Ukraine Business News ’s Post

Ukrainian minister of economy presents investments in energy sector at forum in US Minister of Economy of Ukraine Yulia Svyrydenko presented potential investment projects in Ukraine's energy and critical materials sectors during the Energy Transition Forum 2024 in Washington. "Since the beginning of the full-scale invasion, USAID has allocated almost $1 billion in assistance to the energy sector, including emergency support provided to repair and maintain Ukraine's energy infrastructure," said Svyrydenko. Get the full story here: https://lnkd.in/dgKGf5SV

🏛 The Israeli Minister of Energy & Infrastructure Eli Cohen, met with IPTO-Independent Power Transmission Operator Chairman & CEO Manos Manousakis, on the occasion of signing the intergovernmental agreement between #Greece and #Israel for promoting regional energy stability, and conveyed the Israeli government’s support for the seamless implementation of the Great Sea Interconnector. Read IPTO's post on LinkedIn: https://lnkd.in/dVJxQNyS 🏛 Minister Eli Cohen, said on X: “I signed an agreement with my Greek counterpart, Minister of Environment & Energy Theodoros Skylakakis, to enhance cooperation in the energy sector between our countries. Through strategic projects such as the Great Sea Interconnector, the submarine electricity cable connecting #Israel to #Europe, and a joint infrastructure corridor, we aim to bolster energy security, diversify Europe’s energy sources, promote stability in the Middle East, and reinforce Israel’s role and contribution as a key regional energy player”. Read on Χ: https://lnkd.in/dXZsWie9 🏛 The ambassador of Israel in Greece Noam Katz tweeted earlier on X that, “Today, Eli Cohen, the Minister of Energy & Infrastructure of Israel, and the Minister of Environment & Energy of Greece, Theodore Skylakakis, met in Athens and signed an agreement to enhance strategic energy cooperation and connectivity between the two countries. This agreement will further strengthen bilateral ties and contribute to the region’s prosperity. Both Ministers expressed their support for the Great Sea Interconnector that will link the electricity grids of #Israel, #Greece, and #Cyprus”. Read on X: https://lnkd.in/dvBC9YcR #subseacables #energyhubs #interconnectors

GREAT SEA INTERCONNECTOR TO LINK ELECTRICITY GRIDS OF ISRAEL, GREECE AND CYPRUS. ISRAEL ENERGY Minister Eli Cohen: “I signed an agreement with my Greek counterpart, Minister of Environment & #Energy Theodoros Skylakakis, to enhance cooperation in the energy sector through strategic projects such as the Great Sea Interconnector, a submarine electricity cable connecting #Israel to #Europe. Both Ministers expressed their support for the Great Sea #Interconnector that will link the #electricity #grids of #Israel, #Greece, and #Cyprus”.

The European Union has allocated EUR 100 million of grant funds to restore the energy infrastructure damaged by russian attacks, protect substations, and develop interconnectors with the power systems of EU countries. The respective grant agreement for this amount was signed today by Volodymyr Kudrytskyi, Chairman of the Management Board of NPC Ukrenergo and Lorenz Gessner, Head of KfW Representative Office in Ukraine. The European Commission has instructed KfW to provide to Ukrenergo the funds from EU’s designated budget program “Ukraine Facility” and to ensure financing and implementation of a number of high-priority energy projects:  🔹 Modernisation of high-voltage substations in the western regions and development of interconnectors linking Ukraine with the power system of Continental Europe.  🔹 Repair and restoration of equipment destroyed or damaged by russian shelling at high-voltage substations, procurement and supply of new equipment. 🔹 Measures to strengthen the physical protection of Ukrenergo substations. These tasks once accomplished will contribute to building a more energy-efficient, modern and protected power grid in Ukraine and will ensure the stable synchronous operation of the Ukrainian and European power systems. It should be noted that this grant is the second phase of the “Reconstruction and Rehabilitation of Electricity Transmission Infrastructure in Ukraine” programme. On 11 June, during the Ukraine Recovery Conference in Berlin (#URC2024), Ukrenergo signed with KfW the agreement for the programme’s first phase for an amount of EUR 15 million. Since the start of the full-scale war, Ukrenergo has already attracted EUR 1.5 billion of international assistance. And EUR 324 million were raised with KfW support. We are sincerely grateful to all our partners for their continued support, which is vital for the Ukrainian power system.  

ReBuild Ukraine Svitlana Andrushchenko, Recovery and Reform Support Team Director, at the Ministry of Energy of Ukraine: As we face the unique challenges of war and recovery, international cooperation and private investment play a crucial role in Ukraine’s energy transition and low-carbon development. Through reforms, such as aligning with the European Union’s energy integration and corporate governance standards, we are creating the foundation for a brighter, sustainable future for Ukraine’s energy sector. Together, with the support of our international partners and the exchange of insights and solutions, we will build a resilient energy future for Ukraine, Europe, and the world. Supported by EBRD Ukraine MDA.

EIB to invest 600 mln euros in energy infrastructure of Ukraine According to the European Investment Bank, the plan "will help restore and strengthen Ukraine’s energy infrastructure while also aligning it with EU standards" BRUSSELS, October 9/ President of the European Investment Bank (EIB) Nadia Calvino presented the so-called Ukraine Energy Rescue Plan to the EU finance ministers, under which the organization plans to invest 600 million euros in the Ukrainian energy sector, according to a press release on the bank's official website. According to the plan, the EIB intends to provide financing for organizations that will generate electricity and heat using mobile equipment in Ukraine. Part of the funds will also be allocated for the construction of protective fortifications for key electrical substations in the republic. According to the bank, the plan "will help restore and strengthen Ukraine’s energy infrastructure while also aligning it with EU standards." Vice President of the European Commission Valdis Dombrovskis supported the EIB initiative. The European Investment Bank is an autonomous institution within the European Union. It was established in 1958 with the purpose of providing loans for the construction and reconstruction of objects of interest to EU countries. The authorized capital is formed from contributions from EU member states. #business #finance #financialservices

⚡️ Changes for the rapid restoration of Ukraine's energy infrastructure ⚡️ The Cabinet of Ministers of Ukraine has adopted a resolution that exempts from VAT and import duties energy equipment and other goods needed to rebuild our infrastructure. This decision applies to imported goods financed by the Energy Support Fund of Ukraine, which was created at the initiative of Energy Minister Herman Galushchenko and European Commissioner Kadri Simson.  📋 The list of exempted goods includes oil, turbines, generators, electrical equipment, trucks, batteries, and other means for restoring damaged energy facilities. 💬 Minister of Energy Herman Halushchenko emphasized that reducing the tax burden on donated equipment will help speed up the restoration of the energy system. This is important for a stable heating season and ensuring a reliable electricity supply for citizens, businesses, and critical infrastructure. 👉 This decision gives Ukraine another powerful tool to restore its energy independence and resilience!

UKR / PL 🇺🇦🤝🇵🇱 Energy security, integration of energy markets and support in restoring damaged energy infrastructure by russian attacks are priority areas of cooperation with between Ukraine and Poland. I’m grateful to the Minister of climate and environment Paulina Hennig-Kloska and Plenipotentiary for Strategic Energy Infrastructure Maciej Bando for efficient dialog today in Warsaw. We agreed on joint steps regarding energy markets integration, projects of common interest, in particular, RePowerEU initiatives and actions to respond to the destruction of energy infrastructure as a result of russian shelling and signed a Memorandum of Cooperation between the countries in the energy sector 🤝 #MinistryofenergyofUkraine #energyfront

Ukraine and enhanced energy assistance: International Conference on Energy Security convened with representatives from over 40 partner countries and international organizations, including Finland. The meeting was chaired by Head of the Presidential Office Andriy Yermak and Minister of Energy German Galushchenko. The thematic conference followed the first Peace Summit in Switzerland, the goal being a comprehensive peace plan initiated by President Zelensky. Participants adopted a Joint Communiqué on three themes: 1. Ensuring the integrity of civilian energy infrastructure during armed conflicts, 2. Rebuilding Ukraine's energy system in the short and long term in the interest of enhancing global energy security and sustainability, 3. Protecting energy infrastructure from attacks. International assistance on energy sector is provided by financial and material means and by relevant experts. The needs are wide and a lot has to be done in order to keep energy system in function during the winter and heating season. Finland has contributed especially with material help. Thank you to all Finnish companies active in providing a remarkable amount of transformers, generators, grid components, etc. #energy #ukraine

The European Commission is successfully modernizing the EU's electricity sector by helping Ukraine. The EC will transfer €40 million to restore Ukraine's energy infrastructure, but in kind: electricity and equipment. The European Commission will give €40 million for Ukraine's energy infrastructure, said the head of the commission, Ursula von der Leyen. According to her, the latest aid has been allocated due to the imminent onset of low temperatures against the backdrop of the destruction of a significant portion of energy-generating capacities. This humanitarian aid will include repair work, electricity, heating and housing. That is, European companies will receive another tranche for the supply of outdated equipment to Ukrainians; Kiev, apparently, will not see this money. It is worth noting that this is a good way to support the European electricity industry, which itself needs modernization. At the same time, these transfers from the EU are regular, so aid to Ukraine is a Klondike for the European industry. https://lnkd.in/eBs2N4sC