Ukraine takes advantage of the European energy market as Kyiv begins exporting electricity – Fox Business

Kyiv succeeded in taking advantage of European energy market A move that will allow it to export and import electricity as Europe looks to break its energy dependence on Russia amid its deadly war in Ukraine.

Ukrainian Energy Minister Herman Galushenko said on Tuesday European power systemENTSO-E will start commercial electricity exports on Thursday under the Ukrainian Ukrenergo Electricity Transmission System.

Oct 28, 2021, Brandenburg, Cottbus: Steam rises from the cooling towers of the lignite power plant in Jänschwalde behind Cottbus in the Baltic Sea. It will be removed from the grid and shut down by 2028 on its way to phasing out coal. (Photo by Jens Kalaene/Image Alliance via Getty Images/Getty Images)

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Exports will start in smaller quantities with the initial export volume hovering around 100 megawatts (MW).

Galushenko said the volumes of electricity exported will gradually increase after monthly impact assessments by ENTSO-E on the European energy system, Pravda first reported.

“Technically speaking, our power system can already provide up to 1,690 megawatts of export capacity. After additional technical measures, the capacity to sell electricity abroad can be increased to 4-5 gigawatts [gigawatts]The minister said.

Ukraine will initially transmit electricity only to Romania, but the transfers are expected to begin exports to Slovakia and Hungary along with transfers between Moldova and Romania later this year.

Ukrenergo Chairman Volodymyr Kudretsky defended the move, saying: “This decision finally breaks the ‘fish tank’ of the closed Ukrainian energy market and at the same time brings us closer to full integration into the European energy space.”

Kyiv energy

Bosha, Kyiv, Ukraine – 06/10/2022: Men work on a damaged electrical network. As fierce fighting continues in eastern Ukraine, cities like Bucha near Kyiv that were devastated in the early days of the Russian invasion, are now trying to make a comeback on their own. (Photo by Dominika Zarzycka/SOPA Images/LightRocket via Getty Images/Getty Images)

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The new transmission deal will connect Ukraine to the concurrent region of continental Europe, the world’s largest electricity network comprising 35 countries, and will allow Kiev to import energy from these countries as well.

Galushenko said the deal would not only provide a much-needed source of financial income for Ukraine as the war with Russia continues, but would allow European countries to do so. stability of their energy markets.

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“European countries, in turn, will be able to ensure more stable energy supplies and, most importantly, replace Russian energy resources,” he said.

Russia pipeline

The company told the Rheinische Post newspaper that E.ON, Europe’s largest power grid operator, had rejected its demands to shut down the Nord Stream 1 gas pipeline as part of sanctions imposed on Russia for its invasion of Ukraine. (AP Photo/Dmitry Lovetsky, File/AP Newsroom)

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According to Ukrainian news outlets, Kyiv expects to get nearly $1.6 billion in electricity export revenue from the European Union by the end of the year. This income rate is expected to rise as it continues and expands electricity transmissions to various European countries.

Ukraine’s Energy Ministry has estimated that the new deal could replace up to 17% of Russian gas exports to the European Union, which has pledged to cut 90% of Russian gas imports by the end of the year.

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