In September, the average price on the electricity market “day-ahead” (RDN) was 3,328 UAH/MWh, which is 36% lower than the August level. This was reported by former Energy Minister Olga Buslavets, Kommersant Ukrainsky reports. According to her, such a significant correction was a logical reaction after the August anomaly on the market, when prices soared above 5,000 UAH/MWh.
Reasons for the decrease — surplus and restored generation
The decrease in prices is due to a combination of factors:
return to operation of nuclear power units, which increased the reliability of base generation;
active operation of solar power plants (SPPs) during the warm weather period, which significantly saturated the system;
moderate consumption due to climatic conditions; summers are over, demand has slightly decreased.
As a result, a surplus of electricity has formed on the market, which has brought about a decrease in prices.
Context: August anomaly had no economic basis
During the summer, the RDN index remained stable at over UAH 5,100/MWh — even despite the surplus. The new figure of UAH 3,328 is the lowest in recent months. Former Minister Buslavets draws attention to the need for a thorough analysis of market behavior in August, because even with excess demand-consumption, prices remained extremely high.
According to the Ukrainian Energy Exchange (UEB), prices also showed a significant decrease:
August 2025: the average price for base load contracts (BASE) was ≈ UAH 5,416.4/MWh;
September 2025: fell to ≈ UAH 4,972.9/MWh.
This confirms the general dynamics of falling prices, although the recorded value is somewhat higher than Buslavets announced.
In addition, the former Minister of Energy emphasized that electricity prices on the western border of Ukraine last week (from September 1 to 7) increased by an average of 11% on weekdays compared to the previous week. The largest increase was recorded in Romania, where the price averaged 102 euros/MWh, which is 13% higher than last week. In other countries, the baseload price on weekdays averaged from 101 euros/MWh (Slovakia) to 116 euros/MWh (Poland). The forward price for October baseload in Hungary is 104 euros/MWh.
According to ICIS estimates as of 04.09.25, the average monthly price of UAVTP MA in September for October 2025 is UAH 19.6 thousand excluding VAT per thousand m3, or EUR 38.4/MWh, which is 19% higher than the TTF MA on average, she wrote.
Speaking about foreign energy news, Olga Buslavets also noted that the state energy trader “Energy Company of Ukraine” for the first time imported electricity through its own Moldovan company, ECU EAST S R L. So far, a test 3 MWh was delivered from Moldova in July. In total, in July 2025, “Energy Company of Ukraine” imported 26 thousand MWh from Moldova, Hungary, Slovakia and Poland.
How the price of electricity affects Ukraine from business to ordinary consumers
Producers: low “day-ahead” price is a minus for dominant generators. Nuclear power plants and solar power plants are experiencing pressure on revenues in conditions of surplus.
Industry: benefits from cheaper electricity, especially energy-intensive industries such as metallurgy, chemistry and mining.
Tariffs for the population: so far unchanged – 4.32 UAH/kWh. But the government warns: from 2026 they may increase annually by up to 15-20%.
Optimism before the heating season
As energy experts note, the stabilization of prices in September is a good signal on the eve of the heating season. However, Ukraine’s energy sector is still not independent: since 2024 the country has lost a significant part of its generating capacity due to the Russian attack. This limits the ability to respond to future shocks.
Analysts emphasize: the National Commission for the Regulation of Energy and Power Generation of Ukraine should study the reasons for the August anomaly: whether there was any market manipulation and artificial generation limitation. And the Government should strengthen measures to develop generation and networks in order to avoid further crises. In addition, the problem of energy-intensive enterprises switching to day-ahead purchasing has already become apparent. For them, this is a chance to significantly reduce the cost of production.
