The Ministry of Finance sets up a commission for the corporatization of Ukrenergo

2/28/19

The Ministry of Finance of Ukraine has set up a commission to reorganize the state company UKRENERGO NPC SE into a private joint-stock company (PrJSC). The corresponding order of the Ministry was approved on February 22.

The commission is chaired by deputy Minister of Finance Vasyl Shkurakov and consists of 12 persons representing the Ministry of Finance, Ukrenergo, the State Property Fund and the Ministry of Ukraine for Economic Development and Trade.

In its first meeting, the commission prepared a plan for the reorganization of the state company that includes the following steps:
· set-up of the inventory commission;
· stock-check of the assets and liabilities of Ukrenergo as per March 31, 2019;
· preparation of the property assessment protocol;
· approval of the charter of the new PrJSC by the Ministry of Finance;
· approval of the supervisory board of the new joint-stock company.

One of the key tasks of the Ministry of Finance is to speed up the corporatization of Ukrenergo. This is one of the conditions for the certification of the company as an independent electricity transmission system operator.

The corporatization of Ukrenergo will make it possible to effectively implement the legislation on the electricity market as well as to separate electricity production and electricity transmission (unbundling). This is one of the conditions for receiving a loan under the Memorandum of Understanding with the EU.

The Ministry of Finance of Ukraine was entitled to manage the state company “NEK Ukrenergo” on February 4, 2019. The protocol of the company transfer was signed by the commission for the transfer of the property complex of “NEK Ukrenergo” set up by the Ministry of Finance in accordance with the decree of the Cabinet of Ministers No. 1001 of November 14, 2018. After the signing of that protocol Ukrenergo was transferred from the responsibility area of the Ministry for Energy Supply and Coal Industry to the Ministry of Finance.

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