On 07-09 February 2023, the high-level international investment conference Energy Week Black Sea was successfully held in Bucharest, Romania. The event was organised by a UK-based consultancy Invest in Network. The UWEA was the event’s official Knowledge Partner.
The war in Ukraine has further disrupted an already volatile market, in which energy prices were rising due to post-lockdown energy demand exceeding supply. Today, self-sufficiency and energy independence talks no longer amount to rhetoric. Utilising vast renewable energy potential, increasing interconnection and facilitating system flexibility and market liberalisation are of paramount importance. At the same time, the Black Sea region is emerging as a renewables hub and there is a political will to cooperate on the regional level prioritising clean energy transition.
The event comprised a 2-day Utility-scale Conference (07-08 February) addressing the green transition challenges and a Rooftop Solar Day (09 February) introduced to enable rooftop solar project matchmaking and solar product distribution in the Black Sea region.
One of the most important regional renewables conferences in the region brought together government authorities, both state and private sector companies from Romania, Bulgaria, Ukraine, Moldova, Georgia, and Turkey, as well as IFIs, DFIs, international financial institutions and foreign private investors.
Special discussions were devoted to the post-war recovery of Ukraine and offshore wind deployment in the Black Sea region.
Focus discussion “#STANDWITHUKRAINE Green Dream and Post-War Reconstruction of Ukraine” attracted a great deal of attention of the conference delegates. Representatives of the UWEA member companies, namely: UDP Renewables, Emergy, NOTUS and LCF Law Group analyzed the challenges facing the Ukraine’s RES industry in times of war and shared their views on the post-war recovery of Ukraine.
Galyna Shmidt, UWEA Board Member, Vice-President WWEA: “Ukraine’s reliance on fossil and nuclear power makes us vulnerable to russian attacks. Renewable energy coupled with energy efficiency is the quickest and most effective way to combat dependence on fossil fuels. Therefore, post-war recovery and reconstruction of Ukraine should be based on renewables. The draft National Renewable Energy Action Plan until 2030 provides for sourcing 27% of the total final energy consumption from renewables by 2030. The Ukraine’s ambitions on renewables must now be lifted in line with EU targets. Ukraine can and should become a regional leader in decarbonizing economy and energy.”
Serhiy Yevtushenko, Managing Partner UDP Renewables: “Our industry is very capital intense so without access to borrowed capital to a wide range of market players we cannot make a fast progress. But before capital comes, long term rules should be established. Clear regulation. No major changes but gradual adaptation to changing reality.”
Ivan Bondarchuk. Head of Energy, LCF Law Group: “Over the past year, Ukraine has proved that it is on the way to victory and is able to secure its independence. The energy sector has proven that it is able to maintain the functioning of the energy system, and the renewable energy industry has proven that it is ready to engage in a dialogue with the Government to maintain stability in the market. It is important that the international investment community continues to demonstrate interest and work on the development of projects in Ukraine, thereby increasing the motivation of local stakeholders and setting the agenda for policy makers.”
Assessing the prospects for offshore wind deployment in Ukraine, Andriy Konechenkov, Chairman of the UWEA Board noted: “For the successful implementation of offshore technologies in Ukraine, we need, first of all, to remove the gaps in the national legislation. It concerns such aspects as special maritime spatial planning; regulation of the land and underwater area; environmental impact assessment; connection of offshore wind power plant to the grids; overall construction activities under and above the water. We have a lot to work on, but it’s worth the effort.”
