Centrenergo has new leadership: who is now at the helm of the strategic enterprise
11 May 13:16
The Supervisory Board of PJSC “Centrenergo” has dismissed Yevgeny Garkavyi, who was appointed CEO in June 2024. This was reported by Centrenergo, according to "Komersant Ukrainian".
“Change in Centrenergo’s leadership: a decision by the State Property Fund of Ukraine and the Supervisory Board, pursuant to which the preparation for and conduct of the 2026/2027 heating season falls under the responsibility of the new management. Accordingly, Yevhen Harkavyy is stepping down from his duties as the company’s CEO,” the statement reads.
The statement also notes that as of May 11, 2026, the company’s accounts hold 3.6 billion hryvnias, with over 2 billion hryvnias in taxes paid in full.
“Dividend payments have been secured—this is the first time in the last 8 years, and the largest amount since the company’s inception—1.2 billion hryvnias. Over 3 billion hryvnias in debts from previous periods have been paid off. No new debts have accumulated,” the statement said.
The company did not specify who was appointed to the position, but according to Youcontrol data, Serhiy Isachenko has become the new head of Centrenergo.
According to the resource, he is, in particular, the owner of IDIS Group LLC with a registered capital of 100,000 UAH, which is engaged in the production of products from wood and other plant materials, as well as sawmilling and planing operations.
Isachenko is also listed as the head of Kolbe Group Ukraine LLC, with a capital of 10,000 UAH, founded by Kolbe Group Slovakia, which is engaged in the leasing and operation of its own or leased real estate. However, the company’s operations have now been suspended due to the liquidation of the legal entity.
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As previously reported, PJSC “Centrenergo,” 78.3% of whose shares are owned by the state, reported a net profit of 4.6 million UAH for 2025, following losses in previous years.
The company reported UAH 23 billion in revenue, UAH 4.64 billion in net profit, a 22% return on equity, UAH 2.7 billion in taxes and fees paid, the repayment of UAH 2 billion in prior-period debts, as well as the expenditure of UAH 2 billion in its own funds for post-shelling restoration.
The company also noted that its equity increased from a negative 6 billion UAH to a positive 2 billion UAH, calling this an exit from default.
The company pointed out that over the course of the year, it had been hit more than 100 times during shelling by the Russian Federation.
In late April, the European Investment Bank (EIB) announced that it would provide Centrenergo with EUR 350,000 in technical assistance to develop a decarbonization plan, which is intended to define approaches to restoring the company’s generating capacity and its transition to cleaner generation.
According to YouControl, Serhiy Isachenko was previously associated with a number of companies that were part of Andriy Zinatullin’s Group. These entities operate in various sectors, including construction (Projectbud Construction Company LLC), waste and scrap trading (Ekodonresurs LLC), as well as the fuel and energy sector (Pechengy Municipal Enterprise LLC, LLC “Ekodoninvest”) and other sectors.
PJSC “Centrenergo” is one of Ukraine’s largest power-generating companies and the only thermal power generation enterprise in which the state, represented by the State Property Fund of Ukraine, holds a controlling stake. The company comprises three large thermal power plants with a total installed capacity of approximately 7,700 MW.
The company comprises the Trypilska TPP in the Kyiv region, which supplies electricity to the Kyiv energy hub; the Zmiivska TPP in the Kharkiv region, which meets the needs of the Slobozhanshchyna region; and the Vuhlehirsk TPP in the Donetsk region, which is located in temporarily occupied territory.
In July 2022, the Vuhlehirsk TPP was seized by Russian troops. In the spring of 2024, the Zmiiv and Trypilska thermal power plants suffered significant damage as a result of missile strikes. The government allocated 1.5 billion UAH to restore the damaged facilities.
After the shutdown of the Chernobyl Nuclear Power Plant, the Trypilska TPP, with a capacity of 1,800 MW, remained the largest thermal power generation facility in the Kyiv region.
Garkavyi took the helm of Centrenergo on June 25, 2024. At that time, the company had approximately 480,000 UAH remaining in its accounts, and the generating capacity of the two plants in government-controlled territory had been virtually destroyed by Russian shelling. Since then, the facility has sustained over 200 additional hits.
Despite this, the company reported that it had managed to emerge from default, restore financial stability, and achieve record results in its history: net profit amounted to 4.84 billion UAH, and revenue to 7.01 billion UAH. The amount of funds in accounts rose to 3.6 billion UAH. Additionally, Centrenergo secured external grant funding for the first time, in the amount of €350,000.
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