EBRD to support Ukraine’s energy sector with EUR 600 million this year
Тhe European Bank for Reconstruction and Development (EBRD) will support Ukraine’s energy sector with EUR 600 million this year. The relevant memorandums were signed on the sidelines of the Ukraine Recovery Conference in London by Prime Minister of Ukraine Denys Shmyhal, the EBRD, Ukrhydroenergo, NPC Ukrenergo and Naftogaz.
According to the Head of Government, the EBRD’s memorandum with Naftogaz covers three main areas of cooperation: the creation of strategic natural gas reserves, investments to decarbonise and reduce methane emissions, and investments to improve energy efficiency.
“The Bank will also support the rehabilitation and modernisation of hydroelectric power plants to improve their reliability and efficiency. After the liberation of the territory of the Kakhovka Reservoir, we plan to develop a roadmap for the reconstruction of the hydropower plant,” said Denys Shmyhal, describing the new stage of cooperation with the EBRD in the hydropower sector.
Another memorandum concerns support for Ukrenergo. The aim is to provide the company with funds to cover critical costs. In particular, to ensure stable and uninterrupted transmission and distribution of electricity.
“It is important for the Government to implement a number of recovery measures as soon as possible to ensure maximum security of the energy infrastructure,” the Prime Minister stressed.