Electricity Prices for Business in 2026: How New Price Caps and Tariffs Are Reshaping Corporate Bills
January and February may become months of sharply rising electricity expenses for Ukrainian businesses. Time for Action analyzed how the simultaneous increase in market price caps, transmission and distribution tariffs, and seasonal consumption growth are creating a new financial reality for companies.
In mid-January, the National Energy and Utilities Regulatory Commission raised price caps on short-term market segments. The upper limit on the day-ahead and intraday markets increased to 15,000 UAH/MWh, while on the balancing market it rose to 16,000 UAH/MWh. Formally, this is an expansion of the permissible pricing corridor, but under conditions of supply constraints and high demand, these ceilings become real market reference points.
At the same time, new transmission and distribution tariffs came into effect on January 1. The transmission tariff of Ukrenergo increased to 713.68 UAH/MWh, with another rise scheduled for April to 742.91 UAH/MWh. An additional surcharge to finance renewable tariffs was set at 358.25 UAH/MWh, with further adjustment expected in April. Distribution system operator tariffs also increased: on average by 3.2%, and for certain large enterprises by up to 12%.
For businesses, this means not one driver of higher bills, but several combined. Higher price caps affect wholesale market prices, while transmission and distribution tariffs are directly added to the final invoice. Market analysts estimate that for small businesses receiving universal service from regional suppliers, the average price in January and February could reach 15–17 UAH per kWh. Previously, it fluctuated between 7–9 UAH. In practical terms, this represents a potential doubling of costs. The assessment of the situation is straightforward:
“If we talk about small businesses that receive the so-called universal service from regional suppliers, the average price in January and February will be approximately 15–17 UAH per kWh. Previously, depending on the month, it was around 7–9 UAH, meaning the increase could be twofold.”
Large businesses operating under free pricing contracts and often purchasing imported electricity are also exposed to market pressure. Under these arrangements, electricity prices are tied to day-ahead market indicators. Therefore, higher wholesale quotations are automatically reflected in final bills.
An additional factor is increased winter consumption. Even without price spikes, higher usage results in larger invoices. Combined with new tariffs, this creates peak financial pressure. Electricity suppliers themselves face significant strain. Higher wholesale prices force them to purchase electricity at new rates immediately. Meanwhile, payments from clients are often delayed some operate under advance payments made before the price increase, others under post-payment arrangements. This creates cash flow gaps, raises non-payment risks, and increases the need for additional financing. The situation has been described as follows:
“Simply put, the supplier’s costs rise instantly, while revenues do not, which creates noticeable financial pressure.”
The regulator justifies the higher price caps as necessary to stabilize the energy system and ensure flexibility during the winter period. For businesses, however, this translates into rising expenses precisely when operational demand is at its highest.
A potential review of price caps in April could ease market pressure. Nevertheless, January and February remain peak months during which business electricity bills may increase significantly, and in certain segments nearly double.
For businesses, electricity is no longer merely an operational expense. It is becoming a decisive factor in financial resilience, capable of influencing pricing, liquidity, and investment decisions. The winter of 2026 may test not only the stability of the energy system, but also the solvency of a significant portion of enterprises.
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