Elementum Energy Publishes Its 2023–2024 Sustainability Report
Elementum Energy has released its updated non-financial progress report covering two years of the company’s operations. The document has been prepared in line with the Global Reporting Initiative (GRI) standards.
The report outlines the company’s governance practices, strategic development, operational performance, environmental impact and cooperation with local communities. Dedicated sections describe the situation on the electricity market, the loss of generating capacity caused by attacks on the energy system, and the outlook for expanding renewable energy capacity in the coming years.
Portfolio and Project Development
In 2023–2024, Elementum Energy focused on effective management of its operating portfolio, its further growth and laying the groundwork for scaling wind capacity. As a result, installed capacity increased to 636 MW, reflecting the commissioning of the second phase of the Dnistrovska Wind Farm (60 MW). Three projects with a combined capacity of over 400 MW in western and southern Ukraine progressed towards “ready-to-build” status. The company’s experts also explored and developed new technologies, including a pilot battery energy storage system designed for imbalance management and energy arbitrage.
Elementum Energy completed its operational transformation by establishing a full commercial trading function. This strengthened protection against under-dispatch risk and created a foundation for selling electricity from new projects.
Throughout the two years, the company maintained high operational efficiency, reflected in stable growth in electricity generation and financial performance. In 2024, Elementum Energy generated 935 GWh of electricity, up from 827 GWh in 2023.
Environmental Impact and Sustainability
In 2024, Elementum Energy helped avoid 784,000 tonnes of CO₂ emissions, a 43% increase compared to the previous year. This upward trend (458,000 tonnes in 2022, 547,000 tonnes in 2023) stems from rising renewable electricity production.
Team and Organisational Development
Between 2023 and 2024, the Elementum Energy team grew by 42%, reflecting both the scale of implemented projects and the company’s expanding areas of work. The growth resulted from the transition to more advanced technical processes, the development of a service-oriented model, the launch of the trading function and increasing operational demands across all stages — from construction to service of wind and solar assets.
Strengthening the company’s talent base was accompanied by updated professional roles and greater gender diversity: the share of women grew to 39.4%, an important achievement for a technical industry. Over the two-year period, the company also maintained a zero level of workplace injuries, underscoring the effectiveness of its safety practices.
Olga Rybachuk, Managing Director of Elementum Energy, comments: “Over these two years, we expanded our operating portfolio and increased our wind capacity, invested in new technologies and laid the foundation for further growth in the renewable energy sector. Integrity, transparency, governance quality and the work of a strong engineering team remain the basis of our progress. I am grateful to our team, partners, investors and suppliers for their support and collaboration. Thanks to these collective efforts, we introduce new technologies, develop renewable energy sources and create value at both the micro and macro level.”
Plans for 2025–2026
Elementum Energy is preparing for a significant increase in electricity generation in line with project delivery timelines, as well as for the integration of energy storage systems and digital solutions. The company will also expand its presence in regions where grid constraints and damaged infrastructure limit the development of new capacity.
Following the commissioning of new wind farms, strategic focus will shift to strengthening the service model and supporting the integration of Ukrainian renewable energy projects into the European market, taking into account requirements for system flexibility, balancing, and overall resilience.
The full report is available on the Elementum Energy website.