Russia’s invasion of Ukraine has highlighted the resilience of the Ukrainian people. Soldiers, government leaders and civilians have all demonstrated remarkable courage and strength as they stand for their homeland. Ukraine’s private sector — and its energy industry, in particular — has played a crucial role in the response to the ongoing crisis by striving to maintain energy supplies for people’s everyday needs.
The Baker Institute Center for Energy Studies hosted a conversation with Maxim Timchenko, CEO of DTEK, Ukraine’s largest private energy company. At this virtual event, Timchenko discussed DTEK’s multi-faceted support of Ukraine’s people and the company’s efforts to maintain operations during an intensifying war — especially during the last few weeks marked by Russian attacks on Ukraine's energy infrastructure. This brings to bear critical concerns regarding the scale of destruction and whether it will be possible to provide adequate energy to light and heat homes in Ukraine this winter. Timchenko also explored the role that resilient operations play in reducing the humanitarian toll of the ongoing war and in ensuring long-term energy security in Ukraine.
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Maxim Timchenko is the chief executive officer of DTEK and has headed the company since its foundation in 2005. Under his leadership, DTEK has evolved from a regional conventional energy company into Ukraine’s largest private investor as well as leading energy company. Under Timchenko’s leadership, DTEK is developing in line with global trends, introducing and leveraging innovations and new technologies.
In 2020, Timchenko presented DTEK’s new Strategy 2030, based on ESG principles, as well as plans and actions for the company’s transformation into a modern digital enterprise. This would see the company advance as an innovative, environmentally friendly and technologically advanced organization, serving as the leading player in Ukraine’s new economy. Timchenko started his career in 1999 at PricewaterhouseCoopers, where he advanced from the position of consultant to senior auditor in just four years.
Between 2002–2005, he worked as a senior manager at SCM. In this role, he supervised the work of SCM’s energy business until its spin-off into DTEK. In 1997, Timchenko graduated with honors from Donetsk State Academy of Management, majoring in production management. He continued his education at the University of Manchester, where he obtained a diploma with honors and a Bachelor of Arts in economic and social studies.
Timchenko is a member of the Electricity Governors community, which brings together business leaders and partner organizations from the World Economic Forum. He is a member of the UN Global Compact Network Ukraine Supervisory Board, as well as a member of the Association of Chartered Certified Accountants. On numerous occasions, Timchenko has been recognized as Ukraine’s top executive by various business media, and he is also among the top 10 CEOs according to Forbes Ukraine.