12:22 19.05.2020

Long-running privatization of Centrenergo affects company's managerial efficiency – Buslavets

2 min read
Long-running privatization of Centrenergo affects company's managerial efficiency – Buslavets

The privatization process of Centrenergo, which lasts for years, affects the efficiency of managing the company and solving operational government tasks in particular, acting Energy and Environment Protection Minister of Ukraine Olha Buslavets has said.

She told Interfax-Ukraine that the company made a decision to launch gas and residual blocks in a context of a coal surplus.

"We now need to ensure guaranteed sales of products extracted at state-owned mines, and Centrenergo decided for some reason to switch to gas and residual blocks. I do not understand this strategy of the company, in which the majority stake is owned by the government, and in which money was invested for re-equipment of blocks for the burning of gas coal extracted at state-owned mines," she said.

Buslavets said that the ministry as a governing body does not have the ability to influence the actions of the generating company.

"You know that the State Property Fund owns its shares, but frankly speaking, it never contributed to effective management. Either the company is under industrial management, or it is happening that what we observe over the past years," Buslavets said.

She advocates the early privatization of PJSC Centrenergo to ensure the effective management.

"I believe that it is necessary to privatize Centrenergo in transparent bidding with an attractive case. It is necessary for the management [the State Property Fund] to clear the company of debts and take all essential measures to minimize any negative impact on the company's valuation for privatization. The practice shows that our government is often an ineffective manager," she said.

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