05.11.2025

Price dynamics and trading activity

BASE price index on the DAM — 5,987.71 UAH/MWh

Weighted average purchase and sale price (DAM) — 6,395.70 UAH/MWh

Weighted average price on the IDR — 6,688.41 UAH/MWh

Compared to September, the trading volume on the day-ahead market increased by 42.42%, and on the intraday market — by 37.71%. In total, over 3 million MWh of electricity were accepted in October.

On the DAM, demand increased by 44.6%, while supply — by only 19.7%, which caused some price pressure. On the IDR, demand increased by 11.9%, supply — by 8.6%. This asymmetry confirms the increase in electricity shortages during peak hours.

Technological changes: the emergence of a new IT platform

On October 7, the Market Operator began testing its own platform for economic dispatching of energy storage facilities (EDP). The system allows participants to model the operation of storage facilities, predict profitable hours for buying and selling, and automatically generate trading schedules.

EDP is the first step towards creating a full-fledged digital toolkit for energy arbitrage in Ukraine. Its emergence significantly increases the attractiveness of investments in energy storage facilities.

Renewable energy: new large projects

October was a month of activation of the RES segment:

OKKO GROUP is preparing to launch the Ivanychi wind farm with a capacity of 147 MW (end of 2025 - Q1 2026) and has launched the Zaturyntsi wind farm project with a capacity of 192 MW.

Kernel will build the largest 250 MW solar power plant in western Ukraine in the Chernivtsi region. The first works are in the spring of 2026.

ETG and Navitas Renewables (Denmark) have started the installation of the first stage of the 18.6 MW wind farm in the Kirovohrad region.

Fenix ​​Repower (Norway) is planning two wind farms in the Rivne region (9–12 turbines of 7 MW each).

Such investments indicate the return of interest of foreign players to the Ukrainian market, despite the military risks.

Nuclear energy: security challenges

Zaporizhzhia NPP recovered from its tenth complete blackout in October. Power was restored on the 750 kV Dniprovska line, and work is underway on the 330 kV Ferosplavna line. The plant operated on emergency diesel generators for a month, which created critical security risks. Since the beginning of the war, the ZNPP has been restored 42 times, an indicator of the resilience of Ukrainian energy companies, but also a reminder of the fragility of the energy system.

Finance and Trade

DTEK Energy BV received a rating upgrade from “CC” to “CCC-” from Fitch. The agency noted the stabilization of operating activities, but maintained a liquidity warning due to the currency moratorium and upcoming debt repayments in 2027.

Ukraine resumed electricity trade with Slovakia on October 29, expanding export and import opportunities.

European context

Neighboring countries are stepping up their “green” policies. In particular, the Slovak government has launched a €150 million industrial decarbonization program, and Mondi SCP is investing €120 million in a new bioenergy CHP. For Ukraine, this is a signal of increased competition for green investments — and at the same time a guideline for its own stimulus policy.

Moldova has started registering participants in its day-ahead and intraday markets, a step towards integration with the pan-European SDAC and SIDC platforms.

“We are witnessing the Ukrainian market transition from survival to development. Demand is growing, trading volumes are increasing, investors are returning. But the real challenge is to make this growth sustainable. Without large-scale investments in storage systems, network modernization and digitalization of operations, Ukraine risks facing a deficit of balancing capacities. Energy should become not only an infrastructure, but also a technological industry of the future,” the expert comments.

October review: growing demand and digitalization of trade

October 2025 on the Ukrainian energy market was marked by rising prices, increased trading in short-term segments and a number of investment initiatives in the field of renewable energy. The market is gradually showing signs of stabilization, despite high operational risks caused by the war and infrastructure deficit.

“We see the return of dynamics, increased liquidity and increased investment. This indicates that the market is gradually adapting to new military and macroeconomic realities. At the same time, increasing demand and volatility indicate the need for more intelligent mechanisms for balancing and accumulating energy,” says Ivan Nadein, founder of UKRTEPLO Group.