The debt of NPC Ukrenergo to participants of the balancing electricity market increased by 60%, or UAH 13.76 billion, during the first nine months of 2026, reaching UAH 36.69 billion by the end of September. This is reported by RBC-Ukraine, citing data from the consulting company ExPro Electricity Daily. Essentially, this concerns billions of hryvnias that market participants have already earned but have not yet received from the operator.
Structure of the Operator's Debt
The largest share of the debt — UAH 32.02 billion — consists of funds that Ukrenergo must pay to balancing service providers. Another UAH 4.67 billion is owed by the company to parties responsible for balance. Thus, the main settlement burden falls precisely on those participants who ensure compliance between planned and actual volumes of electricity generation and consumption.
Participants' Debt to the Operator
According to ExPro data published by the Dilo publication, over the nine months of 2026, the debts of balancing market participants to NPC Ukrenergo grew to UAH 47.34 billion, increasing by UAH 5.29 billion, or 12.6%, compared to the end of 2025. Almost this entire amount — UAH 47.26 billion — falls on parties responsible for balance, while the debt of balancing service providers to the operator remained relatively stable at UAH 85.1 million. Vitaliy Zaichenko, Chairman of the Management Board of NPC Ukrenergo, previously stated that the debt of balancing market participants to Ukrenergo exceeded UAH 46 billion, which he called one of the highest figures in the history of the market. Yuriy Boyko, a member of the company's supervisory board, in turn, pointed to a figure exceeding UAH 45 billion.
Dynamics: From 2025 Records to 2026
The growth of debt is steady. Throughout 2025, the debt in the balancing market to Ukrenergo increased by 21% to a record UAH 42 billion, while the operator's own debt to market participants over the same period grew by 36% to UAH 22.9 billion. By the end of September 2026, the operator's debt indicator reached UAH 36.69 billion, indicating a further acceleration of growth against the backdrop of continued high pressure on the balancing market.
Impact on Generation and Market Participants
As Yuriy Boyko, a member of the NPC Ukrenergo supervisory board, explained, the debt problem has a direct impact on electricity producers: generators incur costs for generation but do not receive full payment for the supplied energy. According to him, in winter, the debt in the balancing market grew by up to UAH 1 billion per month, and in summer by UAH 400–600 million, indicating seasonal yet steadily increasing pressure on settlements.
Context and Systemic Risks
By the end of September 2026, market participants' debts to Ukrenergo exceeded the operator's own debt to participants by UAH 10.65 billion. The combination of these indicators creates a two-way accumulation of debt, which, according to market participants, puts additional financial pressure on the energy system and limits generators' ability to cover operating expenses.
