14.07.2025
The international forum “Recovery and Investments in Ukraine’s Energy Sector,” organized by the Energy Club, took place in Rome. The event served as a strategic bridge between the needs of Ukraine’s energy industry and the opportunities for international investors, bringing together key Ukrainian and European energy market players, government officials, and financial partners to move from discussions to concrete investment projects.
The event was supported by its partners: SPP DEVELOPMENT UKRAINE, Eco-Optima, and the Ukrainian Energy Exchange (UEEX).
Speakers unanimously declared that Ukraine is not merely restoring its destroyed energy infrastructure but building a new, decentralized system integrated into the EU, which will become the foundation of energy security for the entire continent.
A key theme of the forum was the “Build Back Better” concept. As noted by Maksym Nemchynov, Vice President of Energy Club and former Deputy Minister of Energy of Ukraine (2020–2021), this is not about returning to the past.
“Ukraine’s energy sector is not just recovering—it’s transforming. Every new substation, every megawatt of green generation, every step towards European integration brings us closer to a competitive, modern system deeply integrated into the European space… We need your support—investments, technology, political resolve. Let’s build together not just what was lost, but something significantly better,” Nemchynov urged.
Artem Petrenko, Executive Director of the Association of Gas Producers of Ukraine, provided a frank assessment of the industry, which continues to operate despite weekly attacks. “Ukrainian companies—both state-owned and private—continue to drill new wells, repair equipment, and maintain production.” At the same time, due to the destruction of infrastructure that had allowed Ukraine to cover its domestic consumption until 2024, the country is forced to import gas. The market is becoming more transparent. Since 2018, subsoil use licenses have been sold exclusively through electronic auctions. Since 2023, the free sale and purchase of licenses between companies has been permitted, with 22 such transactions already completed. “We need investments, stable rules of the game, and adaptation of legislation to modern challenges, particularly regarding production sharing agreements,” Petrenko emphasized.
The renewable energy sector is demonstrating extraordinary momentum, with Ukrainian companies implementing large-scale projects without waiting for the war to end.
Andrii Konechenkov, Chairman of the Board of the Ukrainian Wind Energy Association (UWEA), presented compelling arguments for investors: “Despite the war, Ukraine’s wind energy market is active and open. We have high wind potential (7–8 m/s), we are the largest construction site in Europe with explosive demand for electricity, and the ‘early bird advantage’ is currently in effect.”
According to Oleksa Konenko, Head of the Renewable Energy Department at Galnaftogaz, the company is implementing a strategy to achieve 1 GW of its own generation by 2030. The company is building a 150 MW wind power plant, has an agreement for a new 192 MW project, and has already launched Ukraine’s most powerful BESS (Battery Energy Storage System) at 22 MW / 44 MWh. “The reconstruction of Ukraine is impossible with domestic capital alone. We need partners and cheap, long-term financing,” Konenko noted.
Eco-Optima is an example of extraordinary resilience. Yuriy Fedak, Deputy Director for Development, said: “For us, renewables are about energy independence. We build—even when others stop.” The company, which already has wind, solar, and bio-TTPs in its portfolio, has built 7 solar power plants during the war and is now implementing a wind power plant project in the Lviv region. Fedak gave a vivid example: due to the impossibility of insuring the work, the company was forced to purchase its own 600-ton crane.
Speakers spoke candidly about the risks and the conditions under which investors are willing to enter Ukraine.
Pavlo Kukhta, an energy developer and former government official, offered direct advice: “The best advice for the government is not to interfere. Sometimes, stability and predictability are already a huge plus for an investor.” He confirmed that despite “extreme uncertainty,” projects are being realized thanks to insurance and donor support. Investors are considering projects with an IRR of 15% or more, with energy storage systems being the hottest area. “If you believe in Ukraine’s victory, you automatically believe in its energy sector,” Kukhta concluded.
Gregor Weinzettel from the Energy Support Fund of the Energy Community (the fund’s resources amount to €1.2 billion) called on Ukrainian companies to be more active in Europe and stressed: “We have an opportunity to turn the war into a point of growth—for Ukrainian energy, for its international integration, for new partnerships.”
Ima Khrenova-Shimkina from GIZ added: “We at GIZ talk about the three ‘R’s’: Resilience, Reform, and Reconstruction. It is amazing that despite the war, Ukraine continues to implement reforms. This is impressive and inspiring.”
The forum in Rome clearly demonstrated that the Ukrainian energy sector is resilient, flexible, and attractive for investment. Nataliya Katser-Buchkovska, moderator of the panel on the future of energy, summarized the shared opinion: “We are not just rebuilding what was destroyed—we are creating a new, innovative energy system. Not just better, but smarter, greener, more resilient… The future of Ukrainian energy is not a centralized monolith. It is a flexible, smart system integrated into the EU that works in the interests of communities and state security.”
The key call to international partners and investors is to act now. Those who invest in Ukraine’s energy sector today will not only receive high returns in the future but will also contribute to the security and stability of all of Europe.
