DTEK Energy takes urgent measures to minimize the negative economic consequences of the crisis

DTEK Energy takes urgent measures to minimize the negative economic consequences of the crisis

DTEK28 March 2020

In the context of a growing economic crisis, caused by the COVID-19 coronavirus pandemic, as well as falling global financial markets and collapsing commodity prices, DTEK Energy has taken emergency measures and suspended payment of coupons on Eurobonds and interest on bank debt in order to minimize the negative economic consequences.

The crisis response plan, developed by DTEK Energy, includes measures aimed to minimize the negative economic consequences in the context of a growing economic crisis caused by the COVID-19 coronavirus pandemic, and is necessary to ensure the operation of enterprises, the protection of employee’s health, and to maintain the continuity of production processes in emergency situations.

“On March 25, the Ukrainian government introduced an emergency decree across the regions of the country and decided to extend the quarantine until April 24, 2020. This means that DTEK Energy must immediately take all necessary measures to maximize the concentration of resources and guarantee the continuity of production processes that will provide Ukrainians with electricity and heat during quarantine. In the current situation our responsibility is to ensure energy independence and energy security of Ukraine”, said DTEK Energy CEO Dmytro Sakharuk.

DTEK Energy is developing a Proposal for the introduction of a “standstill” and debt restructuring regarding the issue of Eurobonds and asks the holders of Eurobonds and bank debt to support the company in this difficult decision. Today, it is critically important to combine forces in the fight against the COVID-19 pandemic.

Profile

DТЕК is the largest private investor in Ukraine’s energy sector.

DTEK Group produces coal and natural gas, generates electricity at thermal, solar and wind power plants, distributes electricity, supplies electricity to end consumers, provides energy efficient solutions and develops a network of EV charging stations.
In 2019, DTEK’s capital investments totalled UAH 23 bln. Moreover, the company paid UAH 23.4 bln of taxes. DTEK employs 70 thousand people.

The company is 100% owned by SCM Limited. Ultimate beneficial owner – Rinat Akhmetov.

 

Corporate Communications Department
DTEK
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