Ukraine's Energy Needs For Next Decade Estimated At At Least $91B Shmyhal

(MENAFN- UkrinForm) First Deputy Prime Minister and Minister of Energy Denys Shmyhal wrote this on Telegram, according to Ukrinform.

Ukraine's energy needs for the next decade are estimated at at least $91 billion, he said.

"In February, together with my Canadian counterpart Tim Hodgson, we signed a memorandum on strategic cooperation between Ukraine and Canada in the energy sector. Its main focus is not 'aid' but 'investment.' The political doors are open. Now it is up to business to come forward with concrete projects," the post said.

Ukraine is removing barriers for business. Three levels of lending for new energy projects have been established. The process of connecting new generation capacity has been drastically streamlined: the time required to issue technical specifications has been reduced from ten days to two, while the number of required documents has been cut from seven to two.

Read also: Canada announces seven new support packages for Ukraine

A tender has been launched for the construction of 1.5 GW of new highly flexible generation capacity. The scale of auction-based support in 2026 has been increased more than threefold, to 1 GW.

"Ukraine has what Canadian energy businesses need in Europe: a large market integrated into the EU, resources, demand for energy capital and equipment for decades to come, and a strategic location," Shmyhal said.

According to him, Canada, in turn, has long-term capital, technology, engineering expertise and financial instruments for risk reduction.

"We propose combining these advantages, creating new transatlantic energy chains, ensuring Ukraine's and Europe's energy security, and strengthening Canada's economic presence in the European energy market."

Photo: Denys Shmyhal / Telegram

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