The Government has adopted a resolution providing for the reorganization of NNEGC Energoatom SE by transforming it into NNEGC Energoatom JSC, 100 percent of the shares in the authorized capital of which will be owned by the state and cannot be privatized or otherwise alienated. The relevant decision was adopted at the meeting of the Cabinet of Ministers of Ukraine on 2 May 2023.

“The Government continues its policy of transforming state enterprises into joint stock companies. This is an integral part of the corporate reform. The companies that remain in state ownership must fully implement a corporate governance system. That is, management should be controlled not by officials but by supervisory board members, most of whom should be independent in accordance with the OECD Best Practice Principles. I am confident that the corporatization of Energoatom will contribute to more efficient company management and attract investment in its development,” said First Deputy Prime Minister – Minister of Economy of Ukraine Yuliia Svyrydenko.

According to the Government’s resolution, a commission to transform National Nuclear Energy Generating Company Energoatom State Enterprise into a joint stock company will be established and its members approved.

After that, this commission will draft and submit for approval a plan for the transformation of NNEGC Energoatom SE into a joint stock company, and will duly notify the relevant authorities of the reorganization decision. From the date of publishing the announcement of the reorganization decision, creditors will have two months to file their claims with the company.

A separate inventory commission will draw up a consolidated property inventory report and a list of non-current assets to be independently evaluated. The State Property Fund of Ukraine will be held responsible for reviewing the company’s property valuation report. On the basis of the independent valuation of the property, the commission will submit to the Cabinet of Ministers for approval a report on the valuation of the property to be contributed to the company’s authorized capital. 

Ultimately, the decision to issue shares of the joint stock company and the approval of the articles of association will be a key moment in the transformation of NNEGC Energoatom SE into NNEGC Energoatom JSC, which provides for further increase in the company’s transparency to stakeholders and improvement of the corporate governance system. 

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National Nuclear Energy Generating Company Energoatom State Enterprise is the largest electricity producer in Ukraine.

The company operates four nuclear power plants, in particular Zaporizhzhia, Rivne, South Ukraine and Khmelnytskyi, which operate 15 nuclear power units (13 VVER-1000 and two VVER-440 units) with a total installed capacity of 13,835 MW. The company also owns the Tashlyk PSPP (453 MW), the Oleksandrivska HPP (25 MW) and the Centralized Spent Fuel Storage Facility in the Chornobyl zone.

The transformation process of NNEGC Energoatom SE is conducted in accordance with the Law of Ukraine “On National Nuclear Energy Generating Company Energoatom Joint Stock Company” No. 8067 dated 6 February 2023.