Ukraine will receive over $1 billion from G7+ for energy sector
Ukraine will receive over $1 billion from G7+ for energy sector (Getty Images)
Ukraine will receive additional aid for its energy sector amounting to over $1 billion, provided by G7+ partners. This decision was made during a high-level meeting of the G7+ Coordination Group in Berlin, according to the Ministry of Energy.
Specifically, the G7+ partners announced over $1 billion in additional aid for the energy sector following recent attacks. This includes:
- Over €70 million in new grant contributions to the Ukraine Energy Support Fund;
- $500 million in new financing from the United States to support the energy sector;
- €300 million in additional financing from the European Bank for Reconstruction and Development (EBRD);
- At least $47 million in additional grants from the World Bank;
- Donations in the form of humanitarian aid from EU member states.
The partners said that after Russia resumed massive attacks on critical energy infrastructure on March 22, Ukraine's energy system lost about 9 GW of installed energy generation capacity.
"We, the members of the G7+ Coordination Group in support of Ukraine’s Energy System and the Government of Ukraine firmly condemn Russia’s actions and demand that those implicated in these attacks on critical infrastructure impacting civilian lives be held responsible," the partners said.
The partner countries also emphasized the importance of ENTSO-E's efforts to increase electricity exports to Ukraine and highlighted that they will intensify efforts to provide equipment for repairing damaged energy production and transmission infrastructure ahead of the winter period of 2024/2025.
Situation in Ukraine's energy system
Since spring, Russian forces have targeted Ukraine's energy sector six times, impacting both thermal and hydroelectric power plants.
As of now, Russia has caused over $56 billion in damage to Ukraine's energy sector, with thermal generation requiring the most significant funding for recovery.
