Italy is to provide Ukraine with a further €10 million for energy sector reconstruction
This was announced by Ukraine’s First Deputy Prime Minister and Minister of Energy, Denys Shmyhal, on Telegram.
New contribution from Italy
Italy will provide Ukraine with an additional €10 million for restoration and repair work in the energy sector.
The agreement on the new contribution was signed by the Italian Ambassador to Ukraine, Carlo Formosa, and the Director of the Energy Community Secretariat, Artur Lorkowski.
Italy had previously allocated €13 million to the Energy Support Fund.
According to Denys Shmyhal, this aid contributes to the resilience of Ukraine’s energy system and the safety of millions of Ukrainians.
Negotiations with the Energy Community
Shmyhal also held a meeting with Artur Lorkowski.
The parties discussed support for the Ukrainian energy sector, strengthening the energy sector and Ukraine’s further integration into the EU energy area.
Particular attention was paid to mechanisms for attracting additional contributions to the Energy Support Fund.
This fund is seen as a tool for strengthening Ukraine’s energy resilience.
Investments in the Ukrainian energy sector
During the meeting, they also discussed opportunities for international businesses to invest in the Ukrainian energy sector.
According to Shmyhal, the launch of updated auctions for the construction of new generation capacity in Ukraine is an important signal to the market.
He noted that this allows for greater involvement of international investors in the development of new energy capacity.
Ukraine is preparing to present these and other opportunities at the URC conference in Gdańsk in June.
War risks for investors
The Ukrainian side and international partners have agreed to jointly develop mechanisms to mitigate and insure against military risks for such investments.
Shmyhal thanked the Energy Community Secretariat for coordinating the work of the Energy Support Fund and for its systematic cooperation with Ukraine.
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