Partners
Aleksey Sheberstov
Dr. Valeria Kulagina
Vilen Semenuk
Dr. Yuri Kubrushko


Aleksey Sheberstov

Founder and General Director of Energy Consulting Group. Mr. Sheberstov is a former Minister of Energy of Ukraine (1995-1996, 1997-1999), First Deputy Minister of Fuel and Energy (2004), Deputy Minister of Fuel and Energy (2006-2007), Advisor on energy issues to the Vice Prime Minister of Ukraine (2004), Advisor to the Head of the Parliament Fuel and Energy Sector Committee (2003-2004), Advisor to the Secretary of the National Security Council of Ukraine, Member of the Advisory Council of the Ministry of Fuel and Energy (2001-2003), Head of the Public Council of the Ministry of Fuel and Energy (2005).


Mr. Sheberstov was in charge of restructuring of the Ukrainian power sector in 1995-1998, unbundling of vertically integrated utilities, creation of wholesale electricity market, launching privatization of power distribution and generating companies. He was also a member of the Government Interagency Commission responsible for preparing the Wholesale Electricity Market Development and Reform Concept (2002) as well as member of the Government Interagency Commission responsible for preparation of the National Energy Strategy of Ukraine until 2030.


Prior to his government work, Mr. Sheberstov enjoyed 25 years of engineering carrier in the power sector. His positions during this period included Deputy Director on production at Donbassenergo and Chief Engineer of Kyiv CHP-5 and CHP-6.


Dr. Valeria Kulagina

Founder and General Director of IMEPOWER Management (former name - INEKO-Management). Prior to the beginning of carrier in consulting and investment business in 1994, Dr. Kulagina was senior lecturer of Kyiv National Economic University. She specializes on economic, legal and regulatory aspects of energy sector’s functioning, strategy development, market design, pricing and tariff issues, privatization and restructuring, corporate governance, development of investment projects.


For several years, Dr. Kulagina was a member of the Advisory Council of the Ministry of Fuel and Energy. She was involved in the capacity of project director or senior advisor in practically all projects presented in IMEPOWER track record below focusing on the projects performed for the state authorities, international financial institutions and Ukrainian energy companies.


Dr. Kulagina participated in drafting various legal and normative documents regulating the functioning of the Wholesale Electricity Market, restructuring of power sector and privatization of power companies. She was a member of the Interagency Working Group chaired by the NERC and responsible for preparation of the Wholesale Electricity Market Development and Reform Concept in 2002. Dr. Kulagina is the author of the Law “On Arrangements Aimed at Stable Operation of Enterprises in the Fuel and Energy Sector” (also known as Debt Restructuring Law) approved by the Parliament in 2005.


Vilen Semenuk

Founder and Director of Energy Consulting Group. Mr. Semenuk is a former Minister of Energy of Ukraine (1994-1995), Deputy Minister of Energy (1980-1993), Member of the Advisory Council of the Ministry of Fuel and Energy, General Director of Kyivenergo vertically integrated power company (1977-1979), Chief Engineer of Lvivenergo vertically integrated power company (1969-1977), Chief Engineer of Burshtyn Thermal Power Plant (1966-1969).


Mr. Semenuk graduated from Odessa Polytechnic Institute with master degree in power engineering. Working at the Ministry of Energy, Mr. Semenuk supervised capital investments, construction and commissioning of new energy objects. He has unique in-depth knowledge of all key segments of power sector, including thermal, nuclear and hydro generation, cogeneration, power transmission via high voltage networks, distribution and supply. Mr. Semenuk was actively involved in developing the concept of reforms in the power sector of Ukraine in mid-90s and creation of the Wholesale Electricity Market.


Since foundation of EnCoG in 1996, Mr. Semenuk has been coordinating all feasibility studies and independent project reviews performed for international lenders, investors and numerous Ukrainian energy companies. He was in charge of structuring investment projects on construction of Dniester Hydro Pumped Storage Plant and Dobrotvir Thermal Power Plant-2. Mr. Semenuk is co-author of the Concept of Electricity Export Expansion from Ukraine.


Dr. Yuri Kubrushko

Founder and General Director of IMEPOWER Consulting. Dr. Kubrushko graduated from Kyiv National Economic University and started his career in consulting and investment business in 1997 when he advised AES Corporation and Tractebel on investment opportunities in power and gas sectors of Ukraine. From 1999 until 2003, he was Deputy Project Director of the USAID project performed by Deloitte Touche Tohmatsu EMG providing assistance to the Government on privatization of power distribution and power generating companies.


Since 2003 Dr. Kubrushko has been advising international clients on investment and market entry strategies in Ukraine with focus on structuring and development of investment projects in power and gas sectors, asset due diligence and valuation, preparation of risk mitigation schemes. He was involved in such projects as construction of Dniester Hydro Pumped Storage Station, reconstruction of hydro power plants in the Western Ukraine, construction of the back-to-back station between Ukraine and UCTE, construction of CCGT power plant in Crimea, reconstruction of the high voltage power transmission line from Moldova TPP to the substation Isaccea in Romania.


Dr. Kubrushko was in charge of valuating several Ukrainian power distribution companies for the London Court of International Arbitration, coordinated due diligence of Moldova TPP in Trans Dniester Republic and power distribution company in the Eastern Ukraine, was involved in assessment of the investment program of Ekibaztus TPP in Kazakhstan.


Dr. Kubrushko has significant experience of transaction advice related to electricity export from Ukraine to the Eastern Europe. For the last years, he has been actively involved in structuring and analyzing renewable energy projects with focus on wind farms and small hydros.


Last page update - 01 June 2011

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