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The G7 Advisory Council Has Started Work on the Corporatization of Energoatom

14 March 2023

The International Advisory Council of G7 member counties has started work on the issue of corporatization of State Enterprise NNEGC Energoatom.

“Energoatom, 100% of which will remain state property, thanks to corporatization should become a more modern, efficient company, a world leader in atomic energy. Nuclear energy has a special status and a special legal regime; therefore, it is important for us to hear the opinions and recommendations of our key international partners regarding the corporatization of the company,” the Minister of Energy of Ukraine German Galushchenko said during the first meeting of the working group of the International Advisory Council.

The best specialists of the G7 member countries and representatives of international organizations are among the participants of the group, which was created on the initiative of the Minister of Energy and with the support of the EU Commissioner for Energy Kadri Simson, the US Secretary of Energy Jennifer Granholm and the heads of the energy departments of the leading countries.

As German Galushchenko noted, Ukraine already has successful examples of corporatization of state-owned companies in the energy sector. It is, in particular, about the corporatization of NJSC Naftogaz of Ukraine, NEC Ukrenergo, and Ukrhydroenergo.

“Energoatom is one of the leaders in the power industry of the state. Thanks to nuclear generation, we managed to withstand the harsh winter of mass shelling and provide electricity generation for the homes of our citizens and businesses. The company produces more than 60% of electricity in Ukraine and is one of the largest operators of operating nuclear power plants in Europe. Corporatization is part of the strategy to strengthen it,” the Minister of Energy of Ukraine emphasized.

As Ukrainian Energy reported, in February 2023, the Verkhovna Rada adopted a law on Joint Stock Company National Nuclear Energy Generating Company Energoatom. This step is in line with Ukraine’s international obligations to bring the management of state-owned enterprises in line with the best international standards of corporate governance.

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