Appeal to the government regarding the change of state enterprise management
Andriy Herus, head of the parliamentary committee on energy and housing and communal services, appealed to Prime Minister Serhiy Koretskyi with a request to dismiss the management of the production enterprise Energoatom-Trading. This division of Energoatom is responsible for the sale of electricity. The document dated 5 November contains calls to hold those responsible accountable, terminate contracts concluded as a result of the auction on 27 October, and return the uncollected funds to the state company.
According to the MP's estimates, the potential losses for Energoatom from these operations reach 1.8 billion hryvnias. Herus also demands an investigation into the stated facts to avoid the recurrence of similar situations. Copies of the appeal were sent to the head of the Verkhovna Rada, the head of the Presidential Office, the ministers of energy, economy and finance, the head of the National Commission for State Regulation of Energy and Public Services (NKREKP), and the supervisory board of Energoatom.
Circumstances of the auction and suspicions of insider trading
The reason for the appeal was an auction for the sale of energy, which, according to Herus's data, had signs of the use of insider information. LLC D.Trading from Rinat Akhmetov's DTEK group came under the spotlight. The MP emphasises: "Послідовність дій та склад учасників дають серйозні підстави вважати, що це не випадковість" (The sequence of actions and the composition of participants provide serious grounds to believe that this is not a coincidence).
According to the MP's data, on 26 October, a meeting chaired by one of the deputy ministers took place at the Ministry of Energy. During the meeting, the need to change Energoatom's trading strategy to increase prices on the "day-ahead" market (DAM) was discussed. A decision was made to raise the state enterprise's prices. It was also discussed that Ukrenergo should open up electricity exports during daytime hours. According to Herus's calculations, exports increase demand by 500–750 MW per hour, which also contributes to price growth.
The meeting was attended by state generation companies, Ukrenergo, NKREKP, and a deputy director of D.Trading. Other traders, including the state-owned JSC EKU and LLC GK Naftogaz of Ukraine, were not invited. Herus claims: "Зокреме не запросили й державних трейдерів – ані АТ «ЕКУ», ані ТОВ «ГК Нафтогаз України». Отже одному з приватних покупців стали відомі майбутні зміни торгової поведінки «Енергоатома» та умов експорту, тоді як його конкуренти такої інформації не отримали. Така вибірковість створила очевидну інформаційну перевагу для одного трейдера-покупця" (In particular, state traders were not invited – neither JSC EKU nor LLC GK Naftogaz of Ukraine. Thus, one of the private buyers became aware of the future changes in Energoatom's trading behaviour and export conditions, while its competitors did not receive such information. This selectivity created an obvious information advantage for one trader-buyer).
Compliance with insider information criteria
The MP refers to the European REMIT regulation, which defines insider information through four characteristics. According to his data, the information from the 26 October meeting meets all the criteria:
- precision – it concerned specific decisions, not general considerations;
- non-public nature – the meeting was closed, and no other buyers were present;
- relevance to the wholesale market – both decisions affect demand and supply on the DAM;
- material impact on price – the price on the DAM on 28 October rose by 82.8%.
Price dynamics and procurement volumes
On 27 October, the day after the meeting, Energoatom held an auction for the sale of 2,000 MWh of base load electricity for the period from 1 to 10 November. The weighted average price was 5,314 UAH per MWh excluding VAT. On the same day, the state enterprise radically changed its behaviour on the DAM, submitting all sales bids at significantly higher prices, especially during night hours. The auction ended at approximately 13:02, while the trading results on the DAM with a sharp price increase became publicly known only at approximately 13:40.
On 28 October, the average electricity price on the DAM rose by 82.8%, reaching 5,487.50 UAH per MWh compared to the previous 3,001.48 UAH. The price continued to rise, and on 6 November it reached 11,045.25 UAH. Herus acknowledges that the cold snap also increased demand, but notes: "похолодання теж підвищило попит, але прогноз погоди був однаково відомий усім учасникам ринку" (the cold snap also increased demand, but the weather forecast was equally known to all market participants). Instead, the MP qualifies the change in Energoatom's trading and the opening of daytime exports as "інсайдерську інформацію, доступну лише одному трейдеру-покупцю" (insider information available only to one trader-buyer).
Over six days, each megawatt-hour purchased by traders from Energoatom on the DAM cost on average 3,784.54 UAH (or 71%) more. Herus names seven buyers who together purchased 805 MW, which is over 40% of the auction. The largest buyer was D.Trading, which, according to the MP's data, bought 315 MW. For comparison, for the previous decade (21–31 October), the company took only about 45 MW.
"Покупець діяв так, ніби знав, що ціна зросте. Державний продавець діяв так, ніби нічого не знав, хоча саме він ухвалив рішення, яке цю ціну підняло" (The buyer acted as if it knew that the price would rise. The state seller acted as if it knew nothing, although it was precisely it that made the decision that raised this price), – writes Herus. Among other buyers, the MP named Target Energy and ESG (130 MW each), LNG Energy (80 MW), TES (60 MW), ESG Trading (55 MW), and Te Power (35 MW).
Position of D.Trading company
LLC D.Trading denies the accusations. In a comment, the company stated that it procures electricity for clients from over 60 Ukrainian producers and regularly participates in open auctions on the Ukrainian Energy Exchange. According to the company's data, since the beginning of 2026, the share of Energoatom's electricity in the total volume of D.Trading's procurements was only 3%.
At the auction on 27 October 2026, electricity was purchased by 69 companies. D.Trading's share was 15.7% of the total volume sold at the auction. The company emphasises that the procured volume corresponds to normal needs in the autumn-winter period, and the procurement price was 1.7% higher than the average procurement price of the other auction participants.
"Д.Трейдінг вважає безпідставними звинувачення на адресу компанії у зв'язку з її участю в цьому аукціоні. Компанія послідовно виступає за розвиток прозорих ринкових механізмів і конкурентного середовища на енергоринку. Саме відкриті біржові торги є найкращою гарантією справедливого ціноутворення та стабільності енергоринку" (D.Trading considers the accusations against the company in connection with its participation in this auction to be groundless. The company consistently advocates for the development of transparent market mechanisms and a competitive environment in the energy market. Open exchange trading is the best guarantee of fair pricing and energy market stability), – the company's response reads.
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