Ukrainian energy market leader DTEK calls for renewed US investments in Ukrainian energy sector

DTEK has today called for completion of reforms and additional US investments to drive the decarbonization of Ukraine’s energy sector. DTEK CEO Maxim Timchenko was speaking at the US-Ukraine Foundation Conference.

Maxim Timchenko said, “Ukraine is very well-positioned to be a leader in decarbonization in Eastern Europe and DTEK is ready to support the country's movement in this direction. Ukraine has great potential in renewable energy sources: we have a favorable climate, highly qualified specialists, and relatively cheap access to grids. In recent years, we have also gained rich experience which allows us to successfully implement projects. We need further US investments, along with continued technical and political support, to develop RES and other innovative industries in Ukraine”.

Nadia K. McConnell, President of the U.S.-Ukraine Foundation, stressed that “greater economic cooperation in innovation, increased trade and investment are integral to building long-lasting bilateral relations between our two countries.”

Today, DTEK has a renewable energy portfolio of 1 GW in solar and wind capacities, and aims to be carbon neutral by 2040.

Maxim Timchenko continued, “Further development of renewable energy sources in Ukraine will only be possible if the market is financially balanced. Therefore, we need to complete ongoing reforms, abandon arbitrary market interventions and remove anti-competitive restrictions. We really hope that this will be the case in the near future - and only then Ukraine we be able to really implement all our ambitious plans for green transition.”

The US-Ukraine Foundation “Ukraine in Washington” conference brings together stakeholders from across Ukrainian business, and political and business representatives in the US.