Ukraine’s industry increased electricity consumption by 38% y/y in December

In December 2023, Ukrainian industry increased electricity consumption by 37.6% compared to December 2022 – up to 2.34 billion kWh against 1.69 billion kWh a year earlier. This was reported by the Ministry of Energy of Ukraine (Ministry of Energy).

In November, domestic industrial enterprises consumed electricity by 25.7% more compared to the same period in 2022 – 2.26 billion kWh against 1.79 billion kWh.

«The increase in electricity consumption by industry and, as a result, the growth of the national economy became possible, in particular, thanks to the stable operation of the power system. Despite the enemy’s attacks, we have managed to ensure uninterrupted power supply to both industry and household consumers since February last year,» commented the head of the Ministry of Energy, Herman Galushchenko.

Electricity consumption by households also increased. In December 2023, Ukrainians consumed 11% more electricity than in the same period in 2022.

This was achieved thanks to a large-scale repair campaign at energy facilities, which resulted in NPPs generating 10% more electricity than planned in the IPS forecast balance for 2023.

In addition, hydroelectric power plants exceeded the forecasted electricity generation by 37%. Alternative energy sources also slightly improved their forecasted production figures, generating 2% more than the forecasted amount.

At the same time, TPPs and CHPPs showed a significant deviation from the forecasted generation figures. TPPs produced 24% less electricity, while CHPPs produced 10% less electricity.

As GMK Center reported earlier, in November 2023, the NEURC set new maximum price caps for electricity on the day-ahead and intraday markets.

For minimum load hours, they will amount to UAH 3 thousand/MWh (from 23.00 to 7.00), for medium load hours (from 7.00 to 8.00, from 11.00 to 17.00) – UAH 5.5 thousand/MWh, for high load hours (from 8.00 to 11.00) – UAH 6.9 thousand/MWh, for maximum load hours (from 17.00 to 23.00) – UAH 7.5 thousand/MWh. The minimum price ceiling on the DAM/IDM market will be UAH 10.00/MWh.