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generation was lost.
● The second phase was the Russians attacking distribution networks, Ukrenergo's transformer nodes, local networks, and generation facilities.
● The third phase began at the end of March 2024, when the Russians began to shell thermal and hydro power generation facilities.
"Due to the latest phase, we've lost nine GW, about 50% of our winter peak consumption. And in total, we've lost over 40 GW, which are terrible numbers," Kovalenko summarized.
Ukraine will additionally spend ₴759M to strengthen the stability of its energy system, and a cement producer will invest $15M in energy production. The government approved using state funds for decarbonization and energy-efficient transformation. This will occur through an additional ₴759M ($19M) program to support energy efficiency and strengthen the stability of Ukraine's energy system. The funds will primarily be used to reduce loan rates for energy efficiency projects and install alternative energy infrastructure. The Head of the State Inspectorate for Energy Supervision of Ukraine, Ruslan Slobodian, noted that TPPs damaged by Russian shelling in Ukraine are being repaired around the clock. The total capacity of these damaged facilities exceeds nine GW. He added that the development of distributed generation is underway. In particular, solar energy helps to overcome the current operating deficit. At the same time, Concorde Capital, co-owner of the Kryvyi Rih Cement Plant, is investing $15M in a 24 MW power plant, which should make Kryvyi Rih Cement, one of the largest cement producers in Ukraine, independent of external energy supply. The investment company also plans to build 40 MW of storage capacity.
German and American companies will help build new distributed generation capabilities in Ukraine. Ukrnafta signed memorandums with Siemens Energy Global GmbH & Co. KG and Deutsche Bank to develop distributed electricity and heat generation in Ukraine. The first is a memorandum of understanding with Siemens Energy, which will help to obtain needed expertise and to develop new projects based on steam and gas turbines for the combined production of heat and electricity. The memorandum with Deutsche Bank AG will attract German funds to construct a new maneuverable Ukrainian energy industry. In turn, the DTEK group and an American company, GE Vernova, concluded a memorandum that provides for joint projects in wind energy and the development and modernization of network infrastructure to increase the reliability of its operation. Work is also planned on long-term solutions for power generation, such as steam and gas plants, to ensure the reliability and flexibility of the Ukrainian power system. The DTEK group also signed an agreement with American company Honeywell to work on restoring and maximizing DTEK's capacities, implementing energy storage systems, and advanced solutions in oil and gas processing.
The DFC will help Ukraine to develop an affordable housing market. The Ministry of Economy, the American International Development Finance Corporation (DFC), and Citibank signed a memorandum on the development of the mortgage lending market in Ukraine. The Minister of Economy of Ukraine, Yuliya Svyridenko, expects that in the future, this will enable more Ukrainians to purchase housing. The parties agreed on consultations to assess potential opportunities for co-financing, credit support, and joint work to find financing opportunities for the Ukrainian mortgage market. The Ministry of Economy believes that the concluded agreement will create conditions suitable
106 UKRAINE Country Report July 2024 www.intellinews.com