Ukraine's Cabinet approves Ukrenergo's 2019 financial plan with US$88.1 mln in net profit

Ukraine's Cabinet of Ministers has approved the financial plan of the state-owned operator of the country's integrated power grids, Ukrenergo, for 2019 with UAH 2.359 billion (US$88.1 million) in net profit, which is 2.5% up from the 2018 plan. The document is based on the country's macroeconomic projections and benchmarks of the Energy Strategy of Ukraine until 2035, the company said in a statement on April 22. In 2019, Ukrenergo is expected to receive UAH 7.552 billion (US$282 million) in revenue, which is 15.7% more than in the past year. The planned expenditure was increased by 23%, to UAH 5.193 billion (US$193.9 million), the report said. The company plans to pay UAH 2.044 billion US$76.3 million (+ 22%) in taxes and fees to Ukraine's national and local budgets. At the same time, it will use part of its net profit – UAH 277.7 million (US$10.4 million) – for payment, which is UAH 215 million (US$8 million) more than in the 2018 plan. Some UAH 3.912 billion (US$146.1 million) is to be spent on priority projects. "An expected increase in income from the transmission of electricity by trunk and interstate networks is expected to be a major source of an increased revenue target. Increased expenses will be due to growing equipment repairs, price hikes of materials and spare parts, a rise in wages and relevant accruals to bring them closer to market indicators," the company said. As UNIAN reported earlier, in late March, the National Energy and Utilities Regulatory Commission (NEURC) approved an investment program for Ukrenergo for 2019 at UAH 3.3 billion (US$123 million) excluding VAT. Ukrenergo in 2018 received UAH 2.5 billion (US$93.4 million) in net profit, which was 43% up from 2017. UNIAN memo. The national energy company, Ukrenergo, operates trunk and inter-state transmission lines and is in charge of centralized control over Ukraine's integrated power grids. It is wholly owned by the state and subordinate to the Energy and Coal Industry Ministry.

Ukraine's Cabinet approves Ukrenergo's 2019 financial plan with US$88.1 mln in net profit

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