Ukraine's top energy company to receive $112 million from EU, US to restore facilities
DTEK, Ukraine's largest private energy company, will receive $112 million from the EU and the U.S. to restore facilities damaged in Russian attacks and prepare them for winter, the company said on Nov. 25.
Russian attacks have destroyed 90% of DTEK's generation capacity during an aerial campaign in the spring and summer earlier this year, which aimed to knock out Ukraine's power grid.
Moscow's forces launched another massive attack on Nov. 17, again targeting DTEK's power plants.
The U.S. government is providing $46.1 million to purchase control systems and dozens of new transformers, while the European Commission pledged 62.8 million euros ($66 million) to restore 1.8GW of generating capacity and to protect power plant equipment from elements during the winter.
"The work will ensure a stable and reliable energy supply to more than 2 million Ukrainians," the company said in a press release.
"The United States is proud to support Ukraine's energy resilience with this critical aid package," said Geoffrey Pyatt, the assistant secretary of state for energy resources.
"By providing $46.1 million for control systems and new transformers, we are helping to rebuild and fortify Ukraine's energy infrastructure against Russia’s unprovoked attacks."
DTEK's CEO, Maksym Timchenko, said the company is "deeply grateful for the unwavering support of the United States and the European Commission, and the leadership of the Ministry of Energy in delivering this vital aid."
In turn, the European Bank for Reconstruction and Development (EBRD), one of Ukraine's largest institutional investors, said it would not provide funds to DTEK due to its ownership by oligarch Rinat Akhmetov.
"The objective of freeing the economy from the influence of oligarchs is absolutely fundamental," EBRD President Odile Renaud-Basso said, according to the Italian publication Corriere della Sera.
Akhmetov is Ukraine's wealthiest man, with vast holdings in mining and metallurgy. Formerly a lawmaker of the pro-Russian Party of Regions, the business tycoon saw a large part of his assets lost during Russia's invasion.
Mykola Kolisnyk
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