Ukrenergo Supervisory Board Challenges Ministry of Energy Restrictions Impacting Operations and Stability

The Supervisory Board of the National Joint-Stock Company Ukrenergo informs about new restrictions from the Ministry of Energy, which, in the board’s view, complicate the company’s operations. Specifically, it concerns the minister’s directive to hold all meetings exclusively in the Kyiv office.

In a document in the possession of a government department, the board expressed disagreement with such a shareholder’s decision, stressing that it does not enhance the safety and stability of the energy system, and, on the contrary, creates new obstacles to managing the corporation’s assets.

On September 27, 2025, an urgent meeting was planned to form a new board after the resignation of Chairman Vitaliy Zaichenko. However, the meeting did not take place – four of the seven board members are abroad, and the Ministry of Energy demanded that duties be performed only in person at the Kyiv office.

Moreover, the ministry introduced a pre-approval requirement for publication: all press releases and other materials on the site must be coordinated with the department. According to the board, this requirement reduces the speed of communication and causes additional delays. The Supervisory Board emphasizes that changes in the board’s operations are driven by a prolonged corporate conflict that threatened the enterprise’s stability.

In June 2025, the conflict with the board’s chairman Vitaliy Zaichenko escalated, leading to a loss of trust. The interim acting head led the company – Oleksiy Brecht. The Board states that the new board will be formed after the signing of the relevant documents by the acting head. It also emphasizes the critical role of Ukrenergo’s independence from political influence in preserving ENTSO-E certification and attracting investments. The Board stresses that the process of forming the board should remain transparent and free from political influence.

Within the Supervisory Board are Eppe Kofod (chairman), Jan Montell, Luigi de Franceschi, Patrick Graichen; on the side of state partners – Anatoliy Guley and Oleksiy Nikitin. The main goal of the board is to ensure stability, responsible governance, and compliance with regulatory requirements during the management of a large state-owned energy company.

Implications for the energy sector and investors

The Ministry of Energy’s new restrictions could affect the speed of decision-making, repair schedules, and coordination with the country’s energy system. Experts emphasize the importance of preserving the company’s independence from political pressure to maintain investor confidence and comply with ENTSO-E requirements, which are a key factor for integration with European networks and attracting financing for Ukraine’s electricity sector modernization.

Summary

The situation underscores the need for transparent and autonomous management of state energy assets. The Supervisory Board continues to defend Ukrenergo’s independence from political influence and adherence to corporate governance principles to ensure the stability of the energy sector and support sustainable investment in the development of the system.