Ukraine plans EIB-backed €275M project to protect substations
Ukraine’s First Deputy Prime Minister and Energy Minister Denys Shmyhal and European Investment Bank Vice-President Karl Nehammer discussed strengthening the resilience of Ukraine’s energy system and attracting new investment during a meeting in Kyiv.
Ukrainian Deputy Prime Minister Denys Shmyhal revealed a €275 million project backed by the European Investment Bank (EIB) aimed at fortifying the resilience of critical substations. This initiative is part of broader efforts to ensure the financial stability of the energy sector, with a focus on reforming the electricity balancing market.
Shmyhal spoke about coordinating with international partners, including the EIB, the European Bank for Reconstruction and Development (EBRD), and the European Commission, to secure financial backing for these critical energy projects.
The deputy prime minister also highlighted plans to enhance cross-border electricity interconnections with the European Union, with a notable project being the construction of the 400 kV Artsyz–Isaccea power line between Ukraine and Romania. This endeavor is expected to improve reliability in electricity supplies across the two nations.
Shmyhal emphasized that this project is part of a larger portfolio of seven EIB-Ukraine energy projects, each valued at approximately €1.26 billion. These initiatives span restoring and modernizing electricity grids, fortifying energy facilities against physical threats, rejuvenating hydropower capacity, and guaranteeing a steady gas supply.
During a recent meeting, Shmyhal engaged with Moldovan Prime Minister Vasile Tofan to discuss mutual energy challenges, winter preparations, and avenues for strengthening bilateral cooperation. This collaboration follows Shmyhal's earlier interactions where he underscored the importance of security measures for energy infrastructure amidst ongoing geopolitical tensions.
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