OREANDA-NEWS. DTEK, Ukraine's largest energy company, announced its performance results for 1Q 2014. DTEK's enterprises produced 10.4 million tons of coal (+1.7% YoY), generated 12.9 billion kWh of electricity (-3.1%), transmitted 14.8 billion kWh of electricity via grids (-4%), and produced 165.9 million cubic meters of natural gas.

Industrial production in Ukraine continued to decline, resulting in a decrease in electricity consumption. In 1Q 2014, electricity consumption by industrial companies dropped by 3.4% YoY to 16.4 billion kWh. Overall demand for electricity in Ukraine decreased by 2.2% to 49.3 billion kWh.

“We understand that an economic recession in the country in the near future is inevitable,” said Maxim Timchenko, DTEK's CEO, about the Company's performance results in 1Q 2014. “Our next task in difficult times like these is to adhere to our plans in terms of our companies' operations in order for the country's budget to get taxes regularly and for people to be able to work and receive their salaries on time. We are not suspending our strategic investment projects to develop our companies. Modernization for us is not only about increasing technical and economic targets, but about extending the life of our companies, which will ensure the stable employment of thousands of our employees and the implementation of social programs in the regions where we operate and the development of Ukraine's economy.”