Cost of Modernization of Energy System of Ukraine

by Olha Povaliaieva
Thursday, February 17, 2022
Cost of Modernization of Energy System of Ukraine

The cabinet of ministers of Ukraine explained the volume of investments in the modernization of the power system

In 2022, the Ukrainian government wants to resolve the issue of energy efficiency and independence of the country. Thus, it can be expected that Ukraine will be connected to the European network of system transmission operators before the end of the year.

Due to its accession to ENTSO-E, the country is undergoing major reforms: the form of operation and control of stations is changing. Ukraine has to invest in changing technologies at power plants and creating modern working conditions, as well as developing "green" energy. In this way, the national budget systematically allocates large sums. Ukraine has been able to pay already for €600 million.

Denys Shmyhal, PM of Ukraine, noted that joining ENTSO-E is a practical step. The politician stressed that Ukraine would move closer to integration into the European Union after joining the European energy system. And for the first time in 30 years of independence country will become a separate organism from the eastern neighbor.

"The World Bank estimates the economic benefits of synchronization at an estimated $1.5 billion annually," cited another advantage of prime minister Denys Shmyhal.

The administration emphasizes that Ukraine is ready to invest in energy projects further. All this is necessary to become part of the European power grid, concluding another visa-free with the EU.

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