14:25 31.07.2020

Energy ministry in talks to attract EUR 300 mln in credits from state banks, IFIs for regulating non-payments on electricity market

2 min read
Energy ministry in talks to attract EUR 300 mln in credits from state banks, IFIs for regulating non-payments on electricity market

Ukraine's Energy Ministry is continuing talks with state banks and international financial institutions (IFIs) on attracting EUR 300 million of loans on concessional terms, in particular, to cover part of the debt of the state enterprise Guaranteed Buyer at green rates.

The condition of banks for such loans is the financial stabilization of the electricity market, depending on the adoption of appropriate decisions by the National Energy and Utilities Regulatory Commission of Ukraine (NEURC), the ministry's press service said on Friday, July 31.

The Cabinet said on Friday that at a meeting of the Anti-Crisis Energy Staff government appealed to the commission for the regulator to urgently take steps to balance the electricity market and its further effective work, calling the role of the commission decisive in this process.

According to the Guaranteed Buyer, as of July 20, the debt of National Energy Company Ukrenergo to compensate for payments on green tariffs to it amounted to UAH 16.6 billion. The level of payments of the Guaranteed Buyer to renewable energy producers is 26%, and debt exceeded UAH 19 billion.

As reported, on July 29, the Antimonopoly Committee of Ukraine (AMCU) published on the website the recommendations of the commission of July 2, mandatory for consideration, accusing it of inactivity.

As noted in this document, the commission did not submit to the Cabinet proposals on improving the conditions of the regime of special duties (PSO), improperly conducted and made public the results of monitoring the functioning of the electricity market, and also improperly ensured the balancing operation with the transmission system operator market.

In order to pay off its debt to the Guaranteed Buyer, Ukrenergo planned to attract loans from the European Bank for Reconstruction and Development in the amount of EUR 128 million (UAH 3.8 billion) and the European Investment Bank (EIB) – EUR 92 million (UAH 2.8 billion). In particular, EIB funds were saved as a result of the implementation of projects for the construction of the overhead 750 kV Rivne NPP–Kyivska and 750 kV Zaporizhia NPP–Kakhovska lines.

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