Ministry of Finance has been entitled to manage DP “NEK Ukrenergo”

2/5/19

The Ministry of Finance of Ukraine has been entitled to manage the state-owned company “NEK Ukrenergo”.

The entitling protocol was signed by the Commission for the Transfer of the Property Complex of DP “NEK Ukrenergo”. The Commission was set up by the Ministry of Finance on February 4, 2019 according to the order of the Cabinet of Ministers No. 1001 of November 14, 2018. Upon the signing of the protocol, Ukrenergo was transferred from the Ministry for Energy and Coal Industry to the Ministry of Finance.

The supervisory board will be responsible for the strategic management and operational control of Ukrenergo. It consists of four independent professionals with a significant experience in implementing transformation processes in the energy sector as well as three state representatives.

The task of the Ministry of Finance is to speed up the corporatization of Ukrenergo. This will allow to achieve a strong progress in implementing the legislation on the electricity market, to certify Ukrenergo as an independent operator of the electricity transmission system and to unbundle electricity production and transmission. This is the condition that Ukraine must meet to receive the second tranche of the loan amounting EUR 500 million according to the Memorandum of Understanding with the EU.

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