Electricity prices for households may be raised after heating season - NBU

The National Bank suggests that electricity prices for households may rise after the heating season.

This is stated in the inflation report of the NBU, the Ukrainian News agency reports.

"It is assumed that the current tariffs for electricity, gas, heating and hot water supply will not be revised until the end of the current heating season. The NBU has no information on possible solutions in this area and is not involved in the formation of tariff policy. At the same time, given the growing need to finance the restoration of the energy system after the massive shelling, there is a possibility that some of these tariffs will be gradually and gradually brought back to their economically justified levels. Uncertainty about the scale and timing of energy tariffs adjustment is a risk to the above inflation forecast," the materials say.

It is noted that a significant increase in the cost of energy to quickly eliminate imbalances in the energy sector may become a source of additional inflationary pressure, which will require a significant increase in subsidies for the population. On the other hand, a longer postponement of decisions to bring utility tariffs in line with economically justified levels will restrain inflation, but will accumulate quasi-fiscal imbalances and worsen the financial condition of state-owned energy companies.

This will increase the risks of energy market instability, worsen the investment potential of the industry, which needs urgent large-scale recovery, while the increase in price pressure will only be postponed to the future. The deviation of inflation from the forecast may also be influenced by administrative decisions on changes to the current excise rates, in particular on tobacco and alcohol products.

As the Ukrainian News agency earlier reported, the National Bank expected that in the second half of 2026, a gradual adjustment of electricity and gas tariffs to their economically justified levels would begin.

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