Valeria Kulagina

Valeria Kulagina

Dr. Valeria Kulagina is the Founding Partner of IMEPOWER specializing in economic, market and regulatory aspects of energy sector’s functioning, market design, pricing and tariff issues, privatization and restructuring, corporate governance, structuring of investment projects.

For more than 20 years Dr. Kulagina has been advising the Cabinet of Ministers, Parliament Committee on Fuel and Energy Sector, Ministry of Energy and Coal Industry, National Electricity & Utilities Regulatory Commission, State Property Fund, State Enterprise Energorynok, international investors, Ukrainian energy companies and IFIs.

Dr. Kulagina participated in drafting various legal and normative documents regulating the functioning of electricity market, restructuring of energy sector and privatization of energy companies.


• Assessment of financial standing and financial cost recovery tariffs for the power sector of Ukraine and major companies
• Preparing investment memorandum for construction of 1,000 MW Kaniv Hydro Pumped Storage Power Plant
• Strategy advice on 750 kV high voltage line reconstruction
• Drafting of legal and normative documents for harmonization of the Ukrainian legislation with the EU Directives 2005/89/EC and 2004/67/EC
• Preparation of tariff model for Dniester Hydro Pumped Storage Project
• EU’s project on support and strengthening of the energy market reform and assessment of the energy sector sustainability
• Monitoring of legal, normative and technical requirements for operations of energy systems
• Assistance to Ukraine in carrying out the energy policy analysis and in promoting the idea of joining the Energy Community Treaty
• Advising on construction of 700 MW Combined Heat Power Plant in Crimea
• Drafting legislation for resolution of debt problem in fuel and energy sector
• Establishment of the state holding company Energy Company of Ukraine
• Preparation of the Wholesale Electricity Market Development Concept
• Advising on corporatization of several cogeneration plants
• Preparation of the Draft Law on Public Private Partnerships
• Preparation of the Concept of Privatization of Power Companies in Ukraine
• Advising Energoatom on regulatory aspects of the project on construction of Tashlyk Hydro Pumped Storage Plant
• Preparation of the comprehensive financial recovery plan for the fuel and energy sector of Ukraine
• Development of the price forecast model in energy sector of Ukraine
• Review of possible options for electricity export expansion from Ukraine to the European countries
• Development of the Concept of decommissioning of the Ukrainian nuclear power plants
• Strategic issues on the energy sector relating to privatization of thermal power generation assets in Ukraine

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