Ukraine in Talks with EU to Maximize Electricity Imports, Minister Says 

German's Foreign Minister Annalena Baerbock speaks to Ukrainian minister of energy German Galushchenko during official visit to a thermal power plant which was destroyed by a Russian rocket attack in Ukraine, Monday, May 21, 2024. (AP)
German's Foreign Minister Annalena Baerbock speaks to Ukrainian minister of energy German Galushchenko during official visit to a thermal power plant which was destroyed by a Russian rocket attack in Ukraine, Monday, May 21, 2024. (AP)
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Ukraine in Talks with EU to Maximize Electricity Imports, Minister Says 

German's Foreign Minister Annalena Baerbock speaks to Ukrainian minister of energy German Galushchenko during official visit to a thermal power plant which was destroyed by a Russian rocket attack in Ukraine, Monday, May 21, 2024. (AP)
German's Foreign Minister Annalena Baerbock speaks to Ukrainian minister of energy German Galushchenko during official visit to a thermal power plant which was destroyed by a Russian rocket attack in Ukraine, Monday, May 21, 2024. (AP)

Ukraine is negotiating to maximize possible imports of electricity from European Union countries to compensate for the generation capacity destroyed by the Russian attacks, Ukrainian energy minister said on Friday.

Russian missile and drone attacks on Ukraine's energy sector have intensified since March, resulting in significant damage and blackouts in many regions.

The attacks have caused more than $1 billion of damage to the sector, leading to the loss of 8,000 MWh of generating capacity from the energy system, the government says.

Currently, Ukraine can import from the EU states no more than 1,700 Mwh of electricity simultaneously.

"We're negotiating. Our task is to maximize this figure," Energy Minister German Galushchenko told parliament.

"Technically, we can receive (import) more than 2,000 Mwh, even 2,400 Mwh. I'm sure a decision will be made," he added.

Volodymyr Kudrytskiy, the head of Ukraine's national power grid operator Ukrenergo, told Ukraine's Telegraf that 1,700 Mwh is "the ceiling for now".

"Everything will depend on how quickly our European colleagues - energy system operators of neighboring countries - will be able to implement projects to expand the capacity of their grids," Kudrytskiy said.

He said that European grid companies need time and money to reinforce some of their substations, install additional transformers or build new transmission lines.

"We think 3,500 to 4,000 Mwh of interstate interconnector capacity is something we can have in the horizon of five years," Kudrytskiy noted.

Energy minister Galushchenko did not say exactly how much imports are being discussed now, but Maxim Timchenko, the head of Ukraine's largest private energy company, DTEK, said earlier this month that an increase to 2,200 Mwh could significantly improve the situation.

DTEK has lost about 90% of its power generation capacity due to Russian missile attacks in recent months.

DTEK data showed that Ukraine consumed around 13,000 Mwh before the attacks as of March 17 but after a series of Russian attacks on the energy system, consumption fell to 9,100 Mwh.

Due to power shortages, Ukrainian power grid operator Ukrenergo has been forced to introduce regular shutdowns of industrial consumers and households and maintain high import rates.

Problems with power generation can have a "potentially negative impact" on industry, especially the largest electricity consumers, the economy ministry said this week.



UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
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UN Predicts World Economic Growth to Remain at 2.8% in 2025

A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)
A vegetable vendor sits beside a bonfire on his handcart on a cold winter evening in New Delhi on January 6, 2025. (Photo by Sajjad HUSSAIN / AFP)

Global economic growth is projected to remain at 2.8% in 2025, unchanged from 2024, held back by the top two economies, the US and China, according to a United Nations report released on Thursday.

The World Economic Situation and Prospects report said that "positive but somewhat slower growth forecasts for China and the United States" will be complemented by modest recoveries in the European Union, Japan, and Britain and robust performance in some large developing economies, notably India and Indonesia.

"Despite continued expansion, the global economy is projected to grow at a slower pace than the 2010–2019 (pre-pandemic) average of 3.2%," according to the report by the UN Department of Economic and Social Affairs.

"This subdued performance reflects ongoing structural challenges such as weak investment, slow productivity growth, high debt levels, and demographic pressures," Reuters quoted it as saying.

The report said US growth was expected to moderate from 2.8% last year to 1.9% in 2025 as the labor market softens and consumer spending slows.

It said growth in China was estimated at 4.9% for 2024 and projected to be 4.8% this year with public sector investments and a strong export performance partly offset by subdued consumption growth and lingering property sector weakness.
Europe was expected to recover modestly with growth increasing from 0.9% in 2024 to 1.3% in 2025, "supported by easing inflation and resilient labor markets," the report said.

South Asia is expected to remain the world’s fastest-growing region, with regional GDP projected to expand by 5.7% in 2025 and 6% in 2026, supported by a strong performance by India and economic recoveries in Bhutan, Nepal, Pakistan and Sri Lanka, the report said.

India, the largest economy in South Asia, is forecast to grow by 6.6% in 2025 and 6.8% in 2026, driven by robust private consumption and investment.
The report said major central banks are likely to further reduce interest rates in 2025 as inflationary pressures ease. Global inflation is projected to decline from 4% in 2024 to 3.4% in 2025, offering some relief to households and businesses.
It calls for bold multilateral action to tackle interconnected crises, including debt, inequality, and climate change.
"Monetary easing alone will not be sufficient to reinvigorate global growth or address widening disparities," the report added.