Elementum Energy Participates in the Ukraine Recovery Conference (URC23) in London

Olga Rybachuk, Managing Director of Elementum Energy, attended the Ukraine Recovery Conference (URC23) — the largest event dedicated to supporting Ukraine's recovery and reconstruction efforts in the aftermath of Russian aggression.

To establish a flexible and decentralized energy mix, it is critical to define a strategy and specific goals for renewable energy utilization and develop a robust roadmap. Key steps such as upgrading low- and medium-voltage grids, streamlining technical grid connection procedures for new projects, and addressing the regional generation-consumption balance must be undertaken immediately. These measures are essential to make energy projects more bankable in the near future.

The successful implementation of these changes requires identifying a "conductor" to lead Ukraine's green transition. Currently, some key components of this transition are overlooked in state priorities. For instance, little attention is paid to effective regulations that support the growth of solar power capacities or reduce the operational burdens placed on solar plants due to rules more suitable for other types of generation facilities. Solar power, one of the fastest and most cost-effective energy solutions in the EU, is crucial for improving energy efficiency in southern Ukraine. However, inefficiencies in regulatory frameworks lead to nearly 30% of solar energy being wasted during certain months — energy that could otherwise feed the grid during peak shortages.

According to Olga Rybachuk, Ukraine must shift from a fiscal or politically restrictive regulatory approach to one focused on business development and achieving strategic goals, such as ensuring uninterrupted electricity supply. Elementum Energy was among the first investors to voluntarily transition from selling electricity under the “green” tariff to trading with market traders. However, this process revealed significant delays in regulatory adjustments, which must be urgently streamlined to enable rapid reforms.

Furthermore, Ukraine must fully synchronize its energy system with ENTSO-E and align its legislation with EU standards. Achieving this will require investments in liberalizing trade instruments, sales agreements, pricing mechanisms, and other legal frameworks.

To attract investors, Ukraine needs to create transparent frameworks for debt repayment and investment returns, overhaul its energy strategy, and adhere to the rule of law. Only through these steps can Ukraine foster sustainable energy development and ensure its recovery is both resilient and future-oriented.