The Ukrainian energy market is grappling with significant debt issues that pose serious risks to renewable energy producers and the overall stability of the energy system. Current estimates indicate that the debt owed to the national grid operator, Ukrenergo, stands at approximately 47 billion hryvnias, with around 24 billion hryvnias owed to green energy producers.
Industry expert Oleksandr Konechenkov has emphasized that this mutual indebtedness places a heavy financial burden on the market, hindering companies’ ability to invest in generation capacity and maintain operational stability. He noted that resolving these financial discrepancies is crucial for the sector’s future.
Konechenkov believes that legislative changes and a reevaluation of imbalance settlement calculations could help address the crisis. He stated, “This is a very complex issue, but once we regulate it at the legislative level and revert to a formula for recalculating all imbalance payments, I think the situation regarding debts can be resolved quickly.”
Recent reports indicate that the debt on the balancing market has surged by 21% in 2025, reaching a staggering 42 billion hryvnias. Additionally, Ukrenergo’s own debts to market participants have increased by 36%, totaling 22.9 billion hryvnias.
The European Business Association has expressed concerns that the ongoing debt chain is destabilizing Ukraine’s energy market and deterring potential investors. Energy expert Andrian Prokip from the Ukrainian Institute for the Future has warned that non-payments across various segments of the energy market threaten the country’s energy security, as they directly limit companies’ ability to restore damaged infrastructure and develop new capacities.
Furthermore, the Ukrainian National Committee of the International Chamber of Commerce has addressed the head of the National Commission for State Regulation of Energy and Public Utilities, highlighting that the debt crisis is depriving the energy sector of necessary funds for recovery efforts. Vladimir Omelchenko, director of energy programs at the Razumkov Centre, has also pointed out that debts in the balancing market have risen by more than 20% over the past year due to consumer non-payments.
Ukraine's energy sector is facing a severe debt crisis, with significant amounts owed to both Ukrenergo and green energy producers. Experts warn that this situation jeopardizes the stability of the energy market and hinders investment in infrastructure development.