Assessing Financial Sustainability of Uzbekistan’s Electricity Sector

This study analyzes the financial sustainability of the electricity sector in the Republic of Uzbekistan following major reforms after 2019 year, using 2029-2024 annual financial reports. The research evaluates financial performance of four companies in energy sector: “Thermal Power Plants” JSC, “National Electric Grid of Uzbekistan” JSC, “Regional Electric Networks” JSC, “Uzbekgidroenergo” JSC. For evaluation of financial sustainability was used liquidity and solvency ratio groups and classic bankruptcy models, including Altman’s Zꞌꞌ-score and Taffler’s model. Main findings reveal an unequal distribution of financial risk across the energy value chain. While generation units like “Uzbekgidroenergo” JSC maintain high solvency and stable performance and “National Electric Grid of Uzbekistan” JSC demonstrates insolvency and technical bankruptcy risks because of heavy foreign currency debt loads and regulated social tariffs