Ukraine's Energy Support Fund of Ukraine reaches €300 million

The Energy Support Fund of Ukraine, which is used to purchase equipment for energy companies, has already reached more than EUR 300 million.

Source: Ukrainian Energy Minister Herman Halushchenko on air during the national joint 24/7 newscast, as reported by Interfax Ukraine

Quote: "We have already reached more than EUR 300 million in this Fund to support the energy sector, and they are spent on purchasing equipment for all energy companies," Halushchenko said.

Details: In addition, the Fund is also used to create equipment reserves for energy companies, Halushchenko said.

It is noted that the German Federal Ministry for Economic Affairs and Climate Action (BMWK) announced a contribution of EUR 54.3 million to the Energy Support Fund of Ukraine at the end of October. The Ministry of Energy said that the funds will be provided as part of the expansion of the German-Ukrainian energy partnership to purchase energy equipment necessary for the restoration and repair of Ukrainian energy facilities.

It is added that the volume of the Fund was about US$220 million as of mid-July 2023, and it was expected to increase to US$300 million by the end of the year.

Background:

• Kadri Simson, European Commissioner for Energy, announced the grant contribution from the European Commission to the Energy Support Fund of Ukraine for more than EUR 50 million.

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