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Ukraine Energy Company C.E.O. Tries to Keep Lights On During War

by Stanley Reed
March 20, 2022
in Finance
Reading Time: 4 mins read
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Maintaining hundreds of thousands of consumers in Ukraine equipped with electrical energy amid the Russian invasion is, to say the least, difficult. Particularly when {the electrical} grid itself turns into a goal.

“What we see now could be that they assault transmission strains, substations, energy producing stations,” stated Maxim Timchenko, chief government of DTEK, a big personal Ukrainian power firm. Within the early days of the warfare, he stated, the Russian navy appeared to be cautious of wrecking vital civilian infrastructure.

Now, he stated, “they aren’t selective anymore.”

In a video name from an undisclosed location in western Ukraine, Mr. Timchenko described how DTEK, which provides about 20 % of Ukraine’s electrical energy, and different Ukrainian utilities had been scrambling to maintain the lights on in the course of the Russian onslaught.

Amid the urgency, Ukraine, which isn’t a member of the European Union, has additionally managed to attain one thing in a matter of weeks that it had labored on for years: a linkup to the ability grids of neighboring E.U. nations, together with, in line with Mr. Timchenko, Romania, Slovakia, Poland and Hungary.

“This may assist Ukraine to maintain their electrical energy system steady, properties heat and lights on throughout these darkish instances,” stated Europe’s power commissioner, Kadri Simson, in an announcement. “On this space, Ukraine is now a part of Europe,” she added.

In case of a significant hit to its energy system, Ukraine may now apply for emergency electrical energy provides from the European system, Mr. Timchenko stated. Ukraine additionally severed its electrical energy hyperlinks to Russia and Belarus simply earlier than the invasion to determine independence from energy sources in hostile nations.

When its transmission strains are broken or severed, DTEK arranges for Ukrainian troopers to escort its emergency restore crews, wearing flak jackets, to achieve affected websites. Mr. Timchenko stated six of DTEK’s roughly 60,000 staff had been killed in the course of the warfare, though not whereas performing duties for the corporate.

The Russia-Ukraine Conflict and the World Financial system


Card 1 of 6

Shortages of important metals. The worth of palladium, utilized in automotive exhaust programs and cell phones, has been hovering amid fears that Russia, the world’s largest exporter of the metallic, may very well be lower off from international markets. The worth of nickel, one other key Russian export, has additionally been rising.

Monetary turmoil. World banks are bracing for the consequences of sanctions meant to limit Russia’s entry to international capital and restrict its means to course of funds in {dollars}, euros and different currencies essential for commerce. Banks are additionally on alert for retaliatory cyberattacks by Russia.

Total, Mr. Timchenko stated, Ukraine’s electrical energy operations had been “comparatively steady.” Maintaining issues that manner, although, appears tenuous. The majority of electrical energy for Ukraine’s households comes from 4 nuclear vegetation, and the one at Zaporizhzhia, Europe’s largest nuclear energy station, is now occupied by Russian troops after coming beneath assault.

Thus far, he stated, electrical energy consumption is down by round one-third from earlier than the invasion on Feb. 24. That’s due to a falloff in financial exercise and injury that may’t be repaired within the brief time period in locations like Mariupol, the town on the Black Beach that has been beneath heavy Russian bombardment, and Kharkiv, Ukraine’s second-largest metropolis, which has additionally sustained main injury. Mr. Timchenko estimated that 1.3 million prospects in Ukraine had been, in impact, disconnected.

In Luhansk, one among DTEK’s eight standard fossil fuel-burning energy vegetation has been disconnected due to the invasion, and he’s involved about one other unit that’s close to the Russian strains and may very well be lower off within the occasion of an advance. DTEK had additionally switched some producing items to pure fuel when provides of coal, which the corporate mines, had been blocked.

Mr. Timchenko stated solely about one-third of the corporate’s 3.8 million prospects had been now paying their payments, though the banking system continues to perform. He stated the corporate — which is in the end owned by Rinat Akhmetov, typically described as Ukraine’s richest particular person — nonetheless had money reserves. However he stated the state-owned electrical energy operators badly wanted an injection of worldwide support.



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