DTEK sets up London investment hub to attract cash for storage projects

DTEK sets up London investment hub to attract cash for storage projects

DTEK sets up London investment hub to attract cash for storage projects 150 150 Energy Storage Journal

January 21, 2021: Ukraine’s largest energy group, DTEK, said on January 13 it was planning to build an investment hub in the City of London to attract businesses to invest in the former USSR state’s renewable energy storage projects.

The hub should be up and running in the first half of this year, the company says.

“The hub primarily concerns renewable energy sources, energy storage systems and hydrogen energy projects,” said group CEO Maxim Timchenko.

The vast majority of Ukraine’s electricity is generated by the country’s rich coal resources, and DTEK Energy says it provides roughly a quarter of that power in its 10 thermal power plants.

In 2017, it produced almost 25 million tonnes of coal from its 16 mines and five coal processing plants.

While there is no sign of DTEK reducing its coal supply, the hub is a signal that the firm is bringing renewable energy on board. The DTEK Renewables arm of the company already operates three wind and solar farms.

A day after the announcement, Timchenko said the company had appointed Ildar Saleev as CEO of DTEK Energy.

“In the light of global trends, the Ukrainian energy sector is undergoing major transformations,” said Timchenko.

“Changes mostly concern the future of thermal generation and the coal-mining industry, as they will make the most significant contribution to the decarbonization of the economy and environmental protection.

“The new DTEK Energy CEO is faced with a tough challenge: preparing TPPs (thermal power plants) for the switch to a new operation mode within the Ukrainian energy system, be an active participant in the ancillary services market, and finding growth points by testing new technologies.”

Also on January 14, Dmytro Sakhahuruk was appointed executive director of DTEK