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

1. MARKET
REVIEW
OCTOBER 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:
2 683,91 ₴/MWh (+23,7%),
3,1 mln MWh (+19,2%)
compared to September 2021
Ukraine’s generation:
share of RES - 7,5% (-0,1 p.p.
- to September) - 0,977 mln MWh
(NEC Ukrenergo); 1,304 mln MWh -
9,8% (the Ministry)
NordPool:
system price - 57,1 € MWh (-34%
- to September at 86 € avg)
OMIE Spain: 199,9 € (+28%)
GME Italy: 217,6 € (+37%)
OTE Czech Rep.: 140,6 € (+8,3%)
compared to September 2021

3. Ukraine’s market
October 2021
Page 2
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
1
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30
31
UAH
/
MWh
Source: Market operator - OREE
DAM IES Ukraine: price for electricity
DAM IES September 2021 DAM IES October 2021
0
250
500
750
1 000
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1 750
2 000
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2 750
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26
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31
UAH
/
MWh
Source: Market operator - OREE
DAM BEI Ukraine: price for electricity
DAM BEI September 2021 DAM BEI October 2021
0
500
1 000
1 500
2 000
2 500
3 000
3 500
4 000
4 500
5 000
1
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24
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26
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28
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30
31
UAH
/
MWh
Source: Market operator - OREE
IDM IES Ukraine: price for electricity
IDM IES September 2021 IDM IES October 2021
-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
10
11
12
13
15
16
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19
20
21
22
24
25
26
28
29
30
UAH
/
MWh
Source: Market operator - OREE
IDM BEI Ukraine: price for electricity
IDM BEI September 2021 IDM BEI October 2021
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 31
UAH
/
MWh
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 1-6 hour Oct. 2021
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 31
UAH
/
MWh
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 7-12 hour Oct. 2021
h 7 h 8 h 9 h 10 h 11 h 12

4. Ukraine’s market
October 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 31
UAH
/
MWh
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 13-18 hour Oct. 2021
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 31
UAH
/
MWh
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: electricity price in 19-24 hour Oct. 2021
h 19 h 20 h 21 h 22 h 23 h 24
700
900
1100
1300
1500
1700
1900
2100
2300
2500
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
UAH
/
MWh
Days of Oct. 2021
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
31
UAH
/
MWh
Days of Oct. 2021
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
0
2
4
6
8
10
12
14
16
18
20
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
MWh
mln
MWh
mln
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: daily demand & supply offers
Supply Demand (right axis)
0,0
1,0
2,0
3,0
4,0
5,0
6,0
7,0
8,0
9,0
0
5
10
15
20
25
30
35
40
45
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
bln
UAH
bln
UAH
Days of Oct. 2021
Source: Market operator - OREE
DAM IES Ukraine: daily demand & supply offers
Supply Demand (right axis)

5. Ukraine’s market
October 2021
Page 4
DAM1)
price in 10-2021 increased to 2684 UAH by
23,68% compared to the 9-2021, and by 103%
through the year (1321,63 UAH base 10-2020).
In 10-2021 DAM IES2)
price increased by 25,22% to
2793,44 UAH - to the 9-2021 and by 114,11%
increase through the year (1304,65 UAH base
10-2020).
DAM BEI in 10-2021 price increased by 20,7% to
2072,22 UAH and - by 36,98% to 10-2020 from
1512,78 UAH.
IDM price increased by 12,8% to 3326,09 UAH in
10-2021 - to the 9-2021 and increased by 158,18%
from 1288,28 UAH through the year.
IDM IES price increased by 14,1% to 3374,23 UAH
in 10-2021 - to the 9-2021 and increased by
162,5% from 1285,46 UAH through the year.
IDM BEI price increased by 24,84% to 2184,38 UAH
- to the 9-2021 and increased by 162,5% from
1285,46 UAH through the year.
DAM electricity trade volume3)
on the OREE4)
gained 19,3% from 2,6 in 9-2021 to 3,1 mln MWh
in 10-2021 and gained 28% through the year.
IDM volume on the OREE increased by 41,25%
from 24 in 9-2021 to 341 thou MWh in 10-2021
and reduced by 54% from 743 thou MWh in
10-2020.
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)
The volume of electricity sales offers on OREE’s
DAM IES market in 10-2021 was x4,74 larger than
volume of buy offers and reached 465,9 mln MWh
(x1,52 to 9-2021 with 306 mln MWh). Volume of
buy offers stood at 98,2 mln MWh (x1,08 to 9-2021
with 91 mln MWh).
DAM BEI’s volume of sales offers in 10-2021 was
2,1 mln MWh (x0,95 to 9-2021 with 2,2), and the
demand volume of offers stood at 650,6 thou
MWh (x1,78 to 9-2021 with 365 thou MWh).
Share of RES generation reached 7,5% (-0,1 p.p. to
9-2021 with 865 thou MWh) - 977 thou MWh NEC
Ukrenergo)1)
. The RES’s share reported by the
Ministry reached 9,8% (-0,2 p.p. to 9-2021 with
1174 thou MWh) - 1304 thou MWh2)
.
Generation in 10-2021 reached 12,9 mln MWh
(+13,15% to 9-2021 with 11,4 mln MWh) reported
by NEC Ukrenergo and 13,3 (+13,7% to 9-2021
with 11,7 mln MWh) reported by the Ministry.
Utilization of electricity in 10-2021 stood at 12,5
mln MWh (+14,7% to 9-2021 with 10,9) reported
by NEC Ukrenergo and 13 (+14% to 9-2021 with
11,4 mln MWh brutto) reported 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
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
thousand
MWh
thousand
MWh
Days of Oct. 2021
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
1
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mln
UAH
mln
UAH
Days of Oct. 2021
Source: Market operator - OREE
DAM BEI Ukraine: daily demand & supply offers
Supply value Demand value (right axis)

6. Ukraine’s market
October 2021
Page 5
11,97%
4,33%
0%
2%
4%
6%
8%
10%
12%
14%
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
Source: TSO - NEC Ukrenergo
RES's share in genera�on of electricity in Oct. 2021
(HPP's pump less)
RES's share in Sep. 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
31
Source: TSO - NEC Ukrenergo
Overall genera�on structure in Oct. 2021
(HPP's pump less)
Nuclear Fossil fuel cogenera�on RES TPP Large hydro
300
320
340
360
380
400
420
440
1
3
5
7
9
11
13
15
17
19
21
23
25
27
29
31
thousand
MWh
a
day
Source: TSO - NEC Ukrenergo
U�liza�on of electricity in Oct. 2021
In August 2021 In September 2021 In October 2021
10
12
14
16
18
20
22
01
02
03
05
06
08
09
10
12
13
15
16
18
19
20
22
23
25
26
27
29
30
thousand
MWh
an
hour
Source: TSO - NEC Ukrenergo
U�liza�on of electricity in October 2021
In September 2021 In October 2021
7
233
041
498
597
977
388
3
437
241
821
069
7
237
600
407
200
1
304
600
3
463
900
833
700
Nuclear Fossil fuel
cogenera�on
RES TPP Large hydro
Genera�on in Oct. 2021, MWh
(HPP's pump less)
TSO - NEC Ukrenergo The Ministry

7. Ukraine’s market
October 2021
Page 6
In Ukraine as of 1 October 2021, HH’s debt for
utilities dropped by 2,2% from 62,91 as of 1
September 2021 to 61,54 bln UAH. HH’s debt for
electricity decreased by 5,2% from 6,82 to 6,47 bln
UAH1)
.
The SOE “Guaranteed buyer” signed contracts
with service only in 10-2021 on UEEX in volume of
283 thou MWh valued at 470 mln UAH, VAT less.
Average price stood at 1653. The realized volume
in 10-2021 - 4832)
. The GB’s total turnover - 1,3 mln
MWh.
1) State Statistics Service of Ukraine - SSSU
2) Ukrainian Energy Exchange - UEEX
23,3
19,5
6,6
5,5
1,2
6,8
23,1
18,8
6,4
5,5
1,2
6,5
Gas Heat & hot water Water &
drainage
Estate
Management
Waste Electricity
Source: State Statistics Service of Ukraine
Households' debt for u�li�es as of Oct. 1, 2021 in bln UAH
As of Sep. 1, 2021 As of Oct. 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 Oct. 1
5,0
7,8
5,3
6,8
4,0
0,7
1,4 1,1 1,1 1,1
0
1
2
3
4
5
6
7
8
9
Jan Feb Mar Apr May Jun July Aug Sep Oct
bln
UAH
Source: State Statistics Service of Ukraine
Subsidy for households paid for u�li�es and fuel purchase
152,5
12,1
325,9
585,8
146,4
97,6
1
101
201
301
401
501
601
701
8-24 10-15 base base 10-15 11-14
10-2021 10-2021 10-2021 9-12:2021 9-12:2021 9-12:2021
thousand
MWh
Hours of electricity load
(aggregated blocks of sales)
Source: UEEX
Sales volume of "Guaranteed buyer" with service in
September-October as of September 2021
1
653,4
1
785,5
1
657,6
1
529,2
1
352,9
1
512,4
0
200
400
600
800
1 000
1 200
1 400
1 600
1 800
2 000
8-24 10-15 base base 10-15 11-14
10-2021 10-2021 10-2021 9-12:2021 9-12:2021 9-12:2021
UAH
/
MWh
Hours of electricity load
(aggregated blocks of sales)
Source: UEEX
Weighted average prices of sales by "Guaranteed buyer"
with service in September-October as of September 2021

8. Europe’s NordPool
October 2021
Page 7
-50
0
50
100
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400
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29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Sweden, Oct. 2021
(an hour)
SE1 SE2 SE3 SE4
0
50
100
150
200
250
300
1
2
3
4
5
6
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28
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EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Finland, Oct. 2021
(an hour)
-100
0
100
200
300
400
500
1
2
3
5
6
7
9
10
12
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18
20
21
23
24
25
27
28
29
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Denmark, Oct. 2021
(an hour)
DK1 DK2
-50
0
50
100
150
200
250
300
350
400
450
500
1
2
3
4
5
6
7
8
10
11
12
13
14
15
16
17
19
20
21
22
23
24
25
26
28
29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Germany & Luxembourg, Oct. 2021
(an hour)
DE-LU
-50
0
50
100
150
200
250
300
350
400
450
1
2
3
4
5
6
7
8
10
11
12
13
14
15
16
17
19
20
21
22
23
24
25
26
28
29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in France, Oct. 2021
(an hour)
-50
0
50
100
150
200
250
300
350
400
450
500
1
2
3
4
5
6
7
8
10
11
12
13
14
15
16
17
19
20
21
22
23
24
25
26
28
29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Netherlands, Oct. 2021
(an hour)

9. Europe’s NordPool
October 2021
Page 8
In October 2021, PV’s generation in Europe
decreased comparing to September 2021 due to
seasonal lowering of solarization. Nonetheless,
overall PV increased generation through the year.
In October, Germany decreased its PV’s genera-
tion by 35%, Italy - 27%, France - 17%, Spain - 13%
and Portugal - 8,7% comparing to September
2021. Through the year, Germany increased its
generation by 49%, France - 47%, Portugal - 45%,
Spain - 28%, Italy - 1%.
Comparing to September 2021, Germany
increased its wind generation by 119%, France -
91%, Italy - 64%, Spain - 30%. Through the year,
Italy incresed generation by на 6,2%. Germany
decreased by 5,8%, France - 22%.
In October 2021, average price of electricity stood
at some 135 EUR per MWh. Nord Pool market
shown 57,1 EUR price. Italy - 217,63 EUR, The UK -
211,67 EUR, Germany - 139,49 EUR, Portugal -
199,92 EUR.
Source: https://aleasoft.com, Nord Pool.
Photo: Karsten Würth
0
50
100
150
200
250
300
350
400
1
2
3
4
5
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7
8
10
11
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13
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21
22
23
24
25
26
28
29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Bal�cs, Oct. 2021
(an hour)
EE LV LT
-100
-50
0
50
100
150
200
250
300
350
400
450
500
1
2
3
4
5
6
7
8
10
11
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15
16
17
19
20
21
22
23
24
25
26
28
29
30
31
EUR
/
MWh
Days of Oct.
Source: Nord Pool
Prices for electricity in Austria and Belgium, Oct. 2021
(an hour)
BE AT

10. EU’s OMIE | GME | OTE
October 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 Oct., Source: GME
DAM Italy in Oct. 2021: price for electricity
DAM Italy in September 2021 DAM Italy in October 2021
-50
50
150
250
350
450
550
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 Oct., Source: OTE
DAM Czech Republic in Oct. 2021: price for electricity
DAM Czech Rep. in September 2021 DAM Czech Rep, in October 2021
-10
40
90
140
190
240
290
340
1
2
3
4
6
7
8
9
11
12
13
14
16
17
18
19
21
22
23
24
26
27
28
29
31
EUR
/
MWh
Days of Oct., Source: OMIE
DAM Spain in Oct. 2021: price for electricity
DAM Spain in September 2021 DAM Spain in October 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 Oct., Source: OMIE
DAM Portugal in Oct. 2021: price for electricity
DAM Portugal in September 2021 DAM Portugal in October 2021

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