Ukraine CEO gets ready for difficult winter as he imports U.S. energy
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Photo illustration: Axios Visuals. Photo: Courtesy of DTEK
The head of Ukraine's largest private energy company says a recent U.S. liquefied natural gas shipment could help his country get through a tough winter — as long as Russian attacks don't cripple his ability to get power to customers.
Why it matters: Maxim Timchenko, CEO of DTEK, is racing to bring enough energy online for winter, in part by importing more from the U.S.
- He came to Washington, D.C., this week for meetings with U.S. Export-Import Bank officials and others to help make his case.
Driving the news: DTEK's D.Trading arm delivered its first cargo of U.S.-sourced LNG — roughly 100 million cubic meters — via Lithuania earlier this week.
- Timchenko said the company is negotiating to bring more U.S. LNG into Europe from the north as well as a southern corridor running through Greece, Bulgaria, Romania and Moldova into Ukraine.
- "If we unite all our efforts, then this is feasible," he told Axios in an interview.
Threat level: Russia's stepped-up attacks on Ukraine's energy infrastructure have led Timchenko to predict that the coming winter could be the most difficult since the invasion launched in 2022.
- For the war's first two years, Russia targeted Ukraine's electricity system with a focus on transmission and distribution assets.
- But Russia recently has attacked gas production sites, destroying around 60 per cent of its capacity in a single set of strikes in early October.
- Another Tuesday night attack with drones and missiles killed at least 25 people, causing widespread infrastructure damage and triggering emergency power outages.
"We try and do everything possible to recover as soon as we can, but it's not easy," Timchenko said. "So it's a very, very challenging time, and unfortunately we cannot do it as fast as we want."
- The most urgent need is for electrical transformers and compressors, he said.
What's next: Timchenko — who recently made TIME's "Climate 100" list of leaders inspiring action on climate change — said he hopes his company's recently launched "RISE Initiative" will help stabilize the grid.
- The initiative with Octopus Energy Group aims to raise about $116 million to finance 100 commercial solar and battery projects across Ukraine.
- "The technology is already in place, and yes, we will keep developing this," he said.
