CEO of Ukraine's wholesale electricity market operator, state-owned enterprise Energorynok Yuriy Hnatyuk estimates the debt in the wholesale electricity market at UAH 31 billion, or US$1.16 billion.
"Unfortunately, our financial tools are underdeveloped. Financial legislation does not keep pace with the reform of the energy market," the official said at the Open Energy Week 2017 forum on Tuesday, October 24, adding that first it is necessary to stop increasing debts.
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The rate of Energorynok's settlements with generating companies was 97.8% in 2016, and it is expected to grow to 98% in 2017, he said.
It was reported earlier that October 24 was the second day of the Open Energy Week 2017 forum. Topic of the first session was "The Electricity Market. Focus on the Consumer."