ECU balancing group’s SOEs receive UAH 1.2 bln in 2 years from optimizing electricity imbalances – CEO

 State-owned enterprises (SOEs) from the balancing group of JSC Energy Company of Ukraine (ECU) received UAH 1.2 billion in additional income in two years of its operation due to the optimization of electricity imbalances, the company's CEO Vitaliy Butenko said.

"It is precisely because the ECU balancing group is large that it operates very effectively, offering high levels of imbalance optimization (…). Only state-owned enterprises included in ECU balancing group received UAH 1.2 billion more in two years of its operation than they would have if they had continued to operate as before. In fact, this is UAH 1.2 billion in additional state revenues," Butenko said in a blitz interview with Energy Reform platform.

According to him, the portfolio of consumers to whom ECU supplies electricity already represents more than 10% of GDP, and among them are dozens of strategic enterprises.

Butenko also said that in recent months, two gas generating units built by one of the Ukrainian enterprises have already joined the ECU balancing group.

"Having concluded contracts with us for participation in the balancing group, they were able to significantly save money on imbalance optimization already at the testing stage," Butenko said.

He said that in 2024, the volumes of imbalance optimization continued to grow, and in this indicator, ECU balancing group managed to win the competition from private companies, becoming the largest in the country.

Regarding ECU's performance indicators in 2024, its head said they "will be positive" but refused to specify them until the final results are summed up.

As reported, according to the results of 2023, ECU received UAH 140 million in net profit.