Maxim Timchenko: The key to Ukraine's energy security is integration into the European energy markets and decarbonization of the economy

Maxim Timchenko: The key to Ukraine's energy security is integration into the European energy markets and decarbonization of the economy

15.07.2021
DTEK

Ukraine, as one of the largest energy markets in Europe, needs to strengthen energy security. Integration into the European energy system and decarbonisation are key factors influencing the development of Ukraine's energy system.

On July 14, DTEK CEO Maxim Timchenko addressed the 12th Ukrainian Energy Forum. This year's theme was the modernization of the Ukrainian energy sector as part of a sustainable and integrated energy future with Europe.

According to the International Energy Security Risk Index, which includes the world's largest energy countries, a number of countries significantly strengthened their position on security and reliability of energy supply over the past 30 years. However, since 1991, Ukraine has consistently ranked last, in 25th. Given that the world is on the path of energy transformation and revolutionary changes are ripe in the world energy sector, strengthening Ukraine's energy independence is a priority for both the state and business.

DTEK CEO, Maxim Timchenko, said, "Ukraine aspires to become a member of the EU, which in turn aims to achieve climate neutrality by 2050. The key condition for achieving this goal is the development of renewable energy, which requires innovation. Business is a key driver of change in the industry, and DTEK, as a responsible business, is ready to take a lead in the process of building a new, modern and efficient energy sector in Ukraine. Achieving the decarbonisation goals requires attracting investments, which is impossible without creating transparent market conditions for development.”

The transformation and development of the Ukrainian energy sector should be marked by both integration with European energy systems and decarbonisation.

Decarbonisation provides the impetus for the renewal of the industry in Ukraine: it is an opportunity to attract funding and create new jobs. It will mean the reduction in dependence on fossil fuels and imported raw materials. And it will lead to the transition to local renewable energy sources. Integration of energy systems is an opportunity to increase the resilience of the energy system in the transition process, as well as implementing European trade rules that will eliminate chronic problems of the Ukrainian energy market and complete the process of reform.

Business and the state are allies in these processes. We must unite our efforts to resolve current crises in the energy market and fulfill our obligations under international agreements. Involving representatives of the EU energy community as market reform experts will help establish a dialogue between business and the state, and produce effective development strategies that build on European experiences.