Energoatom Could Lose 1.8 Billion Hryvnias From Electricity Sales
Andriy Gerus, chairman of the parliamentary committee on energy, spoke out about possible manipulation in the electricity market. According to him, due to decisions made during the October 27 auction, the state-owned company “Energoatom” may have lost out on approximately 1.8 billion hryvnias. The lawmaker appealed to Prime Minister Serhiy Koretsky, demanding that he investigate the situation and take appropriate measures.
According to the lawmaker, at the end of October, state agencies and NAEK “Energoatom” made a series of decisions that could have influenced electricity prices. Gerus highlighted the sequence of events: first, the state-owned company sold a large volume of electricity, and shortly thereafter, prices on the “day-ahead” market (DAM) rose sharply. “Just as in January 2026, Energoatom first sold a significant volume of electricity, and immediately afterward, there was a sharp increase in prices on the ‘day-ahead’ market (DAM). The sequence of events and the composition of the participants provide serious grounds to believe that this was no coincidence,” Gerus noted.
The lawmaker speculates that certain market participants may have known in advance about decisions that would affect the cost of electricity and used this information to their own advantage. In particular, he drew attention to a closed-door meeting that took place on October 26—one day before the auction. A representative of D.TRADING LLC, part of the DTEK Group, participated in the meeting. During the meeting, two decisions were discussed, each of which, according to Gerus, could have led to an increase in day-ahead market prices.
Early on the morning of October 27, “D.TRADING” purchased 315 MW of electricity at the auction. By comparison, over the previous ten days, the company had purchased only 45 MW. “The buyer acted as if they knew the price would rise. The state-owned seller acted as if they knew nothing, even though it was they who made the decision that caused the price to rise,” Gerus stated.
How the auction unfolded
Bidding lasted from approximately 10:04 a.m. to 1:02 p.m. During this time, Energoatom sold 2,000 MW of baseload power. The total volume amounted to 480,000 MWh, and the weighted average price was 5,313.78 UAH per MWh, excluding VAT. Sixty-nine companies participated in the procurement. On the same day, Energoatom changed its approach to selling electricity on the “day-ahead” market. The company submitted all bids at significantly higher prices, especially for electricity during nighttime hours.
A technical glitch further complicated the situation. As a result, JSC “Market Operator” extended the deadline for submitting bids on the day-ahead market for October 28 until 1:00 p.m. Gerus also drew attention to the timing of the results’ publication. Energoatom’s auction for November ended at approximately 1:02 p.m., while the results of the day-ahead market auction—with new, significantly higher prices—were not made public until around 1:40 p.m. “In other words, Energoatom’s auction took place even before the entire market received the new price benchmark,” the lawmaker explained.
Where did the 1.8 billion hryvnias figure come from?
The Energy Committee calculated how much revenue the state-owned company might have lost by selling electricity at auction prices. According to data cited in Gerus’s letter, the average price on the “day-ahead” market for the period from November 1 to 6 was 9,098.32 UAH per MWh. This is 3,784.54 hryvnias more than the average price at which “Energoatom” sold electricity during the auction on October 27.
If this difference is multiplied by the total volume sold—480,000 MWh—the result is approximately 1.8 billion hryvnias. “For the total sales volume of 480,000 MWh, the potential difference amounts to approximately 1.8 billion hryvnias,” the letter states. At the same time, this amount represents an estimate of potential lost revenue cited in Gerus’s appeal. The actual existence of manipulation and the liability of specific market participants still need to be verified.
What Gerus Is Demanding from the Government
Due to the potential losses incurred by the state-owned company, the chairman of the Energy Committee addressed the prime minister with several demands. In particular, he called for the immediate dismissal of the management of the “Energoatom-Trading” subsidiary, which was responsible for organizing and conducting the auction on October 27. The lawmaker also demands that the officials responsible be held accountable if the violations are confirmed.
Another demand is to terminate the contracts concluded based on the results of this auction and ensure that the state-owned company is reimbursed for any funds it may have lost. In addition, Gerus is asking the government to verify the facts outlined in the letter, prevent a recurrence of such a situation, and report on the results of the investigation and the measures taken.
How “D.TRADING” Responded to the Allegations
“D.TRADING” rejected the allegations and called them baseless. They emphasized that they purchase electricity from more than 60 producers, and Energoatom’s share of these purchases since the beginning of the year has been only 3%. The company also pointed out that a total of 69 companies purchased electricity during the October 27 auction. “D.TRADING’s” share of total sales was 15.7%.
Separately, company representatives noted that the price at which they purchased electricity was 1.7% higher than the average purchase price of other auction participants. Thus, the parties’ positions regarding the auction differ significantly. Andriy Gerus believes that the circumstances of the auction may indicate the use of insider information and could have led to significant losses for “Energoatom.” “D.TRADING” denies these allegations. The potential violations are mentioned in Andriy Gerus’s letter to the prime minister.
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