As of late February 2026, it reached a record high of UAH 45.19 billion, according to ExPro Electricity Daily.
According to monitoring data, at the beginning of 2025, the debt to the transmission system operator stood at UAH 35 billion. Throughout the past year, the total debt gradually increased, reaching UAH 42 billion by December 2025. The downward trend in financial stability persisted into early 2026: as of January 31, the debt amounted to UAH 43.8 billion, and by the end of February, it grew by another UAH 1.4 billion.
In total, over a period of just over one year, the indebtedness of market participants to the state operator increased by UAH 10 billion, representing nearly a third of the initial figure.
Simultaneously, an increase in counter-debts owed by Ukrenergo to balancing market participants has been recorded. While at the beginning of 2025 the operator owed companies UAH 18.55 billion, this figure rose to UAH 22.93 billion by the end of 2025. As of late February 2026, Ukrenergo's debt to market participants reached UAH 26.62 billion.
Thus, between January 2025 and February 2026, the transmission system operator's debt to generation companies and other market participants grew by approximately UAH 8 billion. This situation indicates a systemic liquidity deficit in the balancing market, creating additional risks to the financial stability of the energy sector.
