I ,{NuNrprjenr,rh
t{ naPTHePH
ECONOMICS INSTITUTE
t9a,

. npoqeAypy cnpoBoAe: UJe$oau cnyx6u, HaAnexHvr 3anocneHu 3a nnaHxpalbe u npaheue peanusaqrje, ocranr 3anocneHu
npeua yxasaxoj norpe6u,
. flar je onuc nocnoBa 3a nnaHupalbe u u3BeuraBarbe 3a cBe AoMeHe paAa,
. Haqux u3BpulaBaba paAa je onucaH y npoqeAypaMa IMS-a, y xojuua je 4eraruxuje paapaf;exo nnaHupalbe nocnoBaba
npeua flpaeunxury o uxrepxoj KoHTponyt !r uHTepHuM xoHTponHHM nocrynqltMa.
. oyxrquja Koxrponuxra je yeegexa oA2011. ro4nxe (rpos CAII), a y npaKclr Korrponuxr ce Bpur4 ra xpoa cnyn<6y nraHa H
aHanlr3e, yo yveuhe paqyHoBoAcrBa.

Haxox peopraxueaquje firperquje sa Ahcrpu6yqrajy u [beHoM rpaxcQopuaqujou y Auperqrjy 3a nocnoBe OAC-a cy gegraxracaua
pa4Ha Mecra xoja cy sagyxeHa sa ,r3paAy nnaHoBa nocnoBaba, 6unasca ra r,tsejeruraja.

Cxa64eaaue eneKrpl4qHe exeprnje 3a cBe Kynqe rs xareropuje jaexor cxa64eBalba oA 0'l.04.2021. ro4uxe o6aerua Maruqxo
npegyaehe y flupexqujn sa jaexo cxa6geaarse eneKrplrqHoM exeprujou Kynaqa, a y cKnaAy ca Ognyxou Bnage Peny6nuxe Cpncxe
6pq: 0411-012-2-233121 . oa04.02.2021 . roAuHe n Peureueu perynaropHe rouucuje 3a eHeprenrcy Peny6nure Cpncxe 6poj: 01 -94-
9121 lP -17 3-1 44 oA 23.03.2021 . roAxHe.

Y 4ocraanexuM r4HTepHxM afir,rMa cy Aer€rrbHo yreplere oAroBopHocrlr u HaAnexHocn4 y npoqecy nnaHupalba.

flrpexqrla 3a jaBHo cxa64rjeaaue enerrprqHou exeprrjou rynaqa y PC

flupexquja sa jaaxo cxa64eearue eneKrpxi{HoM exeprnjou Kynaqa y Peny6nraqu Cpncxoj ce 6aer4 cxa64eeaueu eneKrpurrHoM
eHeprrjoM xpajrunx Kynaqa u3 rareropuje "flouahuxcraa" u re rareroprje "Ocrana norpourua" Ha 0,4 kV - "uanu qynqr" (ca
roAuurlsoM norporurboM MalboM oA 35.000 kwh ,r KojH lrcnyrbaBajy xajuaue ABa oA rplr crue4eha ycnoBa: ga xerraajy euu:e og 50
3anocneHhx, Aa HM yKynaH roAlrtulbr npuxoA xuje sehu o4 2 uunuoxa KM u Aa rrry apujegnocr nocnoBHe HMoBlrHe He npena3H 1
uunuoxa KM).

37 | Crpana

I I J'I I I I I I I I I I I I I I I I I I
 I IIIITIIIIIITIII

A
EKOHOMCK],I I,IHCTTTYT
Delottte.
T
INr.rNrpxjenNh
r,f naprHePn
ECONOMICS INSTITUTE
t9a7

flraperquja sa jaaxo cxa6Aesase o6asrba nocnoBe xpos cne4ehe cnp<6e:

1. Cnyrx6a aa rapuQupaue, paseoj, nnaH,lpabe u KoHrpony

2. CnW<6a 3a oAHoce ca (ynqnMa
3. Cnyx6a aa o6pavyx vt Hannary

r
Cnyx<6a sa rapu$raparse, paoeoj, nnaHupa$e KoHrpony 6aeu ce crpareuKuM x oneparxBHlrM nnaHhpaueM xa6aaxe u npo4aje
eneKrpt4qHe exeprraje xynaqa xoju ce cra6geeajy eneKrpuilHoM exeprujou xoA Eupexquje sa jaexo cxa6geaarue u yrapfluearueu
rapu$a eneKrpl4qHe exepruje 3a Kynqe ras rareropraje ,Qouahrxcrsa u Ocrana norpotutsa xa 0,4 kV ("uaau xynqu").

Cnyx6a 3a oAHoce ca KynLluMa e,e 6aah xouyxnxaqrajou cil KynquMa AupeKrHuM KoHraKroM Ha ycnyxHoM qeHrpy, nyreu call-qexrpa
H nouroM Kao x oAroBopr,rMa KynquMa Ha cBe noAHeceHe npuroBope, xan6e r sarrjeae nfreM cBr4x BltAoBa xouyxuraquje.

Cnpr<6a sa o6pavyx u Hannary o6aerba nocrroBe npey3uMaba o6pavyxcrux noAaraKa oA oneparopa gucrpr6yruaxor clrcreMa
(OAC), uspaAe paqyHa KynqlrMa eneKrpr4qHe exepruje, npahera Hannare norpaxuBatba no paqyHnMa 3a enefipuqHy exeprujy u
yrlDKerba rcynaqa xojr,t 6naroepeuexo Hl,tcy r,r3Mt4punu paqyHe 3a frpoueHy eneKrput{Hy exeprujy.

11.1.1 Opraxu3aq[oHa crpyKrypa - caBpeMeHa npaKca

Teopr,tja u npaKca ycnocraBrbalba $yxxquoranxe u AenorBopHe opraxusaquje nnaHnpaba ca jacro ge$uxucaxou xujepapxnjou u
noAenoM aKTnBHocrt4 ,oA Bpxa Ao AHa r,l o6pxyro" y calru $yxrqrjaMa nocnoBaba ce cMarpa 6urxuu eneMeHToM H npernocraBKoM
paq[oHanHor u eQlrxacxor nocnoBaba. Opraxueaqrja je xruyvxu noKperaq 3a yHanpehelbe npoAylcr4BHocru, eKoHoMuqHocru 9r
perra6rnxocru nocnoBaba.

38 | CrpaHa
 A
EKOHOMCXH XHCTIITYT
Deloitte. fiuv.urpuietuh,
fi naPrHePx
ECONOMICS INSTITUTE
t9a,

Y caapeuexoj npaKcu yHanpelerua opraxneaquoHe crpyKrype y Aeny npoqeca nnaHlrpalba xegao6unagxa je npenopyxa yeoleua
- -
Koxrponuxra Kao Aena opraxusaquje xoju noeeoyje naHaq: nnaH xoHrpona peanuoaqrje nnaHa h3BeuJTaBarbe oA BHcoKor Ao
AerarbHor HuBoa, a 3aBpuraBa ce urlrpoKoM nene3oM rvroryher AenoBalsa Ha nocnoBabe y 6pojxutu o6nacrnua Kpo3 AoHouJelbe
nooroBoAHl,,rx oAnyKa, Kao turo cy KopeKrliBHe opyKe, pe6anaxc nnaHa, AoHoureue o4roaapajyhux uepa, yxruy.tyjyhu u npoMeHy
r.lr,rrbeBa r nonuTlrKe nocnoBaba npegyseha.

Koxrponuxr ce no npaBuny u xajveuhe no3rquoHhpa Kao Aeo nnaHr4pa$a y Qyxxqujr Snxaucnja. Y cnoxexru xounaxujaua
qeHrpanHu Koxrponuxr je y exoxoucxoj Qyxrqrjr, a AenoBlr KoHrponuHra no 3aBucHHM npe4ysehuua uory 6uru acuMerphr{Ho h
gpyravuje AoAerbeHlr.

Y npegysehraua unu AenoBHMa npegyaeha xoja cy no caojoj nphpoAh 14 AenarHocrlr nperexHo $nxaxcujcxe genarxocrr/ycraHoBe
Koxrponrxr ce nocraBrba y Pavyxoaogcray.

Hapegxu rpa$ravxu npuKa3ll opraxusaquje r,t cagpxaja KoHrponrHra cy unycrparhBxu, rrroryhe ux je npranarofaearu xoxrperxoj
norpe6u, a uory 6uru no HauJeM Muurbeby npuMepeHH eneKrponpuBpe4xnu npegysehuua.

39 | CrpaHa

I IIIIIIIIIIIIIII
 IIIITI2, I-ITIIIIII

A
EKOHOMCKI,I I,iHCTYITYT
Deloitte f3 4nmxrpnlearh
N naprnepn
ECONOMICS INSTITUTE
t9t7

Unycmpauuja 6p. 2

OprannsaqnoHa crpyKrypa +yHxqlrje nnaHnpalba y SxHaHcHjaMa y EY xounaxrjaua (1/2)

nnaHxpalh€ n xorporl4}lr

qexTparHr xorpoanxr y Xoa4xxry Hoxrponopx yxyrap OJ

3a noApuJKy nnaHhpaBy, KoHTponn h n3BeurraBalby 3a noMoh y aHanrcH y npouecy KoHTpone x noApuxa

eQnxaeocru paAa OJ

. Kpeupate, pa3soj H oApxaBabe crpareuigx 14

.
roaHrulbHx non]1ruKa x npoueAypa nmHrpa]ba flpyxarue norrchH oJ y nnaHrpsBy
. MeroAonourxa noAprxrry KoHrponopuMa y OJ o npyxare nouohu OJ 3a nocraBrbalbe qxrE€a
. ynpasrba$e xoHThlryri paHuM ps3BojeM crpareruje
.
(Kn14-€sa)
. Bnacxurutgo HaA npoqecoM roahllllber nnaHtlpalba J43paAa HeAerbHrlx, MeceqHrx, KBapranHHx,
roAuurlblrx r ag xor nsaeuraja 3a OJ y r{xrby
x ynpasrLatus Kfll4-esa
o nooorburaEa eQhracHocrr OJ
fieQrxncaue H peAoBHa peansuja Kn]4+sa .
. ycarnauasalbe maHoBa canx nocnoBHxx nlrHxia O6e36eny,e yna3He xH@pMaqHje sa xparxopo.iHo
. H AyropoqHo nnaHxpalt€ HoB,raHrx roxoBa
KoMyHl,tuupalbe nnaHoBa npeMa MeHauMeHry
(n]1KBxAHocr conseHTHocr)
. Ynpagluarue qnmycuMa lgBeuraBa$a 3a MeceqHH,
14

GapTanHx H roAxllJlbll Yt{],tHaX

40 | CrpaHa
 A
EXOHOMCXT hHCTI/TYI
Deloitte .,, Alrrtrnrprjennh
H naprHeprr
-
ECONOMICS INSTITUTE
t9a,

hnycmpaquja 6p. 3

OpraxrsaqroHe crpy!(rype Qyxxqnje nnaHxpalba y $nnancnjaua y EY xounaxnjaua l2l2l

HT no4puxa KoHrporxHr rpourxosa PerynapHx xorpon}rHr

AocrynHocr n raqHocr noAaraKa npaBhnHa anox8qHja rporuKoBa noAplrJKa peryaaropHoM ynpeaBrLalby

o Bnacrnurrgo HaA npoqecoM HT B.,racHrurso HaA npoqecoM BnacHxrurso HaA npoqecoM

noAluxe
o Ynpaartane 6a3oM noAaraxa
. o6e36el)yje raeHocr noAaraxa 3a
aHa.n,r3yx xoHTpony OJ
o Pareoj r o4pxaeatte 6aae
noAaraxa 3a .rpeAyrehe x oJ
KOHTpo,lHHra TpOulXOBa no,qluxe Perynaroproa,r
O6er6elyje rarxy aroxaqHjy KOHTPOIXHry
rpourKoBa ra;rely pa:nrrrrrx Paaaoj r o4pxasarue 6a:e
nocroBHhx nxHhia x OJ noAaraxa
,Qe$rxnure xrso ycayra r AHanx3rtpa noAarKe x
o6ea6elyje pe4osHy peBx3Ejy
nparh s?pyKrypy rpouJxoBa r.r
o6er6elyje nxQopMaqxje o
cTaapxrM TPot!xoshMa

Y nperxogxo HaBeAeHoM KrLyqHh 3axreB je Aa ce AocneAHo pa3rpaHuqe Ha4nexHocrl4 14 oAroBopHocrr,r y cKnaAy ca npoqecoM.
Arryenxo Qyxxqraja Koxrponuxra ce y MX EPC-y o6aarua Kpo3 CAn, y Cnyx6u nnaHa r aHaflu3e y3 yqeuJhe Pavyxoeo4crea

41 | CrpaHa

IIIIIII-IITIIIIIII
 IIIIITIITIIIIIIIIII

A
EXOHOMCKIi UHCTTTyT
Deloitte. 0
t ArMr{rprrieBr{h
,{ napTHepn
-
€CONOMICS INSTITUTE
t9a,

NPENOPYKA

Koxruxyenxo npehcnlrrarx afleKBarHocr opraxuaaqnje H onuca nocnoBa, HaAnexHocrlr lr oAroBopHocru, Kao u npoqeAypa hMC-a.
f'lpeua uxrepxoj axarusr.t y MX EPC u 3f1 u npeua carne4axoj norpe6n H3BpuJr.rrr4 ogroeapajyhe npoMeHe, a Hapoquro:

o aAeKBarHa 4eQuxucaxocr HaAnexHocrh h oAroBopHocrlr oA Bpxa Ka Aone u o6pxyro (y oxsupy ceux $yxxquja,
rasuefiy cerax Qyxxquja H y oAHocy MX 3n),
-
o jacxo 4e$uxucax oAHoc xoopAr.rHaqnje n cy6op4uxaquje y ogxocy xa 3fl,
o KaApoBcKa noKpuBeHocT cr4cTeMaTH3oBaHxx paAHhx MecTa x 3axTeBaHa KoMneTeHTHocT,
o o6ea6efieue jeguxcraexor nphcryna x nocrynaba y r43paAh nnaHa 14 u3BeuraBa$y,
o oAroBopHocr 3a KoopA,iHaqujy u o6jegusaBabe AenoBa nnaHa, Kao u u3pa.qy Haqpra.
o $opuuparra opraHx3aqlroHy jeAuxur.ly 3a nnaHupalbe u gr3BeuJraBa$e us o6nacru IbP r l-lP,
o Qopuuparu noce6xy opraHu3aquoHy jeAuxutly sa Koxrponuxr,
o opraxmsaqnja nnaHcKe Qyxxquje 3I1 y xajeehoj uepu rpe6a ga cneAr4 opraHr3aqujy y MX EPC. flpu roMe ce Mopa
yBaxurx pa3nt4Ka uauefly Qyxrquja xoje cy nocraarbeHe qeHrpanusoeaHo y MX EPC n oxnx xoje ro H]tcy,
o y cBHM opraHh3aquoHuM aKThMa lr peuJebltMa xa jegxoo6pasaH HaquH rpe6a onucarn ynory coaKor pa4Hor Mecra
u HaerHa u3Bpuleba 3agarKa, xao n xujepapxujcxu xueo, Hnp. lrHhqupa, uopalyje, KoopAl4Hlrpa, ogo6paea nnaHcKy
aKruBHocr, gaje nognore, ynrecreyje rnu o6pafiyje Aeo nnaHa, caMocraflHo uspafiyje Aeo nnaHa, Aaje npeAnor
nnaHa !t cn.

42 | CrgaHa
 A
EXOHOMCKYI HHCTTTYT
Delottte { [xuNrpNjeunh
,{ IIaPrHePr{
ECONOMICS INSTITUTE
't94,

ll.2 l-lpoqec nnaHHpalba - caBpeMeHa npaKca, ,,W ruoAen" opraHu3aLluje nnaHupalba

I-lpeoanafyjyhu u npenopyqeH]4 MoAen npoqeca nnaxrpaua je rsa. ,,W uogen". Kao urro o6nnx cnoBa cyrepHure - oeaj uogen xpehe
oA qrlrbeBa, nonltrr4Ka !r 3aAaraKa xoje Qoprtlynuue Ton uexaqueHT, Aenerupa ux u cnyura Ha Huxe opraHn3aqr4oHe jeAuxuqe u
AenoBe.

Ha rou HuBoy ce nnaHcxr,r 3aAaqu paspafyjy u Kao H3BpueHu apahajy xa o4o6peue Ka ,rope". Y uo4eny je noxeruxo Aa Huxe
opraHu3aquoHe jeguxnqe uxraqrapajy u generrapajy ,,altur,ru" Hr4BoHMa npeAnore roju ce noron npoqeuyjy no xpnrepujyuy Aa nu
onruuusyjy yKynHe nnaHcKe pe3ynrare.

Oae uxnqujaruBe ce Ha ,Buueu' HxBoy npxxBarajy unn o46aqyjy. JeAax oA xpurepujyua je n Aa nu uaurlulatnae AonphHoce
onrruusaqujr nnaHa !r nocroaa$a Ha HxBoy qenor npegyseha, jep a6up onruMyMa Huxhx opraHu3aqhoHlrx AenoBa no npaBxny
xuje onruuyu qenor npeAy3eha. Taxole uxraqujarrse uory 6rru orpaHHeeHe u3Bop14Ma Quxaxcujcxr.rx cpeAcraBa hnu HeAocrarKoM
noxerbHor HuBoa xoop4uxaquje yje4xoepeuexoj peanuaaqujH aKTuBHocrvi y cB14M opraHr3aquoxuru jeguxr,rqaMa unn y BpeMeHcKoM
oKBlrpy'rnu npuopHrery.

yBo|ebe oBor MoAena ce y ocHoBr,r BpmH Kpo3 nocraBrbabe o4roeapajyher npoqeca xoju ce npuxasyje y lujarpauy npoqeca.
llorogxocr je ga ce MoAen Moxe ycnocraBhrr4 u npocrl,,tM ognyxaua Ton MeHauMeHTa, unh clrcreMarusaqujou nocnoBa !r 3aAaraKa,
anu HapaBHo ca nyHo Mabe AerarbHocrr4 14 KoHTpona6unxocru.

I-lpoqec je unycrpanrBHo npuxa3aH y flpnnory 7 hsaeurraja.

NPENOPYKA

,,W uogen" nflaHupaba je npuueuex y MX EPC-y. Flepuo4rvxo npoBepaBaru $yxrquouucaue u uMnneMeHruparu yxanpeleua y
,W uo4en" nnaHHpaba.

43 | CrpaHa

I IIIIIIIIIITIIIIIII
]II-I IIIIIIIIIIIIIIIITI

A
EKOHOMCKI.I HHCT}ITYT
Deloitte f,* 4rmnrpriearh
r naprnepu
ECONOMICS INSTITUTE
1y7

ll.3 Kruyvxr noKa3arerbr nocnoBalba y KoHrponu nocnoBaba - ocHoBe KPI uogena

Y nparcu ynpaBrbaba u pyxoaolerua caBpeMeHuM xounaxujarua yBeAeHu cy KPI xojuua ce ea norpe6e nocnoBoAcrBa u BnacHr4Ka
o6ea6elyjy uxQopruaquje o qenoKynHoM nocnoBalsy Ha HHBoy nojeguxavxux AenoBa u Ha HuBoy rounaxnje.

KPI cy ocxoea 3a npeno3HaBarse 4pajeepa roju yruvy xa npo$ura6unHocr KoMnaH!,rie u gajy noAnory 3a AoHouJerbe ynpaBrbaqKux
r pyroaogehux oAnyKa.
lloxasareruu ce nepxoAr,rqHo AocraBrbaiy:

. AupeKropuMa Qyxxquja u opraHlr3aqhoxux jeguxuqa

. Ynpaar,
. HaAgopxou og6opy,
. C{ynu:rusu aKquoHapa
Pasnoen ta qurbeBu yaolerua KPI uogena cy:

. YxanpeDerue ynpaBrbalba rounaxujou nocraBrbalbeM "anata" rojuua ce ycnocraBrba aeoa ueuefiy nnaHa ]4 useeurraja o
ocTBapelsy KoHTpona 1,l AoHor,ue]5e KopeKTt/tBH]rx oAnyKa,
. 6pgo x nperneAHo o6ea6efeue 6urxrx uepruusux nxQopuaquja xoje he nogpxaru AoHouJebe aAeKgarH]tx oAnyxa,
. Ycuepexocr uxQopuaquja Ha crpareuJKe u Ha oneparuBHe pe3ynrare
. Moryhxocr nopefiersa ca noKa3arelbllMa cnuqHhx xounaxuja.

44 | CrpaHa
 A
EXOHOMCK],I HHCTfiYT
Deloitte. [ flnnNrpujeanh
I r naprHepx
-
ECONOMICS INSTITUTE
t94t

hnycmpaquja 6p. 4 Weuamcxu npuKa3 cmpyxmype Kllh y $ynnquiu ocmeapuaaba npo$uma, KoHmpone u nodnoea 3a
odnwuaabe

tielp..r! ioF cr!!F lpclurcrx

. ocrorfl]r xHsrpyr.cHr sr p,trorl)erh€ Exouolrcxx npoQrr wAcc OcHoBHa cpeAcrBa
. OcrloEa t. ncI!!,brro tltubeBa
EBIT-WACCxo.HoBha
cp€Acrao

Hero
Oirl-lc! drx tnr{.r. E B1T o6pnrr
CAPEX
. ll3lop !r ollruEcr,cxy r.crprxy Ranrflil,
c1 6nnanc ycnexa r 6rrarc craiba
EBIT MapruHa DSO, DPO

Gr.prffi lmll.r.rx TpxxuJHo f{euhe,

. Pasflrqrlx ll$op]l rurfup c4xja cfpyrcypa r ONEPATI4BHA EOl,IKACHOCI EO],I KACHOCT
npcraxlro l{}f tpllx x Acmmxqro e[cTepH, EOHKACHOCT OPIx-a 3At'toc.nEHhX:
. xony.{{Ha npoAaje
B€rr.{r.Ba Nnl+,?ra i xcmoxerapna

r*r;.' ;66i1Piii,Jl-- : I

,+,r"s*$"Epeie I
lfilll-ieenia -:i. ' , I

45 | Crpara

I I T ZI I I I I I II I I I I II I I I
 I!IIIIIII'IIIIIIITI

A
EKOHOMCKI,t ltHCTtrvr
Deloittc. !'I firr'rrrpNierrh
n naprxeplr
-
ECONOMICS INSTITUTE
l9a,

lloxasarerbu cy ycMepeHH Ha Meprbr4Bo lr ynopeAHBo HcKa3HBabe cBhx cerMeHara nocroBalba oA 3Haqaja, Kao uro cy y eKoHoMcKo-
Quxaxcujcxou cerMeHry:

llpoSura6nnuocr:

Yxynxu nocnoeHu npltxoAu, Mapxa 4o6r,rru npe onope3xBaua, Ilpuxoc Ha yKynHo aHraxoBaHa cpeAcrBa - POA, EEhTAA n
npoMeHa EEi4TAA, EEhT!f, uapxa

fluxaugxocr:

Paqrao reryhe nuKBhAHocrh, Hero o6prxa cpeAcrBa,

Conserrxocr (sagyxexocr) :

Paqro 4yra x xMoBHHe, Paquo xero 4yra n EEhTfl,A

Jaexe xa6aere:

flnaurpaxe, o6jaeruexe u cnpoBeAeHe

Oneparnexa eQrxacxocr:

Paquo xanuranHltx pacxoAa u auopruaaqraje, flpocevxe qeHe eneKTpuqxe exepruje, npogaja eneKrphqHe exepruje, Crona
Hanrare eneKrpuqHe exeprraje, 14xeecruquje, Oarrop Kanallurera -
roeQuqujexr ucxopnuheua Kanaqurera
repMoeneKrpaxa, Exeueanexrxu roe$raqrajeHr npuHyAHxx aacroja repMoeneKrpaxa, E$uxacxocr repMoeneKrpaHa, Hero,
flpouasogna u xa6agxa eneKrplrqxe exepmje, flporaosoAba yrrba u onexBxe, flucrpu6yupaHa KonuquHa eneKrpuqHe

46 | Crpaxa
 A
EKOHOMCKI,T hHCTHTYT
Deloitte.
t4
#
Iur'rrrpr jenr,rh
,( IIapTHePx
-
ECONOMICS INSTITUTE
t9{,

exepruje, Bpocevxa qexa ropruherua 4rcrpu6yruBHe Mpexe, l-y6uqu enerrpuuxe exeprrje - npoqeHar x BpeAHocr,
CAt4Ol4, C AViAn, Tpajaue npuKrbyqerba

E$uxacxocr rpouJKoBa:

Paqrao oneparxBHr,rx rpoulKoea, Tpor.uxoau 3anocneHnx y OPEX, flpousaogxa qeHa eneKrpr4vxe exepruje, Tpourxoau
exepruje y OPEX eneKrpaHa, Paqrao rpouroea exeprrje, Oneparuexr rpourKoBu no x\Alx gucrpu6yupaxe eneKrpnqHe
exepruje, Oneparlraxu rpourKoBr.r no MepHoM Mecry

ESlrxacuocr 3anocneHux:

Tpor.uxoeu 3anocneHhx no npoAaroM kWlr, Paquo eneKTpur{He exepruje no 3anocneHoM y eneKrpaHaMa, flpouseogrsa yrrua
no 3anocneHoM, 3anocnexu no xM Mpexe

Peaynrar je aHana3a npe3eHroBaHa y rpaQuquua y Dash board-u sa Ton uexaqneHr, npeAcraBHuKe BnacHvrKa r ueguje

NPENOPYKA

Paselrru H uMnneMeHTlrparr,r MoAen KPI y cauu cerMeHTrMa y cKnaAy ca oAnyKaMa flocnoeoAcrea.

47 | CrpaHa

ITTIIIIIITITIIIII-I
II IIIIIIIIIITIITIIIIII

A
EXOHOMCKU I,THCT],ITYT
Deloitte. Il Axr.rnrpuienNh
,,r [apTHepr
-
ECONOMICS INSTITUTE
t9l7

flornaerbe lll
- AHAnU3A nOCTOJEhET CTATSA 143PAAE 14 AOHOIUEIbA nnAHA nOCnOBAIbA MX
EPC CA nPEMO3[4MA 3A vHAnPEbErbE
lll.1 Axanr,rsa npaBHor oKBrpa H Crarfra MX EPC-a

lll.1.1 Axarusa 3aKoHcKe perynaruBe - oApeA6e xoje ce ogxoce Ha nnaHllpalbe

ilt 1.1 1 3axon o enerrpnrxoj exepruju ("Cnyx<6exn rnacHuK Peny6nuxe Cpncre" 6p. 68/20")
ilt 1.1 2 3axox o eHeprerxqlr ("Cnylx6exu macHerK Peny6nure Cpncxe", 6poj 49/09)
ilt 1.1 3 3axox o oGxosruuauu gr3BopuMa exeprraje (,,Cnyx<6exu rflacHHK Peny6nure Cpncxe", 6p.16122)
ilt 1.1 4 3arox o jasxuu npegysehuua
il 1.1 5 3axox o nphBpeAHuM ApyulrBr4Ma Peny6nrxe Cpncre
ilt 1.1 6 3axox o jaexur,r xa6aaxaua 6uX (,Cnyx6eHlr rnacHHK Bocxe u Xepqeroenxe" 6p.39/14 u 59122)

lll.1.2 Axanrsa Craryra MX EPC-a

lll. 2 YnopeAxa aHanu3a HHrepHHx aKara, nnaHcKhx u nparehux AoKyMeHara MX EPC-a - npoqecu nnaHxpalba, $opue u ca.qplej
aKara A Aor(yMeHaTa r,r npuMeHa y npaKcll

48 | CrpaHa
 A
EXOHOMCKI,T UHCTTTYT
Deloitte 4
t rAunurpujesuh
naprHepn
-
ECONOMICS INSTITUTE
l9a,

lll.2.1 flpaaunxux o HHTepHlrM KoHTponaMa !r HHTepHviM KoHTponHxM nocrynqxMa - Hai{enHa aHanu3a n caBpeMeHa npaKca, ca
KoMeHrapoM n npeAnoroM aa yxanpeleue

lll.2.2 Axanusa flpaaunxuxa o HHTepHUM KoHTponaMa h HHTepHnM KoHTponHHM nocrynqhMa 14 rberoBe npHMeHe y npaKcx - ca
KoMeHrapoM h npeAnoroM sa yxanpeflere

111.2.2.1 Ycnoar4 nocfloBa$a

111.2.2.2 f'lonuruxa MX EPC 3a roAlrHy sa xojy ce 4oxoce nnaHcKa AoKyMeHra
111.2.2.3 Eaerrpoexeprercxu6unarc
lll.2.2.4 Capxa, eneuexru u cagpxaj Fo4ur.uuer nnaHa npuxoAa u pacxoAa
111.2.2.5 Tporogutr.ruunnaHnocnoBalua
111.2.2.6 Pe6araxc nocnoBHor nnaHa u Pe6anaxc EEE
111.2.2.7 Axanuoa npaKce - caApxaj u Qopua nnaxa nocnoaaba
11|.2.2.7.'l Caapxaj flnaxa nocnosaua MX EPC sa roAllHy AaHa, oAHocHo rporoAr4uJrbr,r nepnoA
111.2.2.7.2 CrpyKrypa npuxoAa 11 pacxoAa - rcKa3hBalbe y ra6enaua EY y l-lnaxy u hseeurrajy
111.2.2.8 llpaheue H KoHrpona nnaHa
111.2.2.9 TepuuxcxunnaHAoHouebaKoHconuAoBaHHxnraHoBa
111.2.2.10 AHanr43a npaKce - Cuepxuqe u Tepuuxcxr,r nnaHoBlr 3a ,r3paAy llnaxoea nocnoBaba 3a roAuHy AaHa h
3a TporoA!,[rJ[5H nepxoA
nl.2.2.10.1 Axanusa cagpxaja h KoMeHrap Cuepxuqa

lll.2.3 l4seeurraju o nocnoeauy h r43BpuJe[by nnaHa nocnoBaba - ca aHann3oM npaKce

Ha npxMepy hsaeurraja o nocnoBaby MX EPC 3a roAr4Hy H KBapr€rn

49 | Crpaxa

)I I ! r I r r I Il I r I I I I I I I
 II II Ti I I I' I I I I I I T I I I T II

A
EXOHOMCKH ]'IHCTI,ITYT
Deloitte. fiuv.urpujerlr.fl.
fi ,r napTHePrr
ECONOMICS INSTITUTE
'19a7

lll.1 Aranr,rsa npaBHor oKBupa r Craryra MX EPC-a

Perynaropru oKBnp oA uarepnjanxor sxavaja 3a npoqece nnaHrpaba y oKBrlpy MX EPC Hana3lt ce y AolqMeHruMa pa3nuqurt4x
HuBoa u nprpoAe roje, sapag rnacuQraraqraje, MoxeMo noAenurlt y cnegehe rpyne:

a Ercrepxu oxerp
r{xHe nponucu H Aor(yMeHTr4 AoHeru Ha H!,tBoy ApxaBH}rx opraxa roju ce, oner, Mory noAenuru Ha
noArpyny 3aKoHcKr4x H noAgaKoHcKhx peuJeba (xaxo saroxa xoju c,e ogxoce Ha eHeprercKy AenarHocr Kao cnequ$xvHo norbe
aKrrBHocret MX EPC, raKo u reHepanxrx/onurrux rojn 4orravy craryc MX EPC rao nphBpeAHor ApyturBa u rao jaauor
npegyseha) u noArpyny crpareuJKr,tx Aor(yMeHara xoju orenoraopyjy npuxqune rojraua 6u MX EPC rpe6ano Aa ce pyKoBoAt4
u
a hxrepxu oreup xojr,r qriHe crarfrapHu AoKyMeHrH AoHerr4 Ha HuBoy caMor MX EPC (Craryr, npaernxuqr u cn.)

lll.1.1 Axanhsa 3aKoHcKe peryaarlrBe - oApeA6e xoje ce oAHoce Ha nnaHhpabe

/,t1,1.1.1 3axon o enemmpu.tHoj eHepeuju (,,Cnyx6exu enacHuK Penydnuxe Cpncxe" 6p. 68/20)

3arox o enerrpuvxoj eHeprlrju r{naHoM S.4eQuxuue HaAnexHocr Bnage Peny6nuxe Cpncxe Aa AoHocl4 AyropoqHe u roAhuJbe
eneKrpoeHeprercre 6unauce (,qo rpaja reryhe roguxe 3a HapeAHy roAxHy, a [lpaeunxur o 6unancupauy u ynpaBrbarby geQnxrue
ga ce xajxacxuje 20.09. reryhe ro4raxe, EEE ce AocraBrba Bnanu PC). Enenpoereprercrn 6unaxc op sxavaja je sa npoqece
nnaHupaEa y MX EPC, jep ce ucrura oKBr4pHo nnaHr4pa yKynHa norpourlba eneKrpr4r{He exeprnje h HaquHn cxa64ujeeaua
eneKTpt4qHoM exepru,jola y cpeAlsopoqHoM er AyropoqHoM nephoAy, y capaAbr4 ca HegaeucxuM oneparepoM cucreMa.
Enerrpoexeprercxu 6unaxc caApxlr crpyKrypy norpouJrue eneKTpr4qHe exeprraje, xavux cxa64eealba, 3axreBe H Mepe y norneAy
eKonoulKe 3aurt4Te, crpyKrypy u KapaKrepncrl4Ke norporulbe HoBr4x t4 npouupelbe nocrojehux norpouaqa, BlruKoBe eneKTpxqHe
exepruje, firaHoBe h nporHo3e, Ha ocHoBy npenopyKa nporeeofiara u gucrpr6yrepa, y Koon€paqxju ca HOC-ou.

50 | CrpaHa
 A
EXOHOMCK}I ]4HCT],ITYT
Deloitte JE ,(rurrpulerrh
N uaprnepr
-
ECONOMICS INSTITUTE
t9a7

VlspaAa nnaHoBa pasaoja 4ucrpu6yruaxe upexe (vnax 53).

(1) Oneparep 4ucrpu6yruanor cucreMa cBaKe rpr4 roAr4He, xajracuuje Ao 30. xoeeM6pa rexyhe roAuHe, AoHoo4 n jaexo
o6jaeruyje AeceroroAuuJlbu nnax paseoja, y3 nperxoAHo npr6aeruexy carnacHocr PerynaropHe KoMr4cxje, xojn je ycxnaflex
ca Crparerujou paseoja eHeprercKor ceKropa Peny6nure Cpncxe, nnaHoM pasaoja npeHocHe Mpexe, AoKyMeHrhMa
npocropHor ypeleua H 3axreBuMa Kopr4Ho4Ka 3a npr4Krbyqebe ua gucrpra6yruBHy Mpexy.
(2) Oneparep gucrpu6yruexor cucreMa, xajxacxraje go 31. 4eqeu6pa reryhe roAuHe, AoHocl4 u jaexo o6jaeruyje roAr4uJlbh H
TporoAuuJrbr4 nnaH uHBecrhquja, ycxnafiex ca norpe6aMa Kop]rcHuKa Mpexe, AeceroroAhuJtbr4M nnaHoM paseoja
4ucrpu6yruexe Mpexe, nnaHoM uxaecruquja npeHocHor cucreMa u npocropHonnaHcKr4M AoKyMeHTr4Ma.
(3) TpoqoAur.urbu nnaH uHBecrutryja rc craea 2. oBor qnaHa AoHoo4 ce y3 nperxoAuo npu6aaruexy carnacHocr Perynaropxe
xouucuje.

llocuarpaxo ca acneKra nnaHupa]ba paaeoja gucrpu6yruaxe upexe, norpe6ro je yseru y o6srp r,r o4peA6e qnaxa 67. Onurux
ycnoBa 3a r4cnopyrry u cna64esaue eneKrpneHoM exeprujou xoju nponucyje 4a je 4ucrpu6yrep AyxaH ycKnagul4 nnax paseoja
4ucrpn6yruexe Mpexe ca npocropHhM, yp6arucruvruu H perynaquoHr4M nnaHoM Ha cBoM gucrpu6yrrexorvr nonpy,{jy, pagu
ouoryhaeaua npucryna Mpexu y cKnaAy ca 3aronor,r.

flnaxupaue rpe6a ga yBaxu !r eKonouKe Mepe !r3 HEPII-a.

I1/.1.1.2 3axox o eHepeemuqu (,,Cnyx(6eHu znacHuK PenydnuKe Cpncre", 6poj 49/09)

3arox o eHepreruqu npe4er,tfla AoKyMeHre o4 uarepujanxor sxavaja 3a nocnoBe nnaHupalba y oKBr4py MX EPC r ro:

Exeprercry nonurrarqy Peny6nure Cpncxe (vnanoeu 4. u 5.) xojou ce yrsplyjy npnopurer[ u cmjepxuqe paseoja exeprercKor ceKropa
paAu ocrBapuBalba AyropoqHux qr4rbeBa xojuna ce o6es6efiyje xcny]setse npoKnaMoBaHux npuHr.p4na uely rojuua usgaajauo: a)
curypHo H KBanhrerHo cxa64eaaue exeprujora, 6) gyropovxu ypaBHorexeH H oApxr4B paseoj exeprercKor ceKropa y cKnaAy c€l
KperalbeM norporube exepruje, s) passoj eHeprercKe ux$pacrpyrrype u yao[erue caBpeMeHux rexuonoruja, r) noAcrnqase

51 | CrpaHa

I IT IT I! I I T IT I IT I T I I I I I I I'
 II -' I I I II -3 I I I I I II I I I I I

A
EXOHOMCKH T,IHCThTYT
Deloitte f
i
AHMHrpxieBr{h
x uaprnepr,r
ECONOMICS INSTITUTE
tga?

KoHtrypeHqHje Ha eHeprercKoM rpxr4ury, A) AocrynHocr 14 MarephjanHa npucryna'{HocT pa3nhqxr}rx BhAoBa eHepruje y3

xcroBpeMeHy nocreneHy nu6epanu3aqhjy eHeprercKor rpxr4ura, [) cruuynucaue Kop]4uhe$a o6HoBrbHBr.rx H3Bopa eHepruie u
KoreHepaqlrje, e) yHanpetuBalbe eHeprercKe eshKacHocrl4 H x) yHanpeilrBalbe 3aurure xuBorHe cpeAuHe.

Exeprercra nonytrrKa eHeprerrKe cnpoBoAu ce CrparerxjoM pa3Boja eHepreruKe Peny6nure Cpncre xojou
H nnaHupalbe pa3Boja
ce AeSHHHrxy AyropoqHu qulrbeBlr pa3Boja nojeAuHr,!x eHeprercKl4x AenarHocr14, npuopurerh pa3Bo,a, eHeprercKe norpe6e, H3Bopr4
u HaqhH o6e36jeiuBalba norpe6Hlrx KonHqHHa eHeprHje. Eneuexru oA 3Haqaja 3a ocrBapuBabe qurbeBa eHepreTcKe nonHTrKe
AeQlrHr4caHvr cy qnaHoM 5. cr,aa 2.3axoxa oA Kojlrx u3ABajaMo yveuhe o6HoBrbr,rBl4x lr3Bopa, HuBoe eHeprercre e$uracxocrn u
yureAe exeprraje, norpe6xa ynaraba y eHepreruKy, noAcrlrqalbe xoxxypexquje H nocreneHy nu6epanusaqnjy eHeprercKor
rpxuura, Mepe aa o6e36eluBabe 3aulrr,rre xpajruux vt yrpoxeHlrx Kynaqa x cn. Crparerujy paaaoja eHeprerlrKe Peny6nuxe Cpncxe
AoHoo4 Hapogxa Crynunuxa, a AoAarHo je paspaflyje Bna4a Peny6nure Cpncre nyreM aKquoHHx nnaHoBa rojuua ce yrBpfiyjy
Mepe, Bocuoqh aKrrBHocrr,r u poKoBvr peanusaqlrje eHeprercKe nonuruKe, Kao u HaqhH ocrBaphBalba capaAlbe ca opraHr4Ma
jegrxuqa noKanHe caMoynpaBe.

Y aesu npoqeca nnaHlrpaba y MX EPC, aitxHo ie HanoMeHyrlr Aa eHeprercKr,r cy6jeKru, Ha ocHoBy Crpareruje paseoja eHeprerltKe
Peny6nraxe CpncKe n aKquoH,lx nnaHoBa, AoHoce nporpaMe !r nnaHoBe x3rpaAlbe, oApxaBaba u ropruherua exeprercxux o6jexara,
re Apyrux norpe6a y o6aarsaruy eHeprercxe AenarHocrr,r, yaaxaaajyhu o6aeege roje npousnase us uelyxapogHux yroBopa.

llorpe6xo je xaaxavuru ga nocroje H o6aBe3e MX EPC Kao eHeprercKor cy6jerra, y cMr,rcny AocraBe noAaraKa, n ro Ha Har{uH
npegerafiex npaBhnH]lKoM rojuu ce geraruxuje nponncyjy cagpxaj eHeprercKor 6unarca, ca4pxaj, poKoBu u HaquH AocraBrba]ba
noAaraKa oA cTpaHe HaAnexHlrx opraHa !r eHepreTcKxx cy6jeKara. llpaeunxux goHocu MHH]4crap HaAnexaH 3a eHeprerHKy.

AHATI]43A 14 KOMEHTAP

3axoxcxolrr perynaruBoM (xasegexu 3aKoHr4 14 noA3aKoHcxa arra) ceeo6yxearHo 14 qenoBhro cy frBpDeHe HaAnexHocrr4 BnaAe PC,
Mt4Ht4crapcraBa h eHeprercKr.rx cy6jerara, Kao u o6aBeaHa ycarnaueHocr nnaHoBa ca Exeprercxou rK)nHTHKoM H nnaHou pa:soja

52 | CrpaHa
 A
EXOHOMCTU UHCTfiYT
Deloltte ri
I Axuxrpxjearh
n naprsepx
-
ECONOMICS INSTITUTE
l9a7

eHeprerxKe, oAHocHo Crparerujou pasaoja eHepreruKe Peny6nuxe Cpncre, AoHouJelbe aKqr4oHrx nnaHoBa sa cnpoeof;ene
Crparernje pa3Boja eHepreruKe (uepe, xocuoqr aKTlrBHocrr4 H poKoBH peanusaqnje eHeprercKe nonhrrKe, Kao h Haqt4H
ocrBapuBaba capaAlbe ca HaAnexHrM opraxrua), o6aeeaa eHeprercKr4x cy6jexara Aa AoHoce nporpaMe lt nnaHoBe r3rpaAlbe,
oApxaBalba u ropuuherra eHeprercKlrx o6jerara ,r Apyrux norpe6a y o6aeruaruy eHeprercKe AenarHocru, Bpcre nnaHoBa no
nepxoAy xa rojr ce oAHoce, saceExe qenuHe nnaHcKr4x axara xoje ce o6aaesHo AoHoce, ruuxoa ca4pxaj, orpaHuqelba u 3axreBu y
norneAy o6aeesxocru, Qopue, cagpxaja, cMepHr4qa u poKoBa y nocrynKy nnaHrpalba, ycaajaua nnaHcxr4x AoKyMeHara yt
u3BeuJTaBalSa.

Pugux oa 6naroBpeMeHo AoHoruelbe nnaHcKux axara je o4peg6a o porry ll3page x ycaajara EEB (xajracxuje Ao 15.Aeqeu6pa reryhe
3a HapeAHy ro4nxy), o6sr,tpou ga je EEB,qoKyuexr vuju ca4pxaj KrbyqHo onpegeruyje 6naroapeuexy x ycarnaueHy r43paAy AenoBa
nraHa Kao uro cy rpouJKoBh h npuxoAh oA ygosa/ugeosa, rpaxcQepxux/uxrepxnx qeHa, nprxoAa oA eneKTpoeHeprercxr4x
AenarHocru MX EPC r 311, nnaxupaue o6uma H BHchHe rpourKa: peMoHara, uarepujana u ropr4Ba, noBe3aHHx 14 ocranux pacxoAa,
npoqeHy Quxaxcujcxor pe3ynrara h crarba, Qrnaxcupaue HHBecrllqHoHHx aKTuBHocrH, HoBqaH[ rox, norpe6y 3a 3aAy)r<uBatseM u
Ap.

Oorpe6xo je, o6srpou ga je HHlrqupalbe !r npoMeHa saroxa 4yrorpajaH nocrynaK, y capaAbu ca HaAnexHuM opraHhMa h Kpo3 Huxa
aKTa u nflaHoBe aKrt,tBHocrr,r nocrxhr4 u.rro paxuje poxourerue/yceajaue EEB.

ilt.1.1.3 3axou o odHoetbueuM u3eopuwa eHepeuje (,,Cnyx6exu enacHuK Peny6nuxe Cpncre",

6p.16/22)

3axox ypelyje nnaHr,rpabe 14 noAcrr4qarbe npou3BoAbe hg o6xoerbueux ,i3Bopa ca yrr,tqajeu Ha paA !,r nocfloBabe MX EPC-a.

111.1.1.4 3axon o jaeHuv npedysehuMa

Oeaj nponr,tc npeAcraBrba npuMapHu perynaropHr4 ocxos roju MX EPC xao jaaxo npe4ysehe cnpoBoAr4 y oKBxpuMa npoqeca
nocnoBHor nnaHhpaba. 3arox o jaanru npe4ysehuua ge$rxuure HaAnexHocrr4 opraHa ynpaBrbaba npunuKoM AoHouerba,

53 | CrpaHa

!I It I I I I' II ID I I I I I I I I T I
 I I I I I I -T I IT I TT I I I I I I II

A
EXOHOMCXI,T HHCTvfrvT
Deloitte.
E
fluv.urpmietuL
n naPTHePr{
ECONOMICS INSTITUTE
r9a,

cnpoao[era u eaanyaqr,rje nnaHoBa. Ynaxoehira 4 u 5. AeQrnrcaxa je Ha4nexHocr Cxynu.rrxe MX EPC Aa AoHocx nnaH
nocnoBaba u peBetAupaHh nnaH nocnoBaba lt nporpaM uxaecruquja 3a nnaHcKh neptaoA, re ga ognyvyje o rpajxoj nocnoeuoj
capaAbh h nose3uBalby ca ApyruM npegysehnua.

Ynpaaa npegyaeha (vnax 21) r,rspaflyje ]r HaArneAa peanusaqujy rporoAuruber nnaHa nocnoBaua npe4yseha y cKnaAy cEt
uelyxapo4xuu paqyHoBoAcrBeHHM craHAapAnMa u nponhcuMa o paqyHoBoAcraeHrM u peBu3opcKr4M craHAapAlrMa Peny6nrre
Cpncxe. Ycaojexu nnaH nocnoBarua npe4yseha AxpeKrop oqleruer+a 3a HHrepHy peausujy AocraBrba rnaBHoM peeroopy jaanor
ceKropa Peny6nuxe Cpncre, a AnpeKrop npegyseha ucru AocraBrba HaAnexHoM MuHt4crapcrBy.

3axox excnnuqrrxo ge$nxrraue r cagpxaj flnaxa nocnoaaua rojra, npeMa qnaHy 22, nopeA ocranor yKrbf{yje: a) nnan nphxoAa u
pacxoAa; 6) ranraranxe r43Aarxe npepoxeHe 3a neplroA xoju nnax nocnoBalba o6yxeara; e) useope $uxaxcupaua npeAnoxeHe 3a
HaBeAeHe KanhranHe u3AarKe, re Apyre nocnoBHe qhrbeBe; r) cee sajuoee vnje ysuuaue je nnaxnpaxo y neplroAy roju nnax
nocnoBaba o6yxsara; g) rapaxqnje vraje je gaearue npegoxeHo 3a ocurypase rl,tx KpeAhra; [) npegnore 3a ocHuBa]ue unu
KynoBlrHy HoBlrx npeAyseha unh nocnoaa unra npo4ajy 6nno xojer oA 3aBlrcHux ApyulraBa npegyseha, Te npepore sa npo4ajy
HenoKperHe taMoouHe; x) npeAnore sa xopur.uhese BxuKa np]lxoAa 3a nepr4oA xoju o6yxeara nnaH nocnoBaua; s) npegaulexe
Suxaxcujcre usejeurraje, Qyxxquoxarxu H rnaBHr,r 6yr,ler ca nonyroAr,ruJtsl,,rM aHanusaMa, aapujaxre n 6yqer o6prxor Kanurana,
rojlr uopajy oApaxaBarlr nnaHHpaHe aKTuBHocrlr npeAyseha H ca ruM aKTrBHocrhMa noBe3aHe nplrxoAe !r rpouJKoBe.
3axoxou je ra npegsr,t[exo ga AoHer flnax nocnogaba 3a neplroA npeAcraBrba ocHoB nocnoBHl4x aKruBHocrH npegyseha y norneAy
oHux nuraba xoja cagpxra, xao n uoryhxocr ynpaBe npegyseha ga flnax nocnosalba y cny,{ajy norpe6e xa ro4uu.tttoj ocHoBet
peBu4r,rpa u ycarnauaBa paAh lberoBor npunarofiaearua Kpera]buMa Ha rpxxulry.

11I,.1.1.5 3axon o npuepedHur dpywmeuMa Peny6nune Cpncre

3axox o nperBpeAHlrM ApyulrBlrMaPeny6nnxe Cpncxe, Kao reHepanHr,r nponhc y cMr{cny perynlca$a aKruBHocrl,r u ycrpojcraa
npuBpeAHltx cy6jexara, caApxu peue$a roja raoxeuo oqeHxrx Kao crlrqaHa oHuMa u3 3axoxa o jasxru npegyoehrua. Taxo, xa
npuMep, .uax 152. nponucyje 4a, yrsplrsase npeMora nocJroBHor nnaHa, npeAcraBtba HaAnexHocr AupeKropa unH ynpaBHor
oA6opa, gox je, npeua vnaxy 304, Vnpaexu og6op arquoxapcKor Apyr.rJrBa HaAnexaH 3a oAnyvxBa}be o nura}blMa roja ce ogxoce

54 | CrpaHa
 A
EXOHOMCXIT HHCTvfryT
Iletoitte. !'E Anr'rrrpuierrh
,r [aprHePn
-
ECONOMICS INSTITUTE
_ l9a7

Ha ynpaBrbalbe paaaojeu ApyulrBa u crparerujou u Hag3upabeM H3BprxHr4x Ar4pefiopa r.r aAMuHr4crpaquje, yrepfluaabe Hnu
o4o6paaarse nocnoBHor nnaHa Apyl,rJTBa, u ycaajarse uJecroMeceqHHx $raxaxcrjcxux uaeeurraja ApyuJTBa.

AHAIII43A h KOMEHTAP

3axoxcrou perynarlrBoM caeo6yxaarxo u qenoBr4To cy yrepfiexe HaAnexHocrr4 Crcynurruxe y nnaHupalby: oaaj oprax AoHocu nnaH
nocnoBaba u nporpaM raraecrr,tqraja 3a nnaHcK!,r nephoA u ogny,{yje o ApyrHM noBe3aH}rM nuTab}rMa og axavaja. fieSnxucane cy
oAroBopHocrr4 Ynpaae npegyeeha 3a h3paAy, ycxnalexocr, o6aeesyjyhu ca.qpxaj nnaHa, peBuAoBabe nnaHoBa x KoHrpony
peanraaaquje nnaHoBa nocnoBaba npegyaeha, xao u o6aeesy AocraBe HaMexHHM opraHuMa.

lll.1.2 Axannsa Craryra MX EPC-a

Crarfr MX EPC npe4eu[a Ha4nexHocn4 noje4unrx opraHa ynpaBrbalba y npoqecy nocnoBHor nnaHupaba:

Cxynuruxa Maruqxor npegyseha HaAnexHa je, usuely ocranor, ga (vnax 30): goxocu roAr4uJlbr4 r/t rporoAururbu nnaH nocnoBaba
Marh,{xor npegyseha xao u pebanaxclrpaHe nnaHoBe, yceaja sajegxuqKu roAr,ruttn 14 TporoAuul}bh nnaH nocnoBaba cBr4x 3aBucHtlx
ApyuraBa MX EPC, Ha ocHoBy Kora cBa 3aBlrcHa npegyeha noBe3aHa y MX goxoce ceoje nnaroae nocnoBaba, AoHocr4 nporpaM
uxeecruquja Marnqxor npe4yseha 3a nnaHcKH nepuoA u yraplyje ocxoee saje4nr,rr{K}rx HHBecruquja caux npegyseha noBe3aHux y
MX.

flpeua vnaxy 34. Craryra Hagsopxr og6op, uouefly ocranor, uua cnegehe HaAnexHocrr,r: yrBp|yje uerogonorujy u cMepHuqe 3a
r,tspa4y saje4xraqKor nnaHa nocroBaba (roguluser u rporoAr4uJlber) ceux npegyseha noseeaxrx y MX EPC, npegaxe Crynurruxu
Marnqxor npe4yseha AoHouelbe KoHconuAoBaHor nnaHa nocnoBaba (ro4ururslr H TporoAltulbr.r) csux axqroxapcxrx npe4yseha
noBe3aHlrx y MX EPC.

55 | CrpaHa

I TI I I II IT II I T T I I I I I II
 II I I I I T' IT I II I I' I I I I I I II

A
EXOHOMCKI,I HHCTI,ITYT
Detoltte. I ,(ruNrprajeB}rh
n napTHePn
-
ECONOMICS INSTITUTE
l9a,

Ynpaey Maruqxor npe4yaeha vuxe l-enepanHlr AupeKrop Mauqxor npegyseha u ner u3BpruHr4x AlrpeKropa: 3a rexHuqKe
nocnoBe, 3a nocnoBe pasaoja u uxeecruquja, exoxoucro$nxaxcujcxe nocnoBe, opraHr43aquoHo-npaBHe nocrroBe x H3BpuJHh
AhpeKrop sa jaaxo cxa64njeaase.

Ynpaaa Maruqxor npegyseha HaAnexHa je, ueuely ocranor, ea (vnax 48.): uapa4y Haqpra nnaHoBa nocnoBaba Maruqxor
npegyaeha r uaeeu.raj o rueroaoj peaausaqrjlr, aHann3y H oqeHy ocrBaphBaba sajegxuvxor nnaHa nocnoBaba cBlrx npegyoeha
noBe3aHux y MX EPC (xajmaue jegxou rsapranxo), xaqpr roAulrJlber r
rporoAxrutser nnaHa nocnoBalba cBux noBe3aHux
npegyseha y MX EPC.

Bnaxrpase nocnoBaba y Craryry MX EPC onucaxo je t{naHoBuMa 84, 85, 86 u 87. Craryra xa cne4ehu xavrx

Ynpaaa Marrqxor npe4yseha npeAnaxe nnaHoBe u nporpaMe nocnoBaba u pasaoja Marr.{xor npegyaeha. Tporoguuruu nnax
nocnoBaba, HaKoH ycBaialba npeeenryje ce l-naaroj cnyx6n sa peeuorjy jasxor cerropa Peny6nure Cpncre lr HaAnexHoM
Mr4Hr4crapcrBy. Yceojexr nnaH nocnoBaua Moxe ce Ha roAxnJrbeM HlrBoy ycarnauJaBarlr n peBr,rAuparlr, yxonxKo ce 3a ro yKaxe
norpe6a, oA crpaHe Ynpaae Marnqxor npegyseha.

Craryrou je raxofle 4eQuxucaHa crpyKrypa u cagpxaj nnaHa Kpo3 cnegehe eneMeHre: nnaH]rpaHe npuxoAe u pacxoAe, KannranHe
rpouJKoBe Kao u r43Bope Srnaxcupasa, KpeAHre oAHocHo nosajnuqe xao u o6es6efleba 3a oc]4rypaue KpeA]rra, npegore 3a
ocHr4Ba$e Hnr,r KynoBuHy gpyrnx flpyurraBa unu nocnoBa y qen]rHu Hn]r AenuMur{Ho, nopacr 6poja sanocnexux ra npeganfexe
TporuKoBe y cKnaAy ca ruM, HlrBo cpeAcraBa 3a cruMynaruBHe rpolrJKoBe, npegore 3a xopur.uheue arurra go6uru 3a nepr4oA nnaHa
nocnoaalba, npeAnore aa npogajy HenoperHe l,tMoBl,rHe, npe4euflexe $uxaxcujcre ucKa3e, Qyxxqroxanxr ]1 rnaBHu 6yuer ca
nonyroAlrrurbrM aHanlr3aMa u 6yr;er o6prxor Kanurana, (raxo ga 6yqeru mopajy oApaxaBarn nnaHupaHe aKrgrBHocrrl Maruqxor
npegyseha h ca rHM aKTlrBHocrHMa noBe3aHe npuxoAe u rpou:xoee). Moxe ce saKrbyqrlru ga Craryr y oBoM oerMeHry nparu
peureiba 3arona o jaexuu npegysehuua, y3 rbuxoBo KoHKperu3oBate y cMlrcny cenquQrvxux nocnoBHnx AenarHocrr,r MX EPC.

flnax nocnoearsa Marnqror npegyseha je cacraexu geo sajegxuvxor nnaHa nocnoBa$a cBr4x noBe3aHhx ApyturaBa y MX EPC u
ycxna[ex je ca sajegxuvKhM nnaHoM nocnoeaba, uJTo ce oAHocu u xa nojeguxaqHe nnaHoBe nocnoBaua cBaKor noBe3aHor
ApylurBa.

56 | CrpaHa
 A
EXOHOMCXI/I HHCTTTYT
Deloitte.
I .{xurrpuienxh
,r naPrHePu
ECONOMICS INSTITUTE
ly7

MX EPC Kao MarHeHo npeAy3ehe noce4yje yveLuhe y ocHoBHoM KanHrany 3aBucHr4x npe4yseha. Ynpaeruarse eneKrponpuBpeAHlrM
cucreuoru je jegltHcrBeHo x oAnyxe Hagaopxor og6opa Maruvxor npegyseha cy o6aeesyjyhe 3a cBaKo oA tbltx. flocnoaxy nonlrrltl(y
frBp[yje Bnaga Peny6nuxe Cpncxe y Syxrqrju Cxynuruxe,Qpyruraa, AoK r,rcry cnpoBoAe Ha4sopxra og6op n Ynpaaa MX EPC.
Haxox yceajasa l-lnaxa nocnoBalba MX EPC, cBa 3aBHcHa npegyseha rpe6a 4a ycmaAe flnax nocnoaaba 3aBt4cHor npegyaeha
ca KoHconlrAoBaxuu flnaxou MX EPC u lrcre AocraBe ceojnu opraHuMa xa ycaajase, a oAMax xaxox yceajaua, jegax npttMepaK
ycxnalexor u ycaojexor flnaxa nocnoearsa 3[1, ca O4nyxou o ycaajarsy, AocraBe Maruqxou npegysehy.

Marn.{xo npeAysehe HaKoH cnpoBeAeHe npoqeAype, y cKnaAy ca qraHoM 21. 3aroxa o jaaxrau npeAy3eht4Ma Aoctaerba nnax
nocnoBaba Maruqxor npegyseha, xao ,i KoHconuAosaxu nnax nocroBalba MX EPC-a, Muxucrapcrey eHepreruKe u pyAapcrBa l.r
Fnasxou peauaopyjaexor ceKropa Peny6nuxe Cpncxe, u.rro je, raxofle, o6aeesa r ocranux 3aancxttx npegyseha.

AHArlt43A t4 KOMEHTAP - Ayropot{Ho nnaHuparbe

3axoxou o jaaxuu npegysehuua u Craryrou EPC-a nponucaro je goxor.uelbe roAlrxlber h rporoAvttulber nnaHa nocnoealba EPC-
a h nporpaMa uxeecrnquja 3a nnaHcKH nepuoA (goxocu ux Crynuruxa).

Y rnaxy 84 Craryra MX EPC Mfl xaee4exo je Aa he Ynpaaa Maruqxor npe4yseha, xopucrehu ce go6potrl npaKcoM, npepararu
nnaHoBe t,r nporpaMe nocnoBaba u paseoja Maruqxor npegyseha.

Y vnaxy 79 Craryra je ogpefexo ga he Marravxo npegysehe '4oxujerr ocxoee saje4xrqKl,tx t4HBecruquja, y cxnagy ca paeaojxuu
nnaHoB6Ma, u:ro he ce 3acHHBarH xa ycaojexoj nonurxqlr Maru.{xor npegyseha'. 9naxou 30 je nponracaxa HaAnexHocr Ctcynurruxe
Mfl sa yraptlaaalbe nocJIoBHe nonrruxe M[l.

57 | CrpaHa

I I I I I llll I I! !I I IT IT I I I T I I!
 I II I I I I' II I I I I I I I I I I I!

A
Et(oHoMcKl,t l4HCTrrvT
Deloitte. t [nrortprieuuh
,{ naPrHePn
- r9.l
ECONOMICS INSTITUTE

Melyruu, xu y 3aroxy xu y Craryry HeMa Blrue HhKaKBux oApeA6u y Be3el ca nnaHupalbeM pasaoja u oAHocHo Ayropoi{H}rM
nnaHhpabeM 3a npoH3BoAHr4 Aeo cucreMa. Huje xau no3Haro Aa ce AoHoce, oAHocHo caga nocroje raKBr4 nnaHoelt. 3axox o en.ex.
(Cn.rn.PC 6poj 68/20) ie y.rnaxy 53. o6aeesao gncrpu6yquje Aa cBaKe rpu roAuHe AoHoce Aec€roroAxrulbr nnaH pasaoja
4ucrpu6yruexe Mpexe, a roju je ocxoaa 3a nnaH uxaecruquja. Ypaleu je flnax paaaoja 3a nepxoA 2019-2029. roAuHa.

Y nporexnrx 15 roguxa eHepreruKa, a Hapoehro enefipoeHeprercKh ceKrop ce rno6aaxo, a xajurrexsuexrje y Eaponlr

Qyx4auexranxo Meba. Y raxglru ycnoBuMa je raeyaerxo BaxHo Aa EPC caojy 6yAyhnocr carneAaBa H Ha AyropoqHoM, na !r
auuegeqexujcKoM xoph3oHry u xeanu$uroeaxo yvecrsyje y npxnpeMt,t ogroaapajyhux ApxaBHux nonhruKa u crpareuKux
Ao(yMeHara.

Paru$uxoaarueu flapracror cnopa3yMa o KnlrMta 16. uapra 2017.E,uX u Peny6nnra Cpncxa cy yune y rno6anxe npoqece 6op6e ca
KnuMarcKr4M npoMeHaMa, a oBe u Apyre npoMeHe ce npuxearajy r4 y oKBrlpy Yroaopa o ocHrlBalby Exeprercxe sajegxuqe (Ex3) u
npoqeca npucrynaba Eaponcxoj ynuju

Eaponcra yxraja je y re npoqece yuJna ca xajeehrn au6rqujaua 4a, y cKnaAy ca paxujuu aKrlrBHocrltMa, a caga EeponcKHM 3eneHhM
nnaHoM xs AeqeM6pa 2019, oxarajxo cuasu eulrcrjy racoBa ca eQeKroM craKneHe 6auire u ocrsapu KnuMarcKrl HeyrpanHy Eepony
ao 2050. Cnnqxe HaMepe nuajy u Apyre 3eMrbe, a xajaeruyje nx u Kuxa. Og vnaxnqa EY ce, usuely ocranor, 3axreBa Aa yrBpAe
AaryM npecraHxa xopuu:herua yrrua (or.u ceAaM 3eMarba EYro xuje yrrxrno). EY xauepaea Aa ce u geo Jyroncrovxe Eepone xoju
xuje y EY yxruyvr y oaaj npoqec rpoo 3enexy arexgy sa 3anagxu Eanxax xojy Eaponcxa xouucuja HaMepaBa Aa o6jaar y 2020. EUX
npey3uMa raree o6asese y AoMeHy eHeprerhKe y oreupy Yroeopa o ocHr,rBalby Ex3 u npoqeca nprcrynalba Eeponcxoj yxrju. Y ron
qrlrby, npunarolaeahe ce npaBHlr oKBxp h crpareuKa x Apyra peneBaHTHa AoKyMeHara h rnMe he ce o4pefiuBaru oKBrp 3a
AuHaMxKy r ynpaBrbabe rpaH3lr.lxoHuM npoqecuMa er pu3t,rquMa y EPC-y, oAHocHo ycnoBu nocnosalua u rpxhuJHa nosnqr4ja EPC-
a y HapeAHxM geqexrajarvra. flopeA Aexap6oxrasaquje, EPC he ce y HeKoM nepuoAy cyoqrlrr,r u ca AoAaTHHM Her3BecHocrhMa
Be3aHuM 3a npoAop HoBHx rexHonorrja, yxruyvyjyhu geqexrpanusaqnjy u Ar,rrlrranh3aqujy exeprercrux cllcreMa, norpe6y eehe
Qnexcu6unxocrlr o4creMa, Kao u u3MebeHy ynory Kynaqa eHeprrje u nojaay ABocMepHr/rx eHeprercKux roKoBa y gucrpu6yrraxoj
Mpexh.

58 | CrpaHa
 A
EKOHOMCKT4 YIH(TITYT
Deloitte I'" Arurrpnjerrh
,{ napTHePr
ECONOMICS INSTITUTE
t9a7

Kao npe4ysehe xoje raxaru npoMeHaMa uoxe 6uru xajauu:e noroflexo, EPC 6u rpe6ano Aa noMorHe Bnagr ga peueua 6ygy
oApxxBa, pelrnHo cnpoBoAhBa u npunaroflexa HaLluoHanHuM ycnoBuMa.

Bolese nocnoBHe nonurliKe, AoHouebe nnaHoBa nocnoBalba H nporpaMa rxeecruquja H uHsecruqnoHux oAnyxa 6ee 4yropovxor
KOHTeKCTa, MOXe y yCnOBUMa HaBAeHlrX BenUKUX npOMeHa U HeH3BeCHOCT]4, BOA14T14 HeOnTUManHnM UCXOAT4Ma U AaneKOCeXHO
norpeuJHl.rM oAnyKaMa.

3axox o enerrpnrxoj exepruju (,,Cnyx6exr rnacHuK Peny6nuxe Cpncre" 6p. 68/20) je y qnaHy 53. o6aaesao gucrpu6yquje Aa cBaxe
Tpx roAuHe AoHoce AeceroroAr,rurbu nnaH pasaoja gucrpu6yruexe Mpexe, a xoju je ocxosa 3a nnaH uxeecruquja

NPENOPYKA

Bes o6supa urro raKBa o6aaesa xuje excnnuqurHo nponrcaHa, npepaxe ce Aa EPC noeHe Aa npunpeMa, a Cxynurruxa MX EPC-
a Aa AoHocr4, nnaHoBe pasaoja npousBoAHor Aena EPC-a 3a nepuoA o4 10 roguxa ca carneAaBalbeM 3a Ayropoqxuju nepuog. Oee
nnaHoBe 6r rpe6ano nepuoAr4qHo npe4nor je cBaKe ABe roAHHe - aKryenu3oBaru.
-
Osu nnaxoeu rpe6a 4a 6ygy oxaup H 6asa sa nocnoBHe nonuruKe, roAurJJlbe H TporoAr4uJbe nJraHoBe r.r nporpaMe uxaecrnquja.

lll.2 Ynopegna aHanr3a HHrepHHx aKara, nnaHcKl4x 14 nparehux AoKyMeHara MX EPC-a - npoLlecn nnaHupalba,
Qopue I caApxaj aKara t AorryMeHara r np[MeHa y npaKcr
lll.2.1 flpaaunH!4K o r4HTepHlrM KoHrponaMa u ,rHTepHhM KoHTponHl,rM nocrynquMa - HaqeflHa aHanu3a u caBpeMeHa
npaKca, ca KoMeHrapoM u npeAfloroM 3a yHanpetjelbe

flpaeunxux o r4HTepHr4M KoHTponaMa u HHTepHnM KoHTponHhM nocrynqxMa je xaj4eraruxuju r,rHTepHlr perynaropHr,,r arr xojuu je
geSnxucax oKBHp Be3aH 3a npoqec nnaHxparba. Oer4i,t on uJn4ni arrou npegauleHe cy onure o4peg6e o AoHoue$y nnaHoBa

59 | CrpaHa

IIIIII'!IIIIIIIIIII
 I II I I I I' I I I I I I I I I I I IT

A
EKOHOMCK}I HHCTTTYT
Deloltte. i ,{Nurrpnieauh
,l naPTHeP[
ECONOMICS INSTITUTE
tv,

nocnoBalba Ha HltBoy xonAltHra, MeuloBltror xonAuHra (xonconugoeaxh nnaHoBH nocnoeaua) u noce6xux nnaHoBa 3aBucHl,lx
npegyseha.

llnaxose Ha HxBoy xonqxHra ycaaja Bna4a Peny6nnre Cpncre y caojcrBy aKqr4oHapa MX EPC, re ce y3 noulroBabe aeh nottexyrux
nponuca oKo AocraBrba$a HaAnexHuM ApxaBHuM opraHxMa, ucru AocraBrbajy u saeucxru npegyaehuua roju ca ruuua
ycarnauaaajy concrBeHe nnaHoBe nocnoBaba.

Eroxoucxo Suxaxcujcrr,r noKa3arerbh ce npare KBapranHo y qr4tby npaheua h KoHTpone h eBeHryanHllx pe6anaHca nraHoBa.

Flnaxoeu Ha HuBoy xonAuHra caApxe BHUe AenoBa qHJa le npunpeMa y HaAnexHocrlt pa3nuquTxx AlrpeKqnja, oAHocHo tbttxoBl4x
pyKoBoAunaqa AupeKropa. Paanuryly ce rexHnr{K}l Aeo, uHBecrnquoHn Aeo, nnaHosu xa6aaxu, u eKoHoMcKo Quxaxcujcru
-
nnaHoBl,t. llnaxosu ce npaBe nperaa jeguxcrBeHuM npoqeAypaMa ]r o6pacqua sa xoje je sagyxex 4upenop fiupexquje 3a eKoHoMcKo
je rero[e y HagrexHocru oae gupexqnje, ca poKoM oKoHqaba
Qraxaxcrajcxe nocnoBe. Cauo o6jegusaoalbe AenoBa nnaHa y qennHy
nocna Ao 15.1'l . y nocnoexoj roAxHu.

flpaaunxrx caApxx xus ogpe46u xoje geQraxur.uy Ha4nexHocrr4 lr poKoBe nojeguxavxux pa4rsu xoje npeAysuuajy ogroaapajyfie
cnyx6e MX EPC. Y xaAnexsocru fexepannor AupeKropa je o6es6elerse AocraBe nnaHoBa BnaAu PC go 30.11. csaKe nocnoBHe
roAxHe, y3 rbuxoBo nperxoAHy yceajarse oA crpaHe Hagaopxor og6opa ra OA6opa oa pearasujy, a y cKnagy ca OYK npoqeAypaMa.

ulnasou 37. llpaeunxr,lr npegerla cnegehe o6aeesxe eneMeHre nnaHa nocroBa$a Kojer q]4He:

a Eaempoexeprercxr 6unaxc xoju ce 6asupa Ha nporHo3$r norpe6e 3a enefipuqHou exeprujor,t y 4ucrpr6yrueHoM cl4creMy u
xojuru ce oApehyjy onuJru napaMerplr nnaHa;
a Ycnoeta nocnoBaua xoju npe4craruajy uargoexoxoMcKe noKa3arerue og anavaja sa nocnoBarse MX EPC u eaeucxlrx
npegyseha (pacr 64-l-a, crone nxQnaquje u pacra nr4t{Hr4x npxMa}6a, nopecKa nonl,lrl4Ka, KaMarHe crone, AeBll3Htl (ypc t4
xreo rapnSa 3a eneKrpr,rqHy exeprujy);

60 | CrpaHa
 A
EKOHOMCXTT l,tHcTvfrvT
Deloitte. ;': Arurrprjenr,rh
x napTHepn
-
ECONOMICS INSTITUTE
t9a,

a flonurura MX EPC xojy vuxe npernocraBKe HeonxoAHe 3a Aocr[3albe npoKnaMoBaHux r.l4rbeBa u ro: HHTepHr4 oAHoo4 14

uHTepHe qeHe, npeHocHr u gucrpu6yrrexu ry6uqr, noroHcKa cnpeMHocr, HHBecrHqhoHa aKTHBocr, KanrranHu h3Aaqu,
3anocneHocr, nonr,rruKa xa6aexr, KpeAxrHH nnMurr4 14 nonurhKa Hannare norpaxuBalba u nonuruxa ucnpaBKe norpaxrBarba
u ornuca.

flpaeunxux AoAarHo npequ3r4pa ereMeHTe roAur.rJlber, oAHocHo rporoAlruluer nnaHa nocnoBaua. Y norneAy roAuu.lber, llcrlr
caApxr,r: (a) axanltsy npernocraBKlr 3a nnaH nocnosaba, Hapoqlrro xa6aexor u npogajxor rpxuura u pacnonoxvBr/rx KaApoBcMx u
uareprjanxux pecypcal; (6) ananusy KoMnaparlrsHux npeAHocrr u cna6ocrn 14 oi{eKr4BaHux ycnoBa nocroaaba, noBorbHr4x 14
HenoBorbHlrx; (e) xruyvxe aKTuBHocrH 3a ocrBapelbe nnaHa vr (r) nnaH nplrxoAa !r pacxoAa,6rnaxca craba vt npojexquja HoBqaHor
roxa. flpe4eulleHr eneMeHTh rporoArlxlser nnaHa nocnoBarua ocnasajy ce xa eeh noMeHyre eneMeHTe gaAare 3axoxou o jaexuu
npe4ysehuua.

Ilpaherte u KoHTpona nnaHoBa ce 6aeupa Ha KBapranHHM raseeurajuua o x3BpuJeby roAruJlber nnaHa nocroBarua xoje caqr,rbaBa
Cnyx6a 3a nnaH H aHanu3y, xajxacxuje go 15-or paAHor AaHa oA 3aapurerKa nocneAlber aHanlr3r,rpaHor Meceqa, Te r4x AocraBrba
H3BprxHoM AupeKropy 3a eKoHoMcxo $uxaxcujcxe nocnoBe, oAHocHo AHpeKTopy .Qupexqnje 3a eKoHoMcKo $rxaxcujcxe nocnoBe
(Kojh ux 4arue npocnelyje Ynpaau rxa ycaajarue, a ocraapebe roAlrrtllber nnaHa ce AocraBrba Oa6opy 3a peBx3r,riy u Hagsopxou
oa6opy). Kaapranxu uaseurraju caApxe noce6xe usaeurraje o pa3nuxaMa, KynoBr4Hyr eneKrpui{He exeprraje a aHantAsu yqnHxa.
Ynpaeaje osnauhexa 4a rpaxu noce6xe uaaeuraje u nponrcyje poKoBe 3a u3paAy ncrux xpahe og oxux yraplexux [lpaannxuxou.

9nax 41. flpaaunxuxa npeAcraBrba Tepuuxcrn nnax vuja peanusaquja noqr4rse 31.07. caare nocnoBHe roAuHe uJro je pox sa
AocraBy noAaraKa 3a lr3paAy Eaerrpoexeprercror 6unaxca oA crpaHe 3aBr,rcHvrx npegyseha u oKoHqaBa ce 30.11. xaga je
npegeulexa 4ocraea yceojexrx nnaHoBa nocnoBarba 3aBucHHM npegysehuua pagu ycxna[uaaba buxoBnx noje4unavuux nnaHoBa
nocnoBalba. Flnax nocnoeaua MX (roAuLurslr r,r rporoAhrur+r,r), cnyx6a 3a xopnoparuBHo ynpaBrbabe AocraBrba cBHM
"EPC'
saBucHr4M npegysehuua, roju cy AyxHr4 ycarnacrru caoje nnaHcKe AoKyMeHTe ca KoHconrAoBaHrM 14 r,rcre ynfrlaTh y Aarby
npoqeAypy pa3Marpalba u yceajarsa. Pox aa cnpoeoleue 4e$uxucax y Oyx npoqeAypr.r je 10.12.

Pe6anaxc nnaHoea je roxxperrsoeax ogpeg6aua flpaeunxuxa, KaKo no npoqeAypanHuM nuraruuMa, raKo u y cMr4cJry oApeAHxqe
roja ge$uxur.ue MoMeHar npucrynaba pe6anaxcy. Carnacxo tnar.y 42. flpaannxuxa, pe6anaxc ce BpUJH axo je, y aHanu3xpaHoM

61 | CrpaHa

I I I I I I I I I T I I I TT I I T I T I II
 IIIIIIIIIIIIIIIIII

A
EXOHOMCXY XHCTHTYT
Delottte. g flrurrprjenNh
}t IIaPrHeP}{
ECONOMICS INSTITUTE
t!x,

nepHoAy, oAcrynarbe npeABuheHor yKynHor npHxoAa hnu pacxoAa y oAHocy Ha npojeKroBaHu Hr4Bo Behe oA 1oo/o, Kao u aKo je
oAcrynabe y npou3BoAlbx nojeAxHor npo[3BoAHor npeAy3eha Behe oA 15%.

HAqEflHh KOMEHTAP - llparca y caBpeMeHuM xounaxnjaua

flpaaunxux o HHTepHhM KoHTponaMa ]4 HHTepHuM KoHTponHuM nocrynquMa noxprlsa cBe reMe xojuua ce perynuuJe qenoKynHo
nocnoBalbe MX EPC-a. Y nparcu Apyrxx eneKrponpuBpeAa y perlroHy JHE qecro nocroju u3ABojeHa reMa nnaHuparua y noce6xottt
flpasunxury o nnaHuparby, a y xoauje BpeMe ce no npaBuny oaaj flpaeunxux saueuyje ,npoqecHxM AorVMeHThMa" Kao turo cy
[lpoqec nnaH]lpaba xojr,t je cnpoeegeH u noBe3aH ca ApyrhM npoqecetMa Kpo3 Hnp. Cucreu KBanxrera.

NPENOPYKA

Yeoleue r KoHTuHyenHo yxanpeflere llpoqeaype nnaHupalba ca AhjarpaMoM roKa nnaHnpalsa

O6supor,r Ha npeAMer n cagpxaj f'lpaaunxrra, paqhoHanHo je nocrojehe reMe y ]6eMy noAenllrl,r y Br4uJe gpyrrx noce6xhx aKra
rojuua ce geraruxuje perynuuJy HaBeAeHa nuralba.

KaAa je peq o nnaHxpaby, x3BeulTaBa$y H KoHTponu - To Mory 6uru xoeu xHTepHlr aKT Hnp. flpaeunxux o nnaHupalby u/nnu, uro
je npe4nor Koxcynraxra y cKnagy ca xaj6oruou npaKcoM y MoAepHo opraHlt3oBaHr4M rounaxujaua - l-lpoqeAypa 3a AoHouelbe
nraHcKux aKara u flpoqegypa 3a lr3BeuraBabe H KoHTpony ocrBapelba nnaHa.

llpaeunxux o nnaHupaby VS 4e$uxucarse ]r u3paAa flpoqeAype ca 4ularpauon roKa aKruBHocrt{

,Qe$uxucaue nocrynKa nnaHHpaba, ToKa aKTlrBHocrlr, u3Bopa noAaraKa, noAnora u Ao(yMeHTaqvue, Kao 14 HaAnexHocru 14

Hocynaqa oAroBopHocru 3a H3paAy Flnaxa nocnoearsa 3fl, Marn.{xor npegyeeha u KoHconuAoBaxor ['lnaxa nocnoBalba MX EPC
MOXe Ce ypeAHrH:

62 | CrpaHa
 A
EXOHOMCKI,I YTHCTHTYT
Dcloitte I ,(xr.rxrpNjeaNh
S lr naprnepr
-
ECONOMICS INSTITUTE
r9a7

. npaBuflHuKoM o nnaHhpaby, unlr

. AoHourelseM oAroBapajyhe npoqeAype KojoM ce AeQxHlruly npoqecu, Hocl4or.lh u aKrlrBHocru, Kao u poKoBh.
Y caapeuexou nocnoBalby xounaxuje cy ce no npaBrny onpeAenxne Aa cBpry oBaKBor AoKyMeHra no cagpxajy, AerarbHocrr4,
ynorpe6rbxBocru u 6psuxr,r npunarofiasaua agexearxrje 3aAoBorbaBa AoHoue[be flpoqegype.

lll.2.2 Aaanuea npaB[nHhKa o uHrepH]rM KoHrponaMa u xHTepHrM KoHTponHuM nocrynqnMa u rberoBe nphMeHe y npaKcx
- ca KoMeHTapoM !4 npegoron sa yxanpelerue

flapanenxo ca aHanH3oM flpaarnxura aHarnu3HpaHa je h npaKca cnpoaofiesa Ha ocHoBy AoKyMeHara I aKara xoju ce o4xoce xa
nflaHcKe aKTlrBHocrH 3a H3paAy ['lnaxa nocnoeaba.

111.2.2.1 Ycnoeu nocnoear*a - qnaH 37 6

AHANT3A I KOMEHTAP

flpernocraaxe 3a H3paAy nnaHa r{uHe nporHo3e npuBpeAHlrx ycnoBa y oKp}Dr<eruy xojra ce o4paxaaajy xa nocnosarue MX EPC, a
xoju cy y ocHoBu MaKpoeKoHoMcKe nonlirrKe, eHeprercKe nonr4TnKe, npoqeHe u nporHo3e ycnoBa nocnoBarba roje o4pelyje u xa
xoje npecy4ax yruqaj uuajy eKcrepHr,r HHcrlrryqnoHanxu $arropra u/unu Ocxuaa.{.

Llnaxon 37. je yrsplexa norpe6a u cBpxa yreplusasa Ycnoaa nocnoBarba Kao 6urHor Aena nnaHupaba y noverxoj $asra raspage
flnaxa u onncHo cy AarH eneMeHrr roju onpe4eruyjy ycnoBe nocnoBalba 3a HapeAHy roAuHy.

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A
EKOHOMCT$,| HHcrrrvr
Delolttc. g ,{r,rurrpNienuh
D{ naPTHePn
- ya7
ECONOMICS INSTITUTE

Hlrje nponncana o6agesa xaeolerua peneBaHTHr,rx r.r3Bopa noAaraKa, HaquH u ro je ogroaopax ea npu6aeruabe. Ys onuru onuc je
norpe6xo pa3pa4uru H Aerarbe r npehcnuraru caeo6yxaarxocr. Oeaj xegocrarax je, uaga ogpeg6e xe ynyhyjy xa raj uxrepxu
aKT, HaAoMeureH Kpo3 AoHouebe Cuepxnqa y npeoj Qasn nnaHcKl,tx aKTltBHocrl4.

NPENOPYKA

Ilorpe6xo je ycnocraeuru o6aeesy Aa ce nocrynKy lr3page l1naxa nocnogaba, seh y noverxoj Qasu nnaxupaua, y rouynnraqrju
x capaAlbx ca ogroeapajyhunr uuxrcrapcraBr4Ma BPC o6ee6ege eneMeHrh rojuua ce AeQrxuury ycnoBu nocnoBalba,
pege$uxucaxu y oAHocy Ha caAa nponlrcaHe, TaKo Aa MHHhManHo o6yxaare cne4ehe ovexuaaxe/xajaBrbeHe hHnyte 3a Peny6nuqy
Cpncry:

. pacr Apyrureexor 6pyro npou3BoAa,

. o6uu r4HBecrvLlxoHnx aKThBHocrr.r y PC u rruyvxn npuoprrerlr,
. crony uxQnaquje,
. AeBU3HX r(ypc,
. KaMaTHe CTOne,
. peneBaHTHe 3aKoHcKe nponHca,
. nopecKe nonuruKe lr nponxce,
o TaKC€, HaXHaAe, AOnpUHOOe lt Ap.,
o p?cT nt4i{Hytx npuMaba,

Kao h noce6He eneMeHTe u nonurrtKe xoju ruajy o6enexja ceKropcKe nonuruKe H3 AoMeHa ocHhBaqa u perynaropa, a oA
HenocpeAHor yrrqaja cy Ha nocnoBarue MX EPC, Kao uro cy:

a npoMeHa rapuQxor cvtcreMa,

64 | CrpaHa
 A
EXOHOMCKH UHCTfiYT
Dcloitte q
a
.[xurtpriearh
v naPrHePrr
-
ECONOMICS INSTITUTE
t9a7

. HHBo rapuQa 3a eneKTpr4qHy eHeprujy 3a perynxcaHe Kynqe,

. npoMeHe Apyrux peryflaropHxx ycnoBa,
. npoMeHe Ha rpxrurry eneKTpuqHe exepruje u y.rba,
. npoMeHe ycnoBa Be3aHt4x sa Ol4E,
. ceKTopcKe nonuThKe rr non[TuKe sa jaexa npegyseha ca sehuxcxuu 4pxaBHhM KanHTanoM (xnp. nonrarraxa 6poja aanocnexux
14 BHcHHe 3apaAe I Ap).

3a oee affhsxocru je norpe6xo geQuxucaru poKoBe !r Hoclroqe aKTlrBHocrH.

111.2.2.2 lTonumuxa MX EPC sa eoduxy sa Kojy ce doHoce nnaHcte doxyuenma - qnan 37e

AHAIII43A h KOMEHTAP

Y flpaannxury je xa onurrra HaqHH onucaHa norpe6a yraplrearsa flonuruxe MX EPC 3a HapeAHh nnaHcKr4 nepuoA. Oaa nonuruxa
je cacraeru 4eo [1naxa.

NPENOPYKA

flponrcaru Aa Ha noqerKy aKrlrBHocrr4 nnaHvrpaba Ynpaea MX EPC rpe6a ga, Ha ocHoBy Crparerraje paseoja exeprernxe PC,
ycnoBa nocnoBarua u uHrepHHx aHanu3a H ogyKa npeAnoxh ll,rrbeBe u 3aAarxe MX EPC r,t 3fl y xape4xoj ro4uxu, xaxox .rera 6u
ce y npaoj $aer,t yrep4r,tne ogroaapajyhe noruruKe MX EPC ea peanrsaqujy qlrrbeBa x 3aAaraKa 3a KrbyqHe o6nacru !r AenoBe
nocnoBal6a.

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 III'IIIIIIIIIIIIII

A
EXOHOMCKII ]4HCTfiYT
Deloitte. i \nwurpujetuh
n [aPTHePX
-
ECONOMICS INSTITUTE
ltaT

Harox yraplraeaba, qurbeBe, 3aAarKe h nonurrKe je norpe6xo xa ogroeapajyhr4 Aor(yMeHToBaH HaquH nocnarr cBt4M yr{ecHuquMa
y npoqecy nnaHxpaba Ha Aarbe nocrynalbe, a y cKnagy ca tsrxoBrM HagnexHocruMa. Taxofie, norpe6xo ux je npesexrosarh Ha
noqerKy Quxanxor 4oryuexra flnasa nocnoBalba.

Moryhu eneMeHru u npeAMer nor{erHux nornaBrba y nnaHy noclloBa}ua MX EPC cy cnegehlt

. qhrbeBh u 3aAaqx,
. Mr4cuja n ausnja MX EPC-a,
. nnaHupaHr o6uu u 4rnaurKa pecrpyKryphpa$a,
. nnaHHpaHe peopraxrsaquje u yxanpefieue onlurxx aKara,
. nphnaroiaBalbe ycnoBr4Ma Ha rpxr4ury u xoxt<ypexqnjr,
. nonurr4Ka qeHa 3a eneKrpr4eHy eueprujy,
o TaphOHx cr4creu,
. norltrHKa qeHa HeeneKTponpxBpeAHHx npou3BoAa u ycnyfa,
o M€p€ rojrarrrra he ce noApxaBaru ocrBapebe nnaHr4paHux npoh3BoAHt4x 3aAaraKa, cMauetge gucrpn6yruaxux ry6urara r 4p.
. npuopr.rreru y KaHAuAoBaHuM uHBecrllLltloHuu npojerrrua,
. norlrrrKa u npuopxrerH y xa6aaqu ocHoBHt4x cpeAcraBa,
. nonltrltKa 3a npourgrpelbe unr yao[eue xoeux hT peue]ba,
. 3arun4Ta xuBorHe cpeAuHe,
. nonHTuKa yroBapalba npoAaie po6a I ycnyra,
o f]P u MapKerI/tHUKe aKTuBHocrH,
. HHrepHlr exoxor'rcro-$uxaxcujcrr oAHoct4 usrue[y MX u 3l-1,
. QlrHaHcupalbe nocnoBarba !r nonhrhKa 3a.qyxuBal6a,
. nonuTuxal xa6agKn,
. non9trr/tKa 3anouJJbaBaEa u 3apaAa,

66 | CrpaHa
 A
.-
EXOHOMCKH HHCTTTYT
Deloitte.
! Irurrpr,rierNh
X IIAPTHEPX
ECONOMICS INSTITUTE
t9a7

o M€pe u o6nacu 3a paqr4oHann3aqujy nocnoaaua,

. ApyUJTBeHO OATOBOpHO nocnoBatbe r Ap.

11/.2.2.3 EnexmpoexepeemcKu 6unaxc - tnax 37 a)

AHAII43A 14 KOMEHTAP

Y EEE ce yraptyje xajaaxxujn geo eHeprercKux napaMerapa f'lnaxa no o6urr,ry r,r oxavajy. MX EPC uua flpaaunrux o 6unaxcupa*y
h ynpaBrbalby eneKrpoeHeprercKr4M cucreMou EPC-a, a nocroju u flpaaunxnx o eneKrpoeHeprercrou 6unaxcy Peny6nuxe Cpncxe.
Taxole nocroje OYK npoqegype 3a u3paAy nnaxa nocnosalba, eneKrpoeHeprercKor 6unaxca n usajeurraaaua.

NPENOPYl(A

a Havenxo je norpe6xo yrHrepHuM arruua o6es6e4lrrlr uHrepafinBHy Be3y nnaHhpalsa ca ApyrltM AenoBr,rMa [lnaxa, o6suporr,r
4a je nnaxupaue EEE npaa Qasa nnaHupaba ca yrnqajeu Ha roroBo cBe Apyre nnaHcKe aKrr4BHocrr4, noce6xo xa
nnaHupalbe BHcrtHe npuxoAa h pacxoAa, $raxaxcujcxor nonoxaja, r],rKBHAHocrH y roKy roAuHe, conBeHTHocrr,r u norpe6a r
KanaqlrTeTa 3a KpeAhTHo 3aAyxuBalse,
a Tarofie, y npeoj $asu uspage je norpe6xo o6es6e4uru uHrepaKTuBHo nnaH]rpalbe Hapoquro ca nnaHoM peMoHara ],,t

uxaecruquja no uogeny
"\M.
a Harox npsor carneAaBaba oqeKrBaHnx npuxoAa ,r rporxKoBa nocnoBalba xoju npoucruvy r43 Haqpra EEB n yrepflusarua
Qnuaxcujcxux ycnoBa 3a HecMeraHo Suxaxcupaue nnaHr4paHr4x aKTuBHocrr4, norpe6xo je rasapuuru npunarofiaaarre,
oAHocHo ogo6paearue nnaHupaHor o6uua peuoxra h uHBecrlLp,rja y nocrojehe Kanaqlrrere y norneAy o6uua arruexocrr,t
rojn yruvy xa o6uu npou3BoAbe h HuBoa norpe6xux $rxaxcujcxux cpeAcraBa. flpunarolasaue Moxe 3axreBarn xoperqnjy
Haqpra EE5.

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A
EKOHOMCK}I l,tHCTfiYT
Deloitte. A
E
AtrMxrprrieEr,rh
N naprnepn
ECONOMICS INSTITUTE
l9a7

a Koxrpony npoqeca nnaHupaba rpe6a nogpxarh KoHruHyupaxum yxanpefieueu o6aeeeyjyhe npoqeAype, i{rMe ce nocruxe
eQnxacxocr, xoxrpona6unxocr H rpaHcnapeHTHocr aKrlrBHocrr4, oApeiyjy Hocuoqn aKTlrBHocrH H lbuxoBa HaAnexHocr u
oAroBopHocT, Kao x poKoBr.r.
ll Ha ucru lrnu cnuqaH Hai{uH je norpe6xo h3paAuru u nnaHoBe npon3BoAbe Apyrrx HeeneKrponpnBpeAHhx nporaseo4a u po6a
a ycnyta xoje nocroje y 3fl.

11I,.2.2.4 Cepxa, eneMeHmu u cadpxaj l-oduutruee nnaHa npuxoda u pacxoda - qnaH 38 u 39

AHAIIh3A 14 KOMEHTAP

Capxa, eneuexru ra cagpxaj Fo4nuruer nflaHa npuxoAa u pacxoAa ypeflexm cy y qnaHy 38. flpaarnxltxa u ro:

a Cepxa: ouoryhaBa peAoBHo npaherse h KoHTpony yquHaKa Ha cBr,rM peneBaHTHliM H],rBor,rMa y oAHocy Ha 3aAare Ben]4qr4He vr
oqeHy ycneuHocTl,r cBxx HuBoa MeHauMeHTa.

a Eneuexru u ca4pxaj maxa:

o aHanr3y npernocraBKh 3a nnaH nocnoBalba, Hapoglrro xa6aaxor u npogajxor rpxr4ura, pacnonoxuBhx uerepujanxux u
KaApoBcKHx pecypca,
o aHanusy KoMnaparxBHux npeAHocrH u cna6ocru, noBorbHr4x u HenoBorbHux ycnoBa nocnoBaua xojra ce ovexyjy,
o KIbyqHe aKTUBHOCTI4 3a OCTBapebe nraHa lr
o nnaH npHxoAa !r pacxoAa, 6unaxca crarta, npojerqrja xoevaxor roxa.

68 | CrpaHa
 A
EXOHOIUCXI,I hHCTI,ITYT
Deloltte I
E AxMxrprjeB,,rh
u naprsepx
-
ECONOMICS INSTITUTE
|4,

Ogpeg6e '{naHa 38 caMo Ha onurr HaquH AeQr4HHruy cBpry, eneMeHre ra ca4pxaj [lnaxa.

NPENOPYKA

florpe6xo je Aeraruxrje n qenoeuruje Ae$uHhcaru oBy reMy. Oao je uoryhe ypaAnra u xpos Crrrepxuqe u ynyrcrBa.

11r.2.2.5 Tpoeoduwtsu nnaH nocnoeatba- qnaH 39

AHAJII,I3A 14 KOMEHTAPI4

llpaeunxnx ce y 9naxy 39. peSepuu:e xa ogpeg6e 3axoxa xojr perynhure nocnoBabe jaaxux npe4yseha u xaeogu MHHr4ManHu
cagpxaj Tporogur.urser nnaxa:

a) nnax npuxoAa H pacxoAa pa3BpcraH Ha aHanurhKy y cKnaAy ca nponucuMa o paqyHoBoAcrBy,

b) ranuranxe H3AarKe,
c) x3Bop Qnxancnpara 3a nnaHhpaHe KanuraflHe u3AarKe,
d) rpe4ure xoju he ce y3eru y nnaHcKoM nepxoAy,
e) rapaxquje Koje he ce Aaru 3a ocurypabe KpeAr4ra,
f) npegnore 3a ocHr,rBalbe unu KynoBuHy HoBux npeAy3eha unu nocnoea,
g) npegnore ea npogajy 6rno xojer oA 3aBhcHr4x npe4yaeha (4pyu:raea),
h) npe4nore oa npogajy HenoKperHe uMoBuHe,
i) npegnore sa xopur.uhese BuuJKa npnxoAa u
j) npe4eu[exe Snxaxcrjcre usaeu.rraje u $yrxqr,roxanxu u rnaaxn 6yger.

69 | CrpaHa

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A
EKOHOMCK}I ],IHCTTTYT
Deloitte.
I ,{r,rrrxrpN jenuh
,( naPrHePr{
-
ECONOMICS INSTITUTE
t9a7

gnax 39. Ha onuret HaqxH HaBoAH Ml,rHr4MyM noAaraKa u uxQopuaquja roje uopa ga o6yxaara Tporo4raulrur [1fl

NPENOPYKA

florpe6xo je geraruxraje u qenoeurnje 4eQuxncaru oBy reMy. Oao je uoryhe ypaAHrH u xpos Cuepxuqe lr ynyrcrBa.

1|l,.2.2.6 Pedananc nocnoeHoe nnaHa u Pe6ananc EEE (Pedananc nnaxa)

flpaeunxuxou y tnaxy 42. je geQuxracax npoqec lr3paae pe6anaxca flnaxa n ro:

1 OAnyKy o pe6anaxcy nnaHa nocnoBaba AoHoo,r Ynpaaa, Ha ocHoBy nonyroAhuJber r4nx HapeAHgrx KyMynarr4BHHx MeceqHr,rx
rsaeunaja.

2. flpoqegypa caqltbaBaba pe6anaxca nnaHoBa nocnoBalba je uAexruvxa npoqeAypr,r AoHouJelba nnaHoBa nocnoBalba, nplr
veuy Ynpaea AoHocu oAnyKy o poKoBr4Ma 3a lrspaAy.

3. llpunurou AoHouJe]ba pe6anaxca nnaHa nocnoBalba Bnagu Peny6nraxe Cpncre ce AocraBrba pe6aaaxc
eneKrpoeHeprercxor 6unaxca Ha nperxoAHy carnacHocr, a lr3y3erHo aaje4xo ca caqutseHhM pe6anaxcol,t nnaHa nocnoBaba,
yKonHKo s6or apeuexcxor orpaHhqelba xnje uoryhe nperxoAHo ogaojexo yceojraru pe6enaHc eneKrpoeHeprercror 6nnaxca
s6or ucrexa reryhe xanexgapcKe roAhHe xa xojy ce ltcrtt oAHocx.

70 | CrpaHa
 A
EKOHOMCKH XHCTHTYT
Deloitte. i? ,{ruxrpxienxh
,t naPTHeP,T
ECONOMICS INSTITUTE
ltxT

4. Pe6anaxc nnaHa nocnoBalba ce BpuJr4 axo je y aHanx3npaHoM nepuoAy oAcrynalbe yKynHor npuxoAa unu yKynHor pacxoAa
y oAHocy xa npojerroaaxu xneo sehe oA 1Oo/o, xao 14 aKo je ogcrynarue y npoh3BoAlbl,,r noje4nnor npolr3BoAHor npegyoeha
eehe o4 15%.

AHATIh3A 14 KOMEHTAP

llpaeunxuxou xuje npegarafiexa uoryhxocr ga ce norpe6a sa pe6anaacou frBpAr4 14 npe nonyroA]ruJruer uaeeuraja.

Y nparcu, OcnyKy o r,r3paAr4 Pe6anaxca l-ognurer nnaHa nocnoBaua MX ,EPC" AoHocr,r Ynpaea M[1, xa ocuoay peanusaquje EE
6unaxca, npoMeHa qeHa eneKTpuqxe exepruje hnh ApyrHx napaMerapa xoju 6urxo yruqy Ha nocnoBarbe. Pe6anaxc roAxuJlber
nnaHa nocnoBaua MX ce BpuH aro je y axanrsupaHoM neproAy oAcrynalbe yKynHor nplrxoAa HnH yKynHor pacxoAa y oAHocy
"EPC"
xa npojemosaxu aehe og 10%, xao u axo je oAcrynalbe y npousBoArbr4 nojeguxor npoh3BoAHor npeAy3eha eehe oA 15%.

NPENOPYKA

Bpeue u pa3nore 3a x3paAy pe6anaxca nnaxa je paquoHanHo yrBpAlrrr,r xa enacrrvxuju Haqr,rH, Kao Ha npHMep

o flpe4eugerr4 npoMeHy ra.{xe 1 ,tna}la 42 flpaaunxura unu yreplueaueM craBa: ,,no npaBuny, oAHocHo xajracxuje xa
ocHoBy noflyroAuuJlber r4nu HapeAHlrx rryMynarhBHxx MeceqHux usaeunaja xnu npeqlr3xpalbeM - oAMax no ca3Halby
o norpe6u !4 npoqeHH HerarHBHHx e$exara Ha nocnoBabe.

o flpegengeru npoMeHy oApeA6e raqxe 4 \naaa 42 flpaennxuxa nnu yreplusalbeM craBa: ,o6aeesxo" axo je y
aHanr43upaHoM nepr4oAy oAcrynabe yKynHor npuxoAa HnH yKynHor pacxoAa y oAHocy xa npojerroaaxr eehe o4 10%,

7l I CrpaHa

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 IIIIIIIIIITIIIIII

A
EXOHOMCKT4 ttHCTrrvT
Deloitte ;r
$
ArrMurpr{ieExh
N uaprnepN
-
ECONOMICS INSTITUTE
t9a,

Kao 14 aKo je ogcrynaue y npoH3BoArbh nojeAxHor npoh3BoAHor npeAy3eha Behe oA 15%, ogxocxo y cKnaAy ca
npoqeHoM Ynpaae o cBpo4cxoAHocrr4 u peanHoj norpe6x 3a lropaAy pe6anaHer.

11I.2.2.7 Axanuza npaKce- Cadpxaj u Qopwa llnana nocnoeatba

111.2.2.7.1 Cadpxaj llnaua nocnoeaba MX EPC sa eoduuy, odxocuo mpoeoduwtcu nepuod

HAqEflHA AHAfl]43A h KOMEHTAP CA NPEflflOTOM YHANPEREIbA

Harox nperne4a ,r aHaru3e qenoKynHor Ao(yMeHra l1naxa nocnoeaua MX EPC y norneAy $opraara, crpyKrype, caApx]rHe,
peAocneAa, o6uua u AerarbHocrx r aHanr4Thr{Hocru, oqeHunlr cMo Aa cy uoryha yxanpefieua xojrua he ce no6oruurarr cne4ehe:

. nperneAHocr,
. aH€rnrrrqHocr 14 cHHTeru3aquja caapxaja,
. crpyKrypa u AerarbHocr ra6enapxux nplrKa3a npuMepeHa eneKrponpuBpegxoj genarxocru,
. ycnocraBvtru peAocneA xoju cnegu npox3BoAHr,r x BpeAHocHh naHaq nocnoBaba,
. npuKa3 3fl y nnaxy t4 no AenarHocrxMa,
. ra6enapxu npraras 5Y,6C, HT, nnaH 3anourbaBaba, nnaH 3apaAa, HOC u cn,
. AoAarx xe4ocrajyhe reue xoje cMarpaMo Aa flnax rpe6a ga ca4pxr rnlr npelrcnlrrarr reMe sa xoje uucuo npeno3Haryr
cBpry xnr uavux xopuuheba y KoHTponu naapureua Ilnaxa.

72 | Crpaxa
 A
Et(oHoMcKu xHcTrrvr Deloitte.
i ,{NmnrprieaNh
D{ naPTHePr{
ECONOMICS INSTITUTE
l9a,

AETA'bHA AHANh3A 14 KOMEHTAP

fleraruxuja aHarh3a Qopuara n cagpxaja l-ogur.uuer nnaHa nocnoBaba - Ha npr4Mepy flnaxa nocnoeaua MX EPC.

CAAPXAJ NNAH OB14M KPATK]4 KOMEHTAP CA NPABU]4MA YHANPE'bEIbA

NOCTIOBAI.bA MX (5POJ
EPC CTPAHA)
1 Yaog 8 O6yxaara ucropujcxe crarycHe npoMeHe, ocHuBaqKe ogyKe, KoHqecuje, perxcrpallu1e,
noeehalbe Kanhrana, anu h nocrynKe y ro{y roAuHe, yroBopHe uHBecr}ttll4oHe cnopa3yMe
ca AerarbHMa, yveuha y Kanurany - ga MX u nojeguna npuBpeAHa ApyllrBa,
ynpaBrbalbe Meurogrrru Xonguxrou, Hagsopura oA6op, Oa6op sa pearsujy, qnaHoBe
Ynpaee, nrg.

Cagpxaj je paexopo4ax no reMaMa, re crora npepaxeMo Aa HeKe reMe, o6sttpou na

oxaqai, 6vay o6pahexe y sace6xuu qenuHaMa n Aeraruxuie.
2 Ycaajase flnaxa I
nocroBalba
3 Ycnoeu y xojuua ce 2 Ca.qpxaj cy Hai{hH paAa, TexHur{Ko crabe Kanaqurera, Tpx}ruHa npaB}ina, oqext4Ba}6e o
ocraapyje nnax Kperaby norporulbe, ycrcnaluaarse ca Tpehuu eHeprercKuM naKeroM, peanusaqnja
nocnoBalba HoBlrx uHBecrllqr.tja, rarg. Teue cy pa3HoBpcHe, HeKe KparKo, a HeKe 3a Ycnoee
npeurupoKo unu xenorp6xo onucaHe. Hegocrajy MaxpoeKoHoMcto4 t4 Apyru ycnoBu
nocnoBaba. llpegnaxemo pege$uxucaue ca4pxaja Ycnoea H Be3uBa]be h onuc
AerarbHux ycnoBa 3a oAroaapaiyhe qenuxe f'lnaxa.
4 Mepe MX EPC sa 10 Mepe cy 4are je4xuu AenoM HaqenHo, r,rcniqalbeM npo6neua, xao KoHcraraquje, urra je
ocraapeue flnaxa norpe6xo o6ea6eAuru, xoju cy ycnoau Ha rpxxury, ura cy rpeHAoBu, ycnoBh 3a
peanrasaqrajy, MoAenlt peopraxraoaqraje, xoje uxeecruqlioHe aKruBHocru ce xacraaruajy,
xoje arrusxocrr rpe6a pa3Morpr4Tr,,r, uoryhxocr 3aAy)ruBalba, nonuruxe MX,
yxanpeherse hHrepHe perynaruBe. llorpe6xo .ie pegeQnnrcaru H yrBpAurr,r Ko e

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A
EKOHOMCKU hHCTHTYT
Deloitte. Ia AnMxrpnieDr{h
,{ naprHepH
ECONOMICS INSTITUTE
t9a,

CAAP)KAJ NTAH o514M KPATKI4 KOMEHTAP CA NPABLII4MA YHANPEbETbA

NOCIIOBA}bA MX (EPOJ
EPC CTPAHA)
Mepe, Hoclroqe x rAe je Moryhe poKoBe. ['lpe4naxeuo u 4a Mepe 6ygy nogeruexe xa
o6nacrr nocnoBaba, AenoBe MX n hcxasaxe xa teajy flnaxa.
5 Ocxogx14 nnaHupaHr,r 8 Oao nornaerbe je xexa epcra (parKor pe3uMea 3a rexHltt{Kh 4eo flnaua: npou3BoA}ba,
noAaqlr gncrpu6yquja, Hcnopyxe, unaecruquje, $uxaxorjcxor pe3ynrara, qeHa, sapaAa,
auoprusaquje, 6poja pagxuxa. flpe4naxetto uspa4y Pesuuea xoju o6yxaara cee
aenoBe nocnoBalba MX u 3l-1.
6 L Exoxol,rcxo- 20 Ha.{enxo nocMarpaHo, peAocneA nornaBrba y flnaxy 6u rpe6aro ga 6yge npeua naxqy
$uxaxcujcxu Aeo nnaH BpeAHocl.r u nocnoBHoM npoqecy, oAHocHo npox3BoAHH geo - Quxaxcujcxu geo -
nocnoBatba ocranu rexHurrKlr nporpaMlr - rxeecruquje. Taxofie, npeAnaxeMo Aa ce npoMeHx
peAocneA HcKa3[Baba nojeguxux 4enoaa nnaxa npeMa KoMeHrapuua xoju cy y
HACTABKY AATX.
6.1 []naxupauu pesynraru 1

6.2 Crpyrrypa y{ynHux 1

npxxoAa
6.3 Crpyrrypa yKynHxx 1
pacxoAa
6.4 Pesynrarlr nocnoBaba o flpegnaxeuo peAocneA npeo MX EPC, na 3fl u ncxaaueaue f1nara no AellarHocrt4Ma.
no npeAyeehlrua
6.5 hsgaajaue sa 1 llpegnaxeuo ga Aoxaquje 6yay xa rpajy Pacxo4a
AoHaqxie
6.6 llnaxupaun np!,rxoAu 3 flpe4naxeuo Aa raqKe oA 7 Ao 9 6yAy ucnpeA ta.{xe ti.
oA eneKTpuqHe
exepruie

74 | CrpaEa
 A
EXOHOMCKU HHCTYITYT
Deloitte. I/ Anr"rxrprieanh
,r naPTHePx
ECONOMICS INSTITUTE
t9a,

CAAP)KAJ NNAH o6t4M KPATKI4 KOMEHTAP CA nPABUT4MA yHAnPEbEr-bA

nocnoBAr-bA Mx (EPOJ
EPC CTPAHA)
6.7 l-{ujene nponseogxnx 2 Y nnaxcruu goryuexruua je HaBeAeHo Aa ce pagx o npxxoAuMa oA eneKrpxeHe exprrje/
3[] xa 6asu npon3BoAlba y kVVh y nlrralby npogajxa qujexa, a xaga je y nuraby qujexe xouraua
gogujeruexor npxxoAa yKynHli pacxoAu/ npousaogsa y k\Mr l-{rjexe og npogaje en.exepruje cy yroBopeHe
yxanpuje4 sa o4pelexn nepuoA, a panuje cy 6une ogpelene oAHocHo perynncaHe oA
crpaxe PEPC-a.

6.8 Y,{euJhe rpollrxoBa y 3 Yveuhe je npe eneMeHar H3BeuJTaBalba !r aHarh3e xero flnara
yKynHHM nnaHHpaHuM
n puxo[lr ua/pacxo[14Ma

6.9 Epoi paaxura 1 HeAocraie flnax rpoLUxoaa 3anocneHux

6.10 l-{ujexe rou.naua 2 je quru nnaHxpaba u ucxasuaaua l-lK
UJra
npou3BoAHr,rx
npeayseha
7 Texxh.rxr,r geo flnaxa 30 flpegnaxeuo Aa ce y oaoj rarxu ucKan<e o4roeapajyhu cuxe rexHr4qKnx nnaHoBa, y3
nocnoBa[54 xaaofiese uero4onoruja nnaH]4pa$a. Taxofie, npeAnaxeMo Aa cacraBHn 4eo l-lnaxa, y
Qopuu llpunora, 6yAy AoKyMeHra Kao uro cy EE6, flnax peuoxra, u cn,
7.1 Ererrpoexeprercxu 2
6unaxc
7.2 flpousaogua 2
eneKTprqHe exepruie
7.3 XnApoenerrpaxe 4
7.4 Tepuoenerrpaxe 2
7.5 [lpousao4ua yrrsa n 2
orKpr4BKe y pyAHhqhMa

75 | CrpaHa

IIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIII IIIIIIII

A
EKOHOMCK]1 UHCTTTYT
Deloltte. I Aur"orrpniearh
ra napTHePrr
ECONOMICS INSTITUTE
t9a7

CMDI(AJ NNAH o614M KPATK]4 KOMEHTAP CA nPABU!4MA yHAnPERET-bA

nocnoBAtbA Mx (6POJ
EPC CTPAHA)
7.6 flnax peuoxara 1

npolr3BoAHlrx o6ieKara
7.7 Kynoauxa eneKTplrqHe 2
exepruie oa OCI] u Hfl
7.8 l,'lcnopyra eneKrphq He 7
exeprnje xa
4ucrpu6yruaxou
HHBoy 14 6nnaxc cxara
7.9 flpuxqunu r43paAe 1 Flpe4naxeuo ga ce y oKBr4py oBe raqKe yKparKo onuue hnu HaBeAe ropur.uhexa
6rnaxca ucnopyKe nerogonoruja, gox 6u ce Aer€rrbaH onuc npuKa3ao y oKBhpy [lpranora
en.exepruje
7.10 Hero ucnopyxa xa 1

4ucrpu6yruexou
HUBOy
7.11 fincrpu6yrusxu ry6ut1u 1

eneKTprli{He exeprrie
7.12 llnax y4ynxe xcnopyKe 2
en.exepruje xa
gucrpu6yruexou
HXBOy
7.13 llpeyeu marue/rcnopyKEr 1

erepruje u3 Apyrux
cucTeMa
7.14 Eraanc cxara 2

76 | CrpaHa
 A
Er(oHoMcxH uHcTrrrvT
Deloitte. .(nunrpriearh
H naPTHePx
ECONOMICS INSTITUTE
!94,

CAAPXAJ NNAH OE14M KPATK]4 KOMEHTAP CA NPABLII4MA YHANPEbE}bA

nocIoBAlbA Mx (EPOJ
EPC CTPAHA)
8.1 flpuxqunu r43page 1 llpe4naxeuo Aa ce y oKBr,rpy oBe raqKe yrearKo onr,lrue hlll4 HABEAE xopruhexa
6unaxca norpor.lrtse uero4onoruja, gox 6u ce AerarbaH onrc npuKa3ao y OKB14 n Hnora.
8.2 florpoulua jaexor u 1

pe3epBHor
cxa6auieearsa
8.3 Florpourua xpajtsrx 1

xynaqa xoju ce
cxa64eeajy no
Tpxt4ujHHM ycnoBHMa
8.4 Yrynxa xero 2
norpolrJlba xpajunx
rynaqa roje cxa6A. MX
EPC
8.5 flnax yrynxe 1

noTpolxtbe
eneKrpvrqHe exepruje
MX EPC-a
8.6 Crpyrrypa norporulbe 1

eneKTPl,|qHe exePruje
I Ilnax yxynxe 2
noTpouJtbe
eneKrphqHe exepruje y
PC
10 lll l4xeecruquoxu 4eo 30
Flnaxa nocnoeaba

77 | Crpats.a

IIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIIIIIIIIIIIT

A
EKOHOMCKI.T HHCTI,TTYT
Deloltte. i [NunrpuienNh
N naPrHePr(
-
ECONOMICS INSTITUTE
t9a,

CMP)KAJ NNAH o6t4M KPATKI4 KOMEHTAP CA NPABLII4MA YHANPEbEIbA

nocfloBAtbA Mx (EPOJ
EPC CTPAHA)
10.1 Onture nanouexe 2
10.2 hneecruquje no 19
npeAysehrua
11 lV Ipunosu 140

NPENOPYKA - HA9EflHO:

. Ha noeerKy l-[1fl npurasaru pe3uMe eneuexara Flnaxa,

o,Qe$uxucarlr peAocneA usnaralba yeaxasajyhu:
o
peAocJreA oA onurer xa noceEsou,
o npou3BoAHl.r 14 BpeAHOCHU naHaq,
o peAocneA nphnaroAxTl,| npeMa 3Ha.{aiy eneMeHaTa,
. OnpeAenurx qenuHe !t AenoBe nnaHa nocroBalba,
. f'lprnaroAuru cagpxaj nnaH nocnoBaba u o6rtt AenoBa,
. OApeAlrrr,r o6nu y cxnagy ca sxavajeu,
. OnpeAenurlr Hr4Bo Aer€rrbHocrx y reKcry nraH nocroBaba-y t4 y nptrno3uMa,
. llpeAeuAeru x3paAy llporparr,ra Mepa 3a peanusaqrajy [lnaxa xao Aeo llnaxa unu sace6ax AorryMeHr xoju ce 4oxocu
xaxox ycaajaua flnaxa, xao u Mepe 3a cMalbuBabe pxsuKa nocnoBalba,
. OnpeAenul4 urra cy npllno3vr nnaHa nocnoBaua xoju 6ra o6yxearanu AerarbaH flnax nojeguxttx qenr4Ha

NPENOPYKA

78 | CrpaHa
 A
EKOHOMCI(H HHCTYTYT
Deloltte f,C Axr.rrrpNiearh
H NAPTHCPT
-
ECONOMICS INSTITUTE
l.a,

llpepaxeuo Aa ce ca4pxaj u Qopua/crpyrrypa flfl opraxnayjy y ABe ocHoBHe qenxHe

1 Ocxoaxu reKcr nnaHa - xojr lrua Qopuy geraruHor nperneAa. CaApxu cse 6urxe ereMeHTe lr reMe, ca MT4HHMyMoM
norpe6xux o6pa3noxeba. Cgaxu xacnog ce 3aBpuaBa ca ynyhusarseu xa ogroaapajyhu flpunor o6enexex 6pojeu u 6pojeu
crpaHHqe rAe ce Hana3,r y AorryMeHry.

2. llpunotu - y oBoM geny flnaxa ce Hana3e AerarbHo paspalexr AenoBlr ogroaapajyhe reMe ca o6pasnoxeurua.

Oaaj uopen onoryhaaa Aa u eKcrepHh ,r r4HTepHu Kopr4cHr4r.14 nnaHa nocJroBaua xa jegxocraBaH h rpaHcnapeHTaH Har{uH Kopncre
nnaH nocnoBaba y cBaKoAHeBxoj ynorpe6u, 3aBucHo og norpe6a - oA Buuer xuaoa cy6nramaquje rexcra !r reMa, Ao AerarbHux
nraHcKr4x noAaraKa u o6paenoxerua.

Taxof;e, yqecHuqnMa y npoqecy nnaHupalba ouoryhaea Aa ce y aehoj rnepu caMocranHo r jegxoapeueuo cnpoBoAe aKrlrBHocrh y
npoqecy nnaHhpasa y o6nacruua sa roje cy xagnexxra. flenoBu nnaH nocnoBaba ce uory xa yaaj xavux jegxocraanuje pasuarparu
xa Ynpaera/flK, Qaeno yceajarH H Kopr,lcrurr4 3a nnaHupalbe y ApyruM AenoBuMa nnaH nocnoBarba ca xojuua cy noBe3aHr4.

Oeaxae npr4cryn ouoryhaea Aa ce cBe reMe y nnaH nocnoBaua o6pa4e xa ogroeapajyhu xaqux y norneAy crnfla nucaba
pa3nt4gurux o6paluaava (excrexsuexo H caxero, yje4xavaearue pet{Hr4Ka, y 3aBucHocrr4 og sxavaja reue), raro 6u ce o6es6eguno
Aa BaxHe reue 6ygy no o6uuy u caApxr4Hh raKo vr npe3eHroBaHe.

Ca.qpxaj nnaH nocroBaba u peAocneA reua rpe6a Aa 3aAoBorbe HeKonuKo rpureplrjyua: Aa ce HAe oA onuJTer xa noce6xou, Aa
cy cnl,tqHe u noBe3aHe reMe rpynucaHe, Aa ce nparr nuxrja nocnoBHor npoqeca (xnp. pacnonoxuBr,r Kanaqrreru - nnaHupaHa
npoh3BoAba-norpe6erpxr4uralrnnacMaH-LleHeHnplrxoAr,r-norpe6xurporuKoBr,r-peMoHTr,rrrxaecruquje-$uxaxcnpa*e
- u cn.).

llorpe6xo je, xapovuro y Aeny eneMexara u ca4pxaja, npr4crynun4 xa caeo6yxaarxuju u 4eraruxrajr xauux xoju he ouoryhurn
eQuxacnujy x3paAy nnaHcKux aKara u yxanpeleue KBanr4Tera nnaHcKrx Aor(yMeHara.

79 | CrpaHa

IIIIIIIIITIIIIIIIIIII
I I I I II I I I T I I I T I I I I I I I T

A
EKOHOMCKI,t 1,'IHCTYTTYT
Deloltte fI .flnr"orrprjennh
u uapruepN
ECONOMICS INSTITUTE
ya?

flpe4nor Cagpxaja flnaxa nocnoBarba MX EPC r 3l-l:

A. YeoAxlr Aeo

B. l-lhrbeBh, Mr4chja, Busuja

B. OCHOBH]4 nOEAqt4 O nPEqy3EIY - fienarxocr, opraunsaquja h ynpaBrbaeKa crpyKrypa

. AenaTHocr
. O6nux ceojuxe
. OpraHugaqiloHacrpyKrypa
. OpraHlr Jaaxor npegyseha

r. nocfl oBHt4 KAnALlt4TETl4

o hxcralucaHh Kanaqurerlt
o Kagpoacxu Kanaq[Terh - 6poj sanocnexux
o Tpxuure
o Orxaxcrjcxlt KanaquTeru - 3aAyxeHocr, conBeHTHocr
A. nPABHt4 OKBhP

o 3axoxu 14 Apyra arra xojuua ce ypeiyiy crarycHa nuraba u ycnoBll o6asrbaba AenarHocrlr u yrll'qal Ha nocnoBabe
o flponncu xoju ce ogxoc,e Ha crarycHa nhraba
o flponuclr o npuearusaqrju

80 | CrpaHa
 A
^
EXOHOMCXH I,IHCTYTYT
Deloitte. \umurpwiesuh
x [aPrHePrf
ECONOMICS INSTITUTE
l9a7

o flponucu xoju ce ogxoce xa o6agrbabe AenarHocrH H pacnonarabe rMoBttHoM

o flponucu rojra cy o4 yruqaja Ha paA r.r nocnoBarue
o flponucu u Apylh arru xoju ce oAHoce Ha ycfloBe u Har{uH o6agruarua eHeprercKr4x AenarHocrt4
o Perynaropxa arexquja
o llponucn he o6nacru 3aurvtre xrBorHe cpeA]4He

6. nporpAM PEoPTAH143AWJE ViMnn KOPnOPAT[4Bt43ALlt4JE

E. noAIOrE h nPETnOCTABKE 3A r43PAAv nnAHA nOCnOBAI$A

. MaxpoexoroMcKe npernocraBKe,
. Crpareruja pasaoja PC,
. CpeAsopoqHlt nnaH,
. Cuepxuqe Ocxueaqa u Crynurruxe,
. Surxr,r eneMeHTr,r 3a h3paAy nnaH nocnoBaba - f'lonuruxe, npernocraBKe, npoqeHe v Apy.r 6urxu nogaqu roje je yrap4uo
MX EPC og exavaja 3a H3paAy nnaH nocnoBalba - l4xrepxe MX EPC npernocraBKe

fleo nonuruxe MX EPC npou3]rna3u h3 onuJrr,rx r.lr4rbeBa xojra ce $opuynuu.ry 3a KoHrperaH flnaxa nocnoeaba. Osu qhrbeBu
npolt3hna3e u rpe6ajy 6uru ycxnafiexr ca Crparerujou paesoja PC ra ogroeapajyhuu crpareuJx]rM qvtrbeB]rMa, nonurhxoM l,t
oAnyKaMa Ocxueaqa lr Axquoxapa. Ha ocxoey onurn4x r.l4JteBa l-l[1 4e$rruu.ry ce nojeguxavxu r.l4rbeBu !r nraHoBH 3a lbuxoBy
peanusaqujy 3a nnaHcKr4 neplroA. flpnnurou x3paAe LlurbeBa 14fl-u, cBaKo y AoMeHy ceoje xa4nexxocru, Bpue r4exru$uxaqujy
KrbyqHr,rx npunuKa n pr,r3r4Ka, Kao H npoqeHy lbr4xoBor yruqaja na peanusaqujy geSrxucaxrx qurbeBa u nnaHoBa.

81 | CrpaHa

III
IIIIIIIIIIII I IITIIIII

A
EKOHOMCKI4 hHCTI,ITYT
Deloltte. t ,{nr'rxrpNiear,rh
n [aPTHeP]r
-
ECONOMICS INSTITUTE
tvt

flocnoexh qurbeBh r nnaHoBlt 3a HapeAHlr ro4ruruu/rporoAxr.rllbr.r nephoA npegcraaruajy yna3He eneMexre ea ge$uxucaue
cMepHuqa h Mepa 3a peanrasaqujy flnaxa u onpegeruyjy raxcrpyrquje cBrM yqecHlrqlrMa 3a $uxoBo nocrynabe y nspagn flnaxa
nocnoBalba.
1. nnaH npovt3BoAlbe u ucnopyxe/nnacuaxa

o flnax npor3BoAlbe eneKrpr4qHe exepruje (GWh),

o [lnax ucnopyKe eneKrpnqHe exepruje us gucrpu6yrrBHor cucreMa,
o flnax rproBuHe eneKTpuqHoM exeprrjou,
o flnax nprcryna n xopuuheua gncrpu6yrnexor clrcreMa,
o flporxosa norporulbe,
o flnax npoAaje efleKrpr,rqHe exepruje x Apyrr,rx npou3BoAa r.r ycnyra,
o flnax npoh3BoAlbe, orKpr4BKe !r nnacMaHa yrrba,
o Enax npou3BoAbe Apyrlrx npolr3BoAa Ir ycnyra.

2. llnax eKcrepHrx H uHTepHlrx qexa r uefiyco6xux exoxoucrux oAHoca

o flnax npogajxux u xa6asxux qeHa 3a eneKrphi{Hy exeprujy Ha orBopeHoM rpxlrJ.rry

o flnax uelyco6xux eKoHoMcKux oAHoca,
o l1nax qeHa eneKrp]rqxe exepruje x Apyrux npo]r3BoAa h ycnyra,

3 llnar peanusaquje rexxuvrnx nporpaMa

3.1 . flnax ogpxaeaua

o flnax oApxaBa|ua y nocnoaxoj o6nacru flporseo4rse exepruje,

82 | CrpaHa
 A
EXOHOMCK],T UHCTHTYT
Deloitte.
! ,(xr.rrrprjearh
H rraPTHePr
-
ECONOMICS INSTITUTE
tv?

o flnax oApxaBalba pyAapcKxx KanaqHrera,

o l1nax oApxaBa]ba gucrpu6yruaxux KanaquTera,
o flnax oApxaBaba uxQopuaqroxo - KoMyH14KaqHoHe onpeMe

3.2. [1nax rxeecruquja - ca AenoB]tMa

1..'1. Flnax nxaecrur.luja u xeecruquoHor oApxaBaba y eneKrpoeHeprercxe o6jeKre
'1..2. l]nax hT
1..3. flnax npojerrxe goryuexraqrje, crygrja u ucrpaxuBalba
1..4. flnax xa6aexe ocHoBHr4x cpeAcrasa
1..5. llnax yxanpelelba r 3auJr[re x]4aorHe cpeAxHe
1..6. nnax sa yxanpefieue eHeprercKe e$uxacxocru

4. flnax Apyrux afir.rBHocrr,r

5. flnax lbygcrux pecypca - 6poja, crpyKrype3anocneH],rx, 3anou[baBalba u yrepfluaaue h HaquH peuraBalba B]iurKa 3anocneHhx,
eAyraquje, cnyqHo ocnoco6ruasaue !t ycaBpuJaBabe, ceMuHapn, xox$epeuqraje lr 4p.,

6. flnax npeBeHTr,rBHl,rx Mepa 3a 6es6egxocr H 3ApaBrbe Ha paAy

7. l1nax HaKHaAa 3a paA qnaHoBa o4roaapajyhr,rx HaArexH]rx opraHa

8. flnax yxanpeleua oAHoca c jaexouhy

83 | CrpaHa

II I I III I I III I T I I I I I I I
IIIIIIIIIT-TIIIII IIII

A
EKOHOMCKH HHCTYTTYT
Deloitte.
f
T
,{xr"rxrpNjenNh
,r naPTHePn
-
ECONOMICS INSTITUTE
|At

9. Kprarepujyrr 4 H nnaH ns4eajaua cpeAcraBa sa Quxaxcraparbe cnoH3opcraaa, goxaquja, cnoprcKr4x aKTlrBHocrr4, nponaraHAe !r
penpesexraquje

10. l'lnax yxanpefiersa MapKer]rHurKr4x aKruBHocrh !r oAHoca ca KynLlxMa u llnax usgaajarba cpeAcraBa 3a peKnaMe

11 . flnax $uxaucujcxor pe3ynrara no npou3BoArlMa, AenarHocrltua u 3fl

a flocnoeHu nphxoAl,r

o flnaxupaxu npe'txoA oA eneKrplrqHe exepruje no crpyKrypn npogaie

o llpuxog 4ucrpn6yrraaxrax npe4yaeha - MpexapetHa, HaxHaAa 3a npuKrbyt{Ke, HaKHaAa 3a HecraHAapAHe ycnyre H
.orKpuBeHa HeoBnaurreHa norpouJ$a. O4aojuru npuxoAe oA rpxvrJJHor u jaexor cxa64lrjeeaua.
o [lprxo4 oA yrrba aa uxgycrpujy lr urpoKy norpourlby
o f'lnaxupaxa Hannara reqyhe Qarrype
o flpuxo4 oA HenefiponpxBpeAHlrx AenarHocro
o Ilpraxog oA Aonaqnja u cy6aexquja
a llocnoexh pacxoAl,r

o Ha6aaxa eneKrplqHe exepruje

o Tpoturoeu nplrcryna n xopur.uhersa cucreMa sa npeHoc eneKTpr,,tqHe exeprnje
o Pacxogr gncrpr6yrrsxrx npegyseha - xa6agra gucrpu6yruexnx ry6uraxa, Mpe)€pr4Ha 3a npeHoc, HOC u nouohxe
ycnyre
o Tpou.lxoelr npxcryna u xopr,rr.uherua gucrpu6yruaxor clrcreMa
o Marepujaa h ropltBo

84 I CrpaHa
 A
EKOHOMCX],T l,IHCTfiYT
Deloitte. ,t \u:^aurpujer.uh
,r naPrHePn
ECONOMICS INSTITUTE
l9a,

o Tpor.uxoau yrrua
o O4pxaearse
o Auopruaaquja: xa ocxosy xa6asxe 14 ornuca cpeAcraBa
o Peaepaucaua
o Tpor.uxoen 3anocneHltx
o O6aeese npeMa ApxaBr4
o Ocranu nocnoBHu pacxoAu

a flocnoexu pesynrar vr3 nocnoBHvtx oAHoca

Ilprxo4u 14 pacxoAu og $uxaxcupalba - no crpylcryplt

. f'lpuxoAu
. PacxoAu

flnax noana.{eba u ornnare KpeAura

l-aparqr,rje r,r cpeAcrBa lta 6ypera PC
. Pesynrar lr3 oAHoca $uxaucupasa

Ocranu npuxoAu u pacxoAlr

. Ocranu npr4xoAr:.
. Ocranu pacxoAu:
. Pesynrat - ocraflu npltxoAu t4 pacxoAH

85 | CrpaHa

II I I T II TI I TI I I I I I I I I I
IIIII II II I TI IT I I I TI TI

A
EKOHOMCKH hHCTUTYT
Detoitte. IE Anruurpnjeanh
x rlaprHepx
-
ECOT.IOMICS INSTITUTE
|47

Vxynax Quxaxcrjcru peeynrar

12.6Y - Eunaxc ycnexa
13. 6C - Ennaxc craua
14. HT - Hosqaxu ror

15. f1nax nocnoBa]ba yKynHo r,r no @rMeHTr4Ma

16.flnas nocnoeatga no 3[l

17. Pusuqu, oAHocHonnax/uana ynpaBrbalba ph3rquMa

18. Bnan paqhoHanu3aquje u pecrpyrryphpa$a
19. Koxrpona u npaheue llporpana nocnoBa$a

PnSAt_lA nocfloBAtbA

MX EPC nnaHhpa Aa yBeAe cxcreM ynpaBrbalba pn3r4qr4Ma, ycrrrepaeajyhn ce npuopurerHo Ha crpareuJKe pr,r3r4Ke. Oea xauepa u
oBaKaB nphcryn, h3paxeHH y [1nary nocnoBa]ba MX EPC 3a rporoAruJrbr.r nephoA, cy BeoMa onpaBAaH]r u npaBoBpeMexu, noce6xo
y ycnoBr4Ma nocrojehuxl.r oqeKlrBaHux BenuKux npoMeHa y eHepreruqh. flopeg $uxaxcujcrux u oneparuBHl,rx pusura xojuna MX
EPC, laaga HeAoBorbHo cureMarcKu l,r eKcnnuqurHo, noceehyje nax$y, cee eehn axavaj lrrr,rajy unu he lruarlr pnsuqu xoju
npolr3una3e u3 npoMeHa Ha rpxr4ury eneKrpHqHe exepruje, npoMeHa Be3aHux sa KnuMarcKe npoMeHe !r aKTuBHocrH xoje ce s6or
rsux npeAy3r4Majy, perynaropHux npoMeHa h Apyn4x eBeHryanHux npoMeHa y exeprercroj nonhrur.pr.

86 | CrpaHa
 A
EKOHOMCKI,I HHCTITTYT
Deloitte. 4 Euv^urpuietutt
P r naprnepN
-
ECONOMICS INSTITUTE
l9a7

[4 rno6anxa npaxca norasyje Aa cy BenHKa npeAy3eha Sorycupaxa na Qr,rxacrajcKe u oneparhBHe px3xKe. Oxu cy caaxaro BaxHu,
anu npeKo 80 7o lxlnHhx ry6urara TaKBHx KoMnaHraja gonaslr oA cTpaTeuKhx pH3HKa, rojulaa ce nocBehyje BeoMa Maro BpeMeHa
("How to Live with Risks", Harvard Eustness Review, 2015).

Ynpaeruaue pt43HLluMa rpe6a Aa 6yge recxo noBe3aHo u r4HTerpucaHo ca nocfloBHr4M n crpareuKuM, AyropoqHuM nnaHupabeM.
Ono he noMohu AoHoct4oquMa oAnyKa Aa ua xsanuQuxoaax, xaj6oruu xavr,tx 6upajy r,leuefly Moryhux anrepHaruBa H ogpetyjy
rexyhe u AyropoqHe npuoplrrere u npaBqe H qurbeBe H Mepe 3a EuxoBo ocrBapt4Balbe.

[a 6u ce chcreM ynpaBrbaba pu3l4quMa ycnocraBro, rpe6a carnegaru yHyrpa]u]be u cnorbHe oKonHocrt4, 4e$uxucaru ocHoBHe
npHHqune u qurbeBe, HeonxoAHe aKThBHocTr4, yrBpAr4TH 14 HopMaTUBHO perynucaTh HaAnexHocTl4 h oAroBopHocTl4,
t4HcrltryquoHanHu oKBhp 14 norpebHe pecypce, MexaHlr3Me npaheba 14 u3BeuJraBa$a. Kopracxo je npt4 roMe ocnalbarh ce Ha Ao6py
npaKcy lrHrerpucaHy y oAroBapajyhuu uefiyxapoAHt4M craHAapAuMa.

3a Ao6po npojeKToBaHo u opraHu3oBaHo x ycneurHo ycnocraBlbabe h 3arhM Qynxquoxucaue c[creMa ynpaBrbaba pr43utltiMa y
cBuM aKTuBHocrHMa, BeoMa cy BaxHyr nocseheHocr u eogeha ynora Ynpase EPC-a u rouyurraqrja nonrruKe ynpaBrbaba
pt43t4tluMa ca cBuM 3anocneHhMa. 14 uajyhu y Br,rAy BnacHlri{rry crpyKrypy MX EPC, HeonxoAHa je y rorrle n xoopguxaquja ca
ApxaBHr,rM uxcruryqujar,ra.

NPENOPYKA

Koxcynraxr npegaxe Aa, AoK ce He npunpeMu u r,tMnfleMeHrupa cucreM ynpaBlbarba pH3r4qHMa, Ynpaaa MX EPC opraxnsyje, na
noqerxy Al4peKrxura uxcrpyxqujaMa, u nocreneHo uJr4pr4 u npoAy6ruyje aHanx3y pr43uKa Kojr4 aKryenHo norerqujanxo 3HaqajH[je unH
HenocpeAHo yrlqy Ha MX EPC, uoryhnx nocneAuLla ,r Mepa xoje ce Mory npeAy3t4Marr 3a lbuxoBo y6naxaaaue. Heuauo
r.taQoprr,raquje, anr,t sepyjerr,,ro Aa ce ro y HexxM AoMeHhMa u Ha HeonxoAHoM HxBoy aeh pagu.

Haao4utrlo HeKe oA eneMeHara nocnoBaba u aKTuBHocrlr, oAHocHo pttsuxe xoju 6u xa raj HatltitH, Kao cacraBHt4 Aeo npolleca
nnaHupalba, uornu 6uru npeAMer aHanu3e Hnr4 naxrbe:

87 I CrpaHa

IIII IIIIIIATIIIIIIIT
IIIIIIIIII IIIIIIIIIII

A
EKOHOMCK}! I,IHCTYTYT
Deloltte.
! \nv^utpujesuh
,r napTHeP,
ECONOMICS INSTITUTE
t9a,

. $uxancujcxu pr43,rqH (nuxaugxocr, KaMarHlt, AeBlr3H14, uxQnaqnja),

. qeHoBHr4 pr.rsuqn (rorrrepqrjanxo u jaano cxa64eBalbe u Kynonpo4aja xa cno6o4xorra rpxuury),
. oneapruBHll prsrqu (xrgponoruja, noysgaHocr repMoeneKrpaHa,
r )rrx(aj KOBI4E 19,
. Tpxr4uJH14 p143r4qlr,
. ry6uqu ygucrpn6yqnju,
. cTeneH HannaTe,
. ycnopeHo pecrpyKrypxparue u peopraxnsaqrja,
. KauJlbelbe uHBecrHLll4oHHx aKTHBHocru,
. cyAcKh cnopoEu,
. perynaropHo-npaBHx px3r,rqu,
. OAHOC CA CHHA]4KATOM.

Kopr,tcxd 6n 6nno Aa ce phsr4Lllr, ronuxo je r,roryhe, xeaxru$uryjy u pasuarpajy uoryhe uepe u, KaKo ce creapajy ycnoeu, nocreneHo
$opunpa Mana px3x(a.
Oeu puauqu ca ocHoBHhM noAaqr4Ma lr uoryhe uepe rpe6a Aa 6yAe Ha aAeKBaraH Hai{r4H npuKa3axu y l1naxy nocnoBaba.

MEPE 3A pEAnn3ALll,tJv nnAHA IOCAOBATbA MX EPC-a

O6arapou Ha npupoAy r,r cnoxeHocr aKryenHe clrryaqraje u pusuxe, norpe6xo je 4a ce y cBr.rM cerMeHruMa nocnoBaba h qenoKynHoM
MX EPC-y, HaAnexHxM MhHucrapcrBr,rMa u Bna4u PC, xoxruxyupaxo u 6naroepeMeHo npeno3xajy pusuqu h cnpoBoAe uepe xoje
he o6eo6eAuru peanlrsaqujy flnaxa nocnoearta u o6ee6e4nrn cra6unxo nocnoBabe, cxrypHo cxa6geeaue u ocrBape]be Apyrrx
nocTaBrbeHr4x qHrbeBa u 3aAaTaKa.

88 | Crpaxa
 A
EXOHOilcXI HHCTIITYT
Deloitte. !? AnnNrprjearh
naprHepx
r.r

-
ECONOMICS INSTITUTE
l9a7

NPENOPYKA

Koncynraxr npeAnaxe Aa Mepe, xoje xoje cy caApxaHe y nocrojeheM nnaxy, 6ygy gpyravuje crpyKryplrpaHe u cucreMarr3oBaHe t4

ga y norpe6noj uepr norpuaajy nerrarua xoja cy oege HaseAeHa, a roja cy aKryenHa.

Taxof;e, Mepe rpe6ajy ga yeaxasajy KparKopor{H!,r 14 AyroporrHr4 acneKr, ga rauajy npuophrere, Aa 6yAy carneAaHe y norneAy:
ynoxeHlrx pecypca, oqeKvtBaHux pe3ynrara, xoxSnurra usuefly Mepa, !'t3BoArbt4Bocrtt l,t plr3lrKa.

flporpau uepa je nopora 3a AoHouebe x pa3paAy KoHKperHlrx Mepa 3a ceaxy o6nacr nocroBalba noxaoco6 Ha cBuM HhBohMa
oAnyqxBalba y MX EPC r 3aar4cxr4u npe4yaehuua. Oae uepe uopajy 4a 6y4y uelyco6xo ycarnaueHe h y cKnaAy ca AeQrxucaxru
qnrbeBuMa MX EPC.

Mepe xoje cy HaBeAeHe y AarbeM rexcry, o6supou xa cnequ$uqHy nplrpoAy, Hr4cy pa3paAllna nhralba u/unu sxavajxe pu3rKe y
Be3U Ca:
. peoprarusaqujott,
. orBapabeM TpxxlIJTa,
. ocHt4BalbeM cxa6Aeea,{a,
. AKryENHHM CTPATEUJKHM NPOJCMUUA,
. nocnoBHoM npo6neuarlrrou 3asr.tcxr,rx npegyseha,
. ctlHArKanHlrM 3axreanMa (noaeha*e 3apaAa, cMeHcKvr paA, Tonnu o6pox r perpec),
. noKpeHyrrM cyAcKHM cnopoBl,lMa u Ap.

Cea 3n paspalyjy npe4nor Mepa no nosraqnjaua Mepa us flnaxa nocnoeaua MX EPC-a H Apyre uxuqujaruee u npeAnore !t3 ]6t4xoBe
HaArexHocrx, ca npoqeHoM e$exara.

3a ceaxy oA Mepa ce yraplyjy Hocuor.lh aKTr4BHocrH, y'{ecHHqH aKTuBHocrt4 ,t poxoBt4.

89 | CrpaHa

III IIIIIIIIIIIIITIIII
I IIII I III I I I I II I I II I I

A
EXOHOMCKlt ttHCTrrvT
Deloltte. l'x Arurrprjearh
r naprHepu
ECONOMICS INSTITUTE
l9a,

!nperropra gupexqraja u 3aBt4cHt4x npe4yseha he nepuoAr4qHo H3BeuraBarh l-exepanxor 4upeKropa o cnpoao[eruy oBor nporpaMa,
oAHOCHO OnepaTUBHUX Mepa.

l.Ocreapuaalbe 6hnaHchpaHe npol43BoArbe u cra6uflHo $yxxquoxr,rcalbe eneKrpoeHeprercxor crcreMa pager

ypeAHor cHa6AeBalba Kynaqa eneKrpl4t{ HoM eneprrjout

a O6ee6eAlrrra BucoK creneH eQnracnocrnt oAroBopHocru y Qyxxqnjn oApxaBa$a noroHcKe cnpeMHocn4 npo63BoAHr4x 14
gucrpn6yrraanrax Kanaqurera xoju onoryhaea peanuaaqujy 6unaxcrpaxe npovr3BoAlbe eneKTphqHe exepruje x yrrba,
cra6unro $yxxqroxucarue npou3BoAHo-Aucrpu6yrrexor cltcreMa H ypeAHo cxa6geaaue Kynaqa,

a O6es6egnla e$raxacny peanuaaqrajy nporpaMa peMoHara, rexyher oApxaBaba, orKona orKpHBKe yrrba y o6nuy, AuHaMuqx
u cagpxajy npe4eullexux nporpaMa,

a 14xrexsuauparu aKTlrBHocrr4 Ha cMatseruy glrcrpu6yruaxux ry6rrara,

a O6es6eAraru Apyre npunpeMe eneKrpoeHeprercKor cucreMa y $yxxquju peanusaquje EEE (6naroepeuexa

excnponpujaqraja/orxyn 3eMrburura Kao ycnoBa peanusaquje 6unaxca orKpr4aKe yrua, o6xaerualbe eHeprercKor cagpxaja y
arcyrrirynaqrajaua, 6naroapenero o6ea6e[erue penpouarepujafla, pe3epBHHx AenoBa n onpeue),

a Peaepeucaru xopnuherse npeKorpaHuqHux npeHocHl,,tx KanaqrTera,

ia Enaroepeuexo yrooapabe u xa6aexa xe4ocrajyhe eneKrpxqHe exepruje oA Apyrux enempoeHeprercKr,rx clrcreMa lr

naprHepa paAu ypaBHorexerua 6unaxca roKoM roAlrHe Kao It nracMaH Br4uJKoBa eneKTpr4i{He eueprrje, y3 noBorbHe ycnoBe
no nuraby qeHa vt HaquHa nnaharua,

90 | CrpaHa
 A
EKOHOMCKI,T TIHCTHTYT
Deloitte.
j luvrurpllrietuh
S r naprsepn
ECONOMICS INSTITUTE
t94,

a l4xrexsueupan4 nocreneHy 3aMeHy MepHux ypefiaja KoA Kynaqa eneKrpr4qHe exepruje Koj]r oMoryhaBajy noye4axuje Mepelbe
npey3ere eneKrpxqHe exepruje, ynpaBrbabe norpourlboM, no6oruuraue ycnyra H Ap.

2. Yxanpeletbe lr paLluoHanu3aLlhja paAa n nocnoBalba oAHocHo peanr43aquja l'lporpaua pecrpyKrypupalba H

peopraHr3allrje MX EPCa

a flonolueue u peanusaqrja nporpaMa pecrpyKrypxpaba u Kopnoparusaquje,

a Pasuarparu uoryhxocru us4eajasa uareprajaarrax h ,byAcKHx pecypca xojra xucy y Qyxxqrjn o6aerbalba ocHoBHe
AeflaTHOCT14,

a flo6oruurase KaApoBcKe r xaanr$uxquoHe crpyKrype Kpo3 3aHaBrbatse r,t nprajel,r Br4coKocrpyrlHl4x u 4e$uqurapHHx KaApoBa
y3 oAnaxe$e Mabe KBarnlrTeTHux KaApoBa,

a Yxanpelerse nocnoBHor ux$opuaqnoxor cucreMa rojn uua 3a qr4rb o6es6efetse ocHoBa sa noA]43a]be MeHagepcKor
ynpaBrbatba,

a Paquoxanuoaquja ycnyra: 1) ycnyre npousBoAHor KapaKTepa npuopurerHo o6aarbaru aHraxoBalbeM concrBeHux

norenqnjana, 2) ga ce paAHo aHraxoBalbe nuLla npeKo Apynrx npaBHr4x nuqa cBeAe xa xajraatsy uoryhy uepy, 3)
HenpoHsBoAHe ycnyre cBecrx xa najuasy uoryhy uepy,

a Yxanpef;eue exoxorucro-$r.rxancujcxor nocnoBalba xpoe: 1) yxanpeflere rpaxcQepxux qeHa !r 3aKrbyquBabe yroBopa o

nelyco6xuu oAHocHMa, 2) yxanpefeue nnaHupatsa r npaheua peaaueaquje nnaHoBa u ojavaru Qyxxqujy KoHrpone
peanusaquje nporpaMa peMoHara, r,lxeecrraquja, xa6aexra ocHoBHor penpouarepujara u onpeMe ta Ap., 3) yxanpefierue lT
CHCTCMA,

91 | CrpaHa

I I I T T I II I I I TT I I I I I I T I I I
rIIII IIIIIIIIIIIIIIII

A
EXOHOMCKX IIHCTXTYT
Deloitte. :,
Axr.rNrpN jenr.,rh
,{ [aPTHePr
ECONOMICS INSTITUTE
l9a,

a Yxanpeleue oAHoca ca jaexouhy y tlrtby no6oruuraua rarraraga MX EPC-a u yxanpefierua, oAHocHo crBapalba crpyKrype 3a
6oruy uxrepxy xouyxnxaqnjy uslrely PR cnlar<6u y oKBnpy MX EPC-a,

a Hacrasuru ca peannsaqujou yaolleua u ynanpefieua ynpaBrbaba npoqecuMa,

a Yxanpeleue nocnoBHe caparqbe ca Ao6asrba,{uua u usaolavuMa pagoBa pa4r,t 6naroepeMeHor 3aKrbyexBaba yroBopa o
xa6aaxaua u uaaolavuua paAoBa !r ycnyra yxruyvyjyhu u geQuxucaue npuxBarrbr4Bor MexaHlr3Ma 3a u3Mnpr4Ba[be o6aeesa
no Tr4M yroBophMa.

3. Exoxotttcxo - SuuancrjcKe Mepe

Mepe sa cMalbetue cMabelbe pacxoAa - oAIuBa roroBl,rHe

a flpencnuraru peannaaqujy !r MoryfiHocr cMabelba rpouJKa u oAnuBa no ocHoBy rexHr,rqKux nporpaMa,

llpegysutritatse Mepa Ha caofleuy yrpouKa penpouarepujana u ropuBa y craHAapAu3oBaHe oAHocHo paLluoHanHe oKB]4pe u
o6eg6eArru MeceqHo npaherse,

a llpeucnuraru uoryhxocr paqxoH€rnn3aquje ceux rporuKoBa, noce6xo oxux xoju HHcy y AupeKrHoj Qyxrquju rsapurersa EE6
(xnp. goxaqrje, cnoH3opcrBa...) u o6es6egurr4 pecrplrKruBaH nprcryn y yroBapaby rpourKoBa Kojt,t Hncy y xenocpegxoj
Syxxqrjn u3BpuJaBa!6a 6unaxca npolr3BoAlbe,
a Cnpevnru cruqabe o6aeesa xoje xucy ycrcnalexe ca nnaHhpaHuM pacnonoxlrBuu Sr.rxauclrjcKhM cpeAcrBlrMa Kpo3
AocneAHo cnpoaofierue reHAepcKxx npoqeAypa,

a CMarnaarue 3Ernuxa Ha paqxoHEurHy Mepy,

92 | Crpaxa
 A
EKOHOMCKII HHCTXTYT
Deloitte. Ift Ar,tMrrPrieEHh
r napaHepx
-
ECOl.IOMICS INSTITUTE
t9a7

a Y xoeru yroBopxMa cMatst4Th yveuhe aBaHcHor nnaharsa, npeABxAeru oAnoxeHo nnahaue noA ycnoBuMa xoju cy
noaoruxuju oA ycnoBa Ha OHHaHchjcKoM rpxulury,

a [lperoaaparu ca noBepuoqrMa o oAnaraby u penporpaMy cBt4x Aocnenux u 6ygyhux o6aeesa,

a Perynucarra qenoKynHa AyroBalba u norpaxr4Baua usuely MX EPC-a, AupeKrHlrx !r lrHAupeKrHr4x Kopr4cHuKa 6yqera, jaaxux
npeAy3eha vnjr je ocxueav Peny6nura lt noKaJIHa caMoynpaBa, cHcreMa y pec-Tpyl(Typl4parby,

a Otnnc nlnnn penporpaM ulnnu cuawnaalbe o6aBe3a npeMa ApxaBx u Soxgoeuua.

MEPE 3A nOBEhArbE nPhXOAA - nPnTrqAJA TOTOBI4HE

a f'lpouseo4rsa ur 4racrpra6yruexu ry6r,tqu - noBehabe AucLlunnuHe r yxanpelerse rexHlri{Ko-TexHonouJKux nep$oplaaxcu

KanaqllTeTa,

a Onruuanxo ynpaBrbabe EEC ra Tproer,txa eneKrpr.rr{HoM eHeprujoM (onrurriruoaqr,tja paAa KanaqrTera, xoputuherse e$eKara
paqlroHanr,r3aqraje norpou:ue...),

a CarneAaru ycnoBe 3a npoMeHy qeHa yrrba 3a HHAycrpujy H ur.rpoKy norporurbyr,r Apyre npor,r3BoAe h ycnyre

a CarneAaru uoryhxocru AoAarHor ocranor npnxoAa - $usuvxr,r o6r,rM, qeHe, npogaja HeKypeHTHr.rx ganuxa A ceKyHAapHHx
clrpoBuHa,
a floeehabe creneHa Hannare - Kpo3 yHanpelelbe cr4creMa h MexaHu3Ma Hannare norpaxvtBarba oA npoAaje eneKTpt4qHe
exepruje h yrrba,

a l-{exa enerrpuvxe ereprraje u rapn$xu ct4creM, qeHa yrrba ea rx4ycrpujy H ut4potq norpotxtby,

93 | CrpaHa

IIIIIIIIIITIIIIITTIII
IIIIIIIIIIIITIIIIIIII

A
EXOHOTTICK}I HHCTfiYT
Deloltte. f,, \nmurpuieauh
,r napTHepr{
ECONOMICS INSTITUTE
l9a7

a O6es6eguru 6naroapeuexe uxQopuaqrje aa o6ea6etlese nuKottAHocret,

a Kparxopovxa 3aAyxelba Bpluurlt uuajyhra y eragy uoryhxocru lbt/txoBor apaharua t,t3 concrBeHor nphnhBa cpeAcraBa,

a Kpeguru KoA nocnoBHr.rx 6axaxa.

4. Peanhsaqlrja Heo4floxHr4x t4HBecrll-lt4oHt4x nporpaMa frBptjeHltx flnaxon

a Y oxarapy pacnonoxt4Bux u AoAarxo o6es6e[exnx Qrxarcujcrux cpeAcraea o6es6egnru ga ce o6aee uHBecruql4oHx paAoBx
Ha Kanaqurerhua xojuua ce AonpuHocr noeehauy pacnonox!1Bnx KonuqnHa eneKTpltvxe exepruje u yrlba a noy3AaHoM paAy
4ucrpu6yruare Mpexe y Qyxxqrju peanuaaqrje EEE u vnje 6u xenseo[eue uMano BenHKe nocneAuqe,

a 14HTeH3uBt4paru npxnpeMe sa 6narospeuexo o6ea6e[1erse AorcyMeHraqxoHe ocHoBe aa peanrasaqrajy llnaxa uxeecruquja,

a O6ee6eAurh ga ce peanusyje llporpau 3aurure u yranpeflersa xr4BorHe cpeA[He KaKo npeMa o6nuy raxo lt no cagpxajy,

a Pasuorpuru u/unu uxrexauBlrparu aKryrBHocrvr Ha us6opy crpareurKux naprHepa u ypefiuaauy meflyco6xux oAHoca paAH
peanrasaqraje uxeecrrquja y oKpltBy [lnaxa pasaoja.

flpeAnor Sopue u CaApxaja nnaxa je 4ar y flpunory 4.

Taxor;e, npeAnaxeMo Aa cacraBHu geo f'lnaxa nocnoBalsa u H3BeuraBalba 6y4e cer nocnoBHltx l4HAuKaropa u noxasarerua. Y oeoj
$aeu cuo npeAnox[nh u np]tKasanh xa unycrpaqnjn HeKe oA exoxorr,rcxo$nxaxcuicxux ]rHAuKaropa, aa xoje cuarpauo 4a 6u 6unu
peneBaHrHr4 3a nocnoBaba MX EPC-.

94 | CrpaHa
 A
cxoHoMcx],l l,tHcTrTvT
Deloitte {v INlrrrprjenrh
,r IIaPrBePrr
-
€CONOMICS INSTITUTE
1947

llpegnor eKoHoMcKr4x uHAxxaropa nocnoBalba u noKa3arerba Aar je y flprnory 6

111.2.2.7.2 Cmpyxmypa npuxoda u pacxoda - ucKasuearbe y ma6enaua 6Y y llnauy u hseeutmajy

Ilonasehu oA aKryenHe $oprrire ncraauealba 6Y, raoryhe je rpos pege$uxucalbe no3uLl4ja yxanpegnru yKynaH yBlrA y nocnoBalbe
r
MX EPC-a 3Il, xao u no6orbularr,r npaherse H xoHrpony ocrBapeba nnaHupaHux BpeAHocrlr noouquja. Ha xape4xuu
rnycrpaqrajaua cy npuxa3aHu AenoBH $opr're 6Y, Koja npeAcraBrba cacraBH[ Aeo f]naHa MX EPC.

I nOCnOBHl,l nPIXO[l,l
1. nDt4xoa!1 oa nooaaie oo6e
a) noBe3aHnM npaBH1,lM n!rqr{Ma
6) Ha aoMaheM Tpxr1u.rry
B) Ha xHo rpxl4uJry
2. nplxoau oa npoaaie v,{r4HaKa
a) noBe3aHIM noaBHrM nnugMa
6) Ha aoHaheM rpxHujry
B) Ha HHo rDxuurry
3. nprxoan oA arrxBupalba HnH norpnuJlbe po6e u y,{r4Haxa
4. noBehaibe BpeAHocru 3anuxa yqrHa€
5. Cuauerue BpeAHocrH 3anxxa yquHaxa
6. noBehalbe BpeAHocrH }lHBecrHLlHoHrx HexperHt1Ha u 6[onouJKr,rx cpeAcraBa Koja ce He aMopr[3yiy
7. Cuauerue BDeaHocru nHBecruuuoHux HeKperH!rHa lr 6r.ronouxr,rx cpeacraBa xoia ce He aMopnr3yiy
8. Ogranu nocnoBHl! npllxoArl

95 | CrpaHa

IIIIIIIIIIIIIIITIITII
I I IIIIIIIIIIIIIIIIIII

A
EKOHOMCKI4'IHCT}ITYT
Delottte. G
c
Ar.rMxrpHieExh
,I [aPTHePr{
-
ECONOMICS INSTITUTE
t!x7

flocnosHer npxxoAr4 npr4Ka3aHx y arryenxoj $opnu 6Y ne o4paxaaajy cyuJrnHy u cnequQuvxocrh eneKrponphBpeAHe AenarHocrr.r,
oAHocHo rrje npenosxarrbr4Bo KonhKr4 ce nplrxoAr4 crut{y no ocHoBy npoAaje enerrpuvxe exeprrje, npogaje yrrua sa TE
uxgycrpujcrcy x r.ur,rporry norpollrlby, npucryna u ropnu:herua gncrpu6yruexor cucreMa, HeeneKTponpuBpeAHhx AenarHocrx,
goxaquja n cy6aexqnja u gp.

ll OI,IHAHCItJCK1/| nPHXOAX
1. OlHaHcllcixx nplxoAx oA noBe3aHsx npaBHux ,rlqa
2. [1puxo4n og xauara
3. nosErlBHe KypcHe pa3nr4Ke
4. nptrxoAx oA eQexara Ban]rrHe Knay3yne
5. llpnxo4u o4 yveuha y 4o6ffiKy 3aieAHu,{KHx ynara}ba
6. Ocranu (pr.tHaHcHjcKH nplxoAx

lloenquje y oKBr,lpy Quraxcujcxux np]rxoAa, y HajBeheM 6pojy cnyvajeea HeMajy oAroBapajyhy nognory 3a nnaHnpaue H no npaBxny
uory aravajxo oAcrynaru og npojerroeaxlrx Ben[i{]4Ha.

Tarofie, uarepujanxu sravaj sa u3BeuraBalbe H KoHTpony, ]43yseB np]rxoAa oA KaMara u KypcHxx pa3nuKa, no npaeunyje Manu, Te
ux cTora y HajBeheM 6pojy cnyvajeea xuje ueonxoAHo AerarbHo hcKa3arh.

Y cnyvajy norpe6e,raree noeuqrje Mory ce reKcryarnHo o6paguru x o6pa3noxlrru aax ra6enapHor npr/tKa3a, rgoo o4roeapajyhe
HanoMeHe y ,i3BeurailrMa xnh y KoHTponHxM nocrynqnMa.

96 | CrpaHa
 A
€roHoMcKl,t HHCTTTyT
Deloitte.
i \umrrpnjeamh
,r naPrHePn
ECONOMICS INSTITUTE
t9a7

ilt ocTAIl,,t nPHXOAX V nPhXOAvl OA ycKIlAT2l4BAlbA BPEAHOCTI.I 14MOBHHE

1. Ao6nqn no ocHoBy npoAaje HeMarepujarHxx cpeAcraBa, HeKperHlrHa,
nocrpoielba u onpeMe
2. Ao6nqn no ocHoBy npoAaje uHBecruLI,roHHx HekperH!1Ha
3. Ao6nqt,l no ocHoBy npo4aje 6uonourx],rx cpeAcraBa
4. A06r.fl.I.r no ocHoBy npoAaje cpeAcraBa o6yctaeruexor nocnoBalba
5. Ao6rqu no ocHoBy npoAaje y,{euJha y xanfiafly Ayropotlxux XOB
6. AO6uqu no ocHoBy npoAaje Marepuiana
7. Brurxoara, rsysuruaiyhu BrtuxoBe 3arrxa yq14Haxa
8. HannaheHa ornHcaHa norpaxr4Balba
9. npnxoAu no ocHoBy yroBopeHe 3aurlrre oA px3HKa, KojH He HcnybaBajy
yoroBe Aa ce HcKa(y y oxBr.rpy peBanopH3aqhoHxx pe3epBx
10. npxxoAl4 o4 cuaruesa o6aBe3a, yKHAatba HeucKopxuJheHux
ayropoqHr4x pe3epBlrcaba n ocTanu HenoMeByIu npuxoau
1. npnxo4r,r oA ycKnaDrBalba BpeAHocrh HeMarepxjanHnx ynaralba
2. flpuxoAn oA ycKnaDHBa$a BpeAHocrr,r HexperHuHa, nocroJeba lt onpeMe
3. llpr,rxogu oA ycxnal)HBalba BpeAHocrx rHBesrrr.lHoHHx HeKperHuHa 3a xoje ce
He o6pa.{yHaBa aMoprr43aqlia
4. nplxoAx oA ycxnaDxBaba BpeAHocr!4 6uonouKl,rx cpeAcraBa 3a xoje ce He
oODa,{vHaBa aMoprlrsauuia
5. nprxoAlr oA ycxflaI)l.lBalba BpeAHocrx Ayropot{Hrx OxHaHcxjcxt4x nnacMaHa oA
6rHaHcxicKxx cpeAcraBa pacnonoxrB14x 3a npoAaiy
6. npxxoAr,r oA ycKnaDlBaba speAHocrr,r 3anltxa Marepujana u po6e
7. flprxo4n o4 ycxnal]xBa]ba BpeAHocrr,r xparroporH]rx Qxxaxotjcxnx nnacllana
8. npuxoAr oA ycKnaDrBalba BpeAHocrr Kanfiana
9. Ilp]rxoAr oA ycKnar)rBalba BpeAHocrlr ocrane lrMoBHHe
vt npuxoAH no ocHoBy nPoMEHE PAr{vHoBoAcrBEHxx nonHTuKA u
hCnPABKE TPEUAKA l,l3 PAHl,tJ!1x TOAUHA

Kao u nperxo4xo, nosuquje y ocranHM npuxoAr4Ma, npHxoAuMa og ycxnafiuaasa BpeAHocru t4MoBuHe u npuxoAl4Ma no ocHoBy
npoMeHe par{yHoBoAcrBeHux nonrruKa u }rcnpaBKe rpeuraKa ns paxujux roAhHa yrnaBHou xeuajy ogroaapajyhe nogore 3a
nnaHupalbe u noje4uxavxo npxKa3aHe xucy uarepujanxo sxavajre 3a nnaHHpalbe, HsBeuJTaBalbe u xoHTpony.

Y cnyvajy norpe6e u uarepujanxor sxavaja, noje4uxavxe nosuquje Mory ce rexcryanHo o6pagurr eax ra6enapxor npuKa3a.

97 | CrpaHa

IIIITIIIIIIIIIIIITITI
IIIIIIIIIIIIIII IIIIII

A
EKOHOMCKlt HHCTI,ITYT
Delottte. ! INlrNrpnjeurh
,{ naPrHePr{
-
ECONOMICS INSTITUTE
[47

I nocJroBHH PAO(OAX
1. Ha6aBHa epe4nocr npo4are po6e
2. TpourxoBH MarepHja^a
3. Tpoujxo8n 3apaAa, HaxHaAa 3apaAa H ocfirrhx nxqHhx pacxo4a (a+6)
a) Tpou-rxoar 6pyro 3apaAa r 6pyro uaxxa4a aapaga
6) ocrann nrvur pacxogn
4. TpouJxoBh npox3BoAHHx ycnyra
5. TpouJxoBh aMoprx3aqHre r peaeper.rcaroa (a+6)
a) Tporuxoen arnoprneaqnje
6) rpouxoar pe3epBhcalba
6. Hemarepnjanxr rporxxoBr,r (6ea nopera r 4onprxoca)
7. TpoulKoBh nope3a
8. TpouJKoBx AonpHHoca

je pev o npHKa3lrBaby nocnoBHnx pacxoAa, npepaxeMo Aa ce ca BHUe aHanuruKe nphnarobeHe cneqxQutrHocrr4Ma npupoAe
Ka.q
AenarHocrlr MX EPC nnaHxpa H H3Ber.uraBa.

nocnoaxe pacxoAe 6r,t rpe6ano nphKa3arlr 6ap ca cnegehuM caApxajeM: Ha6aBKa eneKrpr4r{He eHeprxje, npxcryn npeHocHoj 14

Axcrpu6yryrBHoj Mpexx, rpouJKoBlr rophBa, oApx(aaabe, aMoprx3aqlrja, rpoulKoBlr 3anocneHhx, o6aBe3e npeMa Ap)rclBx,
ocHrypalbe, penpe3eHraqlrja, ocrane npoh3BoAHe x Henpou3BoAHe ycnyre, pe3epBHca}ba, l,rrA.
Oauu npucrynoM ce y u3BeLrJTaBalby H KoHTponlr oMoryhaBa cneArbuBa rpaHcnapeHTHocr 14 MoryhHocr oqeHe no3,rquja u
aKrrBHocTh Koje 3aneBajy npeAyshMabe Mepa H AoHoluebe oAryKa.

98 | CrpaHa
 A
EXOHOMCKH XHCTTTYT
Deloitte. F
firuxrprieaNh
r IIAPTHEPfi
ECONOMICS INSTITUTE
l9a,

Ot4HAHCt4JCKH PACXOAH
1. O[HaHchjcxr pacxoAh no ocHoBy oAHoca no8e3aH]rx npaBHrlx rxqa
2. PacxoAH xaMara
3. HerarhBHe xypcHe pa3nHxe
4. PacxoAh no ocHoBy BaryrHe xray3yne
5. Ocranh 0xHaHcHicxh pacxoAh
Ir ocTA,nh PAcxoAl4
1. fy6xqH no ocuoay npo4aje h pacxoAoAosarba HeMarepHianHlx cpeAcraBa, HexpelflHa, necrPerglb! tt !!p!
2. fy6u4n no ocHoBy npoAare r pacxoAoBalba hHBecrxqxoHhx HeKperHtlHa
3. fy6rqr no ocHoBy npoAaje r pacxoAoBalba 6ronouxnx cpe4craea
4. fy6nqn no ocHoBy npoAaie cpeAcraBa o6ycraetexor nocJtosalba
5. fy6nqr no ocHoBy npoAaie yveuha y xanrrany 4yropovHt'tx XOB
5. fy6rqr no ocHoBy npoAaie marepnjana
7. Ma}bKoBr.r, nayarnajyhn MalbxoBe 3arnxa yqxHaxa
8. PacxoAH no ocHo8y 3aurHTe oA px3Hxa
9. PacxoAx no ocHoBy hcnpaBKe BpeAHocrh }l ornrca norpaxl1Ba]ba
10. PacxoAH no ocHoBy pacxoAo8alba 3arrlxa Marepnjana r po6e n ocrann pacxo4r
V PacxoAH o4 ycxnalnea}ba BpeAHocrx 14Moa11He

1. O6esepelerue xenarepnjarxnx ynaratta

2. O6erepelette HexperHrtHa, nofioje]ba x onpeme
3. O6eaepe!eree hHBecrrLploHlrx HeKperHxHa 3a xoje ce xe o6pavyxaea aMoprn3aqhja
4. O6e3Bpeielbe 6ho.norxxhx cpeAcraaa sa xoje ce xe o6pauyxaea amoprrsaqrja
5. O6esepe!eree gyropovxrx Qnxaxcxicxrx nnacMaHa o4 Qrxaxcnjcxrx cpeAcrasa p€c nonoxrarx :a npo4ajy
5. O6eaepelerse ranrxa marepxjana n po6e
7. O6esepele}be xparxopovxrx Qrxaxcrjcxrx nnacmaxa
8. o6esspelerue ocrane rMosHHe

99 | Crpana
IIIIIIIIIIITIIIII'III

A
EXOHOMCKI,T HHCTHTYT
Deloitte. e
t
AxMnrplrjeBxh
x naprHepx
-
ECONOMICS INSTITUTE
l9a,

Kouexrap HaBeAeH ye $uxaxcujcre npuxoAe, ocrane npuxoAe, npuxoAe o4 ycrnaluaaua BpeAHocrr,r rMoBHHe x npxxoAe no
ocHoBy npoMeHe pai{yHoBoAcrBeHux nonuruKa 14 hcnpaBKe rperuaKa us paxrjltx roAuHa oAHocu ce r Ha HaBeAeHe pacxoAe.

l-exepanxo, npeAnor yxanpefierta ce oAHoo,r xa npunarofiasalbe onuca nosnquja 6Y enerrponpuapegxoj AenarHocru, quMe ce y
h3BeurraBalby h KoHrponlr go6uja rpaxcnapeHrHocr u oruoryhaea nocnoooAcrBy Aa npaBoBpeMexo u eSnxacHo npeno3Ha
geo/genoae nocnoBaba xojra oarreaajy AoAarHy naxby x aHanu3y, y qr4rby AoHoueba ogroeapajyhrx nocnoBHr4x oAnyKa.

flopeg nperxo4Hr4x 3anaxa]ba Be3aHux aa EY, yovrnu cuo 4a flnax He cagpxr4 npojerroeax BC r HT 3a nnaHr4paHu nepuoA.

NPENOPYKA

llorpe6xo je npe4erageru Aa cBaKa $yxxquja y nocnoBalby cacraBrba ra 6yAe oAroeopHa 3a nnaH u ogrosapajyftu usseuraj o
H3Bpuerby nnaHa 143 cBor AenoKpyra HagnexHocru. Arperquja 3a eKoHoMcKo $uxaxcujcre nocnoBe je ogroaopxa ga
xoopgnxrapa,o6jegrarsyje x npetnpeMa KBapr.rnHH usaeurraj, xojru ce nparr ocrBapebe f'lnaxa nocnoaarba Ha xuaoy MX EPC. Csaxa
$yxrqraja je o6aaesxa Aa aHanu3upa ocrBapelbe u yreptlyje Mepy u pa3nore oAcryna$a y oAHocy Ha nnaH y cBoM AenoKpyry
HaAnexHocru. Ha osaj HagHH ce go6uja nonasxa ocHoBa 3a AoHouelbe KopeKTlrBHxx oAnyKa vt Mepa 3a onruuuaaqrjy nocnoBalba
y cauu o6nacrnua.

llpegnaxeuo Aa crpyKrypy u onuc noanquja 6Y y nnaxy u uaaeurajy o u3Bpuetsy nnaxa MX EPC ucraxe y Qopuary roju je
nplrnarofleH npr4poAn AenarHocrr'r MX EPC, .{uue 6u ce, nopeA ocraror yHanpeAnno npahese h KoHrpona ocrBapeba nnaHa.

100 | CrpaHa
 A
EKOHOMCKH UHCTTTYT
Deloitte. ,{rurrprjeaNh
,r naPrHePH
ECONOMICS INSTITUTE
t9a7

Taxole, npeAnaxeMo:

a Aa ce y crpyKrypu nnaHupalba noce6xo nnaHrpa r,t ucraeyje nflaH no AenarHocn4Ma, Kao u eneKTponpuBpeAHa AenarHocr 14

HeeneKTponp!,rBpeAHe AenaTHocTvr,
a enefiponpr4BpeAHy AenaTHocT y nnaHupalsy, r43BeuTaBa$y u KoHTponH nocMarpafl4 Kao npoer3BoAl6y, onepaTopa
gucrpr6yrraxor cncreMara cxa64eaarue.

Ha osaj navrx, ouoryhaBa ce yBHA y pexra6nnxocr u npoQura6unHocr cBaKe oA AenarHocrr4, lbrxoBa e$uxacxnja KoHrpona x
uoryhxocr ceneKTnBHor AoHouJeba Mepa H oAflyKa nocnoBo4crBa.

Y quny eQraracxujer u caeo6yxaarxujer nnaHxpalba u npaheua ocrBapeHux BpeAHocru y oAHocy Ha nnaHr,rpaHe, l1nax nocnoaa]ba
n nseeuraj o ocrBapelby 6u rpe6ao 4a yrruyvyje nopeA EY u gopue 6C u HT.

flopeg nperxogxor, caApxaj flnasa r uaeeurraj o ocrBapelby nnaxa je noxerbHo AonyHlrn4 r4cKa3uBalbeM nnaHupaHr,rx u ocrBapeHhx
KPI-jeaa.

Ha oaaj HaqHH npoMeHoM npucryna y norneAy ca4pxaja u SopMe o6pasaqa 6ra ce yranpe4rao n cagpxaj u $oprrra qenoKynHor
flnaxa nocnoea*a, lr3BeuraBalbe u KoHTpona peanusaquje [lnaxa nocnosalba.

llpe4nor Qopue 6Y, BC u HT npuKa3aH y flpunory 5. nprnarolex je u ycarnauex nonagehu oA HaBeAeHux KoMeHrapa er

o6pasnoxeua.

Y nocrynry npuMeHe npeArora yxanpelerua norpe6xo je ge$rnucarr h npoMeHxrr cagpxaj r Sopuy H3BeuraBalba xoja ce
reHepuuJe rs CAf1-a.

101 | CrpaHa

IIIIIIIIIIIIIIIIIIIII
IIIIIIIIIIII IIIIIIIII

A
Er(oHoMct$,t tlHcTynyT
Deloitte. Irrrrrprjenr,rh
e ,{ napTHePr{
ECONOMICS INSTITUTE
19.7

111.2.2.8 llpaherue u KoHmpona nnaHa

flpaennxux y qnaHy 40. ge$uxuu:e o6aaesy Cnyx6e 3a nnaH H aHanr3y 3a KBapranHo npaherue u H3BeuJraBabe o u3Bpuelby
roAltlJ$er nnaHa nocnosalba npeMa Auperropy Anpexquje, ogxocxo hA sa eKoHoMcKo Quxaxcujcxe nocnoBe, y pory oA nerHaecr
paAHux AaHa oA AaHa HcTeKa nocneAtber aHanu3upaHor Meceqa.

1 Kaapranxu useeuraju o r43Bpureby nnaHoBa caApxe:

o useeurraj o pa3nhxaMa,
o useeuraj o rynonpogaju eneKrpr4qHe exepruje u
o H3BeUTaj O aHanU3H r{HHaKa

2. A*pwtu AupeKrop 3a eKoHoMcKo Qnxaxcujcxe nocnoee usaeurraje o lr3Bpueby npocnelyje Ynpaeu, a roAururbr4 usaeurraj
Ynpaaa raxox ycaajarua AocraBrba Oa6opy sa peeuorjy r Ha4sopxou og6opy.

3. Ynpaea Moxe frBpAuru rpahe poxoae 3a aHanr43y ocrBapelba nnaHoaa u 3axreBarlr noce6xe epcre useeu.rraja

AHAJI]43A 14 KOMEHTAP

O6supou aa je Cn)nx6a 3a nnaH u aHanuly MX EPC 3aalDxeHa sa KBapranHo npaheue H u3BeuraBa$e o h3BpuJerby roAltrJlber
nnaHa nocnoBaba npeMa AupeKropy Auperqnje, oAHocHo h.Q aa exoxoucro $uxaxcujcKe nocnoBe, Ha ocHoBy 4eQuxucaxr
cagpxaja uaaeuraja, npou3hna3u ga je useeuraj npegeutlex caMo Kao ynopeAHlt KBapranHx nperneA nnaHlrpaHor !t ocrBapeHor.
[loxeruxo je 4a y oaoj amusxocrr yvecrsyjy u gpyre Qyxrquje/3|'|, xao r 4a ce cagpxaj r3BeurraBaba npouJvrpl,r u ca ogroaapajyhou
aHann3oM pa3nora oAcrynaba.

102 | Crpaxa
 A
EXOHOMCKU ],THCTIITYT
Deloitte. *i .(xlrutprjenrh
,{ naPrsePr
-
ECONOMICS INSTITUTE
|41

NPENOPYKA

Yeecrh hgseulraBalbe no ce]ru 6urxuu eneMeHTuMa nocnoBarba ys yveu.rhe ,Quperropa 3aBucHr4x npegyseha ra ceux hfl MX EPC.

111.2.2.9 TepnuxcxunnaHdoHowelbaKoHconudoeaHuxflnaHoea
[lpaeunxux y v nany 41 . geQuxrule noqeraK h3paAe nnaHcKr4x aKara, xpoHonouK]1 nnaH aKTHBHocrH, Hocr4oqe aKT]tBHocrtl H poKoBe.

HAt{EflHA AHANN3A h KOMEHTAPT NPABINHTKA H NPAKCE

Y cxnaAy ca 3axoxou o jaaxuu npegyeehrua, npe4yseha cy AlDffia ga xajxacxuje go 1. AeLleu6pa reryhe roAvtHe, BnaAu PC
AocraBe roAlruJlbr,r f1nax nocnoea]ba 3a HapeAHy roAHHy, oAHocHo rporoAututbx flnaH nocnoea]ba.

Y rluruy 6naroapeuexe npunpeMe nnaHcKt4x axara, o6es6e[e[ba KoopAuHaquje y uspaAr u npaheua crarba o ro(y aKr]4BHocrt/t, Ha
noqerKy nnaHcKhx aKThBHocru norpe6xo je 6naroapenexo AoHeru f1nax arrusxocru - Tepurx nnaH aKTuBHocr]i.

llnaxou aKTltBHocrr.r ce yrBpiyiy Hochoqr,r aKThBHocrr,r 11 poKoBr,r 3aBpuJerKa 3a cBaKy aKTuBHocr.

Yo,{exu HaqenHgt HeAocraqu x KoMeHTap:

o Tepuuxcxr,r nnax o6yxaara: aKThBHocn4, Hocl,toqa aKTHBHocTH 14 poK, anu xe u geraruxuju npoLlec: npeAnaraq no Qasaua
u AenoBuMa, uHTepaKrxBHo 14 KopeKrlrBHo nnaHxpalbe y $aar,t xaqpra, ogo6paease n yceaiaue,

'103 CrpaHa
|
III-IIIII'TT IIIIIIITT

A
EXOHOMCKT,I UHCTI,ITYT
Deloitte. 1 flrnrrpNierNh
I r naprnepN
-
ECONOMICS INSTITUTE
t9a7

o xuje AoKyMeHToBaHo noKpuBeH ToK oA HHlrqupalba aKTr4BHocrh, u3page u AoHouJelba Cuepxuqa t,t ynfrcrBa, ca Qopuou
ra6ena,
o He nocrojx AxjarpaM aKruBHocrr4,
o noAnnaHoBl4 HHCy npeno3HaTr Kao AenoBlr qenHHe nnaHupaba,
o He HaBoAu ce noreuBeHocrlt nnaHupatua nocrojehuM uerogonorujaua, jeguxcraexuM o6pacqhMa,
o peAocneA aKn4BHocrH u noBe3aHlr poKoBh y jeAHoM Aeny He ogparceajy norpe6e npoqeel.

Kouexrapu Tepuuxcxu nnaHa c€l npeAnoroM yxanpeleua

HOChnAq
AKT[4BHOCTI4 KOMEHTAP KOHCYfITAHTA
AKT14BHOCT14

Haxox npoqexe x carneAaBaba ycnoBa nocnoBalba h no3Harux

t. n PETXOAH E AKThBHOCTI4
peneBaHrHr,rx yna3Hux noAaraKa 3a 3n u MX yrepguru Cuepxuqe sa
HA HI4BOY MX
rspagy flnaxa 3a nnaHcKlr nepuoA

1,Qocrasruaue noAaraKa 3a
.
uspagy EEE u Apyrux nnaHoBa Huje o6yxaaheHo nnaHupalue $uenvxor nnaHa 3a
oA crpaHe 3B xa ocxoay ,flupemop 3fl HeeneKrponphBpeAHe po6e ,r nplDKaEe ycnyra
cMepHuqa

104 | CrpaHa
 A
EXOHOMCKH XHCTIITYT
ECONOMICS INSTITUTE
t9a,
AKTI4BHOCTH
2. flocraaruarue noAaraKa 3a
u3paAy nnaHa uxeecruquja og
crpaHe 3aBucHux npegyseha xa
ocHoBy cMepHuqa
3.[lporxosa norporxtse
4. flporxosa noroHcKe
cnpeMHocTt4 H onTuManHe
npo!,t3BoArbe
5. ,l3paAa xaqpra EEE
(ycaajase oA crpaHe Texxu.{ror
casera)
6. Yceajarue xaqpra
eneKrpoeHeprercxor 6unaxca og
crpaxe Ynpaee MX EPC
I AI
Deloitte.
: IrurrprierNh
I ,( [aprHePn
HOCT4ITAU
KOMEHTAP KOHCYIITAHTA
AKT14BHOCTI4
Pe4e$raxucarr y cMucny npegora 3f1: uxeecrrquje y roKy, HoBe
nxaecruqraje, npuoplrreru, o6paanoxeue o HeonxoAHocrr r eQerruua
flnperrop 3l-l pagu yrepluaarua $uxaucujcKhx orpaHr4qeba u npaBrbelba
npr,ropurera. llporuupuru ]4 Ha nnaHupabe HOC.
,Qupenop ,[npexquje
3a nocnoBe onepaTopa
4ucrpu6yruexor
cucTeMa
O6je4raxuru ca raqKoM 1. Onruuuaaqujy npouaaogxor MuKca
Auperrop Aupexquje BepoBarHo He BpuJlr HaBeAeHa flupexquja. flnaxuparuy npoxsBoAtse
3a npo!,r3BoAlby nperxoAr4 nnaHvrpalbe peMoHTa r uxeecruquja xa nocrojehuu
eneKrplrqHe exeprnje KanaqureruMa. f'lpe nnaxupalba npor,r3BoArbe eneKTpr4qHe exepruje y
TE ie norpe6xo nnaHuparh noAnore y pyAHuqlrMa yrrba.
,Quperrop ,[rpexquje
3a npou3BoArsy
eneKrpr4qHe exepruje
lrlsapurxn AhpeKrop 3a
Arrnexocr xaxox yceajaua xuje 4e$uxrcaxa
TexHyrqKe nocnoBe
105 | CrpaHa
AI II I I I I I II I I I I
 III'IIIITIIIIIIIII

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EKOHOMCX],T }1HCTI,TTYT
Deloitte. fu ANunrpuiearh
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-
ECONOMICS INSTITUTE
llat

HOC14nAU
AKTt4BHOCTh KOMEHTAP KOHCYNTAHTA
AKT14BHOCTh

,Qnperrop ,Quperquje llpegaraflexr,t pox je paj aBrycra, noxeruxo je Ha noqerKy npoqeca

7. Ilporxosa ycnoBa nocnoeaua ga Exoxotvtcxo- nnaHhpalba u/unu Qaoxo, ca uoryhxou.rhy Aa ce y rory napage flnaxa
$uxaucujcxe nocnoBe arryennayjy u/unu npouexe.
Aupemop ,[uperquje Koxaqxo yrepfinaarue ua xpajy u3paAe [lnara. flpe4e]tAer]r Mepe 3a
8.3a.qaqr Ha ocrBapeby
aa Exosoucxo- ocrBaprBabe l1naxa n flnax uepa 3a paquoHErn]r3aqujy nocnoaaua
nocnoBHux ql4rbeBa
Quxaxcujcre nocnoBe Yrepguru px3rKe nocnoBaba !r Mepe.
9. Cuepxuqe 3a H3paAy nnaHa
Ynpaaa MX EPC u ceu Pox je rpaj aBrycra, noxeruxo je Ha noqer(y npoqeca nnaHrlpa$a c€l
nocnoBalba Meuog[ror
,Quperropu [upexquja npe4aulexou uoryhxoruhy arryenusaqnje
XonArxra
10. Ycaalaue Cuepxuqa sa
Ynpaaa MX EPC hcro xao y ravxu 9.
!r3paAy nnaHa nocnoBatba
1 1 . hspaga l'lpegnora rexH]rt{Kor ,Quperrop [uperquje
Aena nnaHa nocnoBa$a 3a 3a npon3BoAlby flpegeugerr ycaajaue
Ynpaey eneKTphirHe exeprrje
12. Vqaga llpegnora
!rHBecT[ql4OHOr Aena nnaHa
fiupetaop [upexquje [1pe4au4eru yceajaue
oa uxeecruqrje
nooroBaba ea Ynpaey
13. Ynosxasabe Konerujyrraa
llpegaufiexa aKr]rBHocr rpe6a ga ce noMepu Ha nor{eraK npoqeca
AlrpeKropa ca Cuepxnqaua sa l-exepanxn AlrpeKrop
nnaHhpatba.
uapagy 6yqera MX

106 | CrpaHa
 A
EKOHOMCKH HHCTIITYT
Deloitte I
C
AnMrrpnieDxh
N uapruepr
-
ECONOMICS INSTITUTE
t!x,

HOCTnALI
AKT14BHOCT]4 KOMEHTAP KOHCYNTAHTA
AKTI4BHOCTh

14. Yceajaue xaqpra

Enerrpoexepretcror 6unaxca u
Carnacxocr Oa6opa sa peausujy
Fexepanxu AHpeKrop Pox je xpaj aBrycra, noxeruxo je paxuje
r Hagaopxor og6opa MX EPC ra
nona3He ocHoBe, cMepHlqe !t
Tepuuxcru nnax

15.,[ucrpu6yquja nonaerux flpenopyxa je 4a ce 4ucrpn6yquja rasspuru y npeoj $asn u ya xaeofieue

Cexperap opraxa
ocHoBa, cMepHlrqa x repM!'tH
ynpaanasa MX KOMe Ce AOCTaBrba
nnaHa ca oAnyKaMa o yceajauy

.Quperrop Anpexqrje Tepuuxcxu nnaH He npe4sula uHTepaKTr4BHo nnaHuparbe rsuef;y

6. locraaruaue nnaHI4paHux
1
ga Exoxoucxo- gnpexquja ra 3ll. fla nu y yrapfiraea*y yvecrayje,Quperrop gupexqnje
npHxoAa 3aBucHHM npe4ysehuua
Suxaxcrjcre nocnoBe sa EOhKn

107 | CrpaHa

IIIIII'IIIIIIIIIIIIII
tta- - r r r r r r r r r r r r r r r r r r

A
EXOHOMCKl,T T,IHCTTTYT
Deloitte J0 .(xr,rxrpuienrh
r naprxepx
-
ECONOMICS INSTITUTE
t9a7

HOCTflAU
AKTI4BHOCTI4 KOMEHTAP KOHCYNTAHTA
AKT14BHOCT14

17. fiocraeruatge noAaraKa o

npHxoA9tMa u pacxoAl4Ma Arpenop 3fl
3aBhcHr,rx npe4yseha

18. Koxconugaqraja xa xueoy MX fluperrop ,Qupexqnje Y nogeuraearsy je norpe6xo 4a yvecreyjy cee Qyrxquje, oAHocHo
ga Exoxolircxo-
(ys nogeuraaaua no norpe6u) gupexqnje
Suxaxcnjcxe nocnoBe

19. l4spa.qa Mepa sa ocrBapebe h sepu.rx

AhpeKroplt
r.r l4epagy Mepa nnaHuparx Ha Kpajy nnaHcxlrx aKruBHocrtl ,r H3paAe
nnaHa nocroBalba Maruvxor npeg. Haqpra nnaHa nocnoBalba. Yxruyvuru u grapemope 3I1

108 | CrpaHa
 A
EKOHOMCTY IIHCTI,TTYT
Deloitte. !'D ANuxtpnienrh
fi [aPTHeP]r
ECONOMICS INSTITUTE
t9t,

HOCr4flAq
AKTI4BHOCTI4 KOMEHTAP KOHCYIITAHTA
AKTI4BHOCT14

20. AspaAa eKoHoMcKo- .Quperrop .Quperqrje

$uxaxcujcxor gera nnaHa ga Exoxoucro-
nocJIoBalSa Quxaxcujcxe nocnose

21. O6jeAh$aealbe rexHr4i{Kor, fluperrop Aupexquje O6je4rarsaaarue 6u ceu HaBeAeHHx rpe6ano ga yxrby,{yje u Apyre
uHBecTuqt!oHor u eKoHoMcKor sa Exoxotrrcxo-
genoae [1nana.
Aena nnaHa nocnoBaba $uxaxcujcxe nocJroBe

14sepuxu AupeKrop
22. Ycaaiate nnaHa oA crpaHe ,Qupexquje sa
Ynpaee Mfl Exoxoucxo-
Quxaxcujcxe nocnoBe

109 | CrpaHa

rrI IIIIIIIIITTIIIIII
IITIII'IIIIIIIIIIIII

A
EXOHOMCKII ttHCTrrvT
Deloitte.
o
;
[rurrpnieruh
,r naPrHePr{
-
ECONOMICS INSTITUTE
1947

HOCHnAq
AKT14BHOCTI4 KOMEHTAP KOHCYNTAHTA
AKT14BHOCTh

23. Paauarpaue nnaHa Yronuxo rua norpe6e nnaH ce xaxox cjegxrqe Koneruja ycarnauaBa 14

nocnoBalba oA cTpaHe l-exepanxu AlrpeKrop ynyhyje npeo Ynpaau, O.q6opy aa peensnjy u HO y Sopuu Haqpra, a
Konerrjyua AupeKropa MX EPC 3aruM y Sopun llpemora BnaAu PC

24. Yceajaue nnaHoBa

nocnoBaba oA crpaHe Og6opa l-exepanxu Ar4peKrop hcro rao y rarxu 23.
sa peanorajy u Hagaopxor oA6opa

25. Yceajaue nnaHa nocnoBalba

l-exepanxu Ar4peKrop hcro xao nperxoAHo.
oA BnaAe PC

26.,flocraaruarue ycaojexor
nnaHa nocnoBaba ca oMyKaMa Cexperap opraxa
Bnaae PC 3aBucHuM ynpaaruaua MX
npegysehnua

110 | CrpaHa
 A
EKOHOMCXX }IHCTHTYT
Deloltte it firurrprjerrh
x naprnepr
ECONOMICS INSTITUTE
t9a,

HOChnAq
AKTI4BHOCT[4 KOMEHTAP KOHCYNTAHTA
AKTt4BHOCTh

27. Y carnawaea tse nnaxoaa 3[]

ca KoHconHAoBaHuM nnaHoM flpoqeAyparxo x rexHur{Kr,r rpe6a yrepguru nnaHoBe 3fl u xa rpajy
nocnoBaba MX EPC u yceajaue KoHconuAoBaHu nnaH. Y xonuxo je norpe6xo xaxox ycaajasa
l,rcTHX Ha OpraHUMa ynpaBrbalsa KoHconHAoBaHor nnaHa, 3fl xopuryjy caoje nnaxoae.
3n

28. locraeruaue ycaojerux

nnaHoBa nocnoaaba 3n ca
oMyKaMa o ycaajasy Maru.{xon ,flupelrop 3ll
npeAysehy

1 11 | CrpaHa

II I II'I I I II TI I III I I I I
IIIIIIIIIIIIIIIIIIT

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EXOHOMCKT,T UHCTUTYT
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naprnepN
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ECONOMICS INSTITUTE
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NPENOPYKA

Tepunx nnax je onepaqlroHanueaquja arrrexocru npoqeca nnaHupalba, na 6u ra rpe6aflo AonyHrrlr raKo Aa caApxr AerarbaH
BpeMeHcKt4 pacnopeA u poKoBe h3page noje4unux AenoBa, Kao H qenuHe flnaxa, og noqerKa npoqeca nnaH]rparba Ao ycBaja]ba
nnaxa. flope4 nperxoAHor, Tepurax nnax 6u rpe6ano Aa jacHo Ae$uHr4Lue frecHuKe y u3paAu, Hocr4oqe afiuBHocru It oAroBopHe
3a u3BpuelSe nojeA14Hai{Hhx aKThBHocTh.

Tepuux nnaH rpe6a AonyHlrru raKo Aa cBojr4M caApxajeu o6es6egu peanuaaqujy sa4araKalafiuBHocrvt y nnaHl'rpalby y cKnagy ca
npoqecoM u 4e$uxucaxuM poKoBnMa, a Hapoqltro:

o Cycperxo uHTepaKruBHo nnaHupabe - oAo3to Ha Aone r o6pxyro

o Oaexo ognf{r4Batse u oAo6paBaue - HaAnexHocr no Qa3aMa H TeMaMa

/,/11.2.2.10 Auanusa npance - Cuepxuqe u TepMuHcKu nnaHoau sa wpady nnaHoea noct oaar*,a sa eoduHy
daxa u sa mpoeoduubu nepuod

Ha ocxoey Ao(fMeHra Cuepxuqe u Tepuuxcxn nnaHoBr,r 3a r43paAy flnaxoea nocnoBaba roAHHy AaHa h 3a rporoAuu.tlbu nepuoA -
uaepuexa je aHanu3a n 4aje ce cne4ehu KoMeHTap H npenopyKa:

HAqENHA AHAJII43A 14 KOMEHTAP

Tepuux nnax je 4ar noce6xo 3a roAlruJrbr,r nnax u noc,e6xo 3a rporoAl rJlbu nnaH, turo 3axreBa naxrbuBo yreplueaue AlrHaMhKe y
t43Bpueby aKruBHocru, anu u norexqujarHo 3aryue$e u xoxQysujy y H3BpuJelby r(oA Hocunaqa aKrlrBHocrr4 (xapovnro yKonlrxo

112 | CrpaHa
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ECONOMICS INSTITUTE
I9a7

AoDe Ao noMepalba poKoBa y ,r3Bpuelby noje4unrax nnaHcKr,rx amlrexocru), o6srpou Aa Hoo4or.14 aKTuBHocrH umajy nparruvxo gae
napanenHe aKrheHocru Ha ABa nnaHcKa aKTa ca ucrvu unu y aenuxoj Mepr4 cnuqHuM 3aAaqhMa, npu veuy je npBa roAxHa noqerHa
roAxHa TporoAullJlber nnaHa.

NPENOPY](A

flpnnpeuuru h AoHeru Tepuux nnax xojuu je npegauflexo Aa ce AoHecy AerarbHe Cuepxrqe Ha nor{erKy npoqeca nnaHhpalsa.
f'lpegan4eru uoryhxocr uouexa/arryenu3oBalba Cuepxuqa unh Aena Cuepxrqa sa noje4uxe 4enoBe y ror(y ogeujaua aKruBHocrlt
Ha H3paAr4 flnaxa, ycneg npoMelbeHux oKonHocrr4 y oKpyxeby ulunn y MX EPC-y.

floxeruxo je goxeru jegax Tepuux nnaH 3a o6a nnaxa, roAr4rJJlbr4 u rporoAetulblr.

flpenopyxa je ga ce saAaqu/afir,rBHocrr/r y r,r3paAer nnaHcKxx axara ogerjajy y KoHrr,rHylrrery u no cne4eheu peAocneAy - aKn4aHocrlt
Ha x3paAu jegxorogr,ru.lser nnaHa, a Ha ocHoBy npBe roAlrHe nnaHr4pabe HapeAHe ABe roAuHe aa norpe6e t43paAe rporoAhtxber
NJIAHA.

Y flpunory 3 Aar je npeAnor l1naxa arruexocru - TepuuxcKu nnaHa

111.2.2.10.1 Axanusa cadpxaja u KoMeHmap Cuepxuqa

Ca,qpxaj Cuepxuqa je rpynucaH no genoauna flnaxa

1 13 | CrpaHa

I I I I II'I I I I' I AI I I I I I I
IIIIIITII-TTTIIIIIII

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0
,{xuxrpxienr,rh
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ECONOMICS INSTITUTE
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* Canepxxqe ga Texxu,{xe nnaHoBe

Cuepxuqe frop|yjy Aa ie ocHoBa 3a rexHuqKu Aeo EEE KojH je ycBojeH oA crpaHe BnaAe PC.

Y rexxh.{xoi, Aeny CMepHuqa ynurxo je ga nra je norpe6Ho HaBoAr4rH cne4ehe AenoBe !,t y roM Hr4Boy AeraJba:

a AerarbHo cy onucaHu xprrepujynta 3a nnaHupabe npou3BoA$e ue flpaeunxuxa o 6nnaHcupaby u ynpaBrbaby EEC EPC -
AoBorbHo je no3BaTH ce Ha rlpaBlrnHnr xoju geraruxo noKpl4Ba oay o6nacr,

a HaBoAe ce MeroAonorlrie 3a nnaH[pa$e npou3BoA]be XE Kao uJTo cy nnaHupa]be npeMa x]rAponourKoM H]r3y, cralby
aryuynaquja u Ap, !tnr4 3a TE Aa ce roArlxba npolr3BoAlba u3paqyHaBa MHoxebeM cHare, nnaHhpaHrx caru paAa x
creneHoM noy3AaHocTl4, Aa 6r xa rpajy

a pe3ynraru ycBojeHor EE6, xnp. nnaHxpaHu o6nu u AuHaMuKa npou3BoAl6e no eneKrpaHaMa x Apyro, 6unu Aeo cMepHuqa
3a H3paAy EEE y flnaxy nocnoBaba,

a y geny Cmepxrqa ce 4ajy u npeAycnoelr fi Mepe 3a ocrBapebe flnaxa. Ha nplrMep HaBoAlir ce ga je norpe6Ho o6e36eAhru
cra6unxo cHa6AeBabe yrrbeM 3a TE xpos oApxabe AocrnrHyror rexHrr{Kor Kanaq}rrera onpeMe x Ha6aBKy HoBe, caHuparlt
r
nojaay soga Knh3lrura, ypaAlrrr/r perynrr,raaqujy, nocBerlrrl,r naxruy npojerroBaHoM KBanurery yra
nlnnu HennaHcKe
eacroje cBecru Ha xajuaruy Moryhy Mepy, HacraBnrr4 uogepxusaqujy Kanaqxrera, nocBerlrrh naxlby 3aururr,r xuBorHe
cpeAt4He 14 cn. npeAycnoelr ocrBapelba flnaxa n nnaH]rpaHe Mepe 3a ]beroBo ocrBapebe cy 6rarax 4eo nnaHr4palba r f'lnaxa,
ErnH cBaKaKO He Tpe6a Aa 6yAy npeAMer Cuepxnqa.

114 | CrpaHa
 A
EXOHOMCKI,I HHCTfiYT
Dcloitte. h ArrMrrpnieEr,rh
H naPrHePr{
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ECONOMICS INSTITUTE
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a xa xpajy Craepxuqa npr,rxasax je $opuar n cagpxaj ra6ena caMo 3a nnaHr4palbe uxaecrnquja sa 3fl, gox Sopuarr norpe6ar
3a nnaHupalbe Apyrux AenoBa Hr4cy Aarlr (xa npnnep 6y, HT, 5C, nnax 3anourbaBaba, TporuKoBr'r 3anocneHr,rx u cn.). Y
Haqeny paqhoxanxrje je 4a o6aeesyjyha $opua ra6ena xuje geo Crr,repxnqa.36or jegxoo6pasxocru u o6aaesyjyher
ca4pxaja $opua n ca,qpxaj ra6ena 3a nnaHlrpabe ce uoxe ge$uxucaru rpoo jegHo nnu BHUJe ynyrcraBa, xoje 6u cavuxune
HaAnexHe opraHt43alluoHe jeguxraqe y MX EPC-y y npranpeuxoj $asu nnaxcrux aKn4BHocrr4. ,QeQrauracarue jegnoo6pasxor
Qopuara ra6ena xoje xopucre 3I'l je og sxavaja oa e$uxacxy raapa4y s6upxux ra6ena aa MX EPC, a y $uxaxcujcKoM Aeny
!r caMor KoHconuAoBaHor Flnara.

NPENOPYKA

Yronuro Bna4a PC xe ycsojr,t EEB y norpe6xoM porry xojr,r orr,roryhaea H3paAy AenoBa llnaxa xoju cy noBe3aHH ca EEE (ranourseuo
ga u $unaxoajcrn nogaqu Kao uro cy Hnp. npuxoAyr 14 pacxoAr,r 3aBuce oA noAaraKa na EEB), norpe6xo je xopucruru uaqpr EEE
sa norpe6e nnaHuparua nosraqraja 3a HapeAHy roAuHy. [1o yceajary EEE, y cnyvajy norpe6e cnpoBecru eBeHryanHe xopexquje.

115 | CrpaHa

II I II I I IT T III I I I I I I
IIIIII'IIIIIITIIIIII

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EKOHOMCKI,I ],THCTTTYT
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INurrprjenr,rh
,{ naPrHePn
ECONOMICS INSTITUTE
t9a,

.!. Exoxor'acxr 4eo CMepHhqa

AHAIIh3A 14 KOMEHTAP

Exoxoucxs Aeo cMepHhqa je gar sa Bltue o6nacru, anu Hucy o6yxBaheHe cMepHltqe aa noje4nxe AenoBe flnaxa xoje rpe6a 4a
6ygy geQraxracaHe h Aarue 3a AenoBe nnaHa yr reue xoje raapa[yjy pa3n]rqxrn opraHu3aq[oHx Aenoa]r y MX EPC.

l-loce6ny narcby rpe6a nocBerurlr o6nacru rpaHcQepHux, oAHocHo lrHrepHux qeHa eneKrpxqHe eHeprxje H yrtba, o6supou ga je
npolr3BoAba Tpxl4uHa AenaTHocT.

fleo ce oAHoct4 Ha qeHe eneKrpr4qHe eHepr]lje n rapr$xr,l cr4creM, cat{u}beH je xa ocxoay rapraQxux craBoBa yreplexux og
xojr,t
Perynaropue KoMtlct4je 3a eHepreryrrry Peny6nraxe Cpncre (PEPC), rapnQa flpxaexe eneKrpoeHeprercKe perynaropxe xouucnje
GEPK) r,l raphsa Hesaaucxor oneparopa cHcreMa y EUX (HOC) 3a cucreMcKe ycnyre x paA HOC-a, Kao H ocrBapeHhx qeHa
ge6anauca y cKflaAy ca Tpxuurxuu npasunuMa u rpxxulHl,tx qeHa K,pt4Ba.

Cuepruqe xenorpe6xo caApxe HeKy Bpcry o6pasnoxeua r onuca perynaropHor h 3aKoHcKor oKsl,tpa, Kao urro cy Hnp. npaBa H
uoryhxocrr pe3epBHor cxa6geaaua, Ao3Bone H nuqeHqe MX EPC-a y rproBuHr,r u cxa6geeauy, Qopuupaue xoee firpexqrje sa
cua6geeaue u Ap, u 3aBpuJaaajy ca sarreeoM Aa Ha4flexHlr Hocuoqu nnaHupaba nnaxupajy y cKnagy ca nponxcuMa r 3aKoHuMa.

Cuepxuqe y je4xou geny yraplyjy HepeanHe npernocraBKe 3a nnaHlrpalbe, Kao uro je xa npuuep ga je peanxu creneH Hannare
o4 npogaje eneKrpr.rqHe eueprraje 100%, uro je cauo reopujcxu uoryhe.

1 16 I CrpaHa
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Deloitte
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ECONOMICS INSTITUTE
l9t7

NPENOPYKA

Cuepxrqe ce Mory yHanpeAlrrl,t xa cne4ehu HaquH h rpoe cnegehe o6nacrh, TeMe u eneMeHTe, HapoqrTo y norneAy

. <Dopue Cuepxnqa H peAocneAy reua u o6aeeeyjyhux sarreaa (y nocrojehuu reMaMa xuje xoxoucrexran pe4ocneg xoju
cnegu Tepuuxcxu nnau),
o fie$raxracareM cBpxe h Ha Kora ce oAHoce - Cuepxuqe cy o6aaesyjyhe 3a nocryna]be ]1 np]rMeHy y nocrynKy rspa4e Enaxa
nocnoBalba u rporoAnrulber nnaHa nocnoBalba MX EPC u 3fl sa cee h,Q, ,flrperrope gupexquja h ocrane yqecHuKe y npoqecy
nnaHuparsa 3a HapeAHy roguxy(e).
. CneAruheocr u o6agesxocr Aa cBa ynfrcrBa xoja ce 4ajy y npoqecy nnaHupaba y cBt4M AenoBuMa H nocrynqt4ua mopajy
6r,tru ycrna[exa ca oBlrM Cuepxuqaua,
. JeAxoo6pa3Hocrr4 nnaHcKrx $oprr,rara, cagpxaja u ra6ena y MX EPC-y u 3ll,
. Kounnerxocrn H noxpr4BeHocrr4 cBHx 6urxux 4enoea H qenuHa nnaHcKux aKara, Kao uJTo cy Ha nphMep:

o flpernocraeKe H ycnoBu nooroBaba

o flocnosxe nonlrrhKe MX EPC y HapeAHoM nepuoAy, yxruyvyjyhr nonxrlrKy qeHa, uHBecruquja, paqroxanuaaquje
nocnoBaba, 3anourbaBalba u 6poja 3anocneHux (4o6poeoruxe ornpeuxuxe), non]rrr4Ky sapaAa, paqnxarnsaqujy
TpoluKo8a, xTA,
o 3arres sa h3paAy caeo6yxeaue aHarr,r3e nocnoBalba 3a nperxoAHlr nepuoA, xaro 6u roAvrllJrblr nraH nocnoBaba 3a
HapeAHy roAxHy, oAHocHo TporoAururbl4 nnaH nocnoBaba, nnaHhpanu Ha KoHTl,rHyHpaH HaquH u Ha peanHHM
ocHoBaMa,
o florpe6e 3a 3aAlDrorBabeM u KpeAr4rHa 3aAyxeHocr,
o Merogonorrje u ynyrcraa xoja ce npuueuyjy sa nnaxuparue nosrquja nphxoAa H pacxoAa,
o flnaxupaxu Haqr,rH pacnoAene Ao6uru, oAHocHo nnaHHpaHH ravuu norpuha ry6rrra u 4p.

Y flpunory 2 je gar npeAnor yxanpelexor $opruara u ca4pxaja Cuepxuqa.

1 17 | CrpaHa

I I T I I II II I I I II II T I I I
I III I II II I T I II TI I I I I I

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EKOHOMCXI ltHCTrrvT
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ECONOMICS INSTITUTE

lll.2.3 OyK npoqeAype IlY2 sa nnaHxpalbe r IIY 4 3a H3BeuraBalbe

MX EPC je AoHeo HaBeAeHe npoqeAype (4are y llprnory).

AHAnh3A 1,1 KOMEHTAP llpoqeeype llY2

Ilpoqegypa flY2 je gara y oAroeapajyhoj Qopun u cagpxajy. fleQnxucax je anacxnr npoqeca, qhrb, ocHoBHr,r pn3]rq]r, yna3Ha
AoKyMeHTa n ca4pxaj, Kao u aKrhBHocru y npoqecy, Ha ocHoBy rojrx ce rapafiyjy AenoB]4 14 qenuHa l1naxa nocnosaba.

fleQuxucaxa je H HaBeAeHa Be3a h noBe3aHocr ca ApyrlrM npoqeAypaMa u npoqecxMa:

nYl . l4epa.qa Enerrpoexepretcxor 6unaxca MX ,,EPC' roAltu$er H rporoAurulber

llY3. Ocraaperue Ererrpoexeprercxor 6unaxca MX ,,EPC'
l-1Y9. l-lpujeu paAHHKa H npecraHaK pagHor oAHoca y MX Mfl a.a. Tpe6uue
"EPC'
[P1. flnaxuparue paeeoja
nY4. 143BeluraBalbe
AJC12. Bnaxnparue r xa6asxa eneKrpr4qHe exepnaje sa norpe6e jaexor cxa6geeasa
AOnn1. flpoqec nplrnpeMe !r oAprclBaba ceAHltqa Ynpaee Maruqxor npegyseha
AOnn2. flpoqec npunpeMe x oAp)roBaba ceAHhqa OA6opa 3a peelr3lrjy
AOnn3. flpoqec npernpeMe !r oAp)GBa$a Ha4sopxor oA6opa
flpoqegypa IlY2 ie noAerueHa no cerMeHrhMa

Cuepxuqa r Tepuux nnaxa

l-1Y2.1 l-lpoqe.qypa HspaAe
flY2.2 llpoqeeypa nnaHlrpaba jaexux xa6aexu
llY2.3 llpoqeaypa lr3paAe rexHhqKor Aera nnaHa
I'1Y2.4 npoqe.qypa x3paAe HHBecruqr4oHor Aena nnaHa

1 18 | CrpaHa
 A
EKOHOMCKX HHCTHTYT
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ECONOMICS INSTITUTE
t947

llY2.5 flpoqeAypa uspaAe eroxoucxo-$r.rxaxcujcror gena nnaHa h KoHaqHHx nnaHcKHx Ao(yMeHara

llJro onaxuJaea yqecHHr.lrMa y aKrHBHocrr4Ma nnaHupalba Aa cnpoBoAe Aeo npoqeAype oa xojra cy HaAnexHlr. h y flpoqegypaua
I1Y2.1. ao nY 2.5. geQHxucaHa cy Apyra AoKyMeHra, 3aKoHcKa u noA3aKoHcKa aKra, Kao u Bese ca rbr4Ma oA sxavaja 3a nnaHr4pal6e.

Y npoqegypr ra rpos,[uarpaMa roKa cy 4eQuxucaxe aKTuBHocn4, oAroBopHocn4, HaAnexHocrr.r r ognauheua ca poKoBuMa 3a

cnpoaofleue.

AHAnh3A l,l KOMEHTAP npoqe,qype nY4

npoqegypa je ,qara y ogroeapajyhoj Sopruu u ca,qpxajy. leQrxucax je BnacHuK npoqeca, qurb, ocHoBHu plr3hqlr, yna3Ha AoKyMeHra
u cagpxaj, Kao u aKruBHocrlr y npoqecy, Ha ocHoBy rojrx ce uspalyjy AenoBH ,i qenuHa ['lnaxa nocnoeaua.

fle$uxucaxa je !r HaBeAeHa Be3a ,1 noBe3aHocr ca ApyruM npoqeAypaMa 14 npoqecuMa:

l-IY1. hapaga Enerrpoexeprercxor 6rnaxca MX roAurllber !r rporoAltt.tlber

"EPC'
11Y2. 11 naxnpalbe nocnoBa$a
[1Y3. Ocreapeue ErerrpoexeprercKor 6unaxca MX
"EPC"
AEOn8. fl poqec $uxancujcxor r,r3BeluraBalba
,QC13. O6pavyx n $arrypucaue
COPMEO1. Ogxocu ca perynaropHua u uelyco6xu eKoHoMcKu oAHoclr
AOnn1. Ilpoqec npunpeMe u oApxaBalba ceAHuqa Ynpaae Maru.{xor npe4yeeha
AOnn2. llpoqec npHnpeMe u oApxaBana ceAHuqa Oa6opa aa peeuaujy
AOnn3. fipoqec npunpeMe H oApxaBa]ba Hagsopxor oA6opa
flpoqeAypa flY4 je nogerueHa noAnpoqec].rua u 4ar je 3aKoHcKH oKBr4p oA sxavaja 3a npoqeAypy:

1 19 I CrpaHa

I I I I I IT I I I I I I]I II I I I I I
 IIIIIIIIITIIIIIIII

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ECONOMICS INSTITUTE
t9a,

llognpoqec:
I1Y4.1 [lpoqeaypa x3paAe rexHuqKor Aena rseeurraja o nocnoBaby
IlY4.2 IlpoqeAypa u3paAe rHBecruqhoHor Aena vi3Beulraja o nocnoaauy
llY4.3 l-lpoqeAypa H3paAe eKoHoMcKo Quxaxcrajcxor 4ena useeurraja o nocnoBalby MX "EPC"
nY4.4 npoqegypa h3pa4e useeuraja o nocnoBaby MX ,,EPC" Matuqxor npegyseha

l,'lsxoc 6ypera:
3axoxcxu oxaup: 3axon o npuBpeAHr4M ApyrursnMa, 3arox o jaaxrau npegysehuua, 3axox o enempu,ruoj exeprujr, 3axox o
paqyHoBoAcrBy u peeusnjn PC, 3axox o o6xoarbneuu nsBopuMa exepruje

Y npoqegypr,r u xpoa flnjarpaM roKa cy 4eQuxucaxe aKrrBHocrh, oAroBopHocrn, HaArexHocrH u oenauhelsa ca poKoBuMa 3a
cnpoeofleue.

lll.2.4 hsaeurraju o nocfloBaby !r vt3BpuJeby nnaHa nocnoBaba - ca aHann3oM npaKce

Ha npuMepy l4saeuraja o nocnoBaby MX EPC 3a roAllHy H KBaprarl

Ilpor{e4ypa h3BetlraBaba useeurraja perynucaHa cy qnaHoM 33. flpaernxrxa o

o nocnoBaby u aKTrBHocrr,r Ha x3pagh
uHTepHuM KoHTponaMa u uHTepHuM KoHTponHltM nocrynqhMaHa cnegehu xavttx:

1. l4sseuraju o nocnoBalby Xongurra u saBlrcHhx npegyoeha u KoHconr4AoBaxr MX EPC-a cavuuaaajy ce nonyroAr,'ttulse x

roAuuJbe, a no 3axreBy HaAnexHxx opraHa H veuhe (xeapranHo H MeceqHo y cxpahexou o6nuqy),
2. OAtrax xaxox ycsajarua lraeeurraja o nocnoBalby 3aBncHa npe4yseha cy A)ry(Ha ncru sajegxo ca npenopyKoM Og6opa aa
peBr,t3uly x oAnyKoM Ha4aopxor og6opa o yceaja*y AocraBvtret Xonguxry,

120 | CrpaHa
 A
EKOHOMCX}! l,rHCTrryT
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ECONOMICS INSTITUTE
t947

3. Hagnexrocrlr h oAroBopHocru 3a H3paAy rsaeuraja o nocnoBalby Xon4uxra cy npuKa3aHe y cnegehoj ra6enu

Hagnexax u oAroBopaH Hasue lrgeeuraja n arruanocr

,Quperquja 3a ynpasrbarbe npou3BoArboM,,Qupexquja

3a npor43BoArby eneKrpr4qHe exepruje, Iupexquja sa
nocnoBe oneparopa gucrpu6yruaxor cucreMa, Hsaeurraju o paAy lr haeeuraj o ocrBapelby eneKrpoeHeprercKor
,[rpexquja 3a rpx]rxHo cHa6AujeBarse eneKrp]rqHoM 6unaxca
exeprujou Kynaqa y PC u Aupexqnja 3a jaBHo
cxa64rjeeaue eneKrpr4r{HoM eHepr}rjoM rynaqa y PC
Aupexquja sa rxaecruquje, Aupexquja 3a pa3Boj t4 l4seeuraju o paAy H l4aaeuraj o pean]43oBaHura uxeecruqujaua
,(upexquja PIU
,Qupexqrja 3a opraHu3aqxoHo npaBHe nocroBe l4aeeu.rraj o paAy u flperneg cyAcxux cnopoBa ca npoqeHoM lrcxoAa
,Qupexquja 3a eKoHoMcxo+nxancujcre nocnoBe,
Cnyx6a 3a oAHoce ca perynaropr,rua u uelyco6xe hseeu.raju o paAy r4 eKoHoMcKo $uxaxcujcxn Aeo u3Beuraja
eKoHoMcKe oAHoce

Je4uxcreexe npoqeAype r,r o6pacqer 3a AocraBrbabe noAaraKa oA

Cnyx6a nraHa H aHarh3e
crpaHe cBlrx HanpeA HaBeAeHHx 4upexquja
O6je4uuaaaue rexHr,rqKor, rHBecrr4r.lr4oHor 14 eKoHoMcKo $uxaxcujcxor
Cnyx6a nnaHa H aHanr43e
Aena nnaHa nocnoBalsa
Koop4uxupa aKTerBHocrr,r oKo r43page useeuraja o nocnoBaby
,Qrpemop,Qupexquje 3a eKoHoMcKo-$uxaxcrjcxe Xonguxra u oAroBopaH je sa sepo4ocrojHocr r.r ycarnaueHocr
nocnoBe
noAaraKa u3 u3BeuJTaja
O6pacqn 3a AocraBy Mecei{Hl,rx noAaraKa oA crpaHe 3aBucH}rx
Auperrop Anpexquje sa eroxorltcro-$uxaxcrjcxe npe4yseha, O6pasaq 3a x3pagy KoHconuAoBaHor Mecer{Hor usaeurraja,
nocroBe
Bofieue n xoopguxaquja HaBeAeHux aKruBHocrr,r

121 | CrpaHa

IIIIIIIIIIIIIIIIII III
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EKOHOMCKI,T T,IHCTTTYT
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ECONOMICS INSTITUTE
t9a7

Ynpaea MX EPC-a Moxe 3axreBar,! u3paAy xyMynar[BHHx MeceqHHx u rpoMeceqHux ]r3Beufiaja o nocnoBa]by H t,lcrr4 ce He
npocne[yjy Bnagr Peny6nure Cpncxe

AHAJI]43A 14 KOMEHTAP CA nPEAflOTOM yHAnPEREIbA

flpaaunxrax je frBpAl,,to o6aeesy, AuHaMlrKy h3Beuraealba x HaAnexHocrr,r 3a h3paAy noje4uxnx AenoBa uoaeu:raja, xoje xa rpajy
o6jegruyje Cnyx6a nnaHa !r aHanh3e.

flpe4naxeuo Aa ce 3a cBe HaBeAeHo Hr.rBo HaAnexHocrlr noArrHe oa je4ax HuBo, oAHocHo Ha HhBo h3BptuHrx AHpeKTopa, o6supotr,t
Aa cy oHu oAroBopHl4 3a nnaH ra peannsaqrajy aKTlrBHocrr4 us caoje HaAnexHocrvt.

CaApxaj usaeuraja je gar xa onurru HaqhH, uJTo AoBoAr,r Ao rora Aa ce o pa3nvti+4TuM aKruBHocruMa n peanusaqnjn noce6xux
AenoBa flnaxa xeuseeuraaa je4xo6paoxo, aeh ca pa3nuquruMHlrBooM Aerarba, Hnp. nphKa3uBalbe ynopeAHHx noAaraKa nnaH -
ocrBapebe, ca unu 6eg o6pasnoxeua ocrBapeHlrx pe3ynrara, npeAy3erux Mepa, r/t cn. Tarofie, usaeurraj ue o6yxaara nogore
norpe6xe 3a oAnyKe nocnoBoAcrBa.

Cagpxaj !r peAocneA h3naralba y hseeu.rrajy 3a KBapran ce pasnuxyje og flnaxa nocnoBalba, ann u hoeeuraja oa.

Y uaserurajy sa KBapran yoi{eHo je geraruxo nopeleue nnaHa u ocrBape}ba sa nojeguxe nosuqnje xoje xltcy npuxa3aHe y roAxuJ}beM
flnaxy.

npe4naxeuo Aa ce lt3BeurraBatbe Buue ycMepu Ha AaBalbe noMora 3a oAaf{uBa}be u KopeKT}rBHe Mepe, Kao u Ha caxerhJe }r
npernegnuje npHxa3uBal6e usaeurrajxnx nosnquja.

Taxofe, npeAnaxeMo Aa ce aKruBHocr r43BeuraBaba Bpul4 Ha Buure HHBoa opraHr43aqrje, a najuare Ha HhBoy Syxrqrja y
saBhcHr{M npegyoehxma H Hxaoy MX EPC., a Aa ce nseeuraj Qopuupa Kao unlt Ha ocHoBy o6upa cenx nojegnxavxux ueeeurraja.

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Meperue pe3ynrara ocrBapeba nnaHhpaHnx BpeAHocrx yBo|elbeM MoAena KPI- 6u oMoryhHno MynrhAucqunnnHapHy oqeHy
ocrBapeHnx pe3ynrara.

Y xapegxou rpa$hqKoM npr/iKa3y je npe3eHToBaHa npaK€ y norneAy MliHHManHux saxreBa 14 npuHLluna h3BeulraBalba.

Y npaxcu €BpeMeHux xounaxuja ce u3BeuJTaBalbe ogpelyje y cKnagy ca cneAehuM 3axreBuMa !t npHHqhnr4Ma

123 | CrpaHa

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Lepg"qgnh+1e,.S, ,o,qKycl;7ligfl1.*.e4d;r1 ,Furm,iAfrterp4a nycg{Qlli+rot*'r ${1ii.ag+FHry"apiei{ r"

l(dn rn6hrH(r oo(Y( Ha nprcprrcrt r ,tflrrpll<axx r cralrArpAxlocarx

@
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n icp.pxrry roaaurraji !a r.aHlurcrr ,lHHy oArolotxr<r

l.!!.urr.l'.x./F rrrrrrE no(paraqa 6irHr<a Crur.qtpA r(Por ngrEiy

)ltGrrrarlrta
npo..lroaror
!a cac AE oaa
h a9arFocior
llrlcrpvr4ric !a .rlaurraoalba
Y(xr.Iraio npiiyfl .n
@ OAroloprcr o6palrraaqa

EcpqAocrojxxx noA.r.i.
oa r.ixo. r(. xlt6e l.xliom,
npc'rnclla(x !. nr.x oA rro5.rlor lia Acrarbriox

Excrcptlx 6.Hqr.pi{r}'r

Caao6yraarriH (CI
licpnrr mcrahxL.ra

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lv nPhIo3h

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ECONOMICS INSTITUTE
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HANOMEHE Y3 NPUNOTE

Maga MX EPC opraxueaquju nnaucrhx aKrhBHocrr4 HMa ypeieH nprcryn, Ha ocHoBy npenopyKa sa yxanpeleue $yxxqnje
y
nocnoBHor nnaHHpaba caqHbeHu cy npeAno3!,r HaqpTa AoKyMeHaTa, aKaTa lr Ta6ene xoje cy cacraexx Aeo aKTuBHocTu nnaHupaba
h nnaHcKux aKara, ca qt,trbeM yHanpeflerua nocrojehe npaKce ttnu yeofiesa HoBe npaKce.

Haeegexn npeAno3u, MaAa cy y aehrxu cnyqajeaa Aarlt Ha qenoBlrr H cBeo6yxBaraH HaeuH, cy npenopyKa unu nnycrpaquja
Koxcynraxra nocnoBoAcrBy MX EPC-a y qurby yxanpelerua nocnoBHor nnaHupalba y cKna4y ca aKryenHoM reopujou H npaKcoM
caBpeMeHo opraHx3oBaHHx npegyseha n cnequQnvxocrltMa eneKTponplrBpeAHe AenarHocrl4.

Pegocne4 u 6psuxa yeo[erua u npxnarof]aBabe HaBeAeH]rx npegora cnequQrvxocruMa nocnoBaba EPC-a je npeguer ognyxa
MX EPC-a.

Koxcynraxr je y crna4y ca Yroaopou cnpeMaH Aa nplD(H KoHrr,rHyupaHy noAprlJrry MX EPC y uMnneMeHraquju u garuoj pa3paiqrt
r,r3Herrx fipeMofa yxanpele*a.

CMP)KAJ nPhrOrA

nPfflOT 1- llpoqeaype MX EPC-a

nPmnOf 2 - Cuepxuqe 3a nnaHupalbe
nPhnOf 3 - flnax aKruBHocr,r - Tepuurcru nnax
nPhnOf 4 - Caapxaj nnaHa nocnoBalba
nPfflOT 5 - Eunaxc ycnexa, Hosqaur rox, Eunaxc craua
nPf nOT 6 - f'loragateruu !r hHAr4Karoper nocnoBaba
nPfflOfT-,Wuogen"uKPl

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lV.1 flprnor 1 - Ilpoqegype MX EPC-a

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Haare npoqegype:
flpoqegypa H3paAe Cujepxrqa r Tepranx nnaxa

Bnacxnx npoqeAype:
Irperrrop Auperqraje 3a eKoHoMcKo $raxaxcrjcxe nocnoBe

O6nacr npHMeHe npoqeAypo:

MX ,EPC" Marh,.rxo npegyaehe a.4. Tpe6nue

l-lrru npoqe4ype:
Taqxa u 6naroapeuexa nporHosa nonagHltx ocHoBa 3a u3paAy nnaHcKt4x
AOKyMeHara u geQuxucaue poKoBa 3a lr3BpuaBabe aKTl4aHocrl,l

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Ilc(U.rcrt, Ynp.r. MI .EFC' Mn pF (Eal.

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Deloltte. a AlrMHrprjeBxh
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flpoqe4ypa lr3page rexHur{Kor Aena uaejeuraja o nocnoBaby

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,[uperrop gupexquje 3a npo].r3BoArby

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Bnacxrr npoqeAype:
!r,tperrop grapexquje sa uxeecruquje

O6nacr npnMeHe npoqeAype:

Cnyx6a sa unaecruquje y nocrojehe o6jeKre

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ECONOMICS INSTITUTE
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Bnacxrx npoqeAype:
lrapercrop 4raperqraje 3a eKoHoMcKo Suxaxcrjcxe nocnoBe

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ECONOMICS INSTITUTE
t9a,

lV.2 flpunor 2 - Cuepxuqe 3a nnaHrpalbe

cMEPHl,tqE
3A t43PAAy nrAHA nOCnOBAIbA MX EPC 3A HAPEAHy rOErHv,
oAHOCHO HAPEAHT4 TPOTOAU]X lbh nEPlrOE

Cmepxuqe cy o6aeesyjyhe 3a nocrynalbe H npuMeHy y nocrynKy h3paae roAlrul$er !r rporoAuuJber nnaHa nocnoBalba MX EPC u
3n 3a cBe H3BpuHe AnpeKrope (hA), Auperrope grperr;nja, AupeKrope 3fl u ocrane yqecHxxe y npoqecy. nnaHupalba.

Caa ynyrcraa y npoqecy nnaHr4paba uopajy 6urr ycxnafexa ca oB]rM Cuepuuqaua.

Oaulrr Cuepruqalra o6aeeayjy ce oAroBopHr4 14 HaAnexHn AupeKToplr MX EPC Aa y npnnpeMu roAlruJrber, oAHocHo rporoAuuJlser
nnaHa nocnoBalba:

a nona3e oA qurbeBa u cMepHlrqa eKoHoMcKe u Qucxanxe nonurrxe Bnage,

ra npHApxaBaJy ce peneBaHTHlrx cTpaTeuKHx, 3aKoHcKr,rx H noA3axoHcKr,rx aKaTa,

a rl3Bpue ceeo6yxsarxy alanasy nocnoBaba 3a nperxoAHy roAr,rHy, raxo 6u roAuuJrblr, oAHocHo rporoAuur.bH nnaH
nocnoBaba, nnaHltpanu Ha KoHTHHyxpaH Hat{HH H Ha peanHuM ocHoBaMa,

a roAr,tlJrbr,r, oAHocHo rporoAutursr,r nnaH nocnoBalba HeonxoAHo je 4ocraaurr y poKoBHMa 14 Ha HaquH nponlrcaH 3axoxorrrr o
jaexnu npe4ysehrua (y AErrbeM rexcry: 3axox).

157 | CrpaHa

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OEABE3H]4 ENEMEHTH CMEPHI4qA H }bHXOB CAgPXAJ

llpunuxou H3paAe nnaHa nocnoBaba, HeonxoAHo je,qa 6ygy npnKa3aHr cnegehlt eneMeHTH:

1. Onurrr noAaqx, Hapoi+4To HaBecru:

. craryc, npaauy $opuy u AenarHocr npegyseha,

. qurb, uucujy u auenjy npegyseha (yrparxo),
. peneBaHrHe eneMeHre nnaxa paseoja MX EPC (yxonuxo nocrojn),
. opraHll3aqhoHy ureMy npegyseha,
. uMeHa AupeKropa, u3BprxHxx Al4peKropa r qnaHoBa HaA3opHor og6opa/cxynurruHe, ca AaryMoM r,rMeHoBalba.

2 Amanraa nocnoBalba nperxoAHe roAxHe, Hapoquro npr4Ka3arlr:

. crarycHe npoMeHe,
. npoqebeHh Qusu,rrr o6[u arruaxocru,
o 6nnaxc cralba, 6unaHc ycnexa x rseeurraj o roKoBvtMa roroBnHe,
. aHanH3y ocrBapeHux KrbyqHux noxagarerua/uxAr4KaTopa nocnoBaba,
. pa3nore oAcrynaba y oAHocy Ha nnaHupaHe BpeAHocrlr noxaearerua/uxAlrKaropa,
. cnpoBeAeHe aKTlrBHocnr sa yxanpef;erue nocnoBaba,
. cnpoBeAeHe aKTuBHocrH y o6nacrn KopnoparuBHor ynpaBrbaba.

158 lCrpaHa
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ECONOMICS INSTITUTE
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3. l-ltrueal x nraHrpaHe aKTltBHocTH 3a HapeAHy roAxHy, oAHocHo 3a HapeAHe rpx roAxHe, HapoqHTo npuKa3aru:

. qurbeBe pa3Boja,
. L[4rbeBe Be3aHe 3a 3aurrury xHBorHe cpeAuHe, eHeprercKy eSuxacxocr u cn,
. crarycHe H opraH[3aq]4oHe q]rrbeBe,
. TpxHUHe qurbeBe,
. qltrBeBe npegyseha y neplroAy oa xoju ce goxoch nnaH nocroBaba. l-lrrueau rpe6a 4a 6yAy oApeDexu, peanHtl, pa3yMHo
Meprbr4Bn u BpeMeHcKr4 ge$rxucaxu,
. norpe6xe KrbyqHe aKThBHocrH 3a ocrBapebe qt4rbeBa,
o €lH3n!13y aKryenHor rpxuuna, xoja o6aaesxo cagpxu aHanli3y nosehalba o6nlra npouseoglbe/npoMera, aHEmu3y qltrbHux
rpxr4ura, aHanu3y xoxxypexqnje, npoqeHy rpxhrrHor yAena, nnaH npogaje r,t yxanpefiere MapxerxHr crpareruje,
. pH3UKe y nocno8alby u nnan/uany ynpaBrbaba pn3}rquMa,
. nnaHHpaHe uHAr4Karope sa xapeAxy(e) roAlrHe,
. aKTuBHocryr xoje npegyaehe nnaHupa Aa cnpoBeAe y Ll,lrby yxanpeleua KopnoparltBHor ynpaBrbalsa.

4. Ocrane norrrrre, Kao uro cy

. nonuruKa 3anouubaBalba ra 6poja 3anocneHux (yxruysyjyhu 4o6poeoruxe ornpettxuxe),
. nonHThKa 3apaAa,
. paquoHanxoaquja rpouroBa, oAHocHo cpeAcrBa xoja cy nnaxupaxa xa noauqujaua cnlnr6exa nyroBalsa, HaKHaAe no
yroBophMa o Aeny, no arropcKHM xoHopapuMa, no yroBophMa o npuBpeMeHrM u noBpeMeHHM nocnoBllMa !l HaKHaAe
Suauvrul,t nuqhMa no ocHoBy ocrarlrx yroBopa, Kao It cpeAcrBa npegeufiexa 3a crpyqHa ycaBpuJaBa]ba u cnuqHe
HaMeHe, nnaHt4paru xajanule Ao Hr4Boa nnaHnpaH[x cpeAcraBa 3a nperxoAHy roA]rHy, y3 nperxoAHo carneAaBa]be
uoryhxocrn 3a |blrxoBy paquoxanreaqujy.

159 | CrpaHa

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EKOHOMCXH UHCTHTYT
Deloitte. [F 4rr..rrrpriearh
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- INSTITUTE
ICONOMICS
l9{7

5. flnaxrpaxn HaqBH pacnoAene 4o6rrn, oAHocHo nnaHrpaH]r xatrx noxprha ry6rrxa, Hapor{HTo nphKa3arh:

a pacnoAeny npoqelbeHe Aoourx H3 npeTxoAHe roAuHe,

a Haqr4H Ha KOju je pacnoAeruera 4o6ur H3 nperxoAHor nepuoAa.

6. Ycnoer nocroBalba, Kao uro cy:

o []r{aj npoMeHa 3aKoHcKl4x nponn€,
. npojeKqhja xperasa E,Ql-l,
. crona ux$naquje,
o )rru{aj npoMeHe nopecKe nonrTuKe,
. npoMeHe y eneKrpoeHeprercKoM ceKTopy, Hnp. npoMeHa peryflaropHr4x ycnoBa, npoMeHa rapu$xor cucreMa, ltrA

7. flnaxrpaxr Srxaxcljcxr,r pe3yrrar, Hapoqxro npuKa3arh:

a nnaHupaHx 6unaxc craba, 6unaHc ycnexa, xao u nnaHupaHe roKoBe roroBuHe (npeua o6pacqltua y npunory),

llprxo4e y 6ranancy ycnexa nnaHuparu uuajyhu y sugy cnegehe:

. nplrxoAe oA npoAaje eneKrphqHe eHeprlrje Ha ocHoBy aaxehe oAnyKe o qeHaMa u rapuQHoM ct4creMy, oAHocHo
yroBopeHHM qeHaMa,
. e$eKre nnaHxpaHe npoMeHe qeHa H/HJll,t rapuQxor cHcreMa,
. npuxoAe oA npoAaje Apyn4x npolr3BoAa n ycnyra 143 eneKrponpxBpeAHe !r HeeneKrponphBpeAHe AeflarHocrll no BpcraMa
npouaaoga/xynquMa, 3n y cacraBy MX EPC h nnaHupaHhM qeHaMa oA crpaHe perynaropa, oAHocHo HaiqflexHHx opraHa
peny6nrxe/noxanHe caMoynpaBe,
. HaBecrlt eneMeHTe 3a qeroBHTo carneAaBalbe qeHa npoH3BoAa v ycny:a, rao u eaxehu qeHoBHnK no roue cy o6pavyxaru
nocroBHlr npuxoAl4,

160 | CrpaHa
 A
EXOHOMCKH XHCTUTYT
Deloitte 11
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ECONOMICS INSTITUTE
ty7

. npr4Ka3arr H3Hoc, AuHaMuKy h HaMeHy xopur.uheua npuxoAa lrs 6ygera Peny6nuxe Cpncxe,
. np,lKa3arh H3Hoc, Ar4HaMuKy h HaMeHy xopruheua npuxoAa r,ts goxaquja,
. AerarbHo o6paenoxuru crpyKrypy nnaHhpaHux npHxoAa,
. nphxoAe nnaHupaTu xa lrece,lxolrr/xEapTanHoM H roAuuJbeM HuBoy.

Pacxoge y 6ranaxcy ycnexa npuKa3arr urritajyhu y augy cnegehe

. o6aeeeyjyhy crpyKrypy y o6pacqy 6Y - no noeuqujaraa, roAuHaMa, AenarHocruMa,

. rpor.lJKoBe roju cy y Syxxquju o6urrra npouseo4lbe nnaHuparu y cKnaAy ca nraHoM npou3BoA[be,
. TpotrJKoBe ea xoje nocroju noAnora sa $uouvxu o6uu - yrpouraK, nnaHr4par[ y cKnaAy ca [buM u npoqelseHrtM qeHaMa,
. pacxoAe npeMa ApxaBr4 l4cKa3aTu y cKnaAy ca 3aKoHcKr4M nponuc[Ma,
. AerarbHo o6pasnoxrru crpyKrypy nnaHr4paHux pacxoAa,
. pacxoAe nnaHr4paru xa ueceqnou/xBapranHoM H roAurlJtseM HHBoy.

8. flnax 3apaAa r 3anoutLaBalba, Hapoqxro npxxa3arx:

. 6poj sanocreHux sa MX EPC u no 3fl,

. xeanu$uxaquoHy, crapocHy u nonHy crpyKrypy 3anocneHr4x, Kao u crpyKrypy 3anocneH[x npeMa BpeMeHy npoBeAeHoM
y paAHoM oAHocy,
. cno6oAua u ynpaxueHa paAHa Mecra, Kao u AoAarHo 3anourbaBalbe I AHHaM]4Ky ucror (yxonuro je npegaufieuo)
nnaHuparu ucKrbyr{]4Bo y cKnaAy ca eaxehurvr 3aKoHcKl4M u noA3aKoHcKl4M aKruMa, rojutrla ce ypeiyje oea o6nacr,
. cpeAcrBa 3a 3apaAe 3anocreHnx nnaHxparu y cKnaAy ca eaxehuu 3aKoHcKr4M 14 noA3aKoHcKr4M aKTuMa, xojnua ce ypelyje
oea o6nacr,
. HaKHaAe npeAceAHutry H qnaHoBuMa Ha4sopxor o,q6opa/CKynuJrraxe/Og6opa sa peeusujy nnaHupartr y cKflaAy ca
saxehlri, 3aKoHcKHM H noA3aKoHcKr4M aKrfiMa xojutrra ce ypehyje oea o6nacr,

161 | CrpaHa

I T T II I II I I I IT I I IT I I II I I I II I
I I II IT I I T T I -! I I! I I I I I I I I I

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EKOHOMCKI,T I,IHCTHTYT
Deloitte. [I ,(runrprierrh
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- INSTITUTE
ECO]{OMICS
t9a,

9. flnax rexyher x xHBecrxqxoHor oApxaBalbe nphKa3arn no:

a KanaLlurernMa x ocHoBHr4M cpeAcrBr4Ma, yxruyvyjyhr nnaHxpaHy Ar4HaMHKy oApx(aBaua 3a HapeAHy roAuHy, oAHocHo
HapeAHe Tpu roAxHe,

10. nnaH rxeecrrqrja, Hapoquro:

. npuKa3aru nnaH H AuHaMuKy HHBecn4qr/toHl4x ynaraba y xapegxoj roAnHu, oAHocHo y HapeAHe rpH roAr4He,
. AerarbHo o6pa3noxuru 3anoqere, oAHocHo nnaHr4paHe, a Hepeanu3oBaxe uxaecruquje x3 nperxoAHor nepuoAa.

1 1. Kpegrrxa 3aAyxeHocr, Hapoqhro npuKa3aru:

o |Kln6H [3Hoc cpeAcraea xoje je norpe6xo o6es6e4uru h3 KpeAxra H cBpry 3aA]fl(eba,
. AUHaMhKy noBnaqetba cpeAcTaBa,
. nnaHHpaHa cpeAcrBa o6ea6eflersa u
. AuHaMxKy lr H3Bope us xojux he ce epullrrr ornnara KpeAura.

l2.Kprreprjyur sa xoprurhebe cpeAcraBa ea noce6xe HaMeBe, Hapoer,rro

a cpeAcrBa 3a noce6He HaMeHe (xnp. cnoxoopcrBa, AoHaquje, xyMaHurapHe aKTHBHocrr,r, cnoprcKe aKTxBHocru,
penpeeexraqnja, pexnaMa, nponaraHAa x ocrana cpeAcrBa), nnaHuparu xajauue Ao HuBoa nnaHupaHux cpeAcraBa 3a
nperxoAHy roAHHy, ca o6pa3noxerueM u y3 nperxoAHo carneAaBalbe raoryhrocrn 3a AoAarHy paquoxanusaqujy,
a npe4yseha roja xopucre cpeAcrBa u3 6yuera aa $nnaxcupalbe reKyher nocnoBaba (xnp. aa 3apage, uarepujarxe
rporuKoBe r cn.), xao u npegyeeha roja cy nocnoeana ca ry6rrxoM npeMa nocneAbeM o6jaaruexou Quxaxcujcxou
useeurrajy, He Mory nnaHuparlt cpeAcrBa 3a cnoH3opcrBo u 4oxaquje.

(Y [lpnnory Cuepxrqa ce gajy o6aeeeyjyhe nnaHcxe ra6ene xoje ce xopxcre y x3paAx llnaxa nocnoealba, a paAHe ra6ene
3a [3paAy llnaxa gocraerbary HaAnexHx opraHx3aqxoHx AenoB, cBaxo x3 caoje o6nacrr,)

162 | CrpaHa
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EKOHOMCK}1 HHC I/TYT
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ECONOMICS INSTITUTE
t9a7

lV.3 I-lpranor 3 - Ilnan aKTvrBHocrl4 - Tepuuxcxu nnax

llnax arruBHocrl,l
3a H3paAy flnaxa nocnoBalba MX EPC-a x 3aBrcHHx npeAy3eha

Y cxnagy ca qnaHoM 3axoxa o jaexuu npegysehuua ("Cnyn<6exu l-nacxux PC" 6p. MX EPC je gyxox ga xajxacxuje 4o
-
reryhe roAxHe, Bnagu Peny6nnxe Cpncxe AocraBu roAuurblr flnax nocnoaaba 3a HapeAHy roAerHy, oAHocHo rporoAuuJlbH -
-
nporpaM nocnoBarba.
-)
l]onagxa ocHoBa 3a lrspagy npojexquja sa xapegxr nnaHcx]r nepHoA cy nnaHcKli eneMeHT]r us Tporo4uuruer nnaHa nocnoBaEa 3a
y3 yBan<aBabe HeonxoAHux xopexqrja ycneA npoMeHa MaKpoeKoHoMcKux napaMerapa, ycnoBa nocnoBaba, npoMeHa Ha
----r.,
rpxr4uJry, TexHHqKhx nep$opuancra npou3BoAHor cucreMa, npojexquja npoet3BoAlbe u qeHa npolt3BoAa a ycnyra, npojexquja
norpouJ$e eneKrpuqHe exeprrje, Kao !r ocranlrx peneBaHTHux napaMerapa xojra uory frhqarll Ha uspaAy flnaxa nocnoaalsa.

Y r{uruy u.no eQraxacxraje, 6narospeueHe H KBaflHrerHe H3page |lnaxa nocnosa*a MX EPC-a u 3aBucHrlx npegyseha, HeonxoAHo
je noxpexyrra !r opraHu3oBaru aKTltBHocrr,r Ha npunpeMu AerarbHr4x cMepHuqa, norpe6xux nraHcKr4x eneMeHara u tr3paAlr
nojeguxavxux AenoBa nnaHa, lbuxoBo ycarnauJaBarue, ogo6paaarse r,t o6je4ursaBalbe y qefloBllr flnax, a npeua cnegehuu
aKTuBHocrr,rMa, HaAnexHocrr4Ma H oAroBopHocrttMa H npeABubeHt4M poKoBt4Ma:

163 | CrpaHa

I I T I! I I I I I I I !T II I T I' I I I I I
I I I! TI I I T I I I I I IT I I i' I I I I I

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EXOHOMCKl. UHCTvfTyT
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ECONOMICS INSTITUTE
19a'

NNAH AKT]4BHOCTH - TEPMhH NIIAH

PeAxn
6poj Onlrc arrngxoctn HaAner€H/OAroBopaH 3a xpaibx pe3yrrrar Po(oBa,r'

B.A. 143BpuJHlr Axpe(Top 3a rexHH'{Ke nocrroBe

firpexqnja 3ar npox3BoArby y calpaA]bx ca A]rpeqljoM 3a ynpaBrba]be u
npox3BoAHxM npeAy3ehrMa
1 EnefirceHeprercxr 6rnaxc (ca 6rnaHcoM yrtba) Arpexqrra 3a nocnoee Oneparopa crcreMa noAcrxqaja (OCn) 20.08.
Axpeqr4ja aa rpxuu.rxo cxa64eBalbe eneKTpnqHoM eHeprirjoM
Ilnpexqraia 3a nocJroBe oneparopa Ancrpu6yrrBHor chcreMa
nnaH npou3BoArbe ocrErnrx npox3BoAa I npyxa]be
2
ycnyra AupeKropr 3n 13.09

s.A. l4sapuJxu ArpeKrop 3a jaBHo cHa6AeBatbe

nnaH xcnopy(e en. eHepruje Ha Altcrpu6frltBBoM
3 Alpe(qlja 3a n@noBe oneparopa AxcrpH6frHBHor clrcreMa, Aupe(q[ja 3a 13.09
xuaoy m gncrpu6yrnexr ry6nqn
rpxorurxo cfl a6aee€rrbe ereffipuqHoM eHepmioM
CMepHnqe - MaKpoe(oHoMcxe }l ocrnne
YnpaBa n hA 3a nocnoBe OnHaHcllia
4 npernocraBxe 3a ,3paAy nnaHa nocnoBaba ri 13.09
ynfrcrBo 3a npxnpeMy exox$uxancujcxor Aena Cnyx6a 3a nnaH r aHanr3y
nn

5
nnaH npoAajHnx qeHa enefipxqHe eHeprxre 3a B.A. l43BpuJH!,r Ar,rperrop 3a e(oHoMcxo $nxaxcujcxe nocnoBe I ApyrH ],14
13.09
iaBHo, pe3epBHo u rpxruxo cxa64rjeaase ArpeKquja 3a rpxr4uJHo cHa6AeBalbe enefipxqHou eneprrjou

nnaH Ba6aBHxx qeHa enefipHqHe eHeprrie oA B.A. lrl3BpuJHHAxpefiop 3a rexBt,lqxe nocnoBe 13.09
6
noBnauheHrx npot,l3Bonaqa Anpexr.luia sa nocfloBe Oneparopa clrcreMa noAcrlqaia (OCn)
7 nnaH nooaaiHlx rleHa 3a ocrane npo{38. 14 ycnyre Arperropu 3fl 13.09
B.A. l43Bpr.!Hu Ar,rperrop 3a opraHt13aqloHo npaBHe nocnoBe
OcHoBHr,r noAaqlr o npe4yaehy (AenarHocr,
I opraHu3aqxja, ynpaBrbaqKa crpyKrypa, 3axoHu) flrpexquja 3a opraHn3aql,roHo npaBHe nocJloBe 13.09

164 | CrpaHa
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Deloitte 6
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ECONOMICS INSTITUTI
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PeAHlr
6po, Onltc aKr[BHogr}l HaAnexaH/OAroBopaH 3a xpajlbu pe3yrrrar PoKoBr'

I nnaH yHanpetlelba oAHoca c iaBHouJhy Cnyx6a flrperropa MX EPC 13.09

Kpffieplr,iyMlr x nnaH xsABaja]ba cpeAcraBa 3a

10 Cnyx6a luperropa MX EPC y cxnagy ca 3axoHcKr4M nponucuMa 13.09
QuHaHcupalbe cnoH3opcraBa, AoHaqHja

flnax yxanpelyerua MapKerHHrrJxl4x aKTHBHocTH h

11 Cnyx6a Arpemopa MX EPC 13.09
oAHOCa c€! KynlllrMa
ycBajalbe nnaHoBa 1) - 121oA cTpaHe nocnoBHor
12 luperrop MX EPC-a 20.09
KonerujyMa

13 AocraBrbalbe ycBojeHux nnaHoBa 1)- 12) 3n Ka6nxer 4rperropa MX EPC 24.09

B.A. l43Bpr.!HH AHpeKTop 3a eKoHoMcxo-Qr.rHaHcujcxe nocnoBe

14 nnaH npr4xoAa 24.O9
Cnyx6a 3a nnaH u aHanH3y
'15 B.A. H3BpuJH14 A!.rpeKTop 3a eKoHoMcKo-Q14HaHcujc(e nocnoBe
143paAa npBe npojexquje EHnaxca HoBqaHnx roxoBa 25.09
Cnyx6a 3a nnaH x aHarnrl3y
B.A. H3BpuJH14 Atlpefiop 3a rexHx'.rxe nocnoBe
B.A. H3spuJHu Axpefiop 3a pa3Boj I sHBesr]4L[4ie
a.4. l4sapurxu gupefiop 3a opraHu3aqraoHo npaBHe nocnoBe
16 nnaH oApxaBalba u l,lHBecrnLllja fl npexquja 3a npox3BoAlby 07.10
fl upexquja 3a xHBecrHqxje
Aupexquia 3a nocnoBe oneparepa Arcrpu6ynraHor cncreMa
CarnacHocr Ba rporoArurlbr.t nnaH rHBesrur.lHja prcrpu6yqnja us4aje
PerynaropHa xoMrlclia 3a ereprernxy PC
l4A 3a nocnoBe QrHaHcxja y capaAlbr.r ca ApyrlM HaAnexHuM l4A
17 YcarnauaBalbe nnaH,osa 17 1 - 24\ AupeKqxja 3a npox3BoA]by 18.10
AlrpeKllxie 3a rHBe6rrqxie
nnaH 6poja, crpyKrype 14 MeceqHe ArHaMxke a.4. hsapuxu gupeKTop 3a opraHt,l3aquoHo npaBHe nocrloBe
18 07.10.
3anocneHl,|x Ka4poecKa cnyx6a

165 | CrpaHa

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ECONOMICS INSTITUTE
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PeAxlr
6poj Onrc arrrarocnr HaAne)*aH/OAroBopaH 3a (pajlbx pe3yrrrar Po(oBlr'

nnaH 3a o6e36el)eue r cnpoaolerue Mepa 3aurrrre

19 xxBoTHe cpeAxHe H oTKnalbalbe uJTeTHl,lx
B.A. tl3BpurHx Alrpefiop 3a pa3Boj r rneecruqnje 23.10
nocneAlrqa oA 3araDeba xlBorHe cpeA[He, AxpeKll,rja 3a pa3Boi

B.A. l,lsBpuJHu AupeKTop 3a exoHoMc(o+xHaHcrjcxe nocnoBe

20 flnax rpoulxoaa 3anocneHrx 14.10.
Cnyx6a sa nnaH n aHan[3y
flnaH crpyqHor ocnoco6ruaaaua x ycalBpr,laBaba B.A. l,l3BpuJHH A]1peKTop 3a oprErHn3aqHoHo npaBHe nocnoBe
21 14.10
3anocneHrx KaApoBcxa cny)l(6a
llnax npeaexrrerux uepa sa 6ee6e4xocr u B.A. h3BpuJHx Anpefiop 3a opraHH3aq[oHo npaBHe nocnoBe
22 14.10.
3ApaBrbe Ha paay KaAposcrc cnyx6a
flnax xaxxaga 3a pa4 npeAceAHr(a !r qnaHooa AxpeFop 3a exoHoMcxG<Pnxaxcnjcxe nocnoae
B.A. l43BpuJHlr
23 14.10
HaanexHxx opraHa Cryxoa 3a nnaH r aHann3y
a.4. Hsapuxu gupeKrop 3a e(oHoMcKo-Sr4HaHcljcxe nocnoBe
24 flnaH TporuxoBa 18.10.
Cnyx6a ga nnaH x aHarn[3y
YcarnauJagalbe n ycaajaue nnaxoea 16) - 24) o4
25
crpaue [locnoaxor Kofl erniyMa finperrop MX EPC-a 21 .10

26 AosraBrhalbe ycarnauJeHrx nnaHoBa Ka6xHer AxpeKropa MX EPC 22.10.

B.A. l,l3BpuJHx A11peKTop 3a exoHoMcxo-$rxaxcujcxe nocnoae
27 l43paAa nnaHa jaBH!4x Ha6aBKn
IlupeKqHia 3a iaBHe Ha6aBKe
B.A. l43BpruHx Anpefiop 3a eKoHoMcxo-QxHaHcujc(e nocnoBe 25.10
28 nnaH noBna,{e}ba }! ornnare xpe{rra
Cnyx6a 3a QrHaHcxie
Ha.qnexHlr ]44 23.10
29 Pu3uLlx, oAHocHo nnaH/Mana ynpasrbaba pH3nqr4Ma

a.g. lllsapuxu guperrop 3a e(oHoMcxo$[HaHo,ric(e nocnoBe

B.A. [,13Bpr!Hu AupeKrop 3a opraHt,l3aLllroHo npaBHe nocroBe 30.10
30 nnaH paqxoHarn3aqrie x pecrpyKrypupalba
Cnylda 3a nnaH x aHanh3y
AlrpeKLlxia 3a npaBHe nocnoBe
B.A. 143BpuJHH Ahpefiop 3a exoHoMcxo-Q14HaHcnjcxe nocfl oBe 30.10
31 fapaHquje n cpeAcrBa t13 6yuera PC
Cnyx6a 3a OrHaHcxje

166 | CrpaHa
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ECONOMICS INSTITUTE
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Pegxu
6poj Onnc arrrsxosn HaAnexa#OAro8opaH 3a xpaj]bx pe3yrrar PoKoBr,r'

Koxa.{x14 flnaxosra 6unaHca npuxoAa x pacxoAa, a.4. [4eepurxu 4upeKTop 3a eKoHoMcxo-+xHaHchjcKe nocnoBe 08.11.
32
6nnarca crarua r 6maxca HoBqaHnx roxoBa Cnyx6a sa nnaH I aHanr3y
<Dunancnjcxa cpeAcrBa 3a peant,l3allHjy nnaHa B.A. l43Bpr!Hr,r Ar,rperrop 3a exoHoMcxo-QuHaHcrjcKe nocnoBe 08.1 1
33
nocnoBalba Cnyx6a 3a nnaH n aHanH3y
B.A. l43Bpr,uHr,r AxpeKrop 3a eKoHoMcxo-QhHaHcujcxe nocnoBe
34 SHnaHc ycnexa 08.1 1
Cnyx6a sa nnax u aHanr43y
B.A. h38pr.uHH AHpeKTop 3a eKoHoMcKo-+HHaHcHjcxe nocnoBe
35 ExnaHc crat5a 08.11
Cnyx6a sa nnaH n aHan{3y
B.A. h3Bpr.!Hu Axpexrop 3a eKoHoMcxo$nxaxcltjcxe nocnoae
36 l4saeunaj o HoBgaHrlM Tor(oB14Ma 08.11
Cnyx6a 3a nnaH 14 aBanlr3y
B.A. [43BpruHh Axpexrop 3a exoHoMcxo4uHaHcxjcKe nocnoBe
37 Tporuxosr,r 3anocneHux 08.1 I.
Cnyx6a 3a nnaH l! aHanx3y
AhHaMt,lxa 3anouJrbaBatba B.A. H3BpLuHx AxpeKTop 3a opraHlr3aLlHoHo npaBHe nocnoBe
38 3anocneHocr no Meceql,lMa . 08.11.
KaApoBc[a cnyx6a
fl naxupaxa crpyrrypa 3anocJreHt,lx
3apaAe (Mace 3a 3apa4e, 6poj 3anocreHux H B.A. 1438prlJHx AHpeKTop 3a eKolioMcKo-(pHHaHcujcxe nocnoBe
39 08.11
npoceqHa 3apaAa) Cnpx6a sa nnax u aHanrl3y
B.A. 143BpuJH14 AMpexrop 3a e(oHoMcxo+rHaHcuicxe nocfloBe
40 HaKHaAe 3a pa,q BaAnexHllx opraHa 08.11
Cnyx6a 3a nnaH !r aHann3y
nnaH Aocneha xpe4nrurx o6aae3a lt nnaH ornnara B.A. l43BpuJH14 Aspexrop sa e(oHoMcxo-OuHaHcuicxe nocnoBe
41 08.11
no KpeaHTophMa Cnvx6a sa OHHaHct,lie
l43paAa 3aBpuHor AoKyMeHra 3a MX EPC u AocraBa B.A. l43BpruHu Arpexrop 3a exoHoMcxo-OrHaHcujcKe nocnoBe
42 13.11
cgnx nnaxoga l4ll Cnyx6a 3a nnaH lt aHanx3y
43 Kopexquie / 0A06paBatbe nnaHa flocfloBalba CBx t4A 15.11
AocraBa npenrora flnaHa nocnosalba M[] n u feHepanHx Anpefiop,
KoHcoflxAoBaHor nnaHa MX EPC O46opy sa 15.1 'l
44 ognocxo Cnyx<6a 3a KopnoparhBHo ynpaBrbabe
peB!{3ujy r'{ HO Ha ycBaja}be

167 | CrpaHa

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PeAxlr
6poj OnIc arr]raHocrh HaAner€H/OAroBopaH 3a Kpajblr pe3ynrar PoKoBx'

45
Yceajaue nnaHa nocnoBalba xa HO r Og6opy sa
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Ynyhnaaue npeMora BnaAx PC Kao CKynurrlrHh (paja
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llnaxoen 3n ce HaxoH ycBaiatba xoHconnAoBaHor
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ynynyiy Ha opraHe ynpaBrbaba 3ll (OP, HO H
CKvnurruHy)

HAIIOMEHA: Pox oa nspagy maHa nocnoBaba npeAMer ie op1y(e MX EPC-a, Ha ocHoBy npencnlrTxBaba peanxocrr poxoBa y TepM[BcKoM nnaHy Kojh je
BAfl4O y npeTxoAHOM neprrcAy.

Heonxogxo je ga ce cB frecH[qx x3paAe flnaHa nocnoBaba nphApxaBajy HaBeAeHxx poKoBa.

Tpe6nue,... rog.
AhPEKToP MX EPC

flocraerueno gonrcou 6p......o9

-'
- [4rapu.rxr,ru gr.rpefiopr4Ma
Irperropnua npHBpeAHhx ApyuJTaBa

168 | CrpaHa
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lV.4 flpnnor 4 - CaApxaj nnaHa nocnoBalba

nPElnorq)PtE h CA.qP,I(AJA nnAHA nocnoBAlbA

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1 .1 . flenarnocr, opraxusaquja, BnacHr.rqKa h ynpaBrbaqKa crpyKrypa

1.2. 3aroxra h Apyra arra xojuua ce ypeflyjy crarycHa nr4ralba u ycnoBu o6aeruarsa AenarHocru
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1.4. 6poj 3anocneHlrx

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3. ArrreHocr[ Ha nporpaMy peopranrsaqrje MX EPC l5

4. Ilnax nporeeogbe r ucnopyxe 5
4.1 . llnax npor4sBoAlbe eneKrpuqHe exeprnje
4.2. llnan hcnopyKe eneKrpvrqHe exepruje
4.3. flnax rproBrlHe eneKrpr,rqHoM exeprujou

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