On 20 March, EU4Energy Governance launched a technical assistance project to assist Ukraine in the transposition of Regulation (EU) 1227/2011 on wholesale energy market integrity and transparency (REMIT). The Regulation defines a framework for identifying and penalising insider trading and market manipulation in wholesale energy markets across Europe.
The overall objective of the project is to improve the existing legislative and regulatory environment of the Ukrainian energy sector by harmonizing it with the Energy Community acquis and EU best practices. Experts will work on drafting amendments to the Law on establishing the national energy regulatory authority, the Electricity Market Law and other legal acts of Ukraine. A full transposition of the REMIT Regulation will enable fair and competitive wholesale energy prices allowing the energy market to function effectively for the benefit of consumers and industry alike.
* The EU4Energy Initiative covers all EU support to improve energy supply, security and connectivity, as well as to promote energy efficiency and the use of renewables in the Eastern Partner countries Armenia, Azerbaijan, Belarus, Georgia, Moldova and Ukraine. It does this by financing projects and programmes that help to reform energy markets and to reduce national energy dependence and consumption. Over the longer term, this makes energy supply more reliable, transparent and affordable, thus reducing energy poverty and energy bills for both citizens and the private sector.