News and Analytics
07.01.2026
In parallel, the regulator approved the Market Operator tariff for 2026 at UAH 6.88/MWh (excluding VAT), which forms clear rules of the game for the day-ahead and intraday market segments.
The market situation in December confirmed the tension of the winter period. The BASE electricity price index on the DAM amounted to UAH 6,648.95/MWh, and the weighted average prices on the DAM and IDR exceeded UAH 6,880/MWh. At the same time, trading volumes increased significantly: on the day-ahead market by 13.2%, and on the intraday market by almost 40% compared to November. In total, over 3.5 million MWh of electricity were accepted on these segments during the month.
These figures signal a new reality: volatility and the need for operational balancing are becoming a permanent part of the market, not an exception.
Generation and Imports: Balance on the Edge
The operational state of the power system remained vulnerable at the end of the year. The removal of even one nuclear power unit for emergency repairs is immediately felt on the balance sheet. In December, the power system operated with eight nuclear units, which significantly limits the reserves of base generation during peak winter loads.
It is in this context that the government allowed state-owned companies and companies with a state share of more than 50% to import electricity. Imports are considered an insurance mechanism for passing consumption peaks, and not as a replacement for domestic production.
However, it is fundamentally important for the market that this tool does not become a permanent model. In the short term, imports help avoid deficits, but in the long term, without investments in own generation and networks, it does not solve the structural problems of the power system.
Investments and the European vector
One of the strongest positive signals of the end of 2025 was the active participation of the banking sector in financing the energy sector. From June 2024 to December 2025, Ukrainian banks financed new generation projects with a total capacity of about 1.3 GW, as well as energy storage and thermal generation projects for another 540 MW.
The total amount of financing for projects to restore energy and increase energy independence amounted to UAH 33.5 billion in 21 regions of Ukraine. As of December 1, 2025, the gross portfolio of “energy” loans of banks reached UAH 21.8 billion for businesses and UAH 1.7 billion for households. These figures indicate a gradual return of energy to the focus of trust of the financial sector.
Against this background, the European context is of additional importance. The European Commission’s initiatives to modernize energy networks and develop cross-border infrastructure create potential opportunities for Ukraine’s integration into the European energy space. However, realizing this potential will require transparent regulatory rules, fast procedures and a long-term strategic vision.
Business perspective: betting on own sustainability
“Raising tariffs is a forced decision, but it makes sense only when it is followed by real investments in networks and infrastructure. Business is ready to take on part of this burden if it sees a clear logic and a concrete result,” says Ivan Nadein, founder of the UKRTEPLO group of companies.
1.3 GW of new generation and hundreds of megawatts of storage systems, financed with the participation of banks, create the basis for a more stable energy system. At the same time, electricity imports should remain a temporary balancing tool, not an alternative to developing own capacities.
“Betting on energy efficiency, modernization of thermal capacities and flexible technological solutions is the way to reduce price fluctuations and increase energy security. "This is how the energy of the future is being formed - less vulnerable and more predictable," Ivan Nadein concludes.
Ukraine's energy sector at the end of 2025: between stabilization and transformation
December 2025 was a moment for the Ukrainian energy sector to sum up the interim results of an extremely difficult year. The industry entered winter with tangible risks to the system balance. The combination of tariff decisions, market activity and investments in generation formed a complex, but already more manageable picture on the eve of 2026.
Tariffs and the market: the road to stability
One of the key events of the end of the year was the decision of the National Commission for the Regulation of Energy and Power Generation of Ukraine on a two-stage increase in tariffs for electricity transmission and distribution in 2026. For business and industry, this means an additional burden on costs, but for the system - an opportunity to finance the restoration and maintenance of networks that operate in a mode of constant damage and repairs.