Russian War Against Ukraine: Energy Dimension | DiXi Group weekly review 

March 20-26

Summary

— Russia continues air attacks. During the week the enemy held two attacks using the Iranian-made Shahed kamikaze drones. Artillery shelling continues in the regions along the frontline. 

— As of February 2023, direct losses to Ukraine’s economy due to the war increased to USD 143.8 billion (at replacement cost), according to the estimates of the KSE Institute in cooperation with the Ukrainian government. The amount of losses due to the destruction of energy facilities increased by 19% over 2 months to USD 8.1 billion. 

— According to World Bank estimates, it will cost USD 411 billion to restore Ukraine’s economy after the end of the war unleashed by Russia, which is 2.6 times higher than Ukraine’s expected GDP in 2022. The largest increase occurred in the energy sector, where losses were more than five times higher than the estimate of June 2022. 

— According to the Ministry of Energy and Ukrenergo reports, the energy system worked without restrictions during the week, the generation provided the necessary volumes of power for the needs of electricity consumers throughout the country with a reserve. 

— The Government extended the special period with discounted electricity prices for the citizens. 

— The President signed the amendments to the Law of Ukraine “On the Combined Production of Thermal and Electric Energy (Cogeneration) and the Use of Waste Energy Potential” which ensure the development of highly efficient cogeneration. Also, the President signed the Law on network charging stations developing for electric vehicles.