World Economic Forum Says Ukraine Can Boost EU’s Energy Security

During its annual meeting this year, the World Economic Forum stated that Ukraine can help the EU to fortify its energy security because of its large reserves of natural gas and nuclear-powered electricity production.

Rivne nuclear power plant, Ukraine. Credit: Victor Korniyenko, CC BY 3.0, Wikimedia Commons

During its annual meeting this year, the World Economic Forum stated that Ukraine can help the EU to fortify its energy security because of its large reserves of natural gas and nuclear-powered electricity production.

During the meeting, the Forum outlined how the Kremlin’s threat of stopping its gas supply should it not pay in roubles was more than just hot air. In April 2022, it followed through on its promise, cutting off natural gas supplies to Poland and Bulgaria, dramatically escalating its response to Western sanctions imposed on Moscow over the war in Ukraine. The Forum noted that even at the height of the Cold War, Moscow never cut off its gas supply to Europe.

The Forum believes that Ukraine can contribute to the transition period while replacing energy resources from Russia. It can then become a reliable partner in the energy security structure of Europe for the following reasons.

Ukraine’s energy sector has surprised the world with its stability amid war. On the first day of the conflict, Ukraine’s energy system was disconnected from Russia, unlikely to be connected again. Ukraine is now synchronized with the European electricity network and will soon demonstrate it can be a key driver of the European Green Deal.

More than 55% of Ukraine’s electricity is produced by nuclear power plants, which is clean energy. Additionally, Ukraine can produce 9 GWT from wind and solar farms. The potential of new renewables capacity is more than 20 GW.

Ukraine’s green European electricity integration will be realized with the help of our international business partners, with whom DTEK plans to work on various decarbonization and technological projects (renewables, hydrogen, battery storage, Small Modular Reactors, etc.).

After Norway, Ukraine has the largest gas deposits in Europe. In addition, the use of Ukraine’s underground natural gas storage facilities will allow the implementation of EU plans to form a strategic gas reserve.

Ukraine is ready to take the lead, be a reliable partner, ensure its green electricity supply and export to Europe and actively develop clean technologies. Doing so will help Europe and the whole world protect the values of humanity, democracy and security and correct the mistake of ignoring US President Reagan’s fears, which are tragically coming true every day in Russia’s war against Ukraine.

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