The Cabinet of Ministers at its June 27, 2023 meeting approved a plan to transform the state-owned NNEGC Energoatom into a joint stock company with 100% of its shares owned by the state, the company reported in Telegram.
“This is another step in fulfilling Ukraine’s international obligations to bring the management of state-owned enterprises in line with the best international standards of corporate governance,” the NAEC commented.
According to the Ministry of Economy of Ukraine, during June-July 2023 a complete inventory of the property of the enterprise should be conducted and a company for an independent assessment of the property should be selected.
In November, the act of property assessment should be approved, drafts of government decisions on the approval of the transfer act of the property in the charter capital of the JSC should be prepared;
The issue of Energoatom shares is scheduled for December, while the process of transforming the state-owned enterprise into a JSC is expected to be completed by March 2024.
As reported with reference to Peter Kotin, president of Energoatom, NAEC expects to complete corporatization of the company, according to optimistic estimates, in six months, according to pessimistic estimates – in a year.
“There are a lot of processes going on right now and the main one is to conduct an inventory of all assets as well as to collect creditors’ appeals. This is not an easy procedure,” he said in mid-June.
At the same time, he specified that with regard to the Zaporizhzhia NPP occupied by the Russian invaders “we will use the preliminary, pre-war inventory data for now, and then (when the plant returns under the control of Ukraine – IF-U) we will adjust”.
At the beginning of May the Cabinet of Ministers started the procedure for reorganization of the state enterprise by means of its transformation into the National Atomic Energy Generating Company Energoatom JSC, 100% shares in the authorized capital of which belong to the state and are not subject to privatization or alienation by other means.
The Cabinet of Ministers also created a commission for Enerhoatom’s transformation and approved its composition, set a two-month deadline for lenders to file their claims against the company, and formed an inventory commission.
Before that, on March 17, 2023, President Vladimir Zelenski signed the law “On the peculiarities of formation of the joint stock company NAEK Energoatom.
“Energoatom” is the operator of all four operating NPPs in Ukraine. It operates Zaporizhzhya, Pivdenno-Ukrainian, Rivne and Khmelnitsky plants with 15 power units equipped with water-water power reactors, with a total installed electric capacity of 13.8 GW. The 6GW ZNPP has been under Russian occupation since May 4, 2022.
