Published by Global Banking & Finance Review®
Posted on November 10, 2025
2 min readLast updated: January 21, 2026
Kyivstar enhances backup power as Russian strikes strain Ukraine's grid. The company reports a 20% revenue rise and plans further stock market engagement.
By Gianluca Lo Nostro and Leo Marchandon
(Reuters) -Ukraine's Kyivstar is ramping up measures to keep its network online as Russian strikes strain the country's power grid, CEO Oleksandr Komarov said on Monday.
Russia has intensified attacks on energy infrastructure in Ukraine. On Saturday, a barrage of drones and missiles hit nuclear substations, killing seven people, in what state-owned energy company Tsentrenergo called the largest attack on its facilities since the start of the war in 2022.
"Right now, we have more than 3,500 stationary generators connected to the network in real time," Komarov told Reuters.
"But the pressure on the energy infrastructure is also growing, because this tolerance gap is decreasing with every attack. The only answer we have is to increase the number of generators connected to the network."
Since 2022, Kyivstar has been working to make its network better at withstanding power outages. The core elements that keep the network running currently have backup power that can last up to three days, Komarov said.
In apartment buildings, more than 90,000 local connection boxes have been fitted with backup solutions that let them keep working for 10 to 12 hours during an outage, ensuring most customers have service even if the power goes out.
WAR WEIGHS ON POST-LISTING VALUATION
In August, Kyivstar became the first Ukrainian firm to list on the U.S. stock exchange, although initial enthusiasm has given way to geopolitically driven volatility.
Komarov said he has mostly been meeting large U.S. institutional investors focused on telecoms and emerging markets. Their takeaway is that Kyivstar appears "significantly undervalued" because of the difficult circumstances, he added.
Its parent company Veon is working with the Ukrainian government to enable Ukrainian retail investors to buy Kyivstar shares, Veon CEO Kaan Terzioglu told Reuters in a separate interview. Veon holds an 89.6% stake in Kyivstar, but further dilution is possible, he said.
Earlier on Monday, Kyivstar reported a nearly 20% rise in third-quarter revenue to $297 million as more Ukrainians used its digital services.
Komarov said the result was supported by relative "macroeconomic stability" in Ukraine, a positive impact of the central bank's policies and international support to stabilize the local currency.
(Reporting by Gianluca Lo Nostro and Leo Marchandon in Gdansk; Editing by Matt Scuffham and Milla Nissi-Prussak)
Telecommunications refers to the transmission of information over significant distances by electronic means, including telephone, internet, and broadcasting services.
Energy infrastructure encompasses the physical systems and facilities necessary for the production, transmission, and distribution of energy, including power plants and electrical grids.
Emerging markets are nations with social or business activity in the process of rapid growth and industrialization, often characterized by increasing economic development and investment opportunities.
Financial stability refers to a condition in which the financial system operates effectively, with institutions able to manage risks and absorb shocks without significant disruption.
Investment opportunities are prospects for individuals or organizations to allocate resources, typically capital, into ventures or assets with the expectation of generating a return.
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