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year. As of November 16, 23 blocks at Ukrainian coal power stations were at a standstill due to lack of coal. The imports will come from Kazakhstan, Poland, the US and Australia, Centrenergo announced on November 16. The state-owned power company plans to import a total of 2.2mn tons for the heating season. On November 16, Prime Minister Denys Shmyhal reassured the country that it has sufficient electricity supplies, partly thanks to nuclear plants working at a higher capacity than usual.
9.1.10 Renewables corporate news
Ukraine’s biggest producer of “green” energy DTEK Renewables (DTEREN) reported on Nov. 16 that it was the only company that has not received payments from state company Guaranteed Buyer (GarPok) related to the decrease of arrears accumulated in 2020-2021.
Recall, state company Ukrenergo (NPCUKR) directed UAH 19.3 bln to GarPok last week to enable it to repay part of its debt to green producers. On Nov. 15, GarPok reported that it had paid to green producers UAH 16.3 bln, meaning about 15.5% of the reserved money had not been paid. According to DTEK Renewables, total payables of GarPok to green producers as of the beginning of November were UAH 27.6 bln, of which UAH 4.3 bln (about 15.6%) were payables to DTEK Renewables.
DTEK Renewables stated on Nov. 16 that it would “take all legal measures available to it to investigate the situation, protect its rights and demand prompt payment” from GarPok. It also stated that it receives current settlements from GarPok (not related to Ukrenergo’s large payment) on a pro-rata basis and it is servicing all its contractual debt obligations.
DTEK Energy stated it has not received any explanation on the delay of payments from state companies or the ministry. Meanwhile, Sergii Leshchenko, former investigative journalist and MP, who is now a supervisory board member of Ukrainian Railways, provided his own explanation on the issue. In his Nov. 15 blog, he revealed calculations that DTEK owes Ukrenergo UAH 2.1 bln and owes Naftogaz (NAFTO) UAH 0.7 bln. “The state is ready to pay UAH 3.5 bln, but the oligarch [Rinat Akhmetov, the owner of DTEK holding] should repay his debts to the state of UAH 2.8 bln,” he wrote.
Manipulation of European funds by Ukrainian officials will be the basis for DTEK Renewables lawsuits in the international courts. The Ukrainian Guaranteed Buyer has acknowledged manual intervention in distributing the European targeted loan to repay debts to green investors, including DTEK Renewables. One result of the Illegal actions by several officials led to a fall in the valuation of the DTEK Renewables Eurobonds. As a result, Eurobonds and Ukraine's sovereign credit indicators also fell. DTEK Renewables now requires the Guaranteed Buyer, Oschadbank, the Cabinet of Ministers of Ukraine, and the President's Office to ensure the fastest payment of debts to the company. Further delays will be seen as increasing political and financial pressure on the business.
Ukraine’s default risk jumped by almost 20% due to the suspension of
78 UKRAINE Country Report December 2021 www.intellinews.com