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Forbes: Akhmetovʼs energy holding company lost about 70% of its value due to the war in Ukraine

Author:
Oleksiy Yarmolenko
Date:

After the start of the full-scale war, the business of the richest man in Ukraine, Rinat Akhmetov, suffered significant losses due to the fact that many of his assets are located either in the occupied territories or in the war zone. Only his energy holding DTEK has already lost about 70% of its value.

Forbes writes about it.

Heavy industry generates about 90% of the profit of all Akhmetovʼs wealth. It is built on two pillars: the mining and metallurgical holding "Metinvest" and the energy holding DTEK.

"Metinvest" has already suffered significantly from Russian aggression, in particular due to the loss of factories in occupied Mariupol. Currently, it is believed that Russian forces have destroyed two-thirds of Metinvestʼs assets.

Energy holding DTEK has been less affected so far, but still revenues continue to decline. Due to the war, DTEK Energoʼs revenue fell by 20%, electricity production by 30%, and its share in the electricity market fell to 20%.

There are several reasons for this, including the fact that electricity consumption has fallen. The company also lost control over the Luhansk TPP. The Zaporizhzhia TPP is also stopped because it is located in occupied Enerhodar. At the same time, Kryvyi Rih TPP and Kurakhiv TPP are located very close to the front and are under fire.

According to Forbes, before the war, DTEK was worth $1.92 billion, but now its value has fallen to about $580 million.