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The Energy Community Secretariat should support the preservation of a state-guaranteed and reliable mechanism for providing financial support to the renewable energy sector through Ukrenergo.
about it Point out The Ukrainian Wind Energy Association (UWEA) has announced an event in the coming days where the energy community under the leadership of Arthur Lorkowski will bring together all the players of the Ukrainian renewable energy market to present a roadmap for solving existing market challenges.
“One of the most important is the lack of war risk insurance and the outstanding debts of RES investors in 2022 and five months of this year. Obviously, it is impossible to create new capacities without financial resources,” UVEA noted.
The association stressed that existing investors who have already invested their own funds in the Ukrainian economy are concerned about the potential threat of further deterioration in the business environment and market conditions (particularly due to the possible cancellation of the PSO of Ukrainian power companies, which provides financial support to renewable energy companies in the transmission tariff system operator), and are therefore also cautious about further investments.
“In addition, the liquidation of NPC Ukrenergo’s PSO was not supported by the European Bank for Reconstruction and Development (EBRD), one of Ukraine’s major investors. The above factors also limit other potential international investors from doing business in the Ukrainian market,” UVEA added.
As mentioned above, the state must act decisively and do everything possible to ensure the maximum influx of domestic and foreign investors into Ukraine. Investors say the 10 GW of conventional energy capacity lost to Russian shelling must be compensated by new distributed generation capacity.
“This is where the 4GW of wind projects that are ready for implementation come in. At the same time, because many factors still hinder this process, the result is that time has been lost,” the investor said.
They also drew attention to the threat posed by the decision to cancel the PSO of NPC Ukrenergo and expressed their wish to listen to the opinions of the business community and not to make decisions accordingly.
Let’s recall that on June 20, after another Russian shelling of energy infrastructure, President Vladimir Zelensky convened a headquarters meeting and decided to instruct the government to develop a strategy for the development of renewable energy and distributed generation. The debt of state-owned enterprises amounts to billions of hryvnias, mainly due to insufficient funding for the development of the sector by the external NEC “Ukrenergo”.
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