Ukraine’s energy sector needs at least $91 billion over the next decade. First Deputy Prime Minister and Energy Minister Denys Shmyhal said this in a Telegram post following a dialogue with Canadian business representatives attended by President Volodymyr Zelenskyy.
According to Shmyhal, in February he and his Canadian counterpart Tim Hodgson signed a memorandum on strategic cooperation between Ukraine and Canada in the energy sector. The main purpose of the document, the minister noted, is not aid but investment.
“The political doors are open. Now it is up to businesses to come forward with specific projects.”
Denys Shmyhal, First Deputy Prime Minister and Energy Minister
Financing and connecting new generation capacity
Shmyhal said that Ukraine is removing barriers for businesses and has already established three levels of financing for new energy projects.
He also said that the time required to issue technical specifications for connecting new generation capacity has been reduced from 10 days to two, while the number of required documents has been cut from seven to two.
The minister announced the launch of a tender for the construction of 1.5 GW of new highly flexible generation capacity. The scale of auction support in 2026 has been increased more than threefold, to 1 GW.
Cooperation with Canadian businesses
In Shmyhal’s view, Ukraine can offer Canadian energy businesses a large market integrated into the EU, resources, demand for energy capital and equipment for decades ahead, as well as a strategic location.
At the same time, he said, Canada has long-term capital, technology, engineering expertise, and financial risk-mitigation instruments.
“We propose combining these advantages, creating new transatlantic energy supply chains, ensuring the energy security of Ukraine and Europe, and strengthening Canada’s economic presence in the European energy market.”
Denys Shmyhal, First Deputy Prime Minister and Energy Minister
Since the start of Russia’s full-scale invasion, damages suffered by NPC Ukrenergo have reached nearly UAH 90 billion. As the company’s CEO Vitaliy Zaichenko reported, this is how the company estimates losses caused by the war.
