Ukraine’s share of green energy is projected to grow by nearly 100% by 2040.

Balint Silhavy, a senior expert at Boston Consulting Group, anticipates that the contribution of renewable sources to Ukraine’s electricity production will rise from 15% in 2022 to 28% in 2040, with potential for further growth.

“We expect the generation balance to become significantly greener, even more so than in many European countries. About 60% of electricity in Ukraine can be produced from carbon-free sources,” he stated.

It is projected that about 50% of new capacity will come from solar and wind power plants. Due to the coming increases in renewable generation, Ukraine could become a net exporter of electricity to Europe by 2040.

According to the expert’s forecasts, by 2035 the electricity generated by wind and solar power plants will have the lowest costs – $54 and $59 per megawatt-hour respectively, while electricity from new coal-fired power plants may reach $109, from gas-fired power plants – $97, and from nuclear power plants – $99.

Silhavy added that the renewable energy sector is crucial in attracting foreign direct investment to Ukraine and advancing local low-carbon production.