The Ukraine crisis promises to dramatically change the face of the renewable energy sector in the post-Soviet space. While Ukraine is struggling to keep its plants running amid the continuing fights, Russian power-generating companies are bracing for the impact of unprecedented Western sanctions.
The Russian invasion comes at a great cost for Ukraine’s economy, which is set for a 45% contraction in 2022. Before the current crisis, the share of renewables within the total energy mix was less than 5%. However, the Ukrainian government set a goal of sourcing 25% of its total energy mix from renewables by 2035. Now, the focus is shifted toward preserving the existing capacities.
