Despite improvements in current financial calculations, the Ukrainian energy market continues to grapple with significant historical debts that emerged during the early years of the ongoing war. This insight was shared by energy expert Andrian Prokip from the Ukrainian Institute for the Future.
Prokip noted that while new debts related to green energy have been halted as of 2025, the financial burden primarily stems from obligations accrued in previous years. He emphasized, “The most pressing issue remains the debts from 2022.”
According to Prokip, some debts from 2023 and 2024 are gradually being settled. However, the debts from 2022 are characterized by a different nature, linked to disruptions in commercial accounting due to territorial occupations and loss of control over energy facilities.
Under these circumstances, Prokip asserts that resolving these issues within the existing legal framework is virtually impossible. He stated, “The problem of these debts from 2022 cannot be addressed within the current legal parameters.”
To effectively manage the historical debts, Prokip advocates for new legislative measures, including a comprehensive audit of the energy market since the onset of the war. Without such actions, he warns that the accumulated obligations will continue to exert systemic pressure on the energy sector.
In the context of renewable energy, recent reports indicate that the share of renewable sources in Ukraine’s electricity production is projected to rise from 15% in 2022 to 28% by 2040, according to the Boston Consulting Group. This sector has shown resilience, growing even amid wartime challenges, and has played a crucial role during widespread power outages. However, its future development is hampered by various issues.
As of late April 2025, the debt of the National Energy Company “Ukrenergo” to “Garpok” for services related to renewable energy reached 16.3 billion UAH. Maxim Nemchinov, vice president of the Energy Club, has pointed out that the debt crisis in the electricity market has deeper roots than just the current wartime context, with some financial obligations dating back to the introduction of a new market model.
Ukraine's energy sector is struggling with significant historical debts, particularly from 2022, which continue to impact its recovery. Experts suggest that new legislative measures and a comprehensive audit are necessary to address these ongoing challenges.