---
title: "A Vicious Cycle of Non-Payments: Debts on Ukraine's Balancing Market Reach 46 Billion UAH"
description: "The debt of balancing market participants to Ukrenergo has grown by 11 billion UAH since the beginning of 2025 and reached 46 billion UAH, while the operator's reverse debt is 32 billion UAH. Experts see a vicious cycle of non-payments."
date: 2026-09-07T14:04:00.000Z
lang: en
url: https://xab.info/en/posts/ukraine-balancing-market-ukrenergo-debts
tags: [ukraine-energy, balancing-market, ukrenergo, electricity-debt, renewable-energy]
publisher: "XAB.info"
---

# A Vicious Cycle of Non-Payments: Debts on Ukraine's Balancing Market Reach 46 Billion UAH

![High-voltage transmission towers and power lines of Ukraine's energy grid against a blue sky — symbol of the balancing electricity market with 46 billion UAH in debts](https://xab.info/media/2026/09/07/balansiruyushchiy-rynok-ukraina-dolgi-ukrenergo/balansiruyushchiy-rynok-ukraina-dolgi-ukrenergo-1.webp)

## 🎯 Key Points

- From January 2025 to June 2026, the debt of balancing market participants to Ukrenergo grew by 11 billion UAH and reached 46 billion UAH.
- Ukrenergo, in turn, owes market participants 32 billion UAH, forming a vicious cycle of mutual non-payments.
- Representatives of Ukrenergo and renewable energy associations warn about record debts and risk for investors; changes to Cabinet of Ministers resolutions and laws are being developed.

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.

## 🔍 Fact-Check Verification

- [Ukrenergo's debt to balancing market participants amounted to 32 billion UAH, - expert](https://www.rbc.ua/ukr/news/borg-ukrenergo-pered-uchasnikami-balansuyuchogo-1788789640.html) - Подтверждает оценку Жупанина о задолженности «Укрэнерго» перед участниками рынка в 32 млрд грн.
- [Balancing market in crisis: Ukrenergo's debt to Ukrhydroenergo reached 10 billion hryvnia](https://www.rbc.ua/ukr/news/balansuyuchiy-rinok-krizi-borg-ukrenergo-1765362996.html) - Подтверждает оценку Жупанина о задолженности «Укрэнерго» перед участниками рынка в 32 млрд грн.
- [Electricity market: debt to Ukrenergo reached a record 42 billion hryvnia](https://delo.ua/ru/news/rynok-elektroenergii-dolg-pered-ukrenergo-dostig-rekordnyx-42-mlrd-griven-458334/) - Сообщает о рекордных 42 млрд грн долга участников перед «Укрэнерго» — расхождение с цифрой 46 млрд грн из заявления Жупанина (разные даты среза).
- [Ukrenergo's debt has already exceeded 10 billion UAH and become critical – Ukrhydroenergo](https://www.obozrevatel.com/ekonomika-glavnaya/dolg-ukrenergo-uzhe-prevyisil-10-mlrd-grn-i-stal-kriticheskim-ukrgidroenergo.htm) - Подтверждает критический характер задолженности «Укрэнерго» перед «Укргидроэнерго» (порядка 10 млрд грн).

## ❓ FAQ

### Q: What is the size of the debt of balancing market participants to Ukrenergo?
**A:** According to the statement of Andrii Zhubanin, former deputy head of the relevant Verkhovna Rada committee, from January 2025 to June 2026 this debt grew by 11 billion UAH and reached 46 billion UAH; by September 2026, in his estimate, it could have become even larger. The publication delo.ua previously cited a record mark of 42 billion UAH.

### Q: What is the 'vicious cycle' of non-payments on the balancing market?
**A:** It is a situation in which market participants owe Ukrenergo (about 46 billion UAH), while Ukrenergo, in turn, owes the same participants (about 32 billion UAH). Mutual debts block settlements: the operator does not receive money from consumers and cannot pay generation.

### Q: What measures are proposed to solve the problem?
**A:** According to Vitaliy Zaichenko, Chairman of the Board of NEK Ukrenergo, stabilization steps are being developed: changes to Cabinet of Ministers resolutions and legislative initiatives. Experts add that state policy needs specific goals to stop and reduce the growth of debts.

### Q: How do debts affect investments in renewable energy?
**A:** Andrii Konechenkov, head of the Ukrainian Wind Energy Association, notes that debt in renewables deters investors from new projects, while Vladyslav Sokolovsky, head of the Solar Energy Association, warned that debts on the balancing market could reach 50 billion UAH.