Ukraine electricity market: generation, prices, trends in light of European electricity markets - November 2021.

1. MARKET
REVIEW
November 2021
UKRAINE
RES
uare.com.ua

2. Contents
RES
01
02
03
Ukraine’s market at a glance:
electricity generation,
energy subsidies for HHs
Ukraine’s electricity trade:
prices, volumes and
trade offers
Selected EU’s markets:
Nord Pool, OMIE Spain and
Portugal, GME Italy,
OTE Czech Republic
Ukraine’s DAM:
3 143,8 ₴/MWh (+17%),
3,7 mln MWh (+20%)
compared to October 2021
Ukraine’s generation:
share of RES - 4,6% (-2,9 p.p.
- to October) - 0,620 mln MWh
(NEC Ukrenergo); 0,813 mln MWh -
6,0% (the Ministry)
NordPool:
system price - 84,05 € MWh (+47,2%
- to October at 57,1 € avg)
OMIE Spain: 193,43 € (-3,2%)
GME Italy: 217,6 € (+3,8%)
OTE Czech Rep.: 180,2 € (+28,2%)
compared to October 2021

3. Ukraine’s market
November 2021
Page 2
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
1
2
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25
26
27
28
29
30
UAH
/
MWh
Source: Market operator - OREE
DAM IES Ukraine: price for electricity
DAM IES 2021-11 DAM IES 2021-10
0
250
500
750
1 000
1 250
1 500
1 750
2 000
2 250
2 500
2 750
1
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24
25
26
27
28
29
30
UAH
/
MWh
Source: Market operator - OREE
DAM BEI Ukraine: price for electricity
DAM BEI 2021-11 DAM BEI 2021-10
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
1
2
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25
26
27
28
29
30
UAH
/
MWh
Source: Market operator - OREE
IDM IES Ukraine: price for electricity
IDM IES 2021-11 IDM IES 2021-10
-100
100
300
500
700
900
1 100
1 300
1 500
1 700
1 900
2 100
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
29
UAH
/
MWh
Source: Market operator - OREE
IDM BEI Ukraine: price for electricity
IDM BEI 2021-11 IDM BEI 2021-10
0
500
1 000
1 500
2 000
2 500
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 1-6 hour 2021-11
h 1 h 2 h 3 h 4 h 5 h 6
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 7-12 hour 2021-11
h 7 h 8 h 9 h 10 h 11 h 12

4. Ukraine’s market
November 2021
Page 3
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 13-18 hour 2021-11
h 13 h 14 h 15 h 16 h 17 h 18
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
1 3 5 7 9 11 13 15 17 19 21 23 25 27 29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 19-24 hour 2021-11
h 19 h 20 h 21 h 22 h 23 h 24
700
1200
1700
2200
2700
3200
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: avg prices for offers of electricity
WAVG supply offers' price WAVG demand offers' price
0
500
1000
1500
2000
2500
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
UAH
/
MWh
Days of 2021-11
Source: Market operator - OREE
DAM BEI Ukraine: avg prices for offers of electricity
WAVG supply offers' price WAVG demand offers' price
0
0,5
1
1,5
2
2,5
3
3,5
4
4,5
5
0
2
4
6
8
10
12
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
MWh
mln
MWh
mln
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: daily demand & supply offers
Supply Demand (right axis)
0,0
2,0
4,0
6,0
8,0
10,0
12,0
0
5
10
15
20
25
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
bln
UAH
bln
UAH
Days of 2021-11
Source: Market operator - OREE
DAM IES Ukraine: daily demand & supply offers
Supply Demand (right axis)

5. Ukraine’s market
November 2021
Page 4
DAM1)
price in 11-2021 increased to 3143,8 UAH
by 17,1% compared to the 10-2021, and by 105%
through the year (1536,25 UAH base 11-2020).
In 11-2021 DAM IES2)
price increased by 18,5% to
3309,65 UAH - to the 10-2021 and by 116,7%
increase through the year (1527,1 UAH base
11-2020).
DAM BEI in 11-2021 price increased by 6,2% to
2201,10 UAH and - by 34,8% to 11-2020 from
1633,3 UAH.
IDM price increased by 1,9% to 3390,46 UAH in
11-2021 - to the 10-2021 and increased by
122,25% from 1525,53 UAH through the year.
IDM IES price increased by 0,9% to 3404,56 UAH in
11-2021 - to the 10-2021 and increased by
123,22% from 1525,23 UAH through the year.
IDM BEI price decreased by 1,69% to 2147,51 UAH
- to the 10-2021 and increased by 38% from
1551,28 UAH through the year.
DAM electricity trade volume3)
on the OREE4)
gained 20% from 3,1 in 10-2021 to 3,7 mln MWh in
11-2021 and gained 35% through the year.
IDM volume on the OREE decreased by 14,4%
from 341 in 10-2021 to 292 thou MWh in 11-2021
and reduced by 54% from 643 thou MWh in
11-2020.
1) DAM - Day-Ahead Electricity Market, IDM - Intra-Day Electricity Market
2) IES - Ukraine’s Integrated Energy System, BEI - Burshtyn Energy Island
3) Trade volume - sales of electricity in MWh
4) OREE - Market operator (the Government owned company)
2)
The volume of electricity sales offers on OREE’s
DAM IES market in 11-2021 was x2,27 larger than
volume of buy offers and reached 225 mln MWh
(x0,48 to 10-2021 with 465,9 mln MWh).Volume of
buy offers stood at 98,9 mln MWh (x1,01 to
10-2021 with 98,2 mln MWh).
DAM BEI’s volume of sales offers in 11-2021 was
3,1 mln MWh (x1,47 to 10-2021 with 2,1 mln
MWh), and the demand volume of offers stood at
768 thou MWh (x1,18 to 10-2021 with 650,6 thou
MWh).
Share of RES’generation reached 4,6% (-2,9 p.p. to
10-2021 with 977 thou MWh) - 620 thou MWh,
NEC Ukrenergo1)
. The RES‘ share reported by the
Ministry reached 6,0% (-3.8 p.p to 10-2021 with
1304 thou MWh) - 812 thou MWh2)
.
Generation in 11-2021 reached 13,4 mln MWh
(+3,9% to 10-2021 with 12,9 mln MWh) reported
by NEC Ukrenergo and 13,6 (+2,3% to 10-2021
with 13,3 mln MWh) reported by the Ministry.
Utilization of electricity in 11-2021 stood at 13,3
mln MWh (+6,4% to 10-2021 with 12,5) reported
by NEC Ukrenergo and 13,7 (+5,4% to 10-2021
with 13 mln MWh brutto) - by the Ministry.
1) NEC Ukrenergo:“Daily figure of generation and utilization of electricity”
2) The Ministry:“Information on electricity industry results as of July 2021 - fact data”
0
10
20
30
40
50
60
70
1
21
41
61
81
101
121
141
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
thousand
MWh
thousand
MWh
Days of 2021-11
Source: Market operator - OREE
DAM BEI Ukraine: daily demand & supply offers
Supply Demand (right axis)
0
20
40
60
80
100
120
140
0
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300
350
1
3
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7
9
11
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15
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19
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23
25
27
29
mln
UAH
mln
UAH
Days of 2021-11
Source: Market operator - OREE
DAM BEI Ukraine: daily demand & supply offers
Supply value Demand value (right axis)

6. Ukraine’s market
November 2021
Page 5
2,0%
7,2%
0%
2%
4%
6%
8%
10%
12%
14%
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
Source: TSO - NEC Ukrenergo
RES's share in genera�on of electricity in 2021-11
(HPP's pump less)
RES's share in Nov. 2021, % RES's share in Oct. 2021, %
0%
20%
40%
60%
80%
100%
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
Source: TSO - NEC Ukrenergo
Overall genera�on structure in 2021-11
(HPP's pump less)
Nuclear Fossil fuel cogenera�on RES TPP Large hydro
7854755
742652
620199
3371000
813559
7846000
639900
812900
3397400
815400
Nuclear Fossil fuel
cogenera�on
RES TPP Large hydro
Genera�on in 2021-11, MWh
(HPP's pump less)
TSO - NEC Ukrenergo The Ministry
300
350
400
450
500
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
thousand
MWh
a
day
Source: TSO - NEC Ukrenergo
U�liza�on of electricity in 2021-11
In September 2021 In October 2021 In November 2021
10
12
14
16
18
20
22
24
01
02
03
05
06
07
09
10
12
13
14
16
17
18
20
21
23
24
25
27
28
29
thousand
MWh
an
hour
Source: TSO - NEC Ukrenergo
U�liza�on of electricity in 2021-11
In October 2021 In November 2021

7. Ukraine’s market
November 2021
Page 6
In Ukraine as of 1 November 2021, HH’s debt for
utilities increased by 6,6% from 61,54 as of 1 Octo-
ber 2021 to 65,6 bln UAH. HH’s debt for electricity
increased by 7,7% from 6,47 to 7 bln UAH1)
.
The SOE “Guaranteed buyer” sold contracts with
service in 11-12:2021 on UEEX in volume of 237
thou MWh valued at 500,5 mln UAH, VAT less.
Average price stood at 2109. The realized volume
in 11-2021 - 271,72)
. The GB’s total turnover - 0,9
mln MWh.
1) State Statistics Service of Ukraine - SSSU
2) Ukrainian Energy Exchange - UEEX
23,1
18,8
6,4 5,5
1,2
6,5
26,1
19,3
6,4 5,6
1,2
7,0
Gas Heat & hot waterWater & drainage Estate
Management
Waste Electricity
Source: State Statistics Service of Ukraine
Households' debt for u�li�es as of Nov. 1, 2021 in bln UAH
As of Oct. 1, 2021 As of Nov. 1, 2021
0,0
0,1
0,2
0,3
0,4
0,5
0,6
0,7
0,8
Vinnytsya
Volyn
Dnipropetrovsk
Donetsk
Zhytomyr
Zakarpa�ya
Zaporizhzhya
Ivano-Frankivsk
Kyiv
Kirovohrad
Luhansk
Lviv
Mykolayiv
Odesa
Poltava
Rivne
Sumy
Ternopil
Kharkiv
Kherson
Khmelnytskiy
Cherkasy
Chernivtsi
Chernihiv
City
of
Kyiv
bln
UAH
Source: State Statistics Service of Ukraine
Households' debt for electricity by regions as of Nov. 1, 2021
5,0
7,8
5,3
6,8
4,0
0,7
1,4 1,1 1,1 1,1
2,8
0
1
2
3
4
5
6
7
8
9
Jan Feb Mar Apr May Jun July Aug Sep Oct Nov
bln
UAH
Source: State Statistics Service of Ukraine
Subsidy for households paid for u�li�es and fuel purchase
195,2
6,1 10,8
25,2
1
51
101
151
201
251
8-19 10-15 8-17 base
11-12:2021 11-12:2021 11-2021 11-2021
thousand
MWh
Hours of electricity load
(aggregated blocks of sales)
Source: UEEX
Sales volume of "Guaranteed buyer" with service in
November-December as of November 2021
2
099,4
1
755,7
2
041,0
2
297,9
0
500
1 000
1 500
2 000
2 500
8-19 10-15 8-17 base
11-12:2021 11-12:2021 11-2021 11-2021
UAH
/
MWh
Hours of electricity load
(aggregated blocks of sales)
Source: UEEX
Weighted average prices of sales by "Guaranteed buyer"
with service in November-December as of November 2021

8. Europe’s NordPool
November 2021
Page 7
0
50
100
150
200
250
300
350
400
450
1
2
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8
10
11
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19
20
21
22
23
24
25
26
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Sweden, 2021-11
(an hour)
SE1 SE2 SE3 SE4
0
50
100
150
200
250
300
350
400
450
1
2
3
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25
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28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Finland, Nov. 2021
(an hour)
0
50
100
150
200
250
300
350
400
450
1
2
3
5
6
7
9
10
11
13
14
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17
18
19
21
22
23
25
26
27
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Denmark, Nov. 2021
(an hour)
DK1 DK2
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
27
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Germany & Luxembourg, Nov. 2021
(an hour)
DE-LU
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
27
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in France, Nov. 2021
(an hour)
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
27
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Netherlands, Nov. 2021
(an hour)

9. Europe’s NordPool
November 2021
Page 8
In November 2021, PV’s generation in Europe has
decreased due to seasonal issues: from 13% in
Portugal to 64% in Germany, compared to Octo-
ber 2021. However, Iberian Peninsula has shown
29% increase in PV’s installed capacity - 250 MW
and 91% growth of generation in Portugal, as well
as 67% in Spain compared to November 2020.
Wind generation in November has increased by
5,1% in Italy, by 40% in Portugal and by 55% in
Spain. In Germany and France the generation has
fallen by 18 and 17%, respectively. However,
year-on-year highest increase registered in Italy -
57%. In Spain operators of RES have increased
wind installed capacity by 589 MW and the
production increased by 52%. In France and
Germany generation has fallen by 16% and 7,8%,
respectively.
Electricity demand in Europe has increased during
November 2021 compared to Novemeber 2020:
by 11% in France, and from 1,9% to 4,1% in other
European markets.
Compared to October 2021, the markets has
shown an increase in demand too: from less than
6% to highest increase in France with 25%.
Source: https://aleasoft.com, Nord Pool.
Photo: Karsten Würth
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
27
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Bal�cs, Nov. 2021
(an hour)
EE LV LT
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
9
10
11
12
14
15
16
17
18
19
20
21
22
23
24
25
27
28
29
30
EUR
/
MWh
Days of Nov.
Source: Nord Pool
Prices for electricity in Austria and Belgium, Nov. 2021
(an hour)
AT BE

10. EU’s OMIE | GME | OTE
November 2021
Page 9
Photo: wallpapercave.com
-10
40
90
140
190
240
290
340
390
440
01
02
03
04
05
07
08
09
10
11
13
14
15
16
17
19
20
21
22
23
25
26
27
28
30
EUR
/
MWh
Days of Nov., Source: GME
DAM Italy in Nov. 2021: price for electricity
DAM Italy in October 2021 DAM Italy in November 2021
-50
50
150
250
350
450
550
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
29
EUR
/
MWh
Days of Nov., Source: OTE
DAM Czech Republic in Oct. 2021: price for electricity
DAM Czech Rep, in October 2021 DAM Czech Rep. in November 2021
-10
40
90
140
190
240
290
340
1
2
3
4
5
7
8
9
10
11
13
14
15
16
17
19
20
21
22
23
25
26
27
28
30
EUR
/
MWh
Days of Nov., Source: OMIE
DAM Spain in Nov. 2021: price for electricity
DAM Spain in October 2021 DAM Spain in November 2021
-10
40
90
140
190
240
290
340
1
2
3
5
6
7
9
10
11
13
14
15
17
18
19
21
22
23
25
26
27
29
30
31
EUR
/
MWh
Days of Nov., Source: OMIE
DAM Portugal in Nov. 2021: price for electricity
DAM Portugal in October 2021 DAM Portugal in November 2021

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