Ukraine’s largest private energy company DTEK is joining a UN-backed global coalition to revive the country’s war-damaged energy sector and help it become a green energy powerhouse.
The Ukraine Energy Initiative, which was created by the United Nations Global Compact, brings together partners from across the sector in a unique global coalition.
The aim is to coordinate efforts around the vision of a green, modern sector that also acts as a secure supplier of clean energy to Ukraine’s partners in Europe.
The group, which also counts Ukraine’s Naftogaz and Ukrenergo as founding members, aims to connect international partners with companies in Ukraine seeking support; open the flow of global capital to fund recovery and transformation; and help Ukrainian companies plan towards a net zero carbon future.
It also wants to incubate and accelerate Ukraine’s sustainable energy industry; promote industry best practice; and provide a place to consolidate world-leading expertise.
Restoring and revitalising Ukraine’s energy infrastructure will require a major international effort, DTEK said.
The World Bank estimates US$5.7bn will be required for short-term reconstruction and up to US$47bn for the complete restoration between now and 2033.
To get through the coming winter, Ukraine needs around 8.9GW of thermal generating capacity but has only 5.1GW available currently – a 43% shortfall.
DTEK alone needs US$150 million to repair five thermal power plants (TPPs) and a further US$27 million to restore its grids, the company said.
But beyond Ukraine’s immediate needs this winter, the Initiative is an opportunity for partners to help the country build back a green and modern energy system that can become a source of clean energy for the rest of Europe.
DTEK chief executive Maxim Timchenko said: “Ukraine faces the greatest energy challenge of any European country since World War Two.
“A global coalition of public and private partners can drive the recovery and modernisation of our energy sector, and in turn, revive Ukraine from the ravages of war.
“In return, Ukraine has ample potential to become a critical partner for Europe in its transition to a net zero future and end the continent’s dependence on Russia.
“A broad-based recovery will require an ecosystem of partners, including equipment manufacturers, grid operators and financial institutions.
“The Ukraine Energy Initiative provides the framework in which to build that ecosystem.”