State enterprises within the balancing group of the state energy trader JSC "Energy Company of Ukraine" ("ECU") have generated an additional 1.2 billion UAH in income over two years of operation due to the optimization of electricity imbalances, as reported by the company’s CEO Vitaliy Butenko.
"The effectiveness of the balancing group (BG) 'ECU' stems from its large size, which allows for high levels of imbalance optimization (…). Only the state enterprises that are part of the BG 'ECU' have received 1.2 billion UAH more over two years than they would have if they had continued their previous operations. This effectively translates to 1.2 billion UAH in additional revenue for the state," said Butenko in a quick interview with "Energy Reform".
According to him, the consumer portfolio that 'ECU' supplies electricity to now represents over 10% of GDP, including dozens of strategic enterprises.
Butenko also noted that in recent months, two gas-generating facilities built by one of the Ukrainian companies have joined the BG 'ECU'.
"By signing contracts with us to participate in the balancing group, they were able to significantly save money on imbalance optimization even during the testing phase," added Butenko.
He pointed out that in 2024, the volumes of imbalance optimization continued to grow, and in this regard, the BG 'ECU' managed to outcompete private companies, becoming the largest in the country.
Regarding the performance indicators of 'ECU' in 2024, its head noted that they "will be positive," but he refrained from specifying them until the final results are compiled.
As reported, 'ECU' achieved a net profit of 140 million UAH for the year 2023.