Govt approves transformation of state NPP operator Energoatom into joint-stock company

In accordance with Law No. 8067 adopted by the Verkhovna Rada in February, the Cabinet of Ministers approved the transformation of the national nuclear power plant operator NNEGC Energoatom into a joint-stock company, announced Prime Minister Denys Shmyhal at a government meeting.

Corporatization will increase the efficiency of management at Energoatom, attract additional funds for the implementation of new projects, and strengthen Ukraine's energy independence, the Ukrainian PM assured.

The transformation of Energoatom into JSC was one of Ukraine's obligations under the Association Agreement with the EU, as well as a condition for issuing an IMF loan.

Corporatization does not change the owner as Energoatom will remain 100% state-owned under the management of the Cabinet of Ministers.

The shares acquired by the state as a result of the formation of JSC are not subject to privatization, and the division of the package of shares belonging to the state is also prohibited.

According to Energoatom, upon transformation into JSC, the powers of the company's president do not cease and are not transferred to anyone. Until the decision on the appointment of the head of the JSC executive body is approved by the Cabinet of Ministers, his duties will be performed by the president of the state enterprise.

In Ukraine, the state-owned companies Ukrenergo, Ukrposhta, Ukrhydroenergo, and Ukrzaliznytsia have already gone through corporatization.

On April 5, 2023, Energoatom announced that it would take out half of the NPP's reactors for repair in the summer.

On April 17, Energoatom calculated that Russia destroyed the company's property, in particular facilities at the ZNPP, worth UAH 32 billion ($872 million).

On April 22, Energoatom and the American company Holtec International concluded an agreement on the construction of up to 20 nuclear power units in Ukraine.