The Electricity Market: Why Did Prices Collapse in September?

Discussion Points:

• What were the key factors that caused the price drop on the Day-Ahead Market (DAM) in September 2025?
• Is the current competition and market structure transparent?
• How will market coupling with the EU change the rules of the game for Ukraine?

September 2025 was a month of price shock for the Ukrainian electricity market. A 40% price drop on the Day-Ahead Market (DAM) compared to August, with a virtually unchanged balance of supply and demand, triggered a systemic crisis. Independent suppliers and traders suffered billions in losses, a chain reaction of contract terminations began, and the financing for generation to get through the autumn-winter period was put at risk.

What really happened in the market? How transparent is competition today, and what changes await us in the near future with deeper integration into the EU market?

Energy Club is gathering market participants for a frank conversation to analyze the causes and consequences of the September collapse and to discuss the future of market rules.

Moderator

Maksym Nemchynov

Vice President of Energy Club, former Deputy Minister of Energy of Ukraine

Speakers

• Dmytro Mariar, Commercial Director, D.TRADING
• Bohdan Koval, Head of Legal Department, Energy Link Trade LLC
• Kyrylo Arkhypov, Director, AK TRADE GROUP LLC
• Volodymyr Omelchenko, Director of Energy Programs at the Razumkov Centre