Ukrenergo has been registered as a Private Joint-Stock Company with 100% state ownership. The Ministry of Finance issued a decree on reorganising NPC Ukrenergo from a state enterprise into a joint-stock company on July 29, 2019. The Ministry of Finance has also approved the Charter of PrJSC Ukrenergo with 37.2 bln UAH of authorised capital.
In cooperation with the Ministry of Finance we have made another major step towards certification of Ukrenergo as an independent European TSO. This has been a two-year journey. Reorganisation of the company into a Joint-Stock Company will allow us to significantly improve management effectiveness and serves as a testimony of Ukraine’s commitment to fulfilling its international obligations on integration of Ukraine’s power system into the European energy. We are deeply grateful to Minister Markarova for profound understanding of this reform and support of our company’s development towards Europe, Ukrenergo CEO Vsevolod Kovalchuk said.
Reorganising into a Joint-Stock Company allows Ukrenergo to achieve the following results:
- Ukrenergo will be able to raise loans and investments independently;
- increased transparency of the company’s activities (audit and mandatory disclosure of the financial information);
- Ukrenergo will be able to fulfill its commitments to EBRD that finances the construction of the OHLs Rivnenska NPP-SS Kyivska and Zaporizka NPP-SS Kakhovska;
- increased management effectiveness;
- meeting one of the main requirements to confirm its independency as a transmission system operator (certification), in line with the Law of Ukraine “On Electricity Market” and the Third Energy Package;
- Will guarantee that Ukraine meets the requirements for the next installment of the EU’s marcofinancial assistance.
The relevant documents are being prepared to be submitted to the National Securities and Stock Market Commission. The final stage of Ukrenergo’s reorganisation (corporatisation) will take place in August – it’s expected that the company will receive the certificate of stock issue registration.