This report analyses the recent reform of SOEs in Ukraine’s electricity sector with a focus on the energy company Ukrenergo as a case study. The review commends the reforms implemented in Ukraine’s SOE sector since 2014. These include the gradual corporatisation of SOEs, the establishment of independent boards for its ten most important SOEs, new transparency and disclosure requirements and the introduction of mandatory independent external audits for economically important SOEs. The review also recognises Ukraine’s broader reform in its energy sector with a view to liberalising energy markets and ensuring European integration.