Schemes by Andrey Derkach and ECU JSC
Khvylya reports that electric fraud is not only terrible, but also criminal.
In the previous installments of the popular TV series “The Story of a Treason”, you have already been informed about:
Derkach's work scheme
Friendly corporatization
How nuclear storage was manipulated
You might have thought that the topics were exhausted and the plot was coming to an end, but you are mistaken. There is still a lot to tell about… As the “tireless thieves” continue to rob and damage Ukraine's energy industry.
As you are aware, on March 16, 2022, Ukraine's energy system was synchronized with Europe's energy system ahead of schedule, creating the technical possibility of exporting Ukrainian electricity to the European Union countries. This opened up new opportunities and markets for Ukrainian business.
The criminal gang of Derkach/Galushchenko/Kotin/Boyarintsev could not escape from the fact that the fish swam into their hands, considering the situation in the European energy markets. The export of electricity brought unlimited opportunities!
During the summer, on the Alpha and Omega program “Bloody Electricity”, I warned about a potential scheme to create an artificial monopoly on the export of Ukrainian electricity:
Did the derkachats have a plan for this? Actually, they had two.
Initially, they sought to monopolize exports legally, attempting to push through a law on electricity exports without auctions. However, their proposed law concept did not comply with the Law of Ukraine “On the Electricity Market” and the requirements of the European Union regulations and directives. In short, it did not meet any standards and therefore could not become law, as per the Minister of Energy’s request.
Schemes Andrey Derkach and ECU JSC
Then they took a different approach to monopolize exports de facto, by removing the dusty JSC Energy Company of Ukraine, which had managed the state’s corporate rights in the electric power industry until 2014, and then went into liquidation due to a decrease in energy assets from privatization.
The main focus of the adventurers was to create the illusion of an alleged company “with a history” not connected to them in any way. Therefore, they appointed the well-known Vitaly Butenko as the director, who previously headed the TET Group LLC, known for its involvement in the electricity import scheme from Belarus and as the commercial director of DTEK.
Thus, the Butenko-led JSC “EKU” sought to raise working capital through banking institutions from the start, as funds were needed to purchase electricity and access the intersection.
The cost for crossing was high, about 15-20 cents per kWh at busy times. But Andriy Derkach's team always found a way to get the money from the state. They made profit by buying electricity for 7 cents per kWh and selling it for 35-40 cents per kWh. However, the banks refused to give credit to ECU JSC at first.
And here, thanks to the administrative resources of JSC ” ECU receives exclusive conditions. The latest defibrillator was NNEGC Energoatom, which itself needs resuscitation.
This order was directly started by Minister Galushchenko, with support from the First Vice Prime Minister – Minister of Economy of Ukraine Ms. Sviridenko, as the financial aid of UAH 500 million was too high compared to the company's assets.
JSC “ECU” and NNEGC “Energoatom” signed an agreement to transfer UAH 500 million for working capital.
Schemes by Andrey Derkach and JSC ECU
Schemes by Andrey Derkach and JSC ECU
Schemes by Andrey Derkach and JSC ECU
Schemes by Andrey Derkach and JSC ECU
Schemes of Andrey Derkach and JSC ECU
Schemes by Andrey Derkach and ECU JSC
NNEGC Energoatom does not have legal authority or permits for this, and cannot cover its own needs with credit funds. The loan provided by NNEGC Energoatom is displayed through other companies under a different guise.
The signed agreement states that the loan does not involve financial services, so appropriate permissions are needed. The participants are aware of the responsibility but still try to cover it up.
You may think that this is the culmination of trash, but no… this is just the beginning.
The main task of working capital is to buy electricity for resale. But why buy electricity when you can get it for free?
NNEGC Energoatom gave exclusive rights to ECU JSC for a symbolic cost and also bought electricity from DTEK's thermal power plants at indirect prices.
ECU JSC starts exporting electricity at NEK auctions, then sells it to European markets for a higher price, causing loss to Ukrainian companies.
The expenses of ECU JSC for using the intersection weren't paid for by the price difference between Ukraine and European spot markets. As a result, the export PSO volumes were adjusted in advance to cover 80% of the price difference between the European and Ukrainian markets, minus crossing costs and OSP tariffs.
Overall, the financial performance of ECU JSC during that period showed a negative balance, so there's no discussion of returning raised funds and paying deferred payments to NNEGC Energoatom for electricity.
In essence, the state trader didn't focus on maximizing profit through exports but simply served as a transit point to Europe. If ECU JSC aimed to maximize income in European markets as a monopoly state trader, it would directly sell electricity to countries with the highest prices per MWh.
Andrey Derkach and JSC ECU schemes
Once again, dishonest individuals are deceiving everyone, as genuine competition from private traders would benefit state-owned enterprises, boost the industry financially, and Energoatom could allocate 500 million UAH for purchasing critical spare parts and fuel to sustain their operations.
The situation worsens further – enemy attacks on infrastructure facilities have ceased exports since October 11, leading to the successful crediting of 500 million UAH. There is no need to repay debts as per the contract, as it includes a reinforced concrete condition of 'Confidentiality' releasing the parties from any obligation to repay the loan after 10 years from the contract expiration, preventing disclosure of information to public authorities.
So, financial assistance was originally planned as irrevocable.
A logical question arises – why didn't Energoatom export its electricity independently? NAEK has a department known as Energoatom-Trading with over 100 employees, created to generate profits through effective electricity sales, including in international markets.
Andriy Derkach's team once again shows their expertise in managing – no money, no electricity, no repaid loan.
If you've finished your glass of Corvalol, it's worth getting a new one, because I will add in conclusion…
During the rocket attacks on November 23, 2022, leading to an emergency situation in the UES of Ukraine, the 'derkachats' managed to outsmart themselves. NNEGC Energoatom stopped electricity production but didn't terminate bilateral contracts for its sale. Consequently, from November 24-27, NNEGC Energoatom sold 'air' despite being aware of the inability to generate power after the shutdown.
The total cost of the imbalances created by the atom is more than UAH 870 million, which must be paid on the balancing market of ECU JSC, having received these funds from NAEK.
In order to prevent this “miracle of the ship” from sinking prematurely, the NEURC was involved, which in a hurry decided not to take into account the created imbalances in the volume of financial guarantees and not send ECU JSC into default.
So, another crime “derkachat” It is obvious: ECU JSC is a pad for cynically laundering money not only from state-owned enterprises, but also from the country itself. And this is in conditions when the country is bleeding…
For some reason, it seems to me that the next audit of the Ukrainian energy market will have to be carried out by the Armed Forces of Ukraine, and it will be much faster than some expect!
Viktor Kurtev
Sanctions are not a hindrance: Andriy Derkach continues to control Energoatom
NABU and the State Bureau of Investigation no longer investigate cases on Derkach’s tapes
