Olga Gruzhinskaya

Olga Gruzhinskaya

Olga Gruzhinskaya is the Director of IMEPOWER advisory practice focusing primarily on financial and economic aspects of energy sector, electricity, gas, coal and district heating companies, electricity and gas markets, settlement, tariff and pricing issues, valuation and financial modeling, corporate and financial restructuring. She advised Ukrainian electricity generation, transmission and distribution companies (NPC Ukrenergo, Energoatom, Ukrhydroenergo, Kharkiv CHP-5, Mykolayiv CHP and others), Naftogaz of Ukraine, coal enterprises, district heating companies on the issues related to financial recovery, corporate restructuring, pricing and tariffs, licensing, settlements, implementation of investment projects, valuation of assets, financial management and reporting.

Ms. Gruzhinskaya has participated in 50+ technical assistance projects funded by international financial institutions. She has significant experience in financial modeling, preparing feasibility studies of investment projects, sector studies and forecasts.


• Acting as the Senior Expert in the project focused on development of the operational strategy and investment program for distribution system operator
• Acting as Project Director for market study of SHPPs in Ukraine funded by ESMAP
• Support in corporatization and reorganization of the Ukrainian transmission system operator, provision of recommendations on optimization of internal structure and operations
• Acting as Project Director for the World Bank-funded Project on assessment of financial standing and financial cost recovery tariffs for the power sector of Ukraine and major companies
• Assessment of the economic efficiency of micro projects in the framework of Ukraine Social Investment Fund (USIF)
• Leading due diligence and valuation of 2,400 MW Moldova Thermal Power Plant
• Performing valuation of Varna Thermal Power Plant in Bulgaria
• Acting as Deputy Project Director in valuation of Ukrainian power distribution companies (Oblenergos) for LCIA
• Acting as financial expert for USAID-funded Ukraine Energy Privatization Support Project

Key projects: