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  • NEURC signed a sub-loan agreement to unlock payments to the software developers of the new electricity market

    Ukrenergo welcomes NEURC’s decision to sign an additional (sub-loan) agreement to the contract to cover the purchase of software for the new electricity market – the balancing market and the market of ancillary services. Commission Chair Oksana Kryvenko, has signed the agreement today, May 17, 2019.

    The debt to the software developer for the new market has already reached $2 million. The consortium of developers, including Smart Tech, IP Systems and Siemens AG, have not been receiving their fees for the work done since November 2018, because the Ministry of Energy and the coal industry has deliberately halted the settlement procedure through its status of the responsible executor for the project.

    The project is being implemented at the expense of World Bank and Clean Technology Funds.

    The Government, with the assistance of the Ministry of Finance, has amended CMU Resolution No.70 dated January 27, 2016, making it possible to appoint Ukrenergo a loan manager. The signing of a new sub-loan agreement will make it possible to make payments for the work done by the developers without the MECI’s approval of payments.

    Next week the agreement is going to be signed by the Treasury Department, thus unlocking the payments.

    “We are grateful to NEURC and its chair for this decision. In this case, the efficiency and consistency of the actions of the signatories determines the timeliness of the finalisation of the work with the software necessary to launch a new electricity market.We have an agreement with the developers to settle the debt before June 1. Therefore, there is not enough time to sign an agreement with the Ministry of Finance and make a payment on time”, noted Vsevolod Kovalchuk, Ukrenergo CEO.

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