The US will provide $522M for Ukraine energy projects, but there are conditions.
These funds are intended for the restoration of damaged infrastructure, strengthening the stability of the power system and its protection against air attacks, establishing distributed gas and green energy generation, strengthening Ukraine’s physical connection with European gas and electricity networks, and reforms in the energy sector.
The memorandum, signed by the Cabinet of Ministers of Ukraine and the US government, allocates $422M to Ukraine and another $100M as a bonus for the completion of several tasks:
- Approval of the charter and creation of the supervisory board of the Operator of the GTS of Ukraine (by October 30, 2023)
- Hold elections for membership of the Supervisory Board of NAEK Energoatom (by November 30, 2023) and the creation of a joint-stock company, Energoatom as part of the corporatization of the company (by December 31, 2023)
- Implementation of the European REMIT regulations in wholesale trade by energy carriers (by April 1, 2024)