Multibillion debts in Ukraine’s electricity market and imperfect conditions of green auctions are among the biggest obstacles to the country’s energy development, according to Yevhen Korf, CEO of NVP ENERGO-PLUS LLC.
According to him, newly built power plants in Ukraine have helped offset part of the energy deficit caused by missile strikes. At the same time, the sector is facing a number of systemic issues.
‘One of the biggest challenges is the debt owed to investors in renewable energy development,’ Korf said.
‘As of now, the debt for already-produced ‘green’ electricity exceeds UAH 25 billion. This isn’t just a number—it’s a barrier to further growth, since most of these plants were built using foreign currency loans,’ he added.
Korf explains that delays in payments automatically lead to exchange rate losses, which in some cases exceed 30% of the total investment. He also emphasizes that renewable energy auctions have failed to meet investor expectations. For example, less than 1 MW of the 110 MW quota was actually implemented last year. The reasons vary from lack of trust in guaranteed buyers to a complex grid connection system and overly regulated pricing.
‘Businesses want to invest, but without guarantees and flexible regulatory mechanisms, investors will stay away,’ Korf stated.
As a reminder, according to MP Oleksii Kucherenko, Ukraine’s energy market needs proposals that could form the basis for a comprehensive compromise among all stakeholders. This includes the creation of a roadmap to address systemic technical and financial problems, and stabilize the growing debt crisis in the sector.
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