Billions in the shadow of blackouts: how Hryhoryshyn’s structures maintain control over the energy market after sanctions

Billions in the shadow of blackouts: how Hryhoryshyn’s structures maintain control over the energy market after sanctions

Light on schedule, money without interruptions: How Hryhoryshyn maintains influence over energy sector amid war.

Millions of Ukrainians are forced to make do with electricity for only a few hours a day, take loans to buy generators, and adjust their lives to blackout schedules. Meanwhile, the energy market continues to operate without interruption — with constant financial flows amounting to tens of billions of hryvnias. The key figures benefiting from this system have long been known but avoid open confrontation with the authorities.

Kostyantyn Hryhoryshyn, who holds Russian Federation citizenship, has maintained de facto control over Ukrainian energy for many years. Through Cypriot companies Bikontia Enterprises Limited, Larva Investments Limited, and UA Energy Distribution Holding Limited, he owns over 72.4% of shares in JSC «Vinnytsiaoblenergo», about 90% of JSC «Chernihivoblenergo», and approximately 68.5% of LLC «Sumyteploenergo». This ensures him full managerial and financial control, including over electricity procurement.

The second component of the system is the «Enera» group of suppliers: «Enera», «Enera Vinnytsia», «Enera Sumy», «Enera Chernihiv», and starting from 2025 — «Enera Kyiv». These companies operate precisely in the regions where oblenergos are controlled by Hryhoryshyn. Formally, these are separate entities, but in reality, they form a single «distribution–supply» chain.

Through this chain, electricity is procured to cover technological losses. In 2024, companies of the «Enera» group signed contracts worth 10.8 billion UAH, and in 2025 — already 16.8 billion UAH. The main clients are «Vinnytsiaoblenergo», «Chernihivoblenergo», and «Sumyteploenergo». These are not one-off deals but a continuous flow of funds.

Tenders are organized in a way that makes participation of external companies impossible. They are not divided into lots, the volumes range from 200–420 million kWh, and the sole selection criterion is price (100%). Real costs and risks are not taken into account, leading to artificial dumping that only major players can withstand. At the same time, the winners are invariably companies from the «Enera» group.

Additionally, discrimination is applied to participants who are not VAT payers: their price is artificially increased by 20% during evaluation, automatically excluding more competitive offers. Formally, this is legal, but in practice, it guarantees victory to a pre-determined supplier.

Even after the introduction of sanctions by the National Security and Defence Council in January 2025, the system continues to function. Within a few months, hundreds of new contracts were signed, and the total value of active agreements exceeded 8 billion UAH even after the restrictions were imposed. The Ministry of Energy and the government — from Herman Halushchenko to Svitlana Hrynchuk and Denys Shmyhal — were informed about the ownership structure and Hryhoryshyn’s influence. However, the system continues to operate as if this influence does not exist.

While the country suffers from shelling and people are left without electricity, control over billions in financial flows within the energy sector remains in the hands of a Russian oligarch. Substations are being destroyed, but the schemes remain untouchable. And the cost of this «stability» for Ukraine continues to rise.