Rebuilding Ukraine’s Energy Sector: Opportunities for Swedish Businesses

Webinar by BuS Ukraine and the Ministry of Energy of Ukraine

1. Background

Russia’s invasion of Ukraine has left a devastating impact on Ukraine’s energy infrastructure. Many Ukrainian homes, businesses, hospitals, and schools are now without electricity, heat, and hot water. Meanwhile, Ukrainian energy companies are grappling with the challenges of repairing the damaged energy infrastructure.

The reconstruction requirements for Ukraine’s energy and extractive sectors have already surpassed SEK 470 billion, as revealed by joint assessments from the Government of Ukraine, World Bank Group, European Commission, and United Nations (RDNA2). This situation opens substantial opportunities for international businesses to contribute to the upcoming reconstruction efforts. Considering the diverse possibilities in this evolving scenario, Swedish energy companies can play a pivotal role in Ukraine’s recovery, facilitating a seamless transition towards a greener and more sustainable economy.

The renewed presence of Business Sweden in Ukraine is aimed at fostering collaboration between Swedish and Ukrainian actors in the energy sector to support Ukraine’s reconstruction. Through a partnership between BuS Ukraine and the Ministry of Energy of Ukraine, the webinar "Rebuilding Ukraine’s Energy Sector: Opportunities for Swedish Businesses" seeks to underscore the remarkable potential for the Swedish private sector’s involvement in meeting the current needs of Ukraine’s energy system. Additionally, it highlights the significant business opportunities that Ukraine offers in terms of trade and investment for energy companies.

2. Agenda

• 11:00 – 11:05 – Opening Remarks, Mr. German Galushchenko, Minister of Energy, Ministry of Energy of Ukraine.

• 11:05 – 11:10 – Opening Remarks, H. E. Mr. Martin Åberg, Ambassador of the Kingdom of Sweden to Ukraine.

• 11:10 – 11:20 – Keynote Presentation – Rebuilding Ukraine’s Energy Sector: Opportunities for Swedish Businesses, Mr. Yaroslav Demchenkov, Deputy Minister for European Integration, Ministry of Energy of Ukraine.

Despite the current military risks, Ukraine presents an enticing destination for Swedish expertise and green solutions, specifically regarding renewable energy, smart grids, energy storage systems. From localization of energy equipment production to engaging in projects related to the decentralization of Ukraine’s energy system – the country invites Swedish businesses to actively participate in Ukraine’s endeavors.

• 11:20 – 11:30 – International Cooperation for Supporting Ukraine’s Energy Infrastructure, Ms. Svitlana Grynchuk, Deputy Minister, Ministry of Energy of Ukraine.

Collaborative findings from the Government of Ukraine, World Bank Group, European Commission, and United Nations (Rapid Damage and Needs Assessment 2) reveal that Russia's invasion has resulted in over SEK 115 billion in direct damages to Ukraine’s Energy and Extractives sector (as of February 2023). According to the same estimates, rebuilding the damaged and destroyed infrastructure, while transitioning to more energy-efficient and smart solutions, will require over SEK 490 billion. Achieving this goal is contingent on the support of a broad coalition of international donors, and the Ministry of Energy is actively working to ensure the effective utilization of existing platforms to address Ukraine’s critical energy needs.

• 11:30 – 11:40 – Ukraine Energy Support Fund: Procurement of Critical Energy Equipment for Ukraine, Mr. Eric Gagnon, Procurement Director, Ukraine Energy Support Fund.

Ukraine Energy Support Fund effectively channels substantial international support to reconstruct Ukraine’s essential energy infrastructure. It addresses donors’ requirements for a transparent mechanism to fund urgently needed equipment, fuels, and services for Ukrainian energy companies.

• 11:40 – 11:50 – Investment Projects in Ukraine’s Energy Sector, Mr. Oleksii Lukashuk, Director for Foreign Economic Activity and Partnerships Development, Naftogaz Group.

Naftogaz stands as Ukraine’s largest, state-owned, vertically integrated oil and gas company. Operating across a broad spectrum of sectors, Naftogaz has strategically chosen to press ahead with the implementation of its green energy projects even during wartime, presenting collaboration opportunities for international businesses.

• 11:50 – 12:00 – Investment Incentives in Ukraine, Mr. Vyacheslav Ovechkin, Director of the Investment Department, Ministry of Economy of Ukraine.

To encourage private sector involvement in Ukraine’s reconstruction, the Ukrainian government has focused on strengthening the country’s investment incentives legislation. In addition to the current support mechanisms, a recently enacted law introduces augmented tax, customs, infrastructure, and other incentives for private companies engaged in investment projects exceeding SEK 130 million across various industries in Ukraine, including the manufacturing of energy equipment.

• 12:00 – 12:10 – War Risk Insurance and Financing Opportunities for Investment Projects in Ukraine, Mr. Olexandr Gryban, Investment Team Lead, Advantage Ukraine.

In an effort to expedite trade and investments with Ukraine, international finance providers are exploring ways to "unlock" additional sources of financing for private sector companies interested in investing and conducting business in Ukraine. With the goal of assisting businesses in mitigating risks in their operations in Ukraine, entities such as MIGA (World Bank Group) and the US Development Finance Corporation have already committed to offering war risk insurance for new investment projects in the country.

• 12:10 – 12:20 – Investment Projects in Ukraine’s Energy Sector, Mr. Oleksiy Povolotskiy, Corporate Governance and Compliance Director, DTEK Group.

DTEK, a major commercial energy company in Ukraine, operates in various sectors, including electricity generation (wind, solar, thermal), distribution and supply. The company serves as the primary energy distributor and power networks operator in five Ukrainian regions, catering to over 5.6 million customers. While navigating the challenges posed by Russian attacks, the company is simultaneously forging ahead with new investment projects in wind-based electricity generation and storage, actively seeking both equity and debt partners.

• 12:20 – 12:30 – Q&A session

Moderator: Mr. Andreas Giallourakis, Country Manager Ukraine, Business Sweden

If you are interested in accessing a dedicated folder containing the webinar recordings and presentation materials, please do not hesitate to let us know at


25 January



25 January