News and Analytics
12.12.2025
Peak generation also received significant support. The EBRD is providing €22.3 million to Power One (Dragon Capital Group) for the construction of gas-fired power plants with a capacity of 36.8 MW and BESS with a capacity of 31.5 MW. The project is also reinforced by a grant from Norway and EU guarantees.
Financing and government programs
According to the NBU, since June 2024, banks have financed projects to develop generation with a capacity of over 1.2 GW, as well as energy storage and heat generation with a capacity of 434 MW. The total amount of financing for the restoration of the energy sector has reached UAH 32.2 billion.
It is worth noting the launch of a program to reduce the cost of “green” loans. UGB issued the first loan under this program for the construction of a 12 MW solar power plant, which will produce almost 10 thousand MWh of electricity annually and reduce CO₂ emissions.
Markets, Imports and Regional Integration
Moldovan operator OPEM has started registering day-ahead and intraday market participants. This is an important step towards future unification with European SDAC and SIDC and further integration of regional markets.
At the same time, NPC Ukrenergo announced that from December 2025 the limit on electricity imports from the EU for Ukraine and Moldova will increase to 2.3 GW. However, actual use is limited by problems with electricity transmission from the west to the east of the country.
Regulatory and corporate events
The Cabinet of Ministers has prematurely terminated the powers of the Supervisory Board of Energoatom and initiated an audit of the company. This decision is seen as the beginning of a restart of the management of the largest electricity producer in Ukraine.
The problem of debts is becoming more acute in the balancing market: the debt to Ukrenergo has almost reached UAH 40 billion, while the operator's own debts to market participants amount to UAH 18.5 billion. Against this background, DTEK Dniproenergo filed a lawsuit against Ukrenergo for UAH 557.2 million for unpaid balancing electricity.
Gas, cogeneration and heat generation
The government announced its intentions to reduce the price of gas for cogeneration units and deregulate the procedures for their installation. At the same time, the current changes to the PSO have already led to an increase in gas prices for electricity producers.
The project to build a modern CHP in the Poltava region worth UAH 37.7 billion and with a capacity of up to 500 MW attracts special attention. The project is based on combined cycle technology and should ensure high efficiency and significant volumes of heat and electricity production.
Electricity prices and market dynamics
According to the results of November 2025, the electricity price index for the BASE period on the day-ahead market (DAM) was UAH 6,387.89/MWh (excluding VAT). The weighted average price on the DAM for the month was UAH 6,830.49/MWh, and on the intraday market — UAH 6,658.85/MWh.
These indicators significantly exceed the average monthly values of July (≈ UAH 5,184/MWh) and October (≈ UAH 5,987/MWh), which indicates increased price pressure in the Ukrainian energy system.
Activity on spot markets decreased:
trading volumes on the DAM — –0.52%;
on the intraday market — a drop of over 9%.
In total, 3,043,855.1 MWh were accepted during the month. Demand and supply decreased, but demand on the DAM increased by 0.66%, while supply decreased by 10%, which became a key factor in the price increase.
Ivan Nadien, founder of the UKRTEPLO group of companies: “November confirmed the structural tension of the energy market: the growth of investments in generation and storage occurs in parallel with high prices, network restrictions and financial imbalances in the balancing market. Further stabilization will require not only new capacities, but also systemic solutions in the field of regulation, network infrastructure and payment discipline.”