Maxim Timchenko: DTEK invests in energy security of Europe

DTEK CEO Maxim Timchenko joined the discussion “Europe in Crisis: The path forward” held by Atlantic Council.  The 2023 Forum has a special focus on the challenges of managing energy security and decarbonization efforts, including the increasing effect of the war in Ukraine on the energy transition process.

“Energy crisis is different for the EU and Ukraine. For European people, this crisis is reflected in households’ bills and the cost of electricity. For Ukrainians this crisis resembles in the amount of hours they have electricity supply or the amount of hours they spend in a bomb shelter. In fact, it’s all about the energy war that started many years ago. The energy war that started with the blackmailing of gas prices. For years we have warned that Putin is weaponizing energy and now we are all in this reality,”

– highlighted Maxim Timchenko, DTEK CEO.

Starting October 10, DTEK facilities have undergone over 170 attacks by missiles, kamikaze drones, and rockets. Russian attacks damaged more than 11 000 pieces of DTEK’s thermal power plants’ equipment. Around 5-6 million people in Ukraine are cut off the electricity daily. On January, 14 Russians launched another missile attack targeting energy facilities in Ukraine.

“The formula of Ukrainian survival in such a condition is unity! Unity between private and state companies - we work together every day, exchange equipment, and help each other. Unity between energy companies and the military – we work together to protect our energy facilities and become more experienced and creative. Unity of Ukraine and the whole civilized world – we are grateful for all the support we receive daily from our international partners. So Ukraine will survive this winter and become stronger after that, and definitely, we will win,” 

– stated Maxim Timchenko. 

Despite war conditions, DTEK resumed renewable contraction and electricity supply from a liberated solar power plant. Liberated from the occupiers, the Tryfonivska SPP is gradually resuming electricity production in Ukraine's energy system, including providing the energy needs of settlements in the Kherson region.

“DTEK, Ukraine’s largest private energy company, is investing in the energy security of Europe. Starting  March 2022, Ukrainian grids connected to the European Grid System, so our energy sector is already a part of the EU. It means that all future investments in Ukraine's energy sector should be considered a part of European energy security. Moreover, Ukraine has huge potential in developing renewable energy. So, Ukraine will play a significant role in the European green transition,”

– Maxim Timchenko said.

Other participants of the discussion are H.E. Ditte Juul Jørgensen (Director General for Energy, European Commission), Amb. Geoffrey Pyatt (Assistant Secretary of State for Energy Resources, US Department of State) Luis Cabra (Executive Managing Director, Energy Transition, Technology, Institutional Affairs, and Deputy CEO, Repsol), Ben Wilson (Chief Strategy & External Affairs Officer, National Grid), Anatol Feygin (Executive Vice President and Chief Commercial Officer, Cheniere Energy).

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