Ukraine’s energy sector suffers $56.2b in damages, losses due to conflict

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Ukraine's energy sector suffers $56.2b in damages, losses due to conflict

Ukraine's energy sector suffered 56.2 billion U.S. dollars in damages and losses due to the Russia-Ukraine conflict, the Kyiv School of Economics (KSE) said in a report on Monday, reported Xinhua.

As of May 2024, the direct damages to Ukraine's energy sector amounted to 16.1 billion dollars due to the destruction of electricity generation objects, transmission facilities and oil and gas infrastructure, the report said.

The KSE estimated the losses of the energy sector at about 40.1 billion dollars, with the majority stemming from lost revenues of energy companies.

According to the report, the electric power industry was hit the most in the hostilities, incurring 11.4 billion dollars in damage and 18.3 billion dollars in losses.

The oil and gas sector also sustained considerable harm, estimated at 3.3 billion dollars in damages and 18.4 billion dollars in losses.

According to the KSE, Ukraine would need about 50.5 billion dollars for the complete reconstruction of destroyed energy facilities.

Source: www.dailyfinland.fi

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