Ukraine’s “green” energy collapses shares of Norwegian energy company

Shares of Scatec Solar (Norway), which has green energy assets in Ukraine, collapsed sharply, said Alina Sviderskaya, director of business development at the company’s Ukrainian branch. She was quoted as saying by on 20 June

Ukraine's "green" energy collapses shares of Norwegian energy company

The reason for the company’s losses is the unresolved problem of debts for “green” electricity produced in Ukraine and the introduction of a new excise tax.

“Our company lost about 10% of its shares after the news (regarding debts and regulatory changes – Ed.) about Ukraine. I think this is only the beginning. We did not go out much in the media about the reduction of payments, the stock exchange just saw the valuations”, –  Sviderskaya said.

She accused the state of violating the guarantees given to foreign investors, as well as stated that the energy market introduced in Ukraine actually does not function.

Earlier Dmytro Marunych, co-chairman of the Energy Strategy Fund, told that Ukrainian consumers are simply unable to pay for electricity at the “green” tariff.

The Ukrainian state has no money to pay for expensive electricity from the so-called renewable energy sources (RES). Meanwhile, the amount owed has already approached one billion US dollars.

As Marunych pointed out, “green” energy imposed by the West on poor countries like Ukraine, together with demands to abandon coal and nuclear power generation, literally drives those countries into the Stone Age, where electricity is unaffordable for the vast majority of the population.


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