An absolute state monopoly. 10 most profitable energy companies in Ukraine
By the end of 2024, the top ten most profitable energy companies in Ukraine, which sell, produce and distribute gas, electricity and heat, were almost entirely state-owned enterprises.
However, two state-owned companies with some of the largest revenues in the country declared billions of dollars in losses. And among the private companies, in addition to the businesses of Rinat Akhmatov's DTEK group, another player unexpectedly made the list.
These results were obtained by LIGA.net , analyzing data from the State Statistics Service on Section 35 of the Classifier of Economic Activities (NACE). Details of the rating are in the material.
The most profitable, most profitable, state-owned
Compared to indicators of in 2023, the financial results of the two most profitable energy companies in Ukraine showed an increase in revenue and a decrease in profit.
Ukrhydroenergo, the state-owned operator of hydroelectric power plants, took the first place in terms of profitability. In total, the company earned UAH 54.16 billion, plus UAH 5.5 billion by 2023. The company's net financial result in 2024 amounted to UAH 15.48 billion, which is almost UAH 2 billion less than the year before.
2024 became a landmark year for Ukrhydroenergo due to increase of the electricity tariff for households in June to 4.32 UAH/kWh. As part of the mechanism of imposing special obligations ( PSO ), the company allocates its funds to 15% of the state's expenses to compensate for the difference between the fixed tariff and the market value of electricity.
The tariff increase should have a positive impact on the company's economy. According to the financial plan published in December, Ukrhydroenergo should increase its profit to UAH 24.4 billion in 2027 if PSO is canceled. This is almost equal to the company's expenditures on this mechanism in 2023 – UAH 23.6 billion. The company did not publish a report on PSO implementation for 2024.
Another major PSO donor, the state-owned nuclear power plant operator NNEGC Energoatom, had a more noticeable impact on the tariff increase for households. In 2024, it increased its revenues by UAH 54 billion to UAH 207.03 billion. At the same time, it declared a profit of UAH 1.32 billion and became the seventh largest energy company in the country by this indicator.
According to some analysts, this success is insufficient compared to 2023, when the company suffered UAH 8.65 billion in losses. With the increase in the tariff for households, Energoatom should have declared about UAH 30 billion in profit. But it did not do so due to depreciation of assets – a gradual write-off of their value – commented Concorde Capital analyst Oleksandr Parashchiy to Forbes.ua.
Energoatom called these conclusions "incompetent, manipulative" and "not taking into account the specifics of the company's work during the war." They noted that in 2024, Energoatom fully paid off its PSO obligations, including last year's debts. In total, the company paid UAH 145.36 billion to ensure fixed tariffs in 2024. It is noteworthy that the amount paid for PSO in 2024 was almost the same as in 2023 – UAH 128 billion.
Kyivteploenergo, the capital's heat energy supplier, significantly improved its financial performance. In 2023, it received UAH 21.59 billion in revenue, showing a loss of UAH 3.17 billion. And in 2024, the company increased its revenue to UAH 34.32 billion and made a profit of UAH 4.77 billion. According to the latter indicator, it ranks third among all energy companies in the country.
Kyivteploenergo has been owned by the Kyiv community since 2018. At that time, Kyiv Mayor Vitali Klitschko terminated the lease of the capital's CHP plants with Rinat Akhmetov's Kyivenergo.
Most likely, the reason for the municipal heating company's efficiency improvement is subsidies from the city budget. Due to the current design of the market, the company is trapped in a debt guarantee between its consumers, who owe the company UAH 7 billion, and the state-owned Naftogaz, which sells it natural gas. As of September 2024, Kyivteploenergo owed Naftogaz UAH 20.7 billion.
In May last year, the Kyiv City Council approved a decision to recapitalize the company by UAH 2.5 billion to prepare for the heating season. In addition, Kyivteploenergo received loans and a grant from the European Bank for Reconstruction and Development (EBRD) totaling EUR 60 million.
Thanks to the increase in authorized capital, Kyivteploenergo is now one of the largest construction customers among Kyiv utilities, purchasing services for the installation of cogeneration units, repairs at CHP plants, etc .
In 2024, the amount of the heat supplier's acquisitions through public tenders increased from UAH 3.3 billion to UAH 13.29 billion, according to data from service Opendatabot. However, the company's sales also increased from UAH 3.65 billion to UAH 8.26 billion. The value of assets also increased by almost UAH 10 billion compared to 2023, to UAH 40.24 billion.
The state-owned Naftogaz Trading, which is owed more than UAH 20 billion by Kyivteploenergo, increased its revenues by more than UAH 5 billion to UAH 124.9 billion. However, it also increased its losses by almost UAH 2 billion, to UAH 9.05 billion.
The head office of the group of companies of the gas state monopoly Naftogaz of Ukraine managed to maintain a level of profitability of more than UAH 55 billion. Having suffered a loss of UAH 1.5 billion in 2023, in 2024 it turned a profit of UAH 450 million.
Another state-owned company, the electricity transmission system operator NPC Ukrenergo, increased its revenue by UAH 18 billion compared to 2023, but also increased its losses. In 2023, they amounted to UAH 591 million, and in 2024 – UAH 37.75 billion.
The company's financial position is negatively affected by the need to restore infrastructure after Russian missile attacks. It is also worth noting that in November last year, Ukrenergo declared a technical default and stopped making payments on its $825 million green sustainability bonds. on April 28, the company announced that it had agreed with bondholders on the terms of debt restructuring.
The state-owned enterprise Guaranteed Buyer (GarPok), which was created to organize payments to electricity producers from renewable energy sources (RES), ranked fifth in the list of the most profitable and the most profitable companies – UAH 66.96 billion and UAH 1.56 billion, respectively.
However, these funds represent only the company's account balances. The company has to use them to pay off its debts to the renewable energy sector. Guaranteed Buyer itself retains profit only to the extent necessary to maintain its operations. For example, in 2020, it amounted to UAH 16.2 million.
Old and New Energy
The list of companies with the highest profits and revenues is traditionally dominated by businesses of Rinat Akhmetov's DTEK holding. These include regional electricity distribution system operators in Kyiv, Kyiv and Odesa regions. And DTEK Zakhidenergo, which produces electricity at western Ukrainian thermal power plants. In particular, at Burshtyn TPP, which operated 12 power units with 200 MW of installed capacity before the massive shelling.
The latter's profit in 2024 amounted to an impressive UAH 3.23 billion, compared to a UAH 100 million loss in 2023. At the same time, the company's revenues decreased from UAH 31 billion to UAH 26.65 billion.
However, the most profitable part of the company's group is D.Trading, a wholesaler and importer of electricity and gas. In 2024, it became the second most profitable energy company in the country, although its profit decreased from UAH 8.51 billion to UAH 5.61 billion. At the same time, the trader's revenue increased by more than UAH 50 billion to UAH 215.84 billion.
DTEK Group would have remained the only private player in the ranking if not for New Energy Ukraine LLC, which operates under CEA 3.14 – electricity trading. In 2024, it managed to earn UAH 970 million in profit and thus ranked tenth in the list.
With such profits, the company's revenues are not high – UAH 4.04 billion. In 2023, it will be UAH 19.27 billion. For example, an electricity trader with comparable revenues, Ruslan Yefremenko's IQE Trade Ukraine, made only UAH 47.2 million in profit in 2024. The situation is similar for other private traders.
New Energy's financial situation could be affected by winning lawsuits. In 2024, the company filed a lawsuit for UAH 126 million against Kremenchuk CHP, and in December, sued from Ukrnafta for UAH 2.5 million in debts for electricity supplies, the specialized publication ExPro reported.
The director of New Energy Ukraine is Oleksiy Plakasov, and the ultimate beneficiary is Arsen Khudyakov. There is little information about them online. But the company itself has been linked to the United Energy trader.
The latter was involved in the NABU and SAPO investigation into the seizure of Ukrenergo's electricity worth UAH 716 million in the first months of the great war. Until recently, the transmission system operator has been suing with Alliance Bank, which issued a guarantee for United Energy's purchase of electricity from Ukrenergo.
In 2022, the High Anti-Corruption Court, as part of this criminal proceeding, seized UAH 657 million in New Energy's accounts at the request of the NABU. According to the investigation, this money was transferred to the company's accounts by United Energy, which received it from the sale of Ukrenergo's resource. New Energy did not recognize its connection to this case.