Electricity imports to Ukraine in February 2026 increased by 41% compared to January and reached 1,262.8 thousand MWh, which is a new monthly import record since the launch of the new electricity market, according to the DIXI Group analytical center, citing data from Energy Map.
“For comparison: in February 2025, imports amounted to 244.2 thousand MWh, which is five times less than in the reporting month,” the center said.
At the same time, there have been no electricity exports for three months in a row.
As noted by DIXI Group, Ukraine’s energy system remained under significant pressure last month. Frosty weather kept electricity consumption high, while Russian attacks caused significant damage to power generation facilities, high-voltage substations, and electricity transmission and distribution networks, creating a situation of chronic power shortages in the energy system, which at times reached 5-6 GW.
Six massive attacks were recorded during the month (more than 60 in total since the start of the full-scale war). After the attacks on February 7 and 26, in particular, Ukrainian nuclear power plants were forced to partially reduce their output, which complicated the balancing of the system and increased the need for imports.
According to DIXI Group, Hungary accounted for the largest share of imports in February – 49%, or 618.0 thousand MWh. Romania accounted for 19% of the resources provided to the country (240.6 thousand MWh), Slovakia – 18% (227.1 thousand MWh), Poland – 13% (159.4 thousand MWh), and Moldova – 1% (17.7 thousand MWh).
Electricity purchases increased in all supply directions – by 18-54% depending on the country.
As the center reminded, since January this year, the capacity limit for imports from EU countries to Ukraine and Moldova has been 2.45 GW, which is a record level for the entire period of Ukraine’s synchronization with the continental European network ENTSO-E (the previous maximum for the Ukraine-Moldova block was 2.15 GW). Taking into account that part of the imported capacity is directed to Moldova, Ukraine has access to about 2.1 GW of commercial imports.
On average, during February, the use of available capacity was 89.5% of the accepted nominal value of 2.1 GW.
“Thus, in February 2026, Ukraine remained a net importer of electricity for the fifth month in a row, and import volumes reached a historic high amid escalating Russian shelling and seasonal growth in consumption,” DIXI Group concluded.
As reported, the key factor contributing to the increase in electricity imports to Ukraine and, at the same time, the price jump on the day-ahead market (DAM) was the increase by the National Commission for State Regulation in Energy and Utilities upper price limits (price caps) on short-term market segments starting January 18, 2026.
At an extraordinary meeting on January 16, the National Energy Regulator set the maximum price limit for electricity on the day-ahead market (DAM) and intraday market (IDM) at UAH 15,000/MWh throughout the day for the period from January 18 to March 31, 2026.
According to ENTSOE data, in February 2026, Ukraine ranked first in terms of the average daily BASE price index on the DAM 21 times (February 1, 4-10, 13-14, 17-18, 20-28) compared to 26 European countries.
At the end of 2025, Ukraine ranked second among 27 European countries in terms of the BASE index on the DAM, which amounted to 5,292.62 UAH/MWh, calculated according to Central European Time (CET).
The Kryvyi Rih Mining and Metallurgical Plant PJSC ArcelorMittal Kryvyi Rih (AMKR, Dnipropetrovsk region) will raise prices for its rebar and wire rod by $50/ton starting in March this year.
According to a press release issued by the company on Wednesday, the main reason for this move is the extremely high cost of electricity in Ukraine. Electricity prices have continued to rise rapidly in recent years, making them the highest in Europe and seriously affecting production costs.
At the same time, it is noted that in the second quarter of 2024, the average price of electricity reached about $120 per MWh (including delivery costs, excluding VAT), which forced the company to urgently appeal to the Ukrainian government for help in curbing it. Since then, prices have continued to rise, reaching around $230 in February 2026 and exceeding $370 per MWh during peak hours.
“This unprecedented increase in the cost of electricity is forcing the company to take urgent measures to ensure the economic viability of its operations,” the press release explains.
ArcelorMittal Kryvyi Rih is the largest producer of rolled steel in Ukraine. It specializes in the production of long products, in particular, rebar and wire rod. The company has a full production cycle, with production capacities designed for an annual output of over 6 million tons of steel, more than 5 million tons of rolled products, and over 5.5 million tons of pig iron.
ArcelorMittal owns Ukraine’s largest mining and metallurgical complex, ArcelorMittal Kryvyi Rih, and a number of small companies, including ArcelorMittal Beryslav.
According to the National Scientific Center “Institute of Agrarian Economics” (IAE), citing data from the State Customs Service, Ukraine increased its imports of agricultural products by 13% compared to 2024, reaching $9.12 billion in 2025.
According to the research institute, EU member states retained their position as the main supplier and provided 53.9% of domestic agri-food imports worth $4.91 billion.
According to the institution, EU member states retained their position as the main supplier for the seventh consecutive year and provided 53.9% of domestic agri-food imports in 2025, worth $4.91 billion, with the value of supplies from the EU increasing by 15% compared to 2024.
According to the IEA, imports from other regions were much lower. Food supplies from Asian countries amounted to $1.635 billion (17.9%), Latin America – $693 million (7.6%), and Africa – $489 million (5.4%). All of them also increased sales of agricultural products for the needs of the Ukrainian domestic market last year.
Since 2017, Poland has held the top spot in the ranking of major suppliers of agricultural products to Ukraine, selling $1.15 billion worth of agricultural goods in 2025, 24% more than in 2024. The top ten exporters also included Germany ($692 million), Turkey ($654 million), Italy ($575 million), the Netherlands ($417 million), Norway ($338 million), France ($317 million), Spain ($314 million), China ($264 million), and the United States ($235 million). In total, these ten countries accounted for 54% of all imports.
In the commodity structure of purchases, 70% of the value was made up of fruits, berries, and nuts ($1 billion), fish and seafood ($999 million), beverages ($870 million), cocoa products ($640 million), food products ($575 million), tobacco products ($493 million), feed ($476 million), coffee and tea ($471 million), vegetables ($467 million), and oilseeds ($418 million).
“Food imports to Ukraine in 2025 reached their highest level in monetary terms since the country gained independence, growing for the third consecutive year amid a full-scale invasion of our state by the Russian Federation. Against the backdrop of a general trend of rising food prices, especially given the significant risks for specialized businesses in Ukraine, the cost of foreign purchases in 2026 is likely to remain high,” concluded Bogdan Dukhnytskyi, a leading researcher at the IAE.
The record daily volume of electricity imports to Ukraine in January was 41.987 GWh, the Ministry of Energy reported on Sunday in Telegram.
“This support was made possible by the expansion of transmission capacity: in January, the power limit for imports from the EU was set at 2,450 MW, which is an absolute record since Ukraine joined the ENTSO-E network,” the ministry said.
It is noted that this helped to maintain the system and reduce the deficit amid Russian attacks and severe frosts.
As reported by Ukrainian President Volodymyr Zelenskyy, as of January 16, electricity consumption in Ukraine was 18 GW, while the capacity to provide it was “11 GW or so.”
Tourists spent a total of 3.08 billion nights in hotels, hostels, and rented apartments in the European Union in 2025, according to preliminary data from the EU statistical office.
This is 2% (61.5 million) higher than in 2024 and is a record. Compared to pre-pandemic 2019, the growth was 7.2%.
At the same time, the number of overnight stays by foreign guests increased by 46.1 million last year, while for EU residents this figure rose by 15.4 million. The former account for 48.6% of the total, while the latter account for 51.4%.
An increase in tourist activity was observed in all EU countries except two. The most significant growth in tourist numbers was recorded in Malta (+9.9%) and Poland (+7%), while the number of overnight stays in Romania fell by 1.4% and in Ireland by 1.8%.
The most popular tourist destinations for foreigners were Spain (330 million overnight stays), Italy (264 million), France (150 million), and Greece (131 million).
Gold and silver prices hit new highs on Monday amid increased demand for safe-haven assets due to the situation surrounding Greenland.
Traders fear that increased pressure from US President Donald Trump, who is laying claim to Greenland, will provoke a large-scale trade war between the US and Europe.
On Saturday, Trump announced that he would impose 10% tariffs on a number of European countries that support Denmark and Greenland starting in February. From June 1, 2026, the tariffs for these countries will be 25% and will remain in effect “until an agreement is reached on the full purchase of Greenland by Washington,” Trump said.
European countries are ready for a coordinated response to the introduction of US tariffs, said European Commission President Ursula von der Leyen. According to the Financial Times, EU countries are considering imposing tariffs on US goods worth €93 billion or a series of restrictions on American companies.
The trade tensions surrounding Greenland are different from last year’s situation with the US imposing large-scale tariffs, notes Charu Chanan, chief investment strategist at Saxo Markets in Singapore.
“The use of tariff threats within NATO is a kind of blow to confidence that could provoke a more persistent risk premium on asset values,” she says.
The spot price of gold rose 1.6% to $4,670.47 per ounce by 9:30 a.m. on Monday, while silver rose 3.4% to $93.1755 per ounce. During the session, the price of gold rose to a record $4,690.59 per ounce, and silver to $94.1213 per ounce.
“Geopolitical risks are intensifying,” said Kyle Rodda, an analyst at Capital.com Inc. in Melbourne. “New trade uncertainty is clouding the growth outlook, and US foreign policy is undermining confidence in the dollar. This is the perfect set of conditions for gold and silver prices to rise.”
US stock index futures are down 0.8-1.3% on Monday. Trading activity on the futures market is weak as US exchanges are closed for the Martin Luther King Jr. holiday.
Reference: The Experts Club analytical center previously released a video analysis of the twenty largest silver-producing countries and their competition for leadership in 1971-2024 – https://www.youtube.com/shorts/HvKK-YET8vs
The Experts Club also previously presented an analysis of the world’s leading gold-producing countries — https://youtube.com/shorts/DWbzJ1e2tJc?si=BywddHO-JFWFqUFA
