Ukrhydroenergo

What Ukrhydroenergo does

Ukrhydroenergo is the largest hydropower-generating company in Ukraine and a 100% state-owned enterprise of strategic importance to national energy security. The company operates ten power plants on the Dnipro and Dnister rivers, comprising conventional hydroelectric power plants (HPPs) and pumped storage power plants (PSPPs) that together deliver peak load coverage, frequency and power regulation, balancing services, and mobile emergency reserve to the United Energy System of Ukraine. Its flagship asset, the Dnister PSPP, is positioned to become the largest pumped storage facility in Europe upon completion at 2,268 MW generator / 2,947 MW pumping capacity. The company is also constructing the Kaniv PSPP (first unit 2028) and Kakhovka-2 HPP, while deploying hybrid generation systems combining 212 MW of battery storage with 63.9 MW of solar PV at existing HPP sites.

The company monetizes its generation through wholesale electricity sales to the Ukrainian integrated power system, opportunistic commercial exports to European energy markets during surplus hours, ancillary and balancing services to the Transmission System Operator, and sale of guarantees of origin for renewable electricity (the first such certificates sold by a Ukrainian company, in October 2024). Revenue streams are diversified across transaction-based generation sales and recurring-style ancillary/balancing service contracts, with no fuel cost component providing structural margin advantage. The business is supported by an extensive international financing consortium — cumulatively exceeding €1 billion from the World Bank, EBRD, EIB, Clean Technology Fund, and bilateral partners — and technology partnerships with Andritz Hydro, Voith Hydro, MAN Energy Solutions, EDF, and others for equipment and rehabilitation work. Strategic priorities include ENTSO-E integration, wartime facility restoration, hybrid generation buildout, and a green hydrogen pilot with German industrial partners.

Name

Ukrhydroenergo

Legal name

PJSC Ukrhydroenergo (PrJSC Ukrhydroenergo)

Website

https://en.uhe.gov.ua

Company type

Private

Founded year

2003

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Ukrhydroenergo is Ukraine's largest state-owned hydropower generator, operating 10 HPPs and PSPPs on the Dnipro and Dnister rivers to provide electricity, grid balancing, and ancillary services to the national power system and European markets.

Ownership category

akta.pro rank

Product category

Hydropower Generation

NAICS

Hydroelectric Power Generation (221111), Electric Power Generation, Transmission and Distribution (2211)

akta.pro primary industry

Hydropower Operations, Maintenance & Asset Management (O&M, Spares, Performance) (EUAMADAE)

akta.pro secondary industries

Hydropower Grid Services & Dispatch Optimization (Ancillary Services, Scheduling) (EUAMADAH), Hydropower EPC & Civil Construction (Dams, Weirs, Tunnels, Penstocks) (EUAMADAB), Reservoir/Impoundment Hydroelectric Generation (EUACAEAB)

Keywords

• Hydropower generation
• Pumped storage power
• Electricity generation
• Grid balancing services
• Renewable energy

Headquarters

HQ city

Kyiv

HQ country

Ukraine

HQ region

Europe

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Technology or R&D, Supply Chain

Revenue model

1. Electricity Generation and Sales: Hydropower electricity generation sold to the Ukrainian integrated power system and exported to European markets. Low production costs due to absence of fuel component. Revenue streams from commercial exports during surplus hours in the power system.
2. Ancillary Services: Providing coverage of peak loads, frequency and power regulation, and mobile emergency reserve in the United Energy System of Ukraine. Eight power plants have successfully passed tests of electrical installations for ancillary services market participation.
3. Balancing Services: Power system balancing through flexible power unit output changes. Active participation in the ancillary services market. Plans to join cross-border exchange of frequency restoration reserves and balancing electricity bound by ENTSO-E TSO-TSO operating model.
4. Guarantees of Origin: Sale of guarantees of origin for electricity from renewable energy sources. First guarantees of origin sold in October 2024. First company in Ukraine to obtain guarantees of origin for electricity from renewable energy sources.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels6 records

Core offering

Ukrhydroenergo operates ten hydroelectric and pumped storage power plants on the Dnipro and Dnister rivers, generating clean electricity and providing peak load coverage, frequency and power regulation, balancing services, and mobile emergency reserve to the United Energy System of Ukraine. The company sells wholesale electricity domestically and exports to European markets, while also selling guarantees of origin for renewable electricity and developing hybrid battery-solar systems and green hydrogen pilot projects.

Product overview

Ukrhydroenergo is Ukraine's largest hydropower-generating company, operating a portfolio of hydroelectric and pumped storage power plants on the Dnipro and Dnister rivers. The core product portfolio includes the Dnipro Cascade HPPs ( Kyiv HPP, Kaniv HPP, Kremenchuk HPP, Dnipro-1/2 HPP, Kakhovka HPP), the Dnister HPP/PSPP Complex, and strategic construction projects including the Kaniv PSPP (planned 2028 launch) and Kakhovka-2 HPP. The company implements major modernization through its HPP Reconstruction Stage II program, and is developing innovative hybrid generation systems combining battery storage with solar panels, plus pioneering green hydrogen production technology.

Differentiator

Problem solved

Functional benefit

Products and services

• Dnipro Cascade Hydropower Plants Cascade of hydroelectric power plants on the Dnipro River including Kyiv HPP, Kaniv HPP, Kremenchuk HPP, Seredniodniprovska HPP, Dnipro-1 HPP, Dnipro-2 HPP, and Kakhovka HPP, providing wholesale electricity, peak load coverage, frequency and power regulation, and mobile emergency reserve to Ukraine's United Energy System.
• Dnister Hydropower Complex Combined Dnister HPP and Dnister PSPP (pumped storage power plant) on the Dnister River providing frequency regulation, schedule-of-loads shaping, and emergency energy reserve for the United Power System of Ukraine. When complete, the pumped storage component will be the largest PSP in Europe at 2268 MW generator / 2947 MW pumping capacity.
• Ancillary and Balancing Services Provision of coverage of peak loads, frequency and power regulation, mobile emergency reserve, and balancing electricity to the Transmission System Operator and the United Energy System of Ukraine. Eight power plants have passed certification tests for ancillary services market participation. Plans include joining ENTSO-E cross-border exchange of frequency restoration reserves and balancing electricity.
• Guarantees of Origin for Renewable Electricity Sale of Guarantees of Origin certificates for electricity generated from renewable energy sources, providing documented proof of renewable origin to European and Ukrainian electricity buyers.
• Hybrid Generation Systems (Battery Storage + Solar PV) Joint electricity generation from HPP hydro units, industrial battery energy storage (212 MW), and photovoltaic plants (63.9 MW) at five branches, expanding ancillary services, increasing emergency capacity reserve, and supporting HPP auxiliaries with solar. Designed to meet ENTSO-E frequency maintenance reserve requirements.
• Green Hydrogen Production Pilot generation of green hydrogen through water electrolysis using renewable energy sources from Ukrhydroenergo's hydropower assets, developed in partnership with Andritz Hydro GmbH and MAN Energy Solutions SE.
• Cross-Border Electricity Exports to Europe Commercial electricity exports to European energy markets during surplus hours in the Ukrainian power system, reducing European dependence on Russian gas and coal and supporting ENTSO-E integration.

Quantifiable outcome

• 223 GWh of green electricity annually from EBRD €75 million project
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

13 partnerships are on record, tiered strategic, core and minor.

• GEK TERNA S.A.strategicStrategic or Co-development Partner · 20 February 2026Non-Disclosure Agreement signed February 2026 at KyivBuild Ukraine exhibition. Next step in implementing 2025 Memorandum of Cooperation on hydropower projects. GEK TERNA is leading Greek business and construction group with expertise in hydroelectric and PSPH plant construction.
• Ukrainian Energy MachinescoreStrategic or Co-development Partner · 19 February 2026Contract for equipment supply signed February 2026 under international bidding procedure for hybrid systems project financed by World Bank. Strategic cooperation with Ukrainian manufacturers supporting national economy and domestic machine building.
• Webuild S.p.A.strategicStrategic or Co-development Partner · 10 July 2025Memorandum of cooperation in hydropower signed July 2025 at URC2025 in Rome. Webuild has decades of experience in complex infrastructure projects in 50+ countries. Planning joint projects for hydropower sector resilience and environmental sustainability.
• Voith HydrostrategicTechnology or Integration · 1 July 2025MoU for professional training and skills development signed July 2025 at URC2025. First technical training mission to Voith Hydro facilities in Austria and Germany conducted June 2025. Providing latest technologies and equipment components adapted to Ukrhydroenergo needs.
• PADECO Co., Ltd.minorImplementation/ SI/ Consulting Partner · 1 July 2025MoU signed for feasibility study of Kaniv PSPP construction project. Japanese consulting company providing expertise for Ukraine's energy security through pumped storage development.
• DENZAI K.K. (Japan)minorStrategic or Co-development Partner · 1 April 2025Meeting April 2025 to develop Ukrainian-Japanese cooperation in energy infrastructure. Japanese private companies exploring investment in Ukraine's energy sector restoration.
• StatkraftstrategicStrategic or Co-development Partner · 1 November 2024Plans for cooperation in hydropower sector announced November 2024. Nordic hydropower expertise for Ukrainian energy recovery and development.
• RIKO d.o.o. (Slovenia)minorStrategic or Co-development Partner · 1 November 2024Deepening long-term contacts for hydropower cooperation with Slovenian company experienced in infrastructure and energy projects.
• ZDAS (Czech Republic)strategicStrategic or Co-development Partner · 1 August 2023Memorandum of Cooperation signed August 2023 for reconstruction and new construction of hydroelectric power plants. Cooperation aims to develop Ukraine's fuel and energy complex and promote investment and innovative technologies.
• Andritz Hydro GmbHcoreTechnology or Integration · 1 April 2022Memorandum of cooperation signed April 2022 for development and implementation of green hydrogen generation projects in Ukraine. Partner in HPP reconstruction Stage II providing hydro power equipment.
• MAN Energy Solutions SEcoreTechnology or Integration · 1 April 2022Memorandum of cooperation signed April 2022 for development and implementation of green hydrogen generation projects in Ukraine.
• International Hydropower Association (IHA)minorOthersMembership since June 2023. Cooperation in best practices, sustainability standards, and hydropower sector development.
• International Commission on Large Dams (ICOLD)minorOthersPublic organization and association in hydropower field for dam safety and large dam standards.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Regional players

• ČEZ Group: Czech Republic's largest integrated utility with significant hydropower operations on the Vltava and Elbe rivers including the Dlouhé Stráně PSPP. Operates in Central/Eastern Europe and is directly comparable in regional context to Ukrhydroenergo's Central European positioning and Slavic market dynamics.

Broad incumbents

• Enel Green Power: Global renewable energy arm of Enel Group with significant hydropower operations across Europe (Italy, Spain, Portugal) and Latin America. Comparable in offering dispatchable hydro capacity and grid services within ENTSO-E, but operates as part of a broader renewables and T&D portfolio.
• Brookfield Renewable Partners: One of the world's largest publicly listed renewable power platforms with significant hydropower and pumped storage assets across North America, South America, Europe, and Asia. Operates HPPs and PSPPs at a similar scale to Ukrhydroenergo's fleet; comparable as a peer in terms of asset base, dispatchable generation, and ancillary services revenue mix.
• EnBW Energie Baden-Württemberg: German integrated utility with substantial pumped storage and HPP operations, including the Rudolf-Fettweis-Werk PSPP. Operates within ENTSO-E and provides balancing services comparable to Ukrhydroenergo's ancillary services model. A broader incumbent rather than pure-play hydropower.
• Iberdrola Energía Hidroeléctrica: Global renewable energy major whose hydropower division operates large HPP and PSPP fleets in Spain, the UK, Brazil, and Mexico. Iberdrola is a BROAD_INCUMBENT because hydropower is one segment within its much larger renewables and networks portfolio, but the operating model of large HPP/PSPPs selling ancillary services to ENTSO-E TSO markets is directly analogous.

Direct peers

• Statkraft: Norwegian state-owned Europe's largest renewable energy generator and a leading hydropower operator. Both are state-owned hydropower majors running large HPP and PSPP portfolios, selling balancing and ancillary services to their national grids with ENTSO-E integration. Ukrhydroenergo and Statkraft have even signed a cooperation MoU in November 2024, confirming direct comparability.
• Verbund AG: Austria's leading hydropower utility and one of Europe's largest producers of hydroelectricity. Operates a portfolio of HPPs and PSPPs across the Alps providing peak load and balancing services to the Austrian and German grids via ENTSO-E. Voith Hydro (Ukrhydroenergo partner) is a Verbund supplier, indicating operational and technical comparability.
• EDF Hydro France: Hydropower arm of Électricité de France, operating one of Europe's largest HPP and PSPP fleets including Grand'Maison (the previous largest PSP in Europe before Dnister completes). EDF is already a technology partner on Ukrhydroenergo's Reconstruction Stage II. Same business model: large hydropower + pumped storage + ancillary services to a national TSO with ENTSO-E integration.

Others

• Andritz Hydro: Global leading supplier of turbines, generators, and electro-mechanical equipment for hydropower plants. Direct technology partner of Ukrhydroenergo on Reconstruction Stage II and the green hydrogen pilot. Comparable as an adjacent ecosystem participant providing critical equipment and engineering services to the hydropower sector.
• Voith Hydro: German-headquartered leading global manufacturer of hydropower equipment (turbines, generators, automation). Signed MoU with Ukrhydroenergo in July 2025 for skills development and is providing equipment for Ukrhydroenergo's reconstruction projects. Adjacent technology partner rather than direct competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Ukrhydroenergo
• YouTubeyoutube.com/channel/UC8zzELtJhjHWvb0v-IMVYlQ
• Facebookfacebook.com/Ukrhydroenergo
• LinkedInlinkedin.com/company/ukrhydroenergo
• Instagraminstagram.com/ukrhydroenergo

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Ukrhydroenergo