Existing approaches to estimation the efficiency of investment projects of companies of energy industry are presented. On the basis of modern data, an analysis of the investment program of the energy enterprise “Lvivoblenergo” was researched with the help of qualitative analysis of project risks. The feasibility of implementing the project is substantiated by net present value and internal rate of return. The main directions of cooperation between Ukraine and the EU in the field of energy efficiency are considered. Using the method of fuzzy logic, the importance of separate economic indicators of the activity of energy companies in different regions of Ukraine was evaluated to achieve a high level of efficiency.