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11:44 30 Jun 2022

Ukraine's PM: Increasing electricity exports can bring Ukraine more than 70 billion a year

If Ukraine increases its capacity for electricity export to 2.5 GW, the country will be able to receive more than UAH 70 billion per year from its sale

Prime Minister Denys Shmyhal announced this, Rubryka reports.

"Just three months after receiving the visa-free energy regime, the long-awaited export of Ukrainian electricity to Europe began!

Today, from one o'clock in the morning, such exports went in the direction of Romania. The initial volume is 100 MW," the prime minister wrote.

"Energy visa-free regime with the EU, which became operational in March this year, gives its very comprehensive and practical result.

In the first day alone, the Ukrenergo state enterprise earned UAH 10 million from the sale of access to the interstate crossing," added Shmyhal.

As the prime minister emphasized, the potential of Ukrainian electricity export to Europe is up to 2.5 GW.

Under such a scenario, the state will be able to receive more than UAH 70 billion per year, he added.

"After Ukraine's victory in the war, it will significantly increase investments in the industry and modernize it to the best European standards.

Energy will be one of the drivers to recovery our economy, which has already become a driver of our integration into the EU," the head of government summarized.

Reference

At the first auction for distributing transmission capacity in the direction of Romania, Ukrenergo sold all available 100 MW every hour of the day.

The electricity supply day for this auction is June 30.

The European energy system ENTSO-E decided on the official start from June 30 of the commercial export of electricity from Ukraine to Europe with an initial volume of 100 MW.

"ENTSO-E made a long-awaited decision regarding the official start of commercial electricity exports from Ukraine to Europe on June 30, 2022.

The initial export volume is 100 MW, which will increase gradually after the monthly ENTSO-E impact assessment on the European energy system.

Technically, our power system can already provide up to 1,690 watts of power for export. After implementing additional technical measures, the throughput capacity for the sale of electricity abroad may increase to 4-5 GW", the Minister of Energy of Ukraine Herman Halushchenko noted.

Read Rubryka's Timeline of War: current news on Ukraine's defense against russia's aggression.

Category:
Economics

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