DTEK Losses Due to Russian Attacks on Power Plants Stand at $160M

Ukraine’s largest private investor in the energy system has worked out the losses due to Russia’s attacks on thermal power plants at nearly UAH 6 billion ($162,5 million), the company announced Wednesday.

According to DTEK Energy, owned by Ukraine’s wealthiest businessman Rinat Akhmetiov, its power plants have been attacked 29 times since October 2022, damaging more than a thousand units of various equipment.

"Direct losses from damage and destruction of equipment at the company's generating facilities are approaching UAH 6 billion," the company said in a statement.

Over the last year, 26 power units were repaired at DTEK's thermal power plants, at the cost of almost UAH 2.2 billion ($59,6 million).

DTEK has already started scheduled repairs of power units, with the total of 28 thermal plant units to be repaired in 2023.

"With large-scale damage, it will be no easier to start the next heating season than the current one. A unified program for the restoration of the Ukrainian energy sector, including thermal generation, could help us do this, which would consolidate international assistance, government support, and lending opportunities from international financial institutions," said Ildar Saleev, CEO at DTEK Energy.

Russia started targeting Ukrainian power plants and other energy infrastructure with missiles in October 2022, which led to widespread rolling blackouts.

In the latest attack on March 9, three DTEK thermal power plants and several electrical substations of Ukrenerho, Ukraine’s state energy operator, were damaged.

Since February, however, there has been no electricity shortage in Ukraine due to a combination of factors, including the load of all nuclear power plants, warm weather, flooding on the Dnipro River, and imports from Europe.