Debt crisis in the energy market: the debt to Ukrenergo has reached a record high
3 December 19:21
The situation in Ukraine’s balancing electricity market is rapidly deteriorating. The debt of its participants to NPC Ukrenergo has increased to a record UAH 41 billion, which, in turn, has led to a record debt of Ukrenergo itself to suppliers. This was reported by the analytical company ExPro, "Komersant Ukrainian" reports.
The scale of the debt
Analytical company ExPro has recorded a sharp increase in financial gaps in a key segment of the energy market in recent weeks:
- the debt of the balancing market participants to the transmission system operator, NPC Ukrenergo, has increased to UAH 41 billion. This is 18.6% more than at the beginning of 2025 (UAH 34.5 billion).
- In just ten days (November 10-20), the debt increased by UAH 1 billion.
Ukrenergo’s debt to suppliers
The crisis is not one-sided. The increase in debts to Ukrenergo has led to the fact that the transmission system operator itself cannot pay its suppliers:
- ukrenergo’ s debt to balancing market participants also reached a record high of UAH 21 billion in mid-November.
- This is an increase of 27% compared to the beginning of this year, indicating a rapid deterioration in the liquidity of the entire system.
Problems of “green” energy
This debt crisis is exacerbating financial problems in the renewable energy sector, although the debts in the balancing market are of a broader nature.
Earlier it was reported that Ukrenergo’s debt to the Guaranteed Buyer (which is responsible for settlements with RES producers) amounted to UAH 22 billion.
The low level of settlements (which in 2024 amounted to 79.6%) has already led to protests by owners of home solar power plants (SPPs) who could not receive money for the “green” tariff.
Market participants pointed out that the delays in payments were due to a lack of funds from Ukrenergo.
