Ukraine energy resilience and investment case (with Francine Lacqua)

Asks about intensified hostilities against Kyiv and what that means for energy security.

Francine Lacqua

Maxim Timchenko

This is a sign of real desperation from Russians. They cannot succeed on the military front line so they try to make our lives as hard as possible. Last winter was the hardest in the history of independent Ukraine. We managed to restore more than 70% of destroyed generation. We are not in survival mode, we are in building mode — we invest in Ukraine.

There were blackouts for 20 hours a day but we made it.

Asks if Russian desperation makes them more dangerous and attacks more unpredictable.

Francine Lacqua

Maxim Timchenko

Russians cross all red lines already. Nothing can surprise us. We just need to learn more lessons after each attack and become stronger.

Asks for assessment of damage in the Odessa region.

Francine Lacqua

Maxim Timchenko

Talking about generation facilities, 70-80% was destroyed three times already and we recovered. We keep fighting. Our immediate priority is to be prepared for the next winter season. Air defense is extremely important.

Energy workers know how to recover and install equipment.

Asks about progress on large batteries used in Kharkiv and whether they will be used in Kyiv.

Francine Lacqua

Maxim Timchenko

This demonstrates that Ukraine is one of the largest investment cases in the world, even now during the war. DTEK invested €2.4 billion during the war. We built a 200MW battery storage project in 12 months from development to commissioning — you cannot find that anywhere else in Europe. In three months we will commission the largest wind park in Ukraine at 500MW. Ukraine is investable now.

Investors who realize this potential and start doing something now will get all the returns after the war.

Asks about attacks on gas facilities and how much capacity was lost.

Francine Lacqua

Maxim Timchenko

From 2025 until now we lost 15% of our capacity. We recovered full capacity and continue investing in upstream gas production. Ukraine has the second largest gas resource after Norway. Investing in Ukraine now is an investment in the energy security of Europe.

The Strait of Hormuz situation shows how fragile supply of gas is. If you develop your own resources, you create a much more reliable channel of supply.

Asks if he is confident facilities can withstand more sophisticated Russian attacks.

Francine Lacqua

Maxim Timchenko

When you have a volley of 800 drones or 100 missiles, no air defense system can guarantee full protection. The most important thing is to be prepared, have good planning, and recover fast after each attack.

Asks what the Strait of Hormuz situation taught about energy security and Ukraine's role for Europe.

Francine Lacqua

Maxim Timchenko

The Strait of Hormuz situation shows that supply of gas is very fragile. If you develop your own resources, you create a much more reliable channel. The energy industry will be the leading industry in European integration of the whole economy of Ukraine. Our message is: come to Ukraine, build in Ukraine, and export back to Europe.

Technical connection for our grid happened after only three weeks of the full-scale invasion. Now we connect our markets.

Asks if foreign investment will only happen after the war is over.

Francine Lacqua

Maxim Timchenko

It is happening now. First-mover advantage is something happening now. Foreign investors should come to Ukraine and understand how it works — learn with us rather than from us, invest jointly into Ukraine.

Asks for the outlook for winter in light of recent attacks on Kyiv.

Francine Lacqua

Maxim Timchenko

Our energy system is stable. In some hours we even export electricity. All energy companies are at full speed in winter preparation. We hope our partners will bring more munitions for air defense. The most important thing is to be ready for the worst outcome.

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