Ukraine adopts 'anti-oligarch' energy market rules, expanding regulator's powers
Photo: EPA

The Ukrainian parliament approved draft law No. 5322, which implements into Ukrainian legislation EU Regulation No. 1227/2011 on transparency in the wholesale energy market (REMIT) and expands the powers of the National Energy and Utilities Regulatory Commission (NEURC), reported the press service of the state commission.

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Adoption of the law will contribute to fair competition on the energy market and full integration of the energy market of Ukraine with the European one, explains the NEURC.

"The adoption of this document is not only a powerful European integration step, but also a strengthening of the fight against the oligarchic monopoly in energy, when the key role in the energy markets was played not by transparent rules, but by manipulation and abuse of the monopoly position. In fact, this is an 'anti-oligarchic' law, which thanks to monitoring and the system of fines will create a transparent and competitive environment," commented Energy Minister German Galushchenko.

In accordance with the requirements of the law, the NEURC received the authority to:

- registration of wholesale energy market participants;

- monitoring of market behavior and economic and trade operations of participants of the wholesale energy market in order to detect and prevent abuses;

- detection on the wholesale energy market of potential manipulations, attempted manipulations and trading operations carried out on the basis of insider information;

- investigation of abuses in the wholesale energy market;

- establishment of sanctions for manipulation on the energy markets, as well as for trading based on insider information.

NEURC has already developed a Road Map, in accordance with which the main normative legal acts provided for by this law will be prepared and approved.

The implementation of the law will take place in stages over two years. The first step will be the approval of the NEURC procedure for the registration of participants in the wholesale energy market, which will take place a month after the signing of the law by the president.