ASSESSMENT OF THE FEASIBILITY OF MODERNIZING THE LOCOMOTIVE FLEET OF JSC «UKRZALIZNYTSIA» BASED ON THE CALCULATION OF ECONOMIC EFFICIENCY INDICATORS
Authors: Kachkovskyi Oleksandr 
Published: February 2025

The relevance of the topic is due to the need to update the locomotive fleet of JSC «Ukrzaliznytsia»due to the high level of physical and moral wear and tear of rolling stock, which negatively affects the efficiency of railway transport in the conditions of a mobilization economy.The full-scale aggression of rusia has caused significant damage to Ukraine's economy, particularly through the destruction of industrial enterprises, the shutdown of small, medium, and large businesses, and substantial damage to transportation infrastructure. In wartime conditions, railway transport, as a strategically important sector of the Ukrainian economy, plays a crucial role in maintaining the functioning of the state, ensuring national security, transporting goods, and implementing measures aimed at supporting the stability of the national budget. The article examines the current state of the freight locomotive fleet in Ukraine. It is established that without timely renewal, the fleet of electric locomotives willdecrease by more than 80% by 2034, which threatens the effective functioning of the industry. A comprehensive approach to evaluating investment projects for the renewal of the locomotive fleet in the context of a mobilization economy is proposed. This approach is based on the use of financial and economic indicators (Net Present Value (NPV), Internal Rate of Return (IRR), Discounted Payback Period (DPP), and Profitability Index (PI)), technical indicators (improving efficiency and reliability, reducing maintenance and repair costs, electricity consumption, etc.) and others. In addition, the methodology for assessing economic efficiency based on sensitivity analysis is considered.The purpose of the study is to substantiate the feasibility of updating the freight locomotive fleet and to develop recommendations for improving the effectiveness of investment projects in this area. The scientific novelty lies in the enhancement of methods for calculating the economic efficiency of projects for updating the freight locomotive fleet of JSC "Ukrzaliznytsia" and the selection of optimal economic efficiency indicators adapted to conditions of high uncertainty. The study also examines the role of foreign loans, grants, and government support in the implementation of large infrastructure projects.The practical significance of the work lies in the fact that the implementation of the proposed recommendations will contribute to the optimal comprehensive decision on the necessity of updating the freight locomotive fleet in Ukraine, improving the efficiency of railway transport operations, preserving its strategic role for the economy, and ensuring the sustainable development of the industry (even under conditions of limited resources).The article presents a comparative analysis of the operating costs of old and new locomotives, as well as the results of calculating the economic efficiency indicators from modernizing the freight locomotive fleet. The main conclusions indicate that updating the freight locomotive fleet will significantly reduce operating costs, prevent underachievement of forecasted transportation volumes, improve the reliability and efficiency of rolling stock operations, and contribute to the improvement of the company's financial performance in the context oflimited resources and a mobilization economy.