Ukraine's energy needs for next decade estimated at at least $91B – Shmyhal
During a dialogue with Canadian entrepreneurs attended by Ukrainian President Volodymyr Zelensky, the participants discussed successful cooperation projects as well as promising areas for further cooperation.
Ukrainian First Deputy Prime Minister and Minister of Energy Denys Shmyhal revealed on Telegram that Ukraine's energy requirements for the next ten years are projected to reach a minimum of $91 billion. In February, Shmyhal joined forces with his Canadian counterpart, Tim Hodgson, to sign a memorandum focusing on strategic cooperation between Ukraine and Canada in the energy domain. This memorandum emphasizes investment opportunities rather than direct aid.
Shmyhal expressed that the political doors are now open, urging businesses to present concrete projects. In response to these developments, Ukraine has undertaken several measures to facilitate the energy sector. Three levels of lending for new energy projects have been established, and the process of connecting new generation capacity has been significantly accelerated.
The time taken to issue technical specifications has been reduced from ten days to just two, and the number of required documents has been decreased from seven to only two.
To further bolster the energy sector, a tender for the construction of 1.5 GW of highly flexible generation capacity has been launched. The scale of auction-based support in 2026 has been increased by over threefold, reaching 1 GW. Shmyhal emphasized that Ukraine boasts a substantial market integrated into the EU, abundant resources, sustained demand for energy capital and equipment, and a strategic geographical location.
Furthermore, he highlighted that Canada offers long-term capital, advanced technology, engineering expertise, and financial instruments to mitigate risks.
Shmyhal proposed a collaboration between Ukraine and Canada to create new transatlantic energy chains, ensuring the energy security of both nations and enhancing Canada's economic presence in the European energy market.
Written by urgent.news from Ukrinform - Economy's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
