URM increased its authorized capital four times and completed the formation
JSC "Ukrainian Distribution Networks" completed the formation process and the authorized capital of the company increased fourfold due to the transfer of state stakes in 8 regional energy companies
"Joint-stock company "Ukrainian Distribution Networks" increased its authorized capital four times and conducted additional issues of shares of the JSC at the expense of securities of distribution system operators (DSOs), which were under the management of the Ministry of Energy of Ukraine.
Thus, the requirements of the Resolution of the Cabinet of Ministers of Ukraine No. 1336 of November 29, 2022 "On the Establishment of the Joint-Stock Company "Ukrainian Distribution Networks" have been fully fulfilled," the press service of "URM" said in a statement dated June 26.
It is noted that the authorized capital of URM included shares of the following DSOs: "Khmelnytskyi Blennergo" (70%), "Kharkiv Blennergo" (65%), "Zaporizhzhia Blennergo" (60.2%), "Mykolaivo Blennergo" (70%), "Ternopil Blennergo" (50.9%), "Sumyo Blennergo" (25%), "Cherkasio Blennergo" (46%), as well as 99.6% of PrJSC "Ukrainian Energy-Saving Service Company" ("UkrESCO"), which owns 25% of "Cherkasio Blennergo", and 25% of "DTEK Odessa Electric Networks".
Work on completing the formation of the company continued during 2023-2025 together with the Ministry of Energy of Ukraine, the URM reminds.
"The Ministry of Energy and the Ministry of Energy of Ukraine have done a tremendous job of bringing corporate management of state-owned assets in the energy sector, the development of which no longer met the requirements of the time, to European standards. In the context of military challenges, we were able to create unified approaches and ensure state control and management of these assets to attract investments," said the Minister of Energy of Ukraine Herman Galushchenko.
According to Acting General Director of URM Artem Martyniuk, today the company fully fulfills the function and tasks that were set when the company was established in 2022. In particular, a unified accounting policy according to international financial reporting standards has been introduced at the Group's enterprises, automation of enterprise development processes has been launched, and control over the quality of services provided to consumers has been strengthened.
"The company is rapidly moving towards achieving European corporate governance standards," the head of the URM emphasized.
As a reminder, the Cabinet of Ministers adopted a decision to create JSC "Ukrainian Distribution Networks", which was to consolidate state-owned shares of DSR, which were under the management of the Ministry of Energy, at the end of November 2022.
In July 2023, URM planned to increase its authorized capital fourfold by transferring to it state-owned shares of JSC "Kharkivoblenergo" (65%), JSC "Zaporizhzhiablenergo" (60.2%), JSC "Ternopiloblenergo" (50.9%), JSC "Sumioblenergo" (25%), JSC "Cherkasioblenergo" (46%), "DTEK Odessa Electric Networks" (25%) and 99.6% of PrJSC "Ukrainian Energy-Saving Service Company" (UkrESCO), which owns 25% of "Cherkasioblenergo", as well as an additional share issue.
As reported by "Ukrainian Energy", "Ukrenergo" records stabilization of energy consumption in Ukraine. On the morning of June 27, the level of electricity consumption was at the same level as on the morning of the previous day.
