Energoatom, Ukraine’s national nuclear energy operator, has incurred losses of about $1.2 billion amid Russia’s invasion

Since the start of Russia’s war in Ukraine, Ukrainian National Nuclear Generating Company Energoatom has suffered about UAH 35 billion or $1.2 billion worth of losses, according to the head of the company, Petro Kotin. The figure includes both damages to physical facilities and such losses as the absence of payments for the consumed electricity.

As a result, currently, Energoatom needs the state’s financial support, though the company will be less dependent on it once it gets paid for the electricity as it should be.

Also, export of the electricity to Europe will help. Though Ukraine officially joined the European energy market in March 2022, Energoatom hasn’t been able to export electricity to the EU yet despite the availability of its surplus since its consumption in Ukraine has decreased during the war.

“The system of exports in the new conditions of joining the European grid has not yet been fully established. The Ministry of Energy and Ukrenergo are currently working on it. When all these issues are resolved, we will do it,” said Kotin.