Kucherenko: “Under Kudrytskyi’s leadership, Ukrenergo brought itself to a technical default – PIC report
7 November 09:50
Ukrainian MP Oleksiy Kucherenko has published a fragment of the report of the Verkhovna Rada Temporary Investigation Commission on the efficiency of the use of international loans by NPC Ukrenergo. The document, according to him, indicates large-scale financial violations and administrative abuses that occurred during the previous management of the company, so it is obvious that we are talking about the tenure of Volodymyr Kudrytskyi, reports
“Let me remind you that NPC Ukrenergo has been in technical default for more than a year,” Kucherenko said. “Even a fool can take out loans to cover debts incurred through his own stupidity and then demand a tariff increase. It is not necessary to run around Forbes, pay yourself UAH 19 million in bonuses and whine about ‘political persecution’, as one handsome character does.”
The fragment of the PIC report referred to by the MP states that at the beginning of martial law, the loan portfolio of NPC Ukrenergo amounted to 1.15 billion euros and 512.2 million US dollars.
For the period of 2018-2022, only six out of ten projects were disbursed. At the same time, the company paid interest for their failure to disburse in the amount of EUR 4.8 million and USD 2.5 million.
“The systematic inefficient use of high liquidity in the accounts of NPC Ukrenergo led to additional costs for servicing the loan portfolio,” the report says.
The Commission also recorded a systematic postponement of infrastructure projects, which caused an increase in interest, margin, commission and consultant costs. All these costs were later included by the NEURC in the electricity transmission tariff and were actually passed on to consumers.
“As of August 31, 2025, the total carrying value of loans and borrowings in a state of technical default or cross-default is UAH 91.4 billion,” the document states.
The report also notes that the company’s governing bodies after the corporatization “carried out management in a manner that has signs of abuse of power, abuse of authority and bringing Ukrenergo to default (and, as a result, bankruptcy).”
In addition, the commission sees signs of treason on the part of certain officials in the form of weakening Ukraine’s energy security in wartime.
“Given the above, this requires an urgent pre-trial investigation by the relevant authorities,” the report concludes.
Kucherenko promised to publish separate data on the fees of international and Ukrainian experts in the near future, the costs of which, according to him, were included in the tariff and paid by consumers.
“You will be unpleasantly surprised,” the MP added.
Recently, it became known that employees of the State Bureau of Investigation conducted investigative actions at the former head of NPC Ukrenergo Volodymyr Kudrytskyi.
According to preliminary information, the investigation is being conducted on the fact of abuse of office and misappropriation of funds of the state-owned company.
The searches in the SBI proceedings related to Kudrytskyi and Ukrenergo were conducted simultaneously at more than 20 addresses.
on October 28, the State Bureau of Investigation served a notice of suspicion to a Lviv businessman and detained the former head of Ukrenergo as part of a criminal investigation into the fraudulent misappropriation of tens of millions of hryvnias in the state-owned energy company.
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What Kudrytskyi and Hrynkevych are charged with
According to the investigation, Kudrytskyi, together with businessman Ihor Hrynkevych, who is already in jail, could have seized public funds during tenders for the reconstruction of energy system facilities back in 2018. It is a scheme to overstate the cost of work and the amount of deforestation during the construction of energy highways.
Investigators have opened several criminal proceedings related to his activities during his tenure as head of Ukrenergo.
How Kudrytskyi was dismissed from his post
Volodymyr Kudrytskyi headed Ukrenergo from 2020 to 2024.
After a meeting of the Supreme Commander-in-Chief’s Staff on August 30, 2024, he was offered to resign.
The official refused, and on September 2, the Supervisory Board of Ukrenergo decided to dismiss him.
Two members of the supervisory board then resigned early, claiming political pressure.
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What is known about Kudrytskyi
As a reminder, Volodymyr Kudrytskyi was the Chairman of the Board of Ukrenergo from 2020 to 2024. on September 2, 2024, the Supervisory Board of Ukrenergo decided to dismiss Volodymyr Kudrytskyi from the position of the company’s CEO.
Three state representatives on the Supervisory Board – Yuriy Tokarskyi, Oleksandr Baraniuk and Yuriy Boyko, as well as an independent member of the Board Roman Pionkovskyi – voted for his resignation. Two other independent members voted against the decision.
On the eve of the vote, international donors sent a letter to the then Prime Minister Denys Shmyhal asking him to suspend the process of dismissing the head of Ukrenergo.
After Kudrytskyi’s resignation, Daniel Dobeni, Chairman of the Supervisory Board of NPC Ukrenergo, and Peder Andersen, a member of the Board, also submitted their resignations.
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