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