Flash Report – Ukraine's Energy Crisis: SMEs Under Pressure

February 18, 2026

Flash Report

Photo: 18000.com.ua

Overview

Since the start of the full-scale war, Ukraine’s energy system has faced persistent attacks. Damaged and destroyed generation facilities, transmission networks, and substations have reduced both capacity and resilience. Worse, the winter season of 2025–2026 has brought with it a sharp deterioration in power supply conditions.

For businesses, this winter is different: power outages have become a daily fixture rather than an episodic risk, boosting uncertainty in terms of production, staffing, and service delivery.

Small- and medium-sized enterprises (SMEs) are particularly vulnerable, since they operate with thinner liquidity buffers, more limited access to credit, and fewer opportunities to invest in resilience. As a result, this winter’s power cuts had a disproportionate impact on their operations, costs, and outputs.