• Українською
  • Investments in the development of modern energy technologies in Ukraine are a way to strengthen our country and European energy security: German Galushchenko
    Ministry of Energy of Ukraine, posted 22 June 2023 19:54

    Minister of Energy of Ukraine German Galushchenko took part in the event for business representatives "Energy Sector: Power Systems for a Sustainable Recovery" as part of the Ukraine Recovery Conference in London.

    German Galushchenko emphasized that Ukraine pursued an ambitious goal of becoming an energy hub in Europe that would export clean energy and help the continent finally get rid of its dependence on russian fossil fuels.

    The Minister of Energy outlined the key provisions of the Energy Strategy of Ukraine until 2050 and drew the attention of foreign investors to the promising areas of development of the Ukrainian energy sector.

    "War does not stop life, but rather opens up new opportunities. Just a month ago, private investors launched a new biofuel plant and a wind farm located less than 100 kilometers from the front line. We have put into operation a new power transmission line between Khmelnytsky NPP and the Polish city of Rzeszów. The gas storage facility is filled with domestically produced gas and is a promising place for European gas storage. The Ukrainian Government continues to work on legislation to make the energy market more transparent and self-regulating. Therefore, we are open to cooperation and invite foreign businesses to contribute to the development of the Ukrainian energy sector and thus strengthen the European energy security of the region as a whole," said German Galushchenko.

    The Minister emphasized the high potential for the development of solar and wind generation, hydrogen and biotechnology, as well as energy storage facilities, grids and interconnectors in Ukraine.

    The transformation of Ukraine's green energy sector envisages an increase in solar generation capacity to 94 GW, which will require investments of more than USD 62 billion.

    Ukraine intends to significantly increase wind power capacity, positioning it as a key driver of renewable energy development. The goal is to reach an installed wind capacity of almost 140 GW. This capacity expansion will require investments of more than USD 130 billion.

    The increase in renewable capacity will require appropriate energy storage, so along with other measures, Ukraine plans to build energy storage systems with a total capacity of 38 GW, covering various capacities and balancing capabilities. Achieving this storage capacity will require investments of more than USD 25 billion.

    Particular attention is also needed to restore the grids that were destroyed by russian barbarians in the regions currently de-occupied by the Armed Forces of Ukraine. Reconstruction using modern energy-efficient technologies is a priority for the state.

    German Galushchenko also emphasized the effectiveness of the mechanism for raising funds for the restoration of the energy sector through the Energy Support Fund of Ukraine, established under the Energy Community Secretariat, which has already been replenished by donors for EUR 219 million.