Ukrenergo has signed three loan agreements with state-owned banks in the amount of UAH 10.25 billion in order to settle the debt to the SOE Guaranteed Buyer. The debt accumulated during eight months of 2020 because the structure of the transmission tariff did not provide sufficient funding to finance the public service obligations (PSO) imposed on Ukrenergo. The loan agreements are made with three state-owned banks: JSC Ukreximbank, JSC Oschadbank, and JSB Ukrgasbank.
“With the loans from Oschadbank, Ukreximbank, and Ukrgasbank Ukrenergo will be able to improve the situation with PSO fulfilment in the short term and, accordingly, stabilize its financial standing. After all, the main reason for Ukrenergo’s negative financial result in 2020 is the insufficient funds for settlements with the Guaranteed Buyer. At the same time, loan payments by instalments will stretch out in time the financial burden on the market participants who pay the transmission tariff,” stated Volodymyr Kudrytskyi, CEO of NPC Ukrenergo.
As a reminder, the NEURC approved the transmission tariff in 2021 at the level of UAH 293.93/MWh (without VAT). This sum will make it possible to cover all Ukrenergo’s expenses this year only on condition of implementing the contingency measures envisaged to reduce expenses on financing the public service obligations imposed on the company. Furthermore, in the transmission tariff, the expenses on Ukrenergo’s primary activity remained virtually unchanged and amounted to UAH 85.05 per 1 MWh, while the expenses on PSO amounted twice as much — UAH 208.88 per 1 MWh.
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