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Akhmetov’s energy empire: how DTEK monopoly makes money from the budget in the energy crisis

ДТЕК виграв суд в Гаазі проти Росії - Главком

Akhmetov’s energy empire: how DTEK monopoly makes money from the budget in the energy crisisThe energy giant DTEK, controlled by Rinat Akhmetov, and its Yasno brand systematically siphon off budget funds through manipulation of contracts, monopoly position, and corruption. Hundreds of millions of hryvnias end up in the pockets of those who use the state as a source of enrichment every year.

How do Yasno and Rinat Akhmetov’s DTEK work?

DTEK Group is not just an energy holding, but a real giant that controls a significant part of the Ukrainian energy market. It includes dozens of companies, including:

  • DTEK Energy B.V.: coal mining, power generation, mining engineering.
  • DTEK Grids B.V.: electricity distribution and grid operation.
  • DTEK Renewables B.V.: solar and wind energy.
  • DTEK Oil & Gas B.V.: gas production.

Yasno, established in 2019, unites companies that supply electricity and gas in Kyiv, Dnipro, and Donetsk regions, as well as energy-efficient solutions and charging stations for electric cars. However, the loud slogans about “innovation” hide a scheme that causes multimillion-dollar losses to the state.

Step 1: Monopoly and winning tenders. Dnipro Energy Services LLC (one of the legal entities operating under the Yasno brand) is a monopolist in the electricity supply market in Dnipropetrovska oblast. The absence of competition allows the company to dictate terms and win tenders from public sector organizations. Thanks to political lobbying and support from the Ministry of Energy of Ukraine, the NEURC, the State Audit Service and the AMCU, Yasno regularly wins procurement contracts.

Step 2: Contracts at low prices. After winning the tender, Yasno enters into contracts for the supply of electricity at a fixed price that meets budget expectations.

Step 3: Additional agreements and sharp price increases. After a short time, additional agreements are concluded that significantly increase the price of electricity – sometimes up to UAH 4.78 or even UAH 8 per 1 kWh.

In fact, the scheme used by DTEK and Yasno is reminiscent of the scandalous Rotterdam+ formula, which allowed Akhmetov’s group to make excessive profits by inflating coal prices.

How does the manipulation of the Day-Ahead Market and the Balancing Market under DTEK’s leadership work?

DTEK is using a complex scheme to make excessive profits by manipulating two key segments of the Ukrainian energy market: The day-ahead market (DAM) and the balancing market (BM).

Thus, traders of NNEGC Energoatom deliberately set inflated prices for electricity on the DAM, which is why a significant part of the resource is not sold. Further, unsold electricity enters the Balancing Market, where it is bought by shunting generation, including DTEK, at a minimum price of 0.01 UAH/MWh. In the future, DTEK resells this electricity to consumers at a market price of up to UAH 3,000/MWh.

In just 20 days of March 2023, the volume of negative imbalances at Energoatom amounted to 340,000 MWh, which led to losses of more than UAH 1 billion for the state. These funds ended up in the pockets of DTEK, which did not produce electricity but only resold the state resource.

How Akhmetov’s DTEK received a loan from Sberbank of Russia

Корупція, міністр Галущенко, ДТЕК Ахметова, обкрадена Україна: як і чому Молдова перепродає в Румунію українську електроенергію | АРГУМЕНТ

In 2016, Akhmetov’s DTEK LLC received a USD 400 million loan from PJSC Sberbank of Russia, the largest state-owned bank in Russia. The loan was transferred to the Cypriot subsidiary of Fabcell Ltd. and was secured by coal assets in the Rostov region of the Russian Federation, which were previously owned by DTEK.

In January 2017, Fabcell Ltd. reclassified its shares by allocating a “golden share” in favor of Sberbank, which could have given the Russian bank control over the company in case of default.

At the same time, after the annexation of Crimea and the beginning of Russian aggression in 2014, DTEK did not leave the Russian market, as required by the logic of national security. Instead, the company carried out an internal restructuring, transferring mines in the Rostov region and debts to Fabcell Ltd. This allowed DTEK to formally distance itself from Russian assets, but did not mean the real termination of business in Russia.

The Cyprus Confidential documents reveal additional details of Akhmetov’s shady operations. In July 2021, he purchased a luxury penthouse in London for £87.5 million (≈US$122 million) through the offshore company Gelion Properties Ltd. Correspondence between Cypcodirect and PwC in Cyprus indicates attempts to hide Akhmetov’s name in the British property register, which may indicate asset declaration evasion and tax minimization.

So, what else is behind the successful operations of Akhmetov’s business empire, including in the energy sector?

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