According to the results of 2024, DTEK Energy companies paid 16.9 billion UAH in taxes to budgets of all levels, which is more than 14% higher than in 2023 (14.8 billion UAH), the operating holding reported.
“Our priority remains the rapid restoration of TPP capacities damaged and destroyed by shelling, preparation for summer consumption peaks and the next heating season. But despite the war, the company is fulfilling its obligations to the state,” said DTEK Energy CEO Alexander Fomenko.
In 2024, the company’s own investments in repairs, restoration of thermal power plants, and Ukrainian coal production amounted to UAH 11 billion.
“Thanks in large part to this, the restoration of thermal power generation capacity has been and continues to be carried out non-stop, and miners have managed to put 26 new coal seams into operation last year and another seven since the beginning of this year,” the company emphasized.
In total, in 2022-2024, DTEK Energy companies paid UAH 44 billion in taxes to budgets at various levels.
At the same time, the DTEK group itself paid UAH 41 billion to budgets at all levels in 2024 and became the largest taxpayer among Ukrainian companies at the end of last year.
As reported, DTEK Energy BV, the holding company of DTEK Energy, ended 2023 with a net profit of UAH 13.675 billion, compared to a net loss of UAH 5.798 billion in 2022.
In January-April this year, DTEK Energy’s machine builders manufactured and repaired 1,136 pieces of mining equipment, including three new combines for mining operations.
According to a press release issued by the energy holding company on Tuesday, the machine builders also supplied mines with over 735,000 spare parts and components.
“We are already actively preparing for the next autumn-winter period. Our main task is to get through it as reliably as possible. To this end, our machine builders are providing miners with the necessary equipment and hundreds of thousands of spare parts, on which the reliability of coal production depends, and therefore the operation of thermal power generation, especially during peak electricity consumption,” DTEK Energy CEO Alexander Fomenko is quoted as saying in the press release.
According to Korum Druzhkivka Machine Building Plant, one of DTEK Energy’s machine-building assets, in January-April it manufactured 106 units of GSH (including 34 in April), repaired two KPD combines, and produced over 286,000 components.
According to a press release, DTEK Energy miners have put five coal longwall faces into operation since the beginning of the year.
As reported, in 2024, the company’s investments in Ukrainian coal mining amounted to UAH 7.5 billion, and over the last three years (2022-2024) – UAH 18 billion. The funds were allocated for the construction and repair of capital mine workings, the completion of coal longwall panels, the equipping of mines with tunneling equipment, underground mine transport, and projects to support production capacities.
DTEK Energy provides a closed cycle of coal-fired power generation. As of January 2022, the company’s installed thermal generation capacity was 13.3 GW. A full production cycle has been established in coal mining: coal extraction and enrichment, machine building, and maintenance of mining equipment.
DTEK Energy, Ukraine’s largest private energy holding company, has approached the holders of its Eurobonds maturing in 2027 with a proposal to review the existing limited payment arrangements and commit to repurchasing up to $100 million of bonds each year.
“The Group intends to continue its debt reduction strategy and proposes to include additional commitments by the Issuer to reduce its debt,” the company said in a request to the Irish Stock Exchange on Monday, for which it is willing to pay 1% of the nominal value of the bonds.
DTEK Energy clarified that bonds with a nominal value of $930.91 million out of a total issue of $1 billion 466.87 million are currently outstanding.
It is noted that despite the challenges and disruptions caused by the war in Ukraine, the group has proactively reduced its nominal debt by approximately 47%, or $750 million, since the start of the war by combining semi-annual amortization of $8 million to $10 million every six months, bond repurchases in November 2022 under the issuance agreement, as well as voluntary repurchase offers in a Dutch auction in December 2022, March and October 2023, respectively, and other market bond repurchases.
“As of the date of signing the Request for Consent, the Group’s outstanding debt is approximately $931 million,” the document says.
According to the document, the ability to continue the declared debt reduction strategy depends on the current restrictions of the NBU, i.e., the ability of the holding’s Ukrainian subsidiaries to provide the issuer, DTEK Energy B.V., with foreign currency in the required amounts.
As part of the proposal to Eurobond holders, the company will be required to reserve the amounts not used to reduce the debt by the declared $100 million in a separate account in Ukraine, with limited ability to use such funds for short-term investments.
In addition, DTEK Energy is offering to amend its covenant package to enhance the company’s investment attractiveness and improve its financial and operational flexibility to make strategic investments, such as removing restrictions on future business lines and increasing the thresholds for requiring independent valuations and bondholder consent.
“DTEK Energy’s operational and strategic vision is to continue supporting Ukraine’s energy system by generating as much electricity as necessary to meet national demand, as well as providing balancing and other services. In line with this vision, the holding company is continuing its repair campaign to repair or replace damaged or obsolete equipment, which requires significant capital investment,” the document says.
According to the document, the bonds may be repurchased through tender offers or private buybacks, in one or more transactions, and any remaining amount up to the NBU limit will be used to repurchase bonds at par value together with semi-annual amortization of $10 million.
Applications from bondholders will be accepted until May 26 of this year inclusive.
In January-March 2025, DTEK Energy invested about UAH 1.2 billion in repairs and restoration of thermal power plants that suffered from massive enemy shelling.
“This is a third of the total investment in the restoration of TPPs over the past year,” the company said in a press release.
DTEK noted that the repair campaign is ongoing as the level of damage caused by the aggressor’s attacks remains extremely high.
As reported, as of the summer of 2024, 90% of the company’s thermal generation was damaged or destroyed. Although the power engineers managed to restore more than half of the capacity on the eve of winter, another massive shelling in November and December caused new serious damage.
“Our main task today is not to stop but to continue the reconstruction work. We are working hard to be ready for the summer peak loads and the upcoming heating season,” said DTEK Energy CEO Oleksandr Fomenko.
In 2024, the energy holding invested UAH 3.6 billion in the restoration of thermal power plants and another UAH 7.5 billion in the development of domestic coal mining.
Last year, the Russian Federation launched 13 massive attacks on the Ukrainian energy sector, dealing a serious blow, in particular, to DTEK Energy’s thermal power plants. In total, since the beginning of the full-scale invasion, the company’s TPPs have been attacked 205 times. As a result of the attacks, 56 power engineers were wounded and four were killed.
“DTEK Energy provides a closed cycle of electricity generation from coal. As of January 2022, the pre-war installed capacity in thermal power generation was 13.3 GW. The company has established a full production cycle in coal mining: coal mining and enrichment, mechanical engineering and maintenance of mine equipment.
In January-March this year, DTEK Energy’s machine builders manufactured and repaired nearly 806 units of mining equipment, including three new shearers for mining operations.
According to the energy holding in a press release on Thursday, the machine builders also provided the mines with more than 527,000 spare parts and components.
“We have completed this heating season and are already preparing a more reliable support for the next winter. To do this, power engineers continue to restore the power plant 24/7, miners provide fuel for thermal generation, and machine builders support them with all the necessary equipment,” said Alexander Fomenko, CEO of DTEK Energy.
According to the report, DTEK Energy’s miners commissioned the first three new coal faces in January-March.
As reported, in 2024, the company’s investments in Ukrainian coal mining amounted to UAH 7.5 billion, and over the past three years (2022-2024) – UAH 18 billion. The funds were allocated for the construction and repair of capital mine workings, completion of coal longwalls, mine tunneling equipment, underground mine transport and production capacity support projects.
“DTEK Energy provides a closed cycle of electricity generation from coal. The company’s installed capacity in thermal generation amounted to 13.3 GW as of January 2022. The company has established a full production cycle in coal mining: coal mining and enrichment, mechanical engineering and maintenance of mine equipment.
Since February 2022, DTEK Energy’s coal mining, energy and machine-building enterprises have provided jobs for more than 3.8 thousand internally displaced people.
As the company said in a press release on Wednesday, more than 80% of those employed joined DTEK Energy’s coal mining companies. Most of them did not have a mining specialty and were retrained on the job. There are also many young people among the new employees who got their first job at Ukrainian mines.
“As a reliable partner and responsible employer, we systematically support the communities of the regions where our enterprises are located. We are always ready to accommodate people who have been forced to move,” said DTEK Energy CEO Aleksandr Fomenko.
“DTEK Energy provides a closed cycle of electricity generation from coal. As of January 2022, the company’s installed capacity in thermal generation amounted to 13.3 GW. The company has established a full production cycle in coal mining: coal mining and enrichment, mechanical engineering, and maintenance of mine equipment.
Currently, most of DTEK Group’s thermal generation facilities have been destroyed as a result of Russian attacks.
