Ukrainian nuclear energy requires large-scale investments of at least $150 billion. These funds could come from the United States if Kyiv and Washington reach an agreement. In an interview with dengi.ua co-founder of the Association of Nuclear Industry Specialists Maksym Pyshnyi explained how the U.S. could "enter" the capital of Ukrainian nuclear power plants and what challenges they might face.
The expert believes that if Ukraine and the U.S. reach an agreement, Americans will be able to enter Ukrainian nuclear energy without major issues. According to current legislation, Ukrainian nuclear power plants can be owned in any form: state, private, or communal.
Pyshnyi suggests three possible technical ways for the U.S. to "enter" the sector. The first is through the purchase or acquisition of a stake in Energoatom. In this case, a corresponding Cabinet resolution must be adopted, and approval from Euratom and the EBRD is required, as Ukraine’s regulator has outstanding credit obligations of €600 million to them. Additionally, Americans would need to establish a separate legal entity in Ukraine.
The second way is the corporatization of individual nuclear power plants, with the Cabinet first removing them from Energoatom. The expert believes that if this route is taken, it would be commercially smarter to start with the Khmelnytskyi NPP, as it offers better opportunities for American investors.
The third and most beneficial option for Ukraine, according to Pyshnyi, is a public-private partnership.
"There is a corresponding legal framework in Ukraine, so there will be no obstacles on this front… It is crucial to attract investments from American partners for the modernization of certain energy infrastructure facilities or the construction of new ones”, the expert noted.
If the U.S. is more interested in managing rather than owning Ukrainian nuclear energy, Pyshnyi suggests they could achieve control through the supervisory board of Energoatom. According to the law, the board has significant authority over management, including strategic projects and profit distribution.
Assessing the future of Ukrainian nuclear energy, the expert emphasizes that the current value of Ukrainian NPPs, including Zaporizhzhia, is approximately $100 billion. Given that Ukraine must decommission several old reactor units and shut down all thermal power plants by 2035, the total investment needed to replace lost capacity and ensure sustainable economic development is estimated at around $150 billion.
"Ukraine does not and likely will not have such 'free' money, so attracting private investment in nuclear energy is the only option”, Pyshnyi concluded.
