Ukraine's energy system is facing growing financial pressure, the source of which is the accumulated debt on the electricity balancing market. This was stated on RBC-Ukraine by Andrii Zhubanin, former deputy head of the Verkhovna Rada Committee on Energy and Utilities, who noted that non-payments have ceased to be a local problem of individual companies and have turned into a systemic risk for settlements across the entire industry.
Growth in Market Participants' Debts
According to Zhubanin, from January 2025 to June 2026, the debt of balancing market participants to Ukrenergo increased by 11 billion UAH and reached 46 billion UAH. The expert emphasized that by the time of his statement, made in September 2026, the actual figure is likely even higher: "It may already be more, because we are already in September." Thus, the pace of debt accumulation has been maintained throughout the entire reporting period.
A Vicious Cycle of Mutual Non-Payments
The key problem that Zhubanin highlights is the two-way nature of the debt. If market participants owe Ukrenergo 46 billion UAH, then the operator, in turn, has a significant debt to the same participants — 32 billion UAH, meaning that, according to the expert's estimate, Ukrenergo's debt to the market has doubled. A vicious cycle is forming: the non-payments of one company automatically create settlement problems for others, and the operator, not receiving money from consumers, cannot settle with generation.
Ukrenergo's Official Position
The Chairman of the Board of NEK Ukrenergo, Vitaliy Zaichenko, previously confirmed that the debt of balancing market participants to the operator has reached the highest levels in the entire history of the market. According to him, the debt is accumulating due to a number of problematic categories of consumers who do not make full payments. Ukrenergo states that specific steps to stabilize the situation are now being developed, which include both changes to Cabinet of Ministers resolutions and legislative initiatives.
Risk for Investors and Renewable Energy
The accumulation of debt is already affecting the investment climate. The Chairman of the Board of the Ukrainian Solar Energy Association, Vladyslav Sokolovsky, warned that debts on the balancing market could reach 50 billion UAH. In turn, the Chairman of the Board of the Ukrainian Wind Energy Association, Andrii Konechenkov, noted that debt in renewable energy remains one of the key factors deterring investors from participating in new projects. Without a solution to the settlement problem, capital inflow into renewables may slow down.
Contradictory Data
When comparing the statements of the parties, discrepancies in figures and timeframes are noted. In RBC-Ukraine materials citing Zhubanin, the debt of participants to Ukrenergo is estimated at 46 billion UAH (as of June 2026), while the publication delo.ua previously reported a record 42 billion UAH. The difference may be explained by different data cut-off dates, however both sides agree that the market is in crisis. In addition, Ukrenergo's total debt to market participants is estimated at 32 billion UAH, of which, according to RBC-Ukraine and Obozrevatel, about 10 billion UAH is attributable to Ukrenergo's debt to Ukrhydroenergo — that is, 10 billion UAH is a part, not an alternative to the 32 billion UAH figure.
What's Next: The Need for Specific Goals
In Zhubanin's view, state policy in the energy market sector needs not general promises of reform, but a clear task — to stop the growth of debt and begin reducing it. Without such specific goals and without changing the settlement rules on the balancing market, the vicious cycle of mutual non-payments, according to experts, will intensify, creating a threat to the financial stability of Ukraine's entire energy system.
