Cleaning Up: Leadership in an Age of Climate Change19 Okt

The Race to Rebuild Ukraine's Energy Infrastructure | Deep Dive 02: Andrii Gerus & Dmytro Boroday

Can you make energy investments work in a country at war? Since Russia’s full-scale invasion in 2022, repeated attacks on Ukraine’s energy infrastructure have devastated its power system. By spring 2024, the country’s dispatchable generating capacity had fallen from 38 GW before the war to just 12 GW, leaving electricity in short supply and heating disrupted for many households.

For this week’s Deep Dive Ukraine, Michael Liebreich is in Kyiv speaking to Andrii Gerus, Chair of the Ukrainian Parliament's Committee on Energy, Housing and Utility Services, and Dmytro Boroday, Partner at Horizon Capital, about the race to rebuild Ukraine's energy infrastructure, and the capital needed to make it happen.

They examine how Ukraine is attracting international investors into wind, solar and battery storage, why distributed generation makes commercial as well as strategic sense, and how political risk insurance and development finance institutions are helping unlock projects. They also discuss the regulatory reforms needed to attract private capital, the challenge of corruption, and the potential for Ukraine to export electricity to neighbouring European markets.

Topics covered in this episode:

Ukraine's energy system under attack
The shift to distributed generation
Why renewables strengthen energy resilience
What winter is like to live through
Financing energy projects during war
War risk insurance for private investors
Attracting international capital into Ukraine
Ukraine's future in European electricity markets

Leadership Circle:

Cleaning Up is proud to be supported by its Leadership Circle. The members are Actis, Alcazar Energy, Arup, Climate Imperative Foundation, Copenhagen Infrastructure Partners, Cygnum Capital, Davidson Kempner, EcoPragma Capital, EDP, Eurelectric, KKR, Mitsubishi Heavy Industries, National Grid, Octopus Energy, Quadrature Climate Foundation, Schneider Electric, SDCL and Wärtsilä. For more information on the Leadership Circle, please visit cleaningup.live.

Links:

Andrii Gerus’ bio: https://forumkyiv.org/en/speakers/andrii-gerus
Dmytro Boroday’s bio: https://www.linkedin.com/in/dmitryboroday/
Horizon Capital: https://horizoncapital.com.ua/
European Energy Community fund: https://www.energy-community.org/Ukraine/Fund/overview.html
Subscribe to our newsletter: https://cleaninguppod.substack.com/

Acronyms:

CHP: Combined Heat and Power
TSO: Transmission System Operator
DSO: Distribution System Operators
IRR: Internal Rate of Return
IC: Investment Committee
GP: General Partner
LP: Limited Partner
EBRD: European Bank for Reconstruction Development
IFC: International Finance Corporation
DFI: Direct Foreign Investment
PPA: Power Purchasing Agreement
BESS: Battery Energy Storage System
MIGA: Multilateral Investment Guarantee Agency

Chapters:

0:00 Intro
1:06 Ukraine's Energy Crisis
3:29 Soviet Energy System
6:46 War Damage
10:09 Distributed Energy
13:31 Attracting Investors
17:03 War Risk Insurance
21:19 Corruption and Reform
27:04 Investing in Reconstruction
35:16 Financing New Renewables
41:03 Investing During War
47:26 Insurance Against War
51:26 Invitation To Investors
53:58 Outro

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