Published by Global Banking & Finance Review®
Posted on February 18, 2026
2 min readLast updated: April 3, 2026
Add as preferred source on GoogleCanada and Ukraine enhance energy sector collaboration, focusing on oil, gas, and renewable investments to boost Ukraine's energy security.
By Kate Abnett and America Hernandez
PARIS, Feb 18 (Reuters) - Canada will step up support to Ukraine's energy sector, working with industry to supply oil and gas equipment on favourable terms and boost renewable energy investments, the two governments said on Wednesday.
Russia has targeted power stations, electricity transmission lines and gas facilities as part of its full-scale invasion of Ukraine, which began in February 2022. Russian strikes this week on Ukrainian power infrastructure killed three people and left tens of thousands without power and heat.
On Wednesday, Ukraine and Canada agreed on a strategic energy partnership at a meeting in Paris, where Canada's government said it would work with industry to transfer oil and gas sector equipment to Ukraine on concessional terms, and promote investments in Ukraine's energy security.
Canada will also alert domestic industries to opportunities to invest in Ukrainian renewable energy projects and reconstruction of hydropower plants, according to the published agreement.
"This is not simply reconstruction. It is modernization under pressure," Canadian energy minister Tim Hodgson told reporters.
RISK ASSESSMENTS TO COUNTER HYBRID THREATS
The two sides will carry out risk assessments and exercises to counter hybrid threats to energy infrastructure, and strengthen commercial relations on nuclear fuel supply.
The deal, which includes sharing technical advice on developing infrastructure for non-Russian gas supplies to Ukraine, is not legally binding and planned investments would need to be followed up with companies.
Ukraine is emerging from its coldest winter since Russia's 2022 invasion. Russia's air strikes have caused days-long outages of electricity, water and heating as temperatures have sunk as low as minus 20 degrees Celsius, while households and businesses that still have power face soaring energy bills.
Ukraine's central bank last month revised down its growth forecasts for this year to 1.8% from 2% because of the energy crisis. Its energy minister said last week that power demand was about a third larger than supply capacity.
(Reporting by America Hernandez, Forrest Crellin, Kate Abnett; Editing by Bernadette Baum)
Renewable energy is energy generated from natural resources that are replenished over short periods of time, such as solar, wind, and hydropower.
Energy infrastructure refers to the physical systems and structures that generate, transmit, and distribute energy, including power plants, transmission lines, and pipelines.
Risk assessments are systematic processes used to identify and evaluate potential risks that could negatively impact an organization's operations or objectives.
Investment in the energy sector involves allocating capital to projects or companies that produce, distribute, or utilize energy resources.
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