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  • NKREKP HAS DEPRIVED UKRENERGO OF 215 MLN UAH OF TARIFF FUNDS IN DECEMBER 2018

    Today NKREKP has decided to reduce the 2018 tariff for Ukrenergo as for a transmission system operator by 215.172 mln UAH. As a result, the Ukrenergo tariff for December 2018 was reduced to 3.45 kopiyky/KWh.

    These are the 215 mln UAH that the company received in 2017 as a result of savings on procurement. That was confirmed by the National Commission in May this year when checking the state of execution of Ukrenergo investment programs of 2017.

    Not so long ago, on September 4 Ukrenergo received a permission from the regulator to use procurement-saved funds in the amount of 215.172 mln UAH and an obligation to provide a package of necessary documents regarding changes to the investment program by October 1, 2018. And on September 21, Ukrenergo provided the National Commission with all the necessary information, including the approval of Regional state authorities and the Ministry of Energy and Coal Industry of Ukraine during public hearings (see the record of hearings).

    However, on October 24 it became known that such a format of agreement did not satisfy the NKREKP, since the regulator required a separate letter approving changes from the Ministry of Energy and Coal Industry of Ukraine. That is why it was decided to remove the 215.172 mln UAH from the tariff, which at that moment were already invested in the construction and modernization projects.

    “The removal from the investment program of Ukrenergo of 215 mln UAH is no fewer than an unsubstantiated decision. It is, in fact, about the redistribution of funds between the participants in the energy market. Instead, these funds should have been aimed at co-financing the transitional strategic objects important for the entire industry. I am concerned that this decision will not lead to a reduction in wholesale prices for electricity, and will not affect the payments of the final consumers, but will rather negatively affect the indicators of gross income and profit of the company, its deduction to the state budget”, – said CEO of Ukrenergo Vsevolod Kovalchuk.

    It should be noted separately that the World Bank, the EBRD, as well as the EIB urged the executive authorities and the regulator not to lower the company’s tariff, as this could negatively affect the financial position of the company.

    For reference:

    The total value of the Ukrenergo Investment Program for 2018 is 2.607 bln UAH. During 9 months of 2018, its actual execution has been of 94.2%. At the same time, the company continues to implement projects, carried forward from 2017.

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