The new investment will support efforts to develop plans for renewable power integration, applying smart grid solutions at power transmission. It will also support the implementation of the Wholesale Electricity Market and Balancing Market mechanisms and enhance electricity market competitiveness by aligning the Ukrainian network with the European Network of Transmission System Operators for Electricity. This will help to strengthen not only national, but also regional energy security.

“We are delighted to deepen our support for Ukraine’s large power sector, which has strategic importance for the country,” said Qimiao Fan, World Bank Country Director for Belarus, Moldova, and Ukraine last week.

The new project will help the national energy company Ukrenergo to design and implement high-priority transmission system rehabilitation measures and upgrades, increasing the system’s reliability. It aims to make substations more efficient through reducing the number of outages, while strengthening electricity market performance, according to a Word Bank press statement.

This will be done across the Central and Northern power systems, the country’s two major regional networks, covering almost one-third of Ukrainians who will get more stable electricity supplies.

The project includes a US$48.425 million loan provided by the Clean Technology Fund (CTF), which will be used to assist Ukrenergo in the design and installation of the next generation of modern communications, grid management, and control systems, which will enable large-scale integration of wind and solar energy resources and improve management and operation of the transmission network.

Source: World Bank