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On October 14, Maksim Timchenko, the CEO of DTEK, Ukraine’s largest private power generator, updated Economichna Pravda on the status of Ukraine’s electrical grid in the face of Russian strikes against the country’s power installations. He also talked about what the company’s future plans are for implementing renewables, despite the Russian attacks. DTEK shared that interview today with Electrek, and we have edited the English translation sent to us below for length and clarity.

Economichna Pravda: Looking at Ukraine’s entire energy system, how much capacity was there before the October 10 strikes in the country, and how much is left now?

Maksim Timchenko: It is important to understand the difference between the capacity that is left and the capacity that is still available. These strikes are not aimed at generating facilities to prevent us from producing electricity but at connection systems tied to the Ukrainian energy system. They hit open switchgears, transformers, switches, so that a station that can produce electricity cannot be connected to the unified power system. That is, the key targets are Ukrenergo transformer high-voltage substations and power distribution equipment at thermal power plants.

What [are] the tactics behind this? Since Soviet times, we have built unified energy systems so that if one of the generation flows fails at some part of the system, another one picks it up. That is, everything is looped and we work in a single system. In Soviet times, a power system scheme was built, where everything is set up for similar events that are happening today.

I think the Russian military [consults] their power engineers and they explain how to cause maximum harm to the energy system.

When Ukrenergo’s 750 kilowatt nodal substations, which connect the regions where the generation facilities are located get hit, then a surplus is obtained in one region, and a deficit in another. They hit these substations. This is exactly what happened on Monday and Tuesday. Yesterday morning [July 13 – EP] they struck to prevent supply of electricity to Kyiv.

Economichna Pravda: How many megawatts or as a percentage of the total number of capacities have been taken down?

Maksim Timchenko: From the point of view of generation, we [have] capacities that are destroyed and those that are occupied. The biggest deprivation of capacity is the seizure of the Zaporozhye Nuclear Power Plant. Today, 6,000 megawatts are not available. This is the most difficult situation.

Speaking of our thermal power plants: We have lost control over the Uglegorsk [thermal power] station, and the Lugansk, and the Zaporizhzhya thermal power plant, which is next to the Zaporizhzhia nuclear power station [Editor’s note: It’s the largest nuclear power plant in Europe]. Three thermal power plants and one nuclear power plant are located [in] the temporarily occupied territories and cannot produce electricity for the country.

Second, regarding the power output, the Ladyzhynska [thermal power] station in the Vinnitsa region, which was also hit this week, [is not in operation] today. We are working to put it back into operation. The rest of the thermal power plants are operating.

Economichna Pravda: It is about 10,000 megawatts.

Maksim Timchenko: Yes. 6,000 – Zaporizhzhia [nuclear power station], Uglegorsk, and Zaporizhzhia – 1,200 each. All together up to 10,000 megawatts out of 50,000 megawatts. In general, the country runs on about 52,000 megawatts.

Economichna Pravda: When a minister or ministry says that 30% of the power industry is out of operation, can you say that this is misinformation?

Maksim Timchenko: I certainly don’t want to challenge the minister’s statement. [I]t can be perceived in different ways. “Out of operation” in terms of the fact that we have lost connection systems – [that] is correct. That is, if we do not have connections with generating stations, as I said, then we have lost 30% of the capacity when it comes to the process of energy delivery to the consumer.

Why were the rolling blackouts implemented? Because the power that was produced could not be delivered to the grids. In this regard, he was probably right. From the point of view of the availability of capacities in working condition, I outlined the picture for you.

[…]

There is enough own capacity within Ukraine to get through the winter and for normal operation. The problem is the hits and damage done to the infrastructure that allows this power to be provided.

Economichna Pravda: If our Russian “friends” smash the capacities, and not the output of capacities, then the energy system will be without thermal generation. Is nuclear generation capable of operating under such circumstances?

Maksim Timchenko: Firstly, we have Ukrhydroenergo [a state company that administers hydro power plants]. Hydroelectric power plays an important balancing role. Secondly, along the lines that electricity [is exported] to the EU, imports can also be carried out. Accordingly, this can also play a role in power balancing.

We are not stopping our battery storage installation project. [W]e still plan to bring and install 20 megawatts of storage capacity. This battery storage will also play an important role in balancing. It may not be such a large volume, but in this situation it is important.

Therefore, I believe that we cannot have some kind of Armageddon, a situation where everything will be broken, and we will end up having a total blackout. I don’t believe [we will have] this scenario. Although I did not believe in a war with Russia. Everything is possible, but based on how we have performed and how the system has performed in terms of sustainability, I have confidence that we will cope with these challenges. Again, in conjunction with the military.

I rely heavily on Ukrainian Air Defense Forces. Still, even with such a massive attack, more than 50% of the missiles have been shot down. These are certain lessons for us and for the military, how to deal with such situations.

Economichna Pravda: There is an opinion that the nuclear power generation infrastructure will also be destroyed and thus thousands of megawatts will be “extinguished.” Do I understand correctly that if such a scenario is implemented, then we have the technical capabilities and agreements with Europe to take electricity from them?

Maksim Timchenko: Yes. Firstly, my personal comment: These Russians, perhaps, still have enough brains with their conditionally high-precision weapons not to hit nuclear power plants, because you can miss and hit the block. I hope that they will not destroy the infrastructure of nuclear power plants. But nothing can be a certainty with this madness.

Yes, there are technical possibilities, there are agreements, there are financial issues, and they are still being discussed in terms of paying for electricity. You know, in our country [it’s] 4-5 times cheaper than in Europe, and the delivery will, of course, be at the level of European prices.

Economichna Pravda: The other day we saw a message from the head of DTEK Dnipro Electric Grids. He was looking for generators. Do people need to buy electric generators?

Maksim Timchenko: I don’t want to inspire any false calm. We live in the times of highest uncertainty. And, frankly, if it is possible to buy a generator, then it is better to buy [one]. If we take a sober look at the situation that is happening now, it is better to have reserve capacities.

…

Economichna Pravda: Do you agree with the statement that this war will last for years? If so, then [will you] change the group’s strategy in terms of at least diversifying your businesses to other countries [on] the European continent?

Maksim Timchenko: Yesterday I [held] a job interview – we still hire people to work for important positions in the company. And … the candidate [asked]: I watched your corporate strategy 2030 [New Strategy DTEK 2030], what has changed in it? My answer was: Fundamentally nothing has changed.

The priority for the development of green generation remains. It was very important for me to hear the president’s position that it is necessary to create a “green hub” in Ukraine to supply electricity to Europe, and help Europe get away from over-dependence on Russian energy resources.

We have all the possibilities for this: grid access, favorable topography, wind, sun, and experience. We said that we would [make] green generation a priority, and we are not giving up on this.

In the same strategy, we [addressed] our international development. … The first plans for our investments abroad were laid down. And, in accordance with this strategy, we continue to do so. Today we are implementing projects for the construction of wind and solar stations. As part of these projects, we want to develop an entire ecosystem of solar and wind power plants, including those with energy storage systems.

Read more: Ukraine is now using these 200-mile-range electric bikes with NLAW rockets to take out Russian tanks

Photo: DTEK

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Oil giant BP is seen as a prime takeover target. Is a blockbuster mega-merger in the cards?

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April 15, 2025

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Oil giant BP is seen as a prime takeover target. Is a blockbuster mega-merger in the cards?

BP logo is seen at a gas station in this illustration photo taken in Poland on March 15, 2025.

Nurphoto | Nurphoto | Getty Images

Oil giant BP has been thrust into the spotlight as a prime takeover candidate — but energy analysts question whether any of the likeliest suitors will rise to the occasion.

Britain’s beleaguered energy giant, which holds its annual general meeting on Thursday, has recently sought to resolve something of an identity crisis by launching a fundamental reset.

Seeking to rebuild investor confidence, BP in February pledged to slash renewable spending and boost annual expenditure on its core business of oil and gas. CEO Murray Auchincloss has said that the pivot is starting to attract “significant interest” in the firm’s non-core assets.

BP’s green strategy U-turn follows a protracted period of underperformance relative to its industry peers, with its depressed share price reigniting speculation of a prospective tie-up with domestic rival Shell. U.S. oil giants Exxon Mobil and Chevron have also been touted as possible suitors for the £54.75 billion ($71.61 billion) oil major.

Shell declined to comment on the speculation. Spokespersons for BP, Exxon and Chevron did not respond to a request for comment when contacted by CNBC.

“Certainly, BP is a potential takeover target — no doubt about that,” Maurizio Carulli, energy and materials analyst at Quilter Cheviot, told CNBC by video call.

“I would conceptualize the question of ‘will Shell bid for BP’ in the more general consolidation that it is happening in the resources sector, both oil but also mining — particularly in the past year a lot of companies thought that to buy was better than to build,” he added.

A Shell logo in Austin, Texas.

Brandon Bell | Getty Images News | Getty Images

In the energy sector, for example, Exxon Mobil completed its $60 billion purchase of Pioneer Natural Resources in May last year, while Chevron still seeks to acquire Hess for $53 billion. The latter agreement remains shrouded in legal uncertainty, however, with an arbitration hearing scheduled for next month.

In the mining space, market speculation kicked into overdrive at the start of the year following reports of a potential tie-up between industry giants Rio Tinto and Glencore. Both companies declined to comment at the time.

Never say never, right? I think even Exxon-Chevron in the depth of the pandemic held talks so I think that would have been even wilder to say.

Allen Good

Director of equity research at Morningstar

Quilter Cheviot’s Carulli named Chevron as a potential suitor for BP, particularly if the U.S. energy giant’s pursuit of Hess falls through.

Speculation about a potential merger between Shell and BP, meanwhile, is far from new. Carulli said that while the rumors have some merit, a prospective deal would likely trigger antitrust concerns.

Perhaps more importantly, Carulli added that a move to acquire BP would conflict with Shell’s steadfast commitment to capital discipline under CEO Wael Sawan.

‘An existential crisis’

“Never say never, right? I think even Exxon-Chevron in the depth of the pandemic held talks so I think that would have been even wilder to say,” Allen Good, director of equity research at Morningstar, told CNBC by telephone.

“I wouldn’t take anything off on the table. You know, oil and gas is facing an existential crisis. Now, views differ on how soon that crisis will come to head. I think we’re still decades away,” Good said.

For Shell, Morningstar’s Good said that any pursuit of BP would likely be an attempt to merge the two British peers, as opposed to an outright acquisition — although he said he doesn’t expect such a prospect to materialize in the near term.

The sun sets behind burning gas flares at the Dora (Daura) Oil Refinery Complex in Baghdad on December 22, 2024.

Ahmad Al-rubaye | Afp | Getty Images

Asked about the likelihood of Chevron seeking to purchase BP if a deal to acquire Hess collapses, Morningstar’s Good said he couldn’t rule it out.

“BP certainly doesn’t have the growth prospects that Hess does, but you could get a situation where, again, like I said with Shell, you’d have Chevron acquiring BP, stripping out a lot of costs, certainly the headquarters would no longer be in London … but it doesn’t address the growth concerns ex-Permian for Chevron. So, in that case, I would be a little skeptical,” Good said.

“The issues these companies are facing are to please shareholders, and the two ways to do that really are to reduce costs and return cash to shareholders. So if you can continue to lean into that model somehow, then that’s the probably the way to do it,” he added.

What next for BP?

Michele Della Vigna, head of EMEA natural resources research at Goldman Sachs, described BP’s recent strategic reset as “very wise” and “thoughtful,” but acknowledged that it may not have gone far enough for an activist investor.

U.S. hedge fund Elliott Management has reportedly built a near 5% stake to become one of BP’s largest shareholders. Activist investor Follow This, meanwhile, recently pushed for investors to vote against Helge Lund’s reappointment as chair at BP’s upcoming shareholder meeting in protest over the firm’s recent strategy U-turn. BP has since said that Lund will step down, likely in 2026, kickstarting a succession process.

“I think there are three major optionalities in BP’s portfolio that any activist investor would love to see monetized. The first one is not all in BP’s hands, it’s the monetization of the Rosneft stake,” Della Vigna told CNBC over a video call.

BP announced it was abandoning its 19.75% shareholding in Russian state-owned oil company Rosneft shortly after Moscow’s full-scale invasion of Ukraine in late February 2022. It had marked a costly and abrupt end to more than three decades of activity in the country.

CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024. 

Mark Felix | AFP | Getty Images

A second optionality for BP, Della Vigna said, is the firm’s marketing and convenience business.

“I mean, within BP, a company that trades on three times EBITDA, there’s a division that can trade at 10 times EBITDA, right? Amazing. You can make the same point for a lot of the other Big Oils,” Della Vigna said.

EBITDA is a standard metric that refers to a firm’s earnings before interest, tax, depreciation and amortization.

“The third option is BP is a U.S.- centered energy company — and it’s clear, right? BP is the most U.S.- exposed of all the majors, more than Exxon and Chevron,” Della Vigna said, noting that 40% of BP’s cash flow comes from the U.S.

“So, being listed in the U.K., when the U.K. gets you the biggest discount of any other region in Big Oil, doesn’t feel right. I think some form of relocation or transatlantic merger may be worth considering,” he added.

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Idaho Power wants to cut solar pay rate to under 1¢ per kWh and charge 8¢ per kWh for electricity

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14 hours ago

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April 15, 2025

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Idaho Power wants to cut solar pay rate to under 1¢ per kWh and charge 8¢ per kWh for electricity

Idaho solar
Photo by Gustavo Fring on Pexels.com

Utility Idaho Power has asked the Idaho Public Utilities Commission (PUC) to drastically slash the rates it pays rooftop solar customers for excess energy. This move could severely impact solar adoption in Idaho just as electricity rates are climbing.

The utility wants to drop the Export Credit Rates (ECRs) – the amount rooftop solar owners get credited for feeding power back to the grid – by 60%, from the current 6.18 cents per kilowatt-hour to just 2.46 cents. That’s a massive 72% plunge from the previous rate of 8.8 cents per kilowatt-hour, which had stood for over a decade.

If the PUC approves the proposal next Month, the new lower rates will kick in on June 1, right before peak solar-producing months. This shift is part of Idaho Power’s controversial “Net Billing” program approved in December 2023, despite public backlash. Under this new system, ECRs would change every year, making it nearly impossible for residents to calculate the financial returns of their rooftop solar investments – a major deterrent to adopting solar.

The proposed rates would vary seasonally. From October through May, when electricity demand drops, Idaho Power wants to cut solar payments even further by a staggering 80%, paying less than 1 cent per kilowatt-hour. Meanwhile, it plans to charge non-solar customers at least 8 cents per kilowatt-hour for the same electricity, padding its own profits.

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Idaho Power is basing these rate cuts on an internal “Value of Distributed Energy Resources Study” from 2022. However, environmental groups hired independent analysts who argue that Idaho Power’s data selectively undervalues solar power.

“How can our state regulators just let this happen? The PUC is supposed to double-check the utility’s math to make sure Idaho ratepayers aren’t being taken advantage of,” said Lisa Young, director of the Idaho Sierra Club. “Distributed solar is worth more than the retail electricity rate, not less. The PUC needs to stop turning its cheek on corrupted math and letting this monopoly utility pad its pockets even more.”

Idaho Power customers already faced unpopular hikes to their monthly fixed charges from January 2025, when their flat monthly fees rose from $5 to $15. These fixed charges hit low-income residents hardest and discourage energy conservation and rooftop solar.

“People in Idaho go solar because it lowers their power bills, gives them energy freedom and security, and helps the environment,” said Alex McKinley, owner of the local small business Empowered Solar. “Idaho Power is trying to take that opportunity away from people by skewing these rooftop solar rates in its favor. It’s not right.”

Members of the public can submit public comments at puc.idaho.gov/Form/CaseComment and reference Case #IPC-E-25-15.

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Global EV sales jump 40% in March despite tariff turmoil

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16 hours ago

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April 14, 2025

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Global EV sales jump 40% in March despite tariff turmoil

Global EV sales March 2025 BYD Song

Global EV sales surged to 1.7 million units in March, hitting 4.1 million for Q1 2025 as the EV market continues its robust growth, according to new data from EV research house Rho Motion. Year-over-year sales jumped 29% and marked an impressive 40% month-over-month leap from February.

Europe saw a solid 22% growth in EV sales year-to-date, driven primarily by battery-electric vehicles (BEVs), which climbed 27%. Germany’s BEV market rose 37%, Italy surged by 64%, and the UK hit a milestone with over 100,000 EVs sold in March alone, a first-time record boosted by new vehicle registrations. France’s EV sales dropped 18%, severely impacted by reduced government subsidies, with BEVs down 5% and plug-in hybrids (PHEVs) falling sharply by 47%.

In North America, EV sales increased by 16% in Q1 2025. The market’s outlook remains unclear due to Donald Trump’s recent imposition of substantial tariffs. February’s 25% tariff on auto imports from Canada and Mexico and a broader tariff in March affecting all auto imports are expected to hike consumer prices. With approximately 40% of US EV sales being imported from countries like Japan, Korea, and Mexico, the impact on affordability and market dynamics is likely significant.

China, still the global leader in EV adoption, saw EV sales grow 36% year-over-year in Q1, approaching 1 million units in March alone – a milestone previously reached in August 2024. The US-China tariff crisis will have a minimal impact on China due to the low volume of cross-border EV sales. However, Tesla’s Model X and Model S are exported from the US to China, and the prices for these could nearly double due to tariffs.

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Rho Motion data manager Charles Lester said, “This quarter, while turbulent, has seen a strong rate of growth globally for the EV market. Some countries, such as the UK, had a record-breaking March as drivers continue to go electric.

Meanwhile, in North America, forecasts are struggling to keep up with the rate of policy announcements under the current White House administration. What is sure is that the electric vehicle market is already struggling to compete with ICE on cost, so reductions in subsidies and hefty tariffs for a very international supply chain are guaranteed to have a cooling effect on the industry.”

EV sales in Q1 2025 vs Q1 2024, YTD percentage: 

  • Global: 4.1 million, +29% 
  • China: 2.4 million, +36% 
  • Europe: 0.9 million, +22% 
  • North America: 0.5 million, +16% 
  • Rest of World: 0.3 million, +27% 

The bottom line: EV sales are up month-over-month, quarter-over-quarter, and year-over-year.

Read more: Contrary to popular belief, EV sales grew more in 2024 than 2023

If you live in an area that has frequent natural disaster events, and are interested in making your home more resilient to power outages, consider going solar and adding a battery storage system. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisers to help you every step of the way. Get started here. –trusted affiliate link*

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