On July 27, during the “Green Renewal of Ukraine” forum organized by the Energy Club, ECU CEO Vitaly Butenko announced that the company has entered into its first agreements with renewable energy producers (REPs) for balancing and guaranteed electricity purchase services. This offering is part of a comprehensive package prepared by the company to support the operation of renewable generation in the free market.
Due to the challenges in forecasting renewable energy production, a balancing service is in demand. It helps REPs eliminate financial costs and optimize imbalances through the mechanisms of ECU’s State balancing group, which is the second largest in the market.
Moreover, the state energy trader guarantees the realization of 100% “green” electricity according to the projected schedule and market price, ensuring full and timely payment for the purchased electricity. Settlements take place one day before the start of supply, and the process of preparing before the agreement negotiations usually takes about a week.
In July, the first payments to REPs have already begun, and several more agreements are being prepared for signing. The names of the partners are not disclosed.
“Energy Company of Ukraine” can become part of the solution for investors in the “green energy” sector. We help create additional value for industry producers and reduce their risks when operating in the free energy market. In this regard, “green” generators do not need to establish their own trading staff, enabling them to safely leverage new market opportunities,” emphasized Vitaly Butenko.
As a reminder, on April 25, 2023, the National Commission for State Regulation of Energy and Public Utilities of Ukraine defined the procedures for entry and exit of renewable generators with a feed-in tariff from the balancing group of the Guaranteed Buyer (GB). Renewable energy producers were provided with a market alternative to the feed-in tariff while retaining the option to return to the GB balancing group for selling electricity at the feed-in tariff. During the exit period from the balancing group of the GB, they have the opportunity to sell electricity in the free market on any terms.