11:57 17.12.2020

Completion of electricity market reform to allow Ukraine to be leader in decarbonization in Eastern Europe – DTEK CEO

2 min read
Completion of electricity market reform to allow Ukraine to be leader in decarbonization in Eastern Europe – DTEK CEO

A free competitive electricity market and the completion of its reform will allow Ukraine to become a leader in decarbonization in Eastern Europe, DTEK CEO Maksym Timchenko has said.

"Ukraine is very well-positioned to be a leader in decarbonization in Eastern Europe. Ukraine has great potential in renewable energy sources. We have also gained rich experience which allows us to successfully implement projects. But for this, the government must abandon the manual control of the power sector, allow market mechanisms to work at full capacity in the free competitive electricity market. The result will not keep us waiting," he said at the online conference entitled "Ukraine In Washington and Beyond. Advancing Partnerships Through Innovations and Reform" held on December 15 and December 16.

According to him, the obstacles to the green transition can be divided into technical and economic. At the same time, the CEO of DTEK expressed the opinion that it is possible to overcome technical obstacles through innovations and modern technologies, in particular, to solve the problem of the lack of maneuverable capacities, which limits the development of renewable energy sources, using highly maneuverable engines, gas turbine plants, small modular nuclear reactors and power storage systems.

At the same time, according to Timchenko, completing reforms in the power sector and overcoming economic obstacles requires political will and commitment from the country's leadership to the market course of economic development, as well as solving the problem of government debt to investors and renewable energy producers.

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