Energy security as a key factor in Ukrainian economic resilience in the time of war

The study aimed to assess the state of the Ukrainian energy system in the context of the war, determine the extent of infrastructure damage, and analyse the possibilities for restoring and ensuring a stable energy supply. The study during 2022-2024 was based on the analysis of official reports, satellite images and analytical materials on the damage and restoration of Ukrainian energy infrastructure. Financing of recovery and regulatory reforms in the energy sector was emphasised. The study established that the total financial losses of the energy sector amount to more than USD 33.8 billion. Of these, USD 11.4 billion were direct losses in the electricity sector. The analysis showed a significant debt burden on district heating companies (USD 2.6 billion) and the need for debt restructuring. The study characterised the indicators of the level of damage to the energy infrastructure, which is a critical stage in the analysis of Ukraine’s energy security as a fundamental factor of national economic stability. The assessment of possible sources of financing for the industry’s recovery, including international assistance, grant programmes and private sector investment, was emphasised. The authors examine the role of international financial institutions, such as the European Bank for Reconstruction and Development, the World Bank and the European Investment Bank, which have already allocated more than USD 1.1 billion for emergency measures to restore Ukraine’s energy infrastructure. Given the financial challenges, recommendations were developed to attract additional resources through investment insurance mechanisms, green bonds, and public-private partnerships. The study also addressed the issue of adapting tariff policy and introducing differentiated tariffs to cover the costs of infrastructure rehabilitation and encourage energy saving. This model integrates technical, financial and managerial solutions to ensure economic stability and attract the capital needed to modernise Ukraine’s energy sector