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  • MINISTRY OF FINANCE SETS UP COMMISSION, DEVELOPS ACTION PLAN FOR CORPORATISATION OF UKRENERGO

    28 FEBRUARY 2019 The Ministry of Finance of Ukraine has set up a commission on reorganisation (transformation) of SE NPC Ukrenergo into a private joint-stock company (PrJSC) 100% owned by the state. The corresponding Order No. 82 was issued on February 22, 2019.
    The commission consists of 12 people, mainly representatives of the governance body. Deputy Finance Minister Vasyl Shkurakov chairs the commission. The newly-created commission also includes representatives of the State Property Fund of Ukraine, the Ministry of Economic Development and Trade and Ukrenergo.
    The commission, at its first meeting on February 26, adopted an action plan for reorganisation of the company. It envisages, inter alia, inventory of assets, independent valuation of non-current assets, State Property Fund’s review of the valuation report, as well as other actions stipulated by the legislation at changing the organizational and legal status. Ukrenergo’s transition into a private joint-stock company (PrJSC) will provide additional opportunities for protecting the interests of the state as a shareholder.
    Ministry of Finance issued Order No. 73 “On Transformation of the State Enterprise NPC Ukrenergo” on February 15, 2019.
    The new Ukrenergo Charter with changes related to the transfer of powers from the Ministry of Energy and Coal Industry to the Ministry of Finance, was approved by the Finance Ministry Order No. 72 of 15 February 2019.
    On December 20, 2018, after the transfer of Ukrenergo to the management of the Ministry of Finance, the Ministry of Energy and Coal canceled its orders of 05.12.2017 No. 728 “On setting up a commission for the reorganisation (transformation) of the State Enterprise NPC Ukrenergo”, and of 29.12.2017 “On the approval of the action plan for reorganisation (transformation) of SE NPC Ukrenergo”. This move halted the corporatisation of the state enterprise.
    At the same time, Ukrenergo corporatisation is a prerequisite for certification of the company as an independent transmission system operator in accordance with the Law of Ukraine “On the Electricity Market” and Directive 2009/72/EC, whose implementation is part of Ukraine’s international obligations.

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