On September 26, the Supervisory Board of the state energy trader JSC “Energy Company of Ukraine” (ECU) held its first meeting. Peter Styles, a specialist with over 30 years of experience in managing energy businesses, setting up trading operations, and defining electricity market design in Europe, was elected as the Chairman of the Supervisory Board.
At the first meeting, the Supervisory Board also decided to establish its committees and elected their members and leaders.
“At the head of the Supervisory Board of ECU, I will make every possible effort to harness the company’s potential for providing a reliable and sustainable energy supply to consumers in Ukraine. It is important during this extremely challenging time to continue modernizing Ukraine’s energy sector through closer integration with European markets and the implementation of new technological solutions,” said Peter Styles.
“ECU exemplifies a state-owned company that, even in wartime, continues to grow and achieve results thanks to strong management and a dedicated team. We hope that the establishment of the Supervisory Board will further enhance ECU’s contribution to Ukraine’s energy security and to the state budget,” said Nataliia Panova, Deputy Head of the State Property Fund of Ukraine.
As reported, at the beginning of September 2024, the Cabinet of Ministers of Ukraine approved the submission from the State Property Fund of Ukraine regarding the appointment of the Supervisory Board of ECU. Its independent members are: Peter Styles, who has extensive experience in energy resource trading in European markets, Abdullah Koksal, a top manager in electricity distribution and supply companies, and Oleksandr Muzhel, an expert in attracting international financing for energy companies. The state-appointed members of the Supervisory Board are: Oksana Osmachko and Ihor Tymoshenko, Deputy Heads of the State Property Fund of Ukraine.
For reference
JSC “Energy Company of Ukraine” (ECU) is a national energy trading company that offers comprehensive solutions for the purchase, sale, and management of energy resources. ECU ranks among the top 5 traders in Ukraine by electricity sales volume, is one of the leaders in cross-border energy trade, and is one of the top 2 traders of green electricity. The company established the first state-owned balancing group of electricity market participants, which is now the largest in Ukraine. ECU’s clients generate 10% of Ukraine’s GDP. The company is 100% state-owned, with management overseen by the State Property Fund of Ukraine.
Peter Styles is the Managing Director of the European advisory business, Stratos Energy Consulting. He served as an Executive Member of the Board of the European Federation of Energy Traders (EFET) for over 20 years. Prior to that, he was a Vice President at Enron Europe for nine years. Peter has extensive experience in implementing large-scale projects in Europe related to electricity generation, electricity and gas trading, market design for renewable energy, and frameworks for trading carbon emission allowances.