Ukraine could earn up to $2.35 billion from electricity exports to Europe annually

30 June, 04:46 PM
Power grids (Photo:Pascal Rossignol / Reuters)

Power grids (Photo:Pascal Rossignol / Reuters)

Ukraine has the capacity to export as much as 2.5 GW of electricity to Europe every year, Ukrainian PM Denys Shmyhal said in a Telegram post on June 30.  

This could bring in up to UAH 70 billion ($2.35 billion) in yearly revenues, he said.

“Just three months after getting access to European energy markets, the long-anticipated Ukrainian electricity exports are underway,” said Shmyhal.

“Since 01:00 a.m. today, our electricity started flowing towards Romania. The initial capacity is at 100 MW.”

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According to the PM, Ukraine earned UAH 10 million ($336,260) by selling its excess electricity output on the first day of operations.

The revenue will enable vital investment in Ukraine’s electricity generation, upgrading and bringing it up to date with modern European standards, the minister added.

“Energy will become one of the drivers of our economic recovery, as it has already become a driver of our European integration,” Shmyhal said.

Ukraine applied to become an associate member of the International Energy Agency on June 15.

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