Last month’s restructuring of much of DTEK’s bank and bond debt can be traced back to debt taken on in 2012, before the Donbas war

, Tymchenko says. Due to the war, DTEK lost control of mines and power stations, which cut the company’s electricity production in half. “In 2012, we produced 51 billion KWh — in 2020, 26.3 billion,” he says. “In 2012, we extracted 38 million tons [of coal]. In 2020 we extracted 19 million.”