Ukraine Energy Committee Seeks Energoatom-Trading Leadership's Dismissal Over October Auction

Why it matters

The case concerns an estimated 1.8 billion hryvnias in potential lost revenue for a wholly state-owned energy company and the corresponding impact on budget receipts during a deficit. It also raises questions about concentrated demand, coordination between market participants, price formation and transparency in state electricity sales. The proposed management changes and contract cancellation could become part of a broader scrutiny of the electricity market.

What happened

Ukraine's parliamentary energy committee sent a letter to Prime Minister Serhii Koretskyi demanding the immediate dismissal of the Energoatom-Trading leadership, which organized the October 27 auction. The deputies also called for the auction contracts to be cancelled, any lost revenue recovered and the circumstances investigated.

At the auction, Energoatom sold 2,000 MW of base-load capacity for delivery from November 1–10. The weighted average price was 5,313.78 hryvnias per MWh excluding VAT. Sixty-nine buyers purchased 480,000 MWh, and seven companies bought 805 MW, or more than 40% of the volume.

The committee's concerns centered on the sequence surrounding an October 26 Ministry of Energy meeting, where officials discussed raising Energoatom's day-ahead bids. According to the committee, a D. Trading deputy director attended, while several other buyers and state traders ECU and Naftogaz Group were not invited. The auction ran from approximately 10:04 to 13:02, while the new day-ahead prices became public around 13:40. On October 28, the BASE index rose 82.8%. The average day-ahead price for November 1–6 reached 9,098.32 hryvnias per MWh, 71% or 3,784.54 hryvnias per MWh above the auction price.

The committee estimated the difference between the auction and market prices for the 480,000 MWh at approximately 1.8 billion hryvnias. It cited similar concerns involving a nearly 50 million hryvnia loss in July and nearly 2 billion hryvnias in January 2026. Copies of the letter were sent to the chairman of the Verkhovna Rada, the head of the Presidential Office, the energy, economy and finance ministers, the chairman of NERC and Energoatom's supervisory council.

How Ukrainian sources describe it

Ukrainian reporting focuses on the allegations of price manipulation, the potential financial loss to the state company and demands for an investigation, leadership changes, contract cancellation and recovery of funds. It also highlights the October 26 ministry meeting, the increase in Energoatom's day-ahead bids, the subsequent rise in market prices and the concentrated purchases by several buyers. D. Trading's denial and its work with more than 60 Ukrainian manufacturers are presented alongside the committee's claims.

Where reporting differs

The energy committee and its chairman allege possible manipulation and seek management changes, contract cancellation and recovery of funds. D. Trading calls the allegations groundless, says it regularly participates in open Ukrainian Energy Exchange auctions and presents its purchases as consistent with ordinary commercial needs. It bought 15.7% of the October auction volume, at a price 1.7% above the average for other participants; since the beginning of 2026, Energoatom has supplied only 3% of its electricity purchases.

Background

Energoatom is a 100% state-owned company. The disputed auction occurred on October 27, 2026, after an October 26 Ministry of Energy meeting where officials discussed increasing Energoatom's day-ahead bids and opening daytime electricity exports through Ukrenergo, potentially adding demand of 500–750 MW. D. Trading said it terminated its January 2026 contract early after the information became public. Following publicity in September, D. Trading's estimated share of day-ahead demand fell from 60–65% to about 45%, although the committee estimates that coordinated groups continued to control roughly 60% of purchases.