Denis Shmygal, First Deputy Prime Minister and Minister of Energy of Ukraine, gave a large-scale assessment of the national energy sector's needs: according to him, the country will require no less than 91 billion dollars over the coming decades. This is not only about restoring damaged infrastructure, but also about large-scale investments in a new generation of power generation and the development of the energy sector as a whole. RBC-Ukraine reports this, citing Shmygal's post on Telegram.
Dialogue with Canadian business and a focus on investment
The head of the Energy Ministry gave this assessment during a dialogue with Canadian entrepreneurs, in which Ukrainian President Volodymyr Zelenskyy took part. Shmygal emphasized that Ukraine is interested not only in partner assistance but also in attracting private investment into the energy sector. "In February, together with our Canadian counterpart Tim Hodgson, we signed a Memorandum on Strategic Cooperation between Ukraine and Canada in the energy sector. Its main substance is not 'aid' but 'investment.' The political doors are open. Now it is business's task to come with concrete projects," the minister stated.
Simplifying conditions for investors and three tiers of financing
According to Shmygal, Ukraine is already working on simplifying conditions for investors and developing a new generation of power generation. In particular, three tiers of financing for the new energy sector have been created. The procedure for connecting a new generation to the power system has been shortened: the deadline for issuing technical conditions has been reduced from 10 to 2 days, and the number of required documents from seven to two. These measures, as intended by the authorities, are meant to lower entry barriers for private investors and accelerate project implementation.
1.5 GW of new high-maneuver generation and increased auction support
Against the backdrop of the reforms, a tender has been launched for the construction of 1.5 GW of new high-maneuver generation. The scale of auction support in 2026 has been increased more than threefold — to 1 GW. This indicates that Kyiv is betting on diversifying generation and reducing dependence on outdated capacities, which were largely damaged over the years of the conflict.
Strategic vision: transatlantic energy chains
Shmygal noted that Ukraine could be of interest to Canadian energy business thanks to a large market integrated into the EU, as well as significant demand for energy capital and equipment over the coming decades. "Canada, in turn, has long-term capital, technologies, engineering, and financial risk-mitigation instruments. We propose to combine these advantages, form new transatlantic energy chains, ensure the energy security of Ukraine and Europe, and strengthen Canada's economic presence in the European energy market," the minister stated.
Context: problems of integration into the European energy market
It should be noted that, in parallel with seeking new investors, Ukraine faces a number of systemic problems. It was previously reported that the country risks failing to join the single European energy market due to debts: the European side directly links further market integration with resolving the debt issue. Moreover, Ukraine underutilizes electricity imports from the EU — artificial price caps on the domestic energy market hinder the full use of import capacities. Thus, attracting the 91 billion dollars will only be possible if both investment and regulatory issues are resolved comprehensively.
