🚀 ProPicks AI Hits +34.9% Return!Read Now

Ukraine's grid operator to receive 76 million euros from Germany's KfW

Published 13/10/2023, 13:25
© Reuters. FILE PHOTO: A view shows a high-voltage substation of Ukrenergo damaged by a Russian military strike, amid Russia's attack on Ukraine, in an undisclosed location in central Ukraine November 10, 2022. REUTERS/Gleb Garanich/File Photo
EUR/USD
-

KYIV (Reuters) - Ukraine's national grid operator Ukrenergo said on Friday it would be receiving a 76-million-euro ($80 million) grant from Germany's KfW to strengthen defences of the grid over winter and increase the reliability of electricity supplies.

Ukraine is bracing for renewed Russian attacks this winter on its power infrastructure, which remains vulnerable after damaging air strikes last winter resulted in long periods without light, heating or water supplies.

Ukrenergo said in a statement the financing from the German development bank would be channeled to the construction of "engineering defence" of energy facilities and modernisation of networks "on the border with Europe".

It said that in total it has attracted over 220 million euros of grants and loans from KfW intended for restoration and reconstruction.

"The funding ... will support Ukraine's ability to successfully get through this and subsequent winter seasons by facilitating the rapid restoration and creation of protective constructions," Ukrenegro said on the Telegram messaging app.

Kyiv has also intensified its push to get Western partners to supply more air defence systems.

Ukraine's power generation capacity has been almost halved from nearly 37 gigawatts since Russia's full-scale invasion in February 2022, according to a United Nations estimate in June.

Prime Minister Denys Shmyhal said Ukraine was almost 100% ready for the heating season.

"We are preparing for all challenges and for all possible scenarios, Shmyhal said on Telegram.

He said a network of 13,000 "invincibility points" had been created for people who need light, heat, internet and communication facilities in times of emergency.

© Reuters. FILE PHOTO: A view shows a high-voltage substation of Ukrenergo damaged by a Russian military strike, amid Russia's attack on Ukraine, in an undisclosed location in central Ukraine November 10, 2022. REUTERS/Gleb Garanich/File Photo

Kyiv accuses Russia of deliberately destroying energy installations to inflict maximum suffering on ordinary people, a charge Moscow denies. Russia says it does not target civilians, only military facilities.

($1 = 0.9506 euros)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.