The Agency for Public-Private Partnership Support (PPP Agency) has announced the launch of project preparation for the construction of the Kaniv Pumped Storage Power Plant under the Ukraine Government PPF (Ukraine Government Project Preparation Facility, a program to support the preparation of public investment projects in Ukraine, implemented by the PPP Agency with support from the World Bank).
“We are beginning work on preparing the project for the construction of the Kaniv Pumped Storage Power Plant within the framework of the Ukraine Government PPF. The decision to assign the project for further preparation was adopted by the Interagency Working Group on the Preparation of Public Investment Projects (Project Preparation Unit, PPU) at its 8th meeting. The project initiator is PJSC “Ukrhydroenergo,” according to a Facebook post by the PPP Agency on Wednesday.
The post notes that such large-scale projects “do not start on the construction site” but require thorough preliminary preparation. Accordingly, the PPP Agency will develop a “well-structured investment feasibility study,” an environmental and social impact assessment in accordance with international standards, as well as a clear implementation logic and a sound financing strategy.
To this end, it plans, in particular, to engage consultants through a competitive process.
Given the project’s strategic importance and complexity, the agency will coordinate its preparation with international financial institutions (IFIs), development finance institutions (DFIs), international development partners, and “Ukrhydroenergo.”
The PPP Agency noted that the Kaniv Pumped Storage Power Plant is an important project for the Ukrainian power system, as its highly flexible generating capacity will ensure the balance and reliability of Ukraine’s integrated power system.
As previously reported, in a series of interviews with Interfax-Ukraine and Energoreforma in 2023–2024, Ihor Syrota, then head of Ukrhydroenergo, noted that the company was revising the Kaniv Pumped Storage Power Plant project in light of its experience during the war. According to him, the plant must be buried underground. As he put it, “The Kaniv Pumped-Storage Power Plant project was beautiful, with a glass exterior, but now it needs to be hidden; the plant will be practically invisible.”
At the time, he pointed out that according to the cost estimate prepared in 2014–2015 and converted to hryvnia at the prevailing exchange rate, the Kaniv Pumped-Storage Power Plant would cost EUR 1.5 billion, but this amount would also need to be revised to account for underground construction. According to Syrota, the company had been working to secure loans from international financial institutions for the construction of the pumped-storage power plant, but the war prevented this. However, “Ukrhydroenergo” continued to explore this issue.
At the same time, scientists opposed the construction of the Kaniv Pumped-Storage Power Plant, pointing to the archaeological and historical-cultural value of the area. In response, Syrota noted that the Kaniv Pumped-Storage Power Plant will be built, and there is no more effective regulator of the power system than a pumped-storage plant. He stated that the plant’s operational life would be 100 years and the equipment’s 50 years, and noted that the project had received all necessary permits and was backed by a government decision.
According to information on the “Ukrhydroenergo” website, Ukraine’s Energy Strategy through 2035 calls for the construction of the Kaniv Pumped-Storage Power Plant with a total capacity of 1,000 MW. It will help address the shortage of flexible capacity in Ukraine’s Unified Power System, particularly in light of the projected growth in electricity demand and plans to modernize thermal power plants.
Construction of the Kaniv Pumped-Storage Power Plant began back in 1986 but was halted in 1991. Initially, the plant was designed to have a capacity of 3,600 MW.
Kaniv Pumped-Storage Power Plant, POWER GRID, PPP Agency, UKRHYDROENERGO
The International Finance Corporation (IFC), a member of the World Bank Group, has decided to provide a EUR 70 million loan for the construction of a 120 MW wind farm in the Odesa region with a total cost of EUR 231 million.
“IFC is supporting the project during the pre-investment phase to enhance its financial attractiveness, particularly with regard to electricity market analysis and power purchase agreements,” the corporation stated on its website.
The project is expected to receive support from partners of the Action Program for Enhancing Ukraine’s Economic Resilience (“ERA Program”), including the Norwegian Agency for Development Cooperation (NORAD), the Government of the French Republic, and the European Commission under the Ukraine Investment Facility (EC-UIF), as noted in the “Blended Finance” section
According to the corporation, the project is being implemented by a specialized company registered in Ukraine.
At the same time, according to the IFC, the project is majority-owned by the German company Notus Energy GmbH, which operates more than 1.6 GW of wind power capacity worldwide. The project’s shareholder structure also includes minority shareholders in the form of Horizon Capital, a private investment firm operating in Ukraine and Moldova, through its recently established Catalyst Fund and Green for Growth Fund.
As explained by the IFC, the additional benefits of the corporation’s participation in this project are both financial and non-financial in nature. In particular, the financial value stems from the financing structure, as the IFC is providing a loan with a maturity of up to 17 years. The IFC will also help attract additional financing for the project.
“The non-financial value lies in reducing non-commercial risks, as the IFC’s presence is expected to boost investor confidence in a challenging market,” the corporation noted.
IFC is also providing technical support to help the project enhance its financial attractiveness, particularly in terms of market analysis and power purchase agreements.
Horizon Capital manages six private equity funds (with over 40 institutional investors) totaling $1.6 billion in assets, including WNISEF ($150 million), the Emerging Europe Growth Fund (EEGF, $132 million), EEGF II ($370 million), EEGF III ($200 million), HCGF II ($258.3 million), and HCGF IV ($350 million). The funds have invested in 191 companies, which employ over 80,000 people in Ukraine and Moldova.
As previously reported, on June 17, the European Bank for Reconstruction and Development (EBRD) also approved a decision to provide a loan of up to EUR 65 million for the construction of the aforementioned 120 MW wind farm in the Odesa region.
IFC, Notus Energy, ODESA REGION, RENEWABLE ENERGY, WIND FARM
Ukrainian high school students won five medals at the European Physics Olympiad (EuPhO 2026), which took place June 12–16 in Gothenburg, Sweden.
According to the official results of the Olympiad, the Ukrainian team won three gold, one silver, and one bronze medal.
The gold medals were won by Sviatoslav Lavreniuk, Nazarii Vrashchuk, and Mykyta Voznyi. Lavreniuk scored 36.90 points and took second place in the overall individual standings of the Olympiad. Vraschuk, with a score of 30.10 points, took tenth place, while Voznyi, with 29.60 points, took eleventh.
Oleg Kurnitsky received a silver medal, scoring 17.20 points and placing 50th. Mykhailo Rubtsov won a bronze medal with a score of 12.50 points and a 101st-place finish in the overall standings.
The overall winner of EuPhO 2026 was Bryant Yu of the United States, who scored 38.60 points. Third place in the overall standings went to Haoyi Li of China with a score of 34.60 points.
A total of 199 students from 41 countries participated in the competition. At the conclusion of the Olympiad, 23 gold, 37 silver, and 51 bronze medals were awarded, along with 34 honorable mentions.
The official team rankings were not published in the final results of EuPhO 2026. However, China led all countries in the number of gold medals, with its representatives winning five gold medals.
The European Physics Olympiad is held for high school students. Each country may send a team of up to five participants. In 2026, the Olympiad took place in Gothenburg with the participation of Chalmers University of Technology and the University of Gothenburg.
The Northern Mining and Processing Plant (Northern GZK, Kryvyi Rih, Dnipropetrovsk Oblast), part of the Metinvest Group, has invested 3.5 million UAH in the modernization of pumping equipment, which is expected to pay for itself within a year.
According to the company, as part of its 2025 investment program, a new pump unit was installed at Northern GOK’s Pershotravnevy open-pit mine. Its operation over the past nine months has already yielded significant economic benefits through energy savings.
It is noted that in open-pit iron ore mining operations, pumping equipment is used to remove groundwater from the bottom of the quarry, which prevents flooding, strengthens the slope walls, and ensures safe mining operations. A pumping station is located at the lowest point of the Pershotravnevy Quarry, and its equipment performs these functions.
Last year, due to operational needs to deepen the quarry to a lower level, it became necessary to replace the pumping equipment with a more powerful system. At that time, the station was operating a CNS 300-560 pump. According to its technical specifications, its capacity was 300 cubic meters of water per hour, and it could deliver water to a head of 560 meters, with subsequent transportation to the technical water supply and slurry management facility.
To increase the technical capabilities of the pumping equipment for dewatering the lower ore-bearing horizons, an investment project was approved to purchase a new, more powerful pump. Last fall, the NSSH 315-630 unit was put into operation.
The new pump’s productivity is higher due to its increased flow capacity—up to 315 cubic meters of water per hour—and it is capable of pumping water to the upper horizons at a head of up to 630 m. At the same time, the new equipment’s energy consumption is equal to that of the previous unit. Both units are equipped with 800 kW motors.
“Last year, the company invested 3.5 million UAH in the modernization of the pumping equipment at the Pershotravnevy Quarry. Current energy-saving estimates show that over a full year of operation of the NSSH 315-630 pump, we will achieve an economic benefit that will fully recoup the investment and continue to generate a profit for the plant,” explained Maksym Danilov, head of the Pershotravnevy Quarry at Pivnich GZK.
Pivnichny GZK is part of the Metinvest Group, whose main shareholders are PJSC “System Capital Management” (SCM, Donetsk) (71.24%) and the “Smart-Holding” group of companies (23.76%). The management company of the Metinvest Group is Metinvest Holding LLC.
The political crisis in Romania has deepened after parliament failed to approve the government proposed by Prime Minister Adrian Vestea. The cabinet received 189 votes in favor, falling short of the required minimum of 233, which prevented it from being sworn in and beginning its work.
Following the failed vote, Romanian President Nicușor Dan is expected to hold a new round of consultations with the parties represented in parliament and propose a new candidate for the position of prime minister. This could be either a new politician or a candidate previously discussed, provided the parties can agree on a new majority configuration.
The situation is complicated by the fact that this is the second consecutive failed attempt to form a new government. Previously, candidate Yevhen Tomak withdrew his nomination after failing to secure sufficient support in parliament. Now, the failure of Veshta’s cabinet increases the risk of a protracted political deadlock.
According to Romanian procedures, if two attempts to form a government within the established timeframe do not result in the cabinet’s approval, the president may have grounds to dissolve parliament and call for early elections. Formally, such a scenario is becoming increasingly likely, but politically it remains risky for pro-European parties, as the crisis strengthens the positions of right-wing populist and Euroskeptic forces.
Prolonged political instability in Bucharest could have consequences not only for domestic economic policy but also for regional stability.
Experts at the Experts Club think tank note that the current crisis in Romania reflects a broader trend in Central and Eastern European countries—the fragmentation of party systems, growing distrust of traditional political forces, and the rise of parties that base their campaigns on criticism of Brussels, migration policy, support for Ukraine, and fiscal discipline.
For Ukraine, the situation in Romania is of particular importance. Bucharest remains an important partner for Kyiv in the areas of security, transportation infrastructure, and European integration. Significant volumes of Ukrainian trade pass through Romania, and the Danube region has taken on strategic importance for Ukrainian exports since the start of the full-scale war.
According to an assessment by Experts Club, the baseline scenario for now remains that early elections will not be held, but rather that political parties will attempt to agree on a new, possibly more limited or technical government. The reason is simple: early elections could strengthen parties that are already benefiting from the crisis of confidence in traditional political elites.
At the same time, every new failed attempt to form a government raises the cost of compromise. The longer Romania remains without a fully functioning government, the more difficult it will be to make decisions regarding the budget, reforms, relations with the EU, and economic stabilization.
Romania is already facing a high budget deficit, inflationary pressures, and the need to maintain access to European funding. Under these conditions, a political crisis could increase uncertainty for investors and slow down the implementation of reforms necessary to support macroeconomic stability.
He noted that Romania is entering a period of heightened political turbulence, where the issue of forming a government is directly linked to exchange rate stability, economic policy, and the country’s role in the region.
early elections, EXPERTS CLUB, GOVERNMENT, RISK, ROMANIA, voting
The public organization “Union of Rectors of Higher Education Institutions of Ukraine” has appealed to the Ministry of Education and Science to reconsider the minimum admission score for a number of majors in 2026.
According to the appeal to Minister of Education and Science Oksen Lisovyi, the Union of Rectors proposes lowering the minimum admission score from 150 to 130 for admission to the majors “International Relations,” “Public Management and Administration,” “Law,” “International Law,” “Dentistry,” “Medicine,” “Pediatrics,” “Medical Psychology,” as well as for the specialization “International Economic Relations” within the major “Economics and International Economic Relations.”
For the “Pharmacy” major, the organization proposes setting the minimum admission score at 140.
The Union of Rectors explains the need to revise the requirements by citing the difficult conditions under which graduates took the national multi-subject test in 2026. A significant portion of the testing took place amid air raid alerts, rocket attacks, power outages, and the effects of prolonged distance learning.
The statement notes that low NMT scores are often linked not only to the level of preparation among applicants but also to high psychological strain, stress, and the instability of the educational process amid a full-scale war.
Representatives of the Union of Rectors also point to the risk of an increased exodus of Ukrainian applicants abroad if high cutoff scores are maintained for certain majors. According to the organization, the proposed changes will allow a greater number of 2026 graduates to continue their studies in Ukraine and will help preserve the potential of the Ukrainian higher education system.
As previously reported, the issue of the minimum admission score has also been raised in the context of the labor shortage in the pharmaceutical industry. Participants in the roundtable discussion “Labor Shortage in the Pharmaceutical Industry: Challenges, Regulatory Solutions, and the Role of Public Policy,” organized by the Ukrainian Pharmacists Association, noted that requiring applicants to pharmaceutical programs to score more than 150 points could exacerbate the labor shortage in the industry.
The public organization “Union of Rectors of Higher Education Institutions of Ukraine” is a professional association of Ukrainian university leaders. The organization serves as a platform for coordinating the positions of higher education institutions and discussing issues related to educational policy, legislation, funding, educational quality, and international cooperation. The organization is headed by Petro Kulikov. He previously served as president of the Kyiv National University of Construction and Architecture and participates in public discussions on reforms in higher education.
Ministry of Education and Science, Union of Rectors of Ukraine
