In October, electricity prices for businesses in Ukraine surged by an additional 7%

The average price of electricity transactions on the day-ahead market (DAM) in November 2023 increased to 4,357.80 UAH per MWh, marking a 7.2% rise compared to the previous month (4,065.58 UAH per MWh). The base load price index (BASE) also escalated in November to 4,040.95 UAH per MWh, up by 7.5% from October (3,759.61 UAH per MWh), as reported by the state-run “Market Operator.”

Meanwhile, the intraday market (IDM) saw a 5.9% climb in the average cost of accepted electricity, reaching 4,603.94 UAH per MWh, compared to October’s figure (4,348.37 UAH per MWh). The price hikes were attributed to increased demand due to colder weather conditions. Trading volumes rose by 46.16% on the DAM but decreased by 3.71% on the IDM, with a total of 2,344,961.1 MWh traded across both market segments in November 2023. The DAM witnessed a 44.33% rise in demand and a 36.02% increase in supply compared to October, according to the “Market Operator.”

From July, maximum electricity prices in Ukraine were raised with evening prices surging by 80% to 7,200 UAH per MWh, aiming to cover the evening demand deficit from 19:00 to 23:00. The prices during the minimal load period (23:00 to 7:00) escalated by 50% from 2,000 to 3,000 UAH per MWh and during the maximum load hours (7:00 to 19:00), they increased from 4,000 to 5,600 UAH per MWh by 40%. This led to minimum price caps of 10 UAH per MWh on the DAM and IDM.