12.03.2026
The energy market of Ukraine in 2026 remains a zone of extremely high turbulence. For suppliers of universal services (SUP), this is a time of double responsibility: on one hand, a critical dependence on liquidity and systemic debts in the PSO chain; on the other, the role of a reliable guide for hundreds of thousands of consumers. How did Zakarpattia manage to become a leader in the number of prosumers? Does electricity import from the EU save local businesses? And is the industry ready for the final liberalization of tariffs? Yurii Fedko, Director of LLC “Zakarpattiaenergozbut” (Tolk Group), discussed energy resilience challenges and digital service transformation in an exclusive interview with “EnergoBiznes”.
— 2025 became another trial for the energy system. Comparing it with previous war years, what was it like specifically for a supplier? Did the company manage to maintain its client portfolio and financial stability amidst constantly changing rules of the game?
— 2025 for a supplier of universal services meant working in a mode of constant adaptation: market fluctuations, changes in regulatory conditions, liquidity risks, and responsibility toward the residential segment and small non-residential consumers.
LLC “Zakarpattiaenergozbut” is part of the Tolk Group, which unites three electricity suppliers. In the Zakarpattia region, as a SUP, we serve approximately 19,000 corporate clients and 450,000 residential consumers at regulated prices. Our client portfolio remains stable and high-quality.
Yes, liquidity and cash gaps remain a sensitive issue for SUPs, but the company ensures the fulfillment of obligations to clients and maintains high service standards.
— Zakarpattia has always stood out for having quite responsible consumers. How has the payment situation changed this year? Did tariff increases and constant blackouts affect people’s and businesses’ willingness and ability to pay their bills?
— Regarding the situation as of early 2026, the level of settlements in the residential sector remains high since the beginning of the year — largely due to payments for previous periods.
The biggest challenge is debts formed over a year ago, during the moratorium on disconnecting debtors and amidst populist discussions about potential debt cancellation during wartime. Recently, we have recorded a gradual reduction in debt: consumers have begun to feel their responsibility, and work with “historical” debt continues on an individual basis.
Blackouts caused by Russian attacks on energy infrastructure did not lead to a drop in payment discipline, nor was the tariff increase a decisive factor in reducing payments. We see that conscientious consumers pay regardless of the circumstances, and it is their discipline that supports the stable operation of the energy system during difficult times.
As for businesses: the settlement level of non-residential consumers in Zakarpattia also remains steady, with a tendency toward increased indicators (including previous periods).
— The government changed import rules (guarantees of no-disconnect when covering 60% of consumption). Zakarpattia borders four EU countries. Do you see increased interest from local businesses in importing electricity specifically through your company? Or does this remain the prerogative of large industrial players?
— The import mechanism has indeed become a practical tool for energy resilience for businesses, provided they meet the requirements of the current “Regulation on the peculiarities of electricity imports under the legal regime of martial law in Ukraine.”
Key conditions for obtaining a no-disconnect guarantee during restrictions:
This provides businesses with several important effects: production continuity and diversification of supply sources, which together create a competitive advantage. Additional import costs are often comparable to generator costs, but for production, indirect losses — downtime, process recovery, product loss, and fines for breach of contract — are critical.
Overall, there is interest in imports; it grows during periods when the energy supply situation worsens, and we work with each such client individually.
— Your region is one of the leaders in the number of sunny days and installed private solar power plants (SPPs). How does this affect your work? Do households and businesses with panels (prosumers) become your partners, or does this create additional imbalances in forecasting?
— Zakarpattia is indeed among the leaders in the development of private SPPs, and for us, this is more of a partnership than a problem, provided there is more precise analytics.
During 2025, the number of household solar power plants in the region grew by 1,200, totaling over 6,000; the growth in generation was over 12% compared to 2024. All electricity produced by households was purchased by the supplier of universal services — LLC “Zakarpattiaenergozbut.” Overall, in 2025, about 15% of the electricity consumed in the region came from renewable energy sources.
The challenge exists — it is the specificity of a high-altitude region: up to 80% of the territory is mountains, local weather is volatile, and even in nearby areas, generation conditions can differ sharply. This directly affects forecasts and imbalances that must be covered in the balancing market.
To minimize risks, we divided the region into eight forecasting zones. For SPP owners, this means more predictable and transparent interaction, and for the supplier, more accurate procurement planning and lower financial losses.
Regarding corporate consumers: we buy back surpluses through the self-production mechanism. Active consumers — so-called prosumers — are becoming more numerous every day; businesses calculate their capital investments and receive profit from them in the form of money for the purchased surplus generated energy.
— The situation with debts in the balancing market and throughout the PSO chain remains complex. How does this affect the liquidity of “Zakarpattiaenergozbut”? Do you feel a shortage of working capital for purchasing electricity?
— As a supplier of universal services, we indeed experience a shortage of working capital, especially during the autumn-winter period.
The reasons are systemic for the universal service segment:
Improving SUP liquidity in 2026 requires comprehensive solutions, with systemic work on accounts receivable being among the key tasks.
— Statements about the inevitability of a full transition to market prices for the population (with monetization of subsidies) are heard more frequently. As a supplier of universal services, is your company technically and organizationally ready for such liberalization if it happens in 2026?
— Technically and organizationally, we are preparing for the expansion of the competitive model: developing digital channels, updating client services, strengthening consumption analytics, and working on communications.
At the same time, the transition to market prices for the population is a matter not only of supplier readiness but also of state policy design: targeted support, transparent subsidy rules, and predictability of regulatory decisions for the entire market chain.
— Tolk Group actively promotes digital services. What percentage of Zakarpattia residents have already completely abandoned paper bills? Is this process difficult in remote mountain areas where internet access may be limited?
— Digitalization is one of Tolk Group’s key priorities. In 2025, we accelerated the implementation of digital solutions and updated some services to reduce the load on service centers and make interaction with consumers simpler.
The first step is the ability to receive a bill not only in the personal account but also via e-mail. The second is a chatbot in Viber and Telegram: submitting meter readings, commission-free payment, checking account status, access to charges, integrated restriction schedules, a feedback form, and an IVR menu for submitting readings during non-working hours.
Even without active promotion on our part, over 32,000 residential consumers have already joined the chatbot. In less than a year, the number of payments via the chatbot grew 18-fold, showing increasing client trust in this service.
In remote communities, the key barrier is not so much internet coverage as the habit of some consumers (primarily the elderly) of receiving paper bills. Therefore, we simultaneously conduct explanatory work, prepare step-by-step instructions, and involve Administrative Service Centers (CNAPs) and communities in informing the public.
— Does “Zakarpattiaenergozbut” plan to go beyond classical “kilowatt sales”? Is there a possibility to offer energy audit services, installation of energy storage systems, or assistance in maintaining clients’ internal grids?
— A competitive market stimulates the supplier to expand the model — from “kilowatt-hours” to energy resilience services. We are already working with corporate clients through partners, offering the installation of solar power plants, energy storage systems, and charging infrastructure.
Given the risks of resource deficits due to shelling, demand for such solutions will persist, and the service component will only grow stronger. Therefore, we continue to develop new energy-efficient solutions for our clients.
— What are the main risks you have included in the 2026 business plan? Do you expect price stabilization, or should businesses prepare for further resource price increases?
— For suppliers of universal services in 2026, the key risks are security-related, debt-related, and regulatory. Separately, there is a liquidity risk due to the gap between revenue schedules from clients and expenses for resource procurement and operations.
Regarding the price forecast for businesses — this is a difficult question in wartime. Shelling of energy facilities provokes sharp price spikes in the market. A potential “mitigating” factor is the seasonal increase in SPP generation during the summer. It is also important to consider hourly volatility, especially for group “A” consumers with AMR systems.
For the population, the term of special obligations has been extended until the end of April 2026, fixing the tariff at 4.32 UAH/kWh.
— How do you see “Zakarpattiaenergozbut” a year from now? Is it a service IT company in the energy sector or a reliable buffer between a complex market and a simple consumer?
— The future model for a supplier of universal services is a combination of two roles. On one hand, a “buffer” and a provider of clear rules for the consumer. On the other, a service company that invests in digital channels, analytics, client experience, and energy resilience solutions for business. It is this combination that will determine competitiveness in 2026.
Yurii Fedko, Director of LLC “Zakarpattiaenergozbut” (Tolk Group)
Born: 1976 in Pavlohrad.
Education: Dnipro National University of Railway Transport (DIIT) — Electrical Engineer; DIIT — Economist.
Career: Since 1998, he has worked in positions ranging from engineer and economist to head of sales, service, and marketing departments; in 2010–2013 — Head of the Department for Corporate Consumers at the Executive Directorate of PJSC “DTEK DNIPROOBLENERGO,” later Sales Director (5 years).
From November 2018 to January 2025 — Director of LLC “Dniprovski Energetychni Poslugy” (Dnipro Energy Services).
Since February 2025 — Director of LLC “Zakarpattiaenergozbut” (Tolk Group).
Married, has a daughter and a son.
