Ukraine and the European Union would be able to harmonize their energy markets in five years and boost the investment potential of the sector, DTEK CEO Maksym Tymchenko has said.

"The issue of harmonizing our power grids has been on the agenda for over 10 years. If Ukraine, first of all the ministry that is responsible for this, acts as the initiator, it is realistic that the full harmonization of the power grids would be completed in five years, and colleagues from the EU have confirmed this," he said at the conference devoted to Ukraine-EU strategic Partnership in the energy area and the role of business in the process held in Brussels December 19.

He said that the cost of the project is several hundreds of millions of euros.

"Taking into account the size of the potential it gives to the country, this investment is justifiable. They should be quickly attracted," he said.

Tymchenko said that the harmonization of the Ukrainian and European power markets would help Ukraine to increase electricity exports by three or four times.