You're reading: Government permits privatization of six regional power suppliers

The Cabinet of Ministers of Ukraine has permitted the privatization of state-owned stakes in Kharkivoblenergo, Zaporizhiaoblenergo, Cherkasyoblenergo, Mykolaivoblenergo, Khmelnytskoblenergo and Ternopiloblenergo, the government's press service has reported, referring to a decision made on February 18, 2013.

“The privatization of [state-owned] stakes in power supply companies will allow funds to be raised from private investors for the energy sector, which will allow the reconstructing and upgrading of the equipment of the companies. This should guarantee the stable operation of the Ukrainian power grid,” reads the report.

As reported, in late 2012, Head of the State Property Fund of Ukraine Oleksandr Riabchenko predicted that it is planned to earn some UAH 1.5-2 billion from the privatization of the said six companies. He said that all state-owned stakes would be put up for sale.