Taking into consideration the published media information on tariff policy in the energy sector, the Company considers it necessary to publicly refute a number of statements that mislead the public.
In particular, the article in “Ukrainian Pravda” dated May 15 alleges that the Company supposedly accumulates “excess profits” for UAH 49 billion due to residential tariff increase.
In fact, this is manipulation. Energoatom does not receive disposable income: almost all funds are directed to ensuring stable operation of nuclear generation facilities, nuclear safety, repairs, modernizations, preparation for winter season, fuel procurement and – most importantly – support for the social residential tariff.
What is PSO and how much does it cost?
Since 2021, Energoatom has been fulfilling special obligations imposed on it by the state under the mechanism of “financial PSO”, meaning it actually pays extra from its own funds so that Ukrainians have access to electricity that is half the market price.
In total, since October 2021, the Company has already spent UAH 463.3 billion for the PSO service. In particular:
- for 2023 – UAH 128 billion;
- for 2024 – UAH 153.2 billion;
- for 4.5 months of 2025 – UAH 69.2 billion.
This is the real cost to support a fixed residential tariff.
However, the report cited by the publication contains very significant miscalculations. According to SE “Guaranteed Buyer”, the actual cost of the PSO service for JSC “NNEGC “Energoatom” and JSC “Ukrhydroenergo” for 2023-2024 was as follows:
- for 2023 – UAH 144.4 billion, VAT included;
- for 2024 – UAH 152.5 billion, VAT included.
At the same time, the article refers to incorrect calculations, as if the PSO service for these years for JSC “NNEGC “Energoatom” and JSC “Ukrhydroenergo” is UAH 96.27 billion, VAT included, for 2023, and UAH 108.3 billion, VAT included, for 2024.
That is, the calculations understated the PSO service by UAH 92.3 billion, VAT included, – this is a direct error distorting the entire subsequent financial picture and leading to incorrect conclusions.
Moreover, JSC “NNEGC “Energoatom” is one of the largest taxpayers in our country and fulfills the legislative and regulatory requirements for the calculation and payment of taxes and fees in full.
Energoatom paid taxes: UAH 21.3 billion in 2023, and UAH 32.1 billion in 2024.
It is worth to mention the significant errors in estimating the electricity net cost. The authors ignored basic economic principles – they did not take into account depreciation, marketing and other operating expenses. This approach does not correspond to either the real expenses of the Company or the standards of financial statements.
The funds called “excess profits” are not actually disposable income: these are allocated to vital areas – supporting NPP safety, fuel procurement, modernization and ensuring a stable residential tariff.
The ratio of PSO service costs to the Company’s net income was:
- in 2022 – 65.3%;
- in 2023 – 65.4%;
- in 2024 – 52.8%.
We emphasize that Energoatom’s financial statements are regularly confirmed by independent world-class auditors. All information is open and accessible.
The accusations of the lack of a plan for the use of funds are also ungrounded. Annually, financial plan of Energoatom is submitted annually for approval to the Government and relevant state bodies. Capital investment, modernization and safety improvement programs undergo appropriate audit and monitoring.
NNEGC “Energoatom” performs a key function – providing over 50% of electricity in Ukraine, in particular, in wartime conditions. The Company has repeatedly acted as a guarantor of stability in the electricity market and implements the state policy of population social protection.
We call for a responsible attitude towards information related to strategic facilities and critical infrastructure, and for prevention of the politicization of the energy topic by disseminating unverified or distorted data.
