--- title: "Ukrenergo's debt to balancing market participants grew by 60% in the first nine months of 2026" description: "NPC Ukrenergo's debt to balancing market participants reached UAH 36.69 billion in the first nine months of 2026, an increase of 60%. The bulk of the debt is owed to balancing service providers." date: 2026-10-18T13:26:34.655Z lang: en url: https://xab.info/en/posts/ukrenergo-debt-balancing-market-grows-2026 tags: [ukrenergo, balancing-market, debt, ukraine-energy, electricity] author: "Andrey Kosynko, Darya Fomina" publisher: "XAB.info" --- # Ukrenergo's debt to balancing market participants grew by 60% in the first nine months of 2026 ![High-voltage power transmission tower against residential buildings and the Ukrainian flag on an overcast day](https://xab.info/media/2026/10/18/dolzhennost-ukrenergo-pered-uchastnikami-balansiruyushchego-rynka-vyros-la-na-60/dolzhennost-ukrenergo-pered-uchastnikami-balansiruyushchego-rynka-vyros-la-na-60-1.webp) ## Key Points - Ukrenergo's debt to balancing market participants grew by 60% (UAH 13.76 billion) to UAH 36.69 billion in 9 months of 2026. - UAH 32.02 billion of the debt belongs to balancing service providers, and UAH 4.67 billion to parties responsible for balance. - Market participants' debts to Ukrenergo reached UAH 47.34 billion as of September 30, 2026, according to ExPro. - In 2025, the balancing market debt rose by 21% to UAH 42 billion, and the operator's debt by 36% to UAH 22.9 billion. - The debt problem directly affects generators who do not receive full payment for generated electricity. 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. ## Fact-Check & Sources - [Долги "Укрэнерго" перед участниками балансирующего рынка выросли на 60%](https://www.rbc.ua/ukr/news/borgi-ukrenergo-pered-uchasnikami-balansuyuchogo-1792327825.html) - Primary source: operator's debt UAH 36.69 billion (+60%, +UAH 13.76 billion), structure 32.02 + 4.67 billion, statements by Zaichenko and Boyko, 2025 dynamics. - [Долги перед "Укрэнерго" выросли до 47,3 млрд грн: сколько должен оператор](https://delo.ua/ru/news/dolgi-pered-ukrenergo-vyrosli-do-473-mlrd-grn-skolko-dolzen-operator-474469/) - Confirms UAH 36.69 billion operator debt and UAH 47.34 billion participants debt as of 30.09.2026; breakdown 47.26 + 85.1 million; excess of participants debt over operator debt by UAH 10.65 billion. - [Долги на балансирующем рынке превысили 45 млрд грн и зимой вырастали до 1 млрд грн в месяц – член ...](https://gordonua.com/section-money/news-borhy-na-balansuvalnomu-rynku-perevyshchyly-45-mlrd-hrn-i-vzymku-zrostaly-do-milyarda-na-misyats-chlen-nahlyadovoyi-rady-ukrenerho-17-10-2026.html) - Supervisory board member statement: debt over UAH 45 billion, winter growth up to UAH 1 billion/month, summer 400–600 million. - [Долг "Укрэнерго" перед участниками балансирующего рынка достиг 32 млрд грн, – Жупанин](https://www.obozrevatel.com/ekonomika-glavnaya/dolg-ukrenergo-pered-uchastnikami-balansiruyuschego-ryinka-dostig-32-mlrd-grn-zhupanin.htm) - Contextual confirmation of growing debts in the balancing market and pressure on the energy system. ## FAQ ### How much was Ukrenergo's debt to balancing market participants at the end of September 2026? According to ExPro, the operator's debt to market participants reached UAH 36.69 billion. ### By how much did this debt grow in the first nine months of 2026? By 60%, which is UAH 13.76 billion. ### To whom does Ukrenergo owe the most? To balancing service providers — UAH 32.02 billion; another UAH 4.67 billion to parties responsible for balance. ### How much do market participants owe Ukrenergo? According to ExPro as of September 30, 2026, it is UAH 47.34 billion, of which UAH 47.26 billion falls on parties responsible for balance.