Cherkasy CHPP stated that the state’s debt to them exceeds the debt to Naftogaz Trading. The corresponding post appeared on the Cherkasy CHPP Facebook page. According to the post, the state’s debt to the CHPP is UAH 438.1 million more than the company owed for natural gas.
“As of January 1, 2026, Cherkasy CHPP’s debt to the natural gas supplier amounted to UAH 881.3 million. At the same time, the state’s debt to the company for the difference in tariffs amounted to UAH 1,319.4 million,” the company noted.
The company called the reason for this to be tariff restraint.
“Heat tariffs for the population remained limited by the state. Despite this, Cherkasy CHP continued to provide the city with heat in the face of constantly increasing costs for natural gas, electricity, repairs and materials,” the post noted.
Thus, the enterprise had a difference between its costs and the funds it received from the sale of thermal energy at tariffs.
“The legislation provides for compensation for such a difference, however, the actual reimbursement of these funds remained unregulated for a long time,” Cherkasy CHP noted.
The enterprise added that the restructuring (changing the terms of the contract in order to mitigate the requirements for the debtor – ed.) does not affect the provision of services to consumers and the CHP continues to operate normally.
What happened before
Let us recall that earlier the Commercial Court of the Cherkasy Region approved a plan for the preventive restructuring of PrJSC “Cherkasy Khimvolokno”, which leases Cherkasy CHP. The decision was supposed to help the enterprise avoid bankruptcy and ensure the stable operation of the CHP. At that time, it was known that the company had debts to Naftogaz, a bank and the State Tax Service in Cherkasy region.
Cherkasy CHPP is leased to PJSC Cherkasy Khimvolokno until 2050, it serves 65% of Cherkasy consumers. In 2025, Cherkasy Khimvolokno received over UAH 5.67 billion in net income and ended it with a net profit of UAH 1.07 billion. However, historically, the company has accumulated a significant uncovered loss, which at the end of 2025, although reduced due to current profit, still amounts to over UAH 892 million, making total equity negative.
What is happening to Cherkasy City Plc.?
As “18000” wrote earlier, Cherkasyteplokomunenergo announced the suspension of cogeneration plants due to amendments to the Cabinet of Ministers Resolution No. 812 and 222, according to which heating and power utilities are prohibited from using gas to produce electricity. Also, “18000” previously wrote about another reason – the state’s multi-million-dollar debts to “Cherkasyteplokomunenergo”. The company “Naftogaz Trading” has already sent a demand to heating and power utilities throughout Ukraine to stop consuming gas from March 29.
The situation arose due to the difference in tariffs, which the state undertook to compensate the enterprises, but did not do so:
368.9 million UAH — the state’s debt to “Cherkasyteplokomunenergo”;
213.4 million UAH — the enterprise’s debt to “Naftogaz Trading” for the gas consumed.
According to letters received by heating and utility companies across Ukraine, the deadline is March 29, 2026. By this time, the settlement issues had not been resolved, so gas consumption was to be stopped.
At the same time, on April 28, Naftogaz of Ukraine revoked the order to stop gas supplies to Cherkasy Teplokomunenergo.
