EU4ENERGY provides capacity building to Ukrainian authorities on wholesale energy markets integrity and transparency

The Energy Community Secretariat initiated a series of capacity building workshops for Ukrainian stakeholders on Regulation (EU) 1227/2011 on wholesale energy market integrity and transparency (REMIT). This technical assistance was launched in response to the request from Ukrainian authorities that are finalizing the draft Law on Amendments to Certain Laws of Ukraine on Prevention of Abuse in Wholesale Energy Markets (#5322), the initial version of which was developed under EU4Energy (Phase I).

On 25 November, the first Workshop took place with the participation of the Committee on energy and utilities of the Verkhovna Rada of Ukraine and the national energy regulator (NEURC). During the workshop, the main aspects of REMIT’s practical application were presented by the Energy Community Secretariat with a focus on the main issues that are under discussion in the Parliament.

It was emphasized that the main objective of REMIT is to ensure a fair and transparent environment on competitive energy markets and, therefore, its enforcement requires a set of measures to be introduced in national legislation, e.g. market participant registration, reporting of trades and prohibition of manipulation and insider trading. In addition, the regulator should be empowered to comprehensively monitor the energy markets and in case of infringement to apply effective and proportionate sanctions.

REMIT is a crucial piece of Energy Community acquis and its implementation into the national legal framework of Ukraine will contribute to the energy market’s transparency and facilitate its further European integration. It also will protect final consumers from behaviour that undermines the integrity of the energy market and guarantee affordable energy prices for citizens.

DISCLAIMER

This publication was produced with the financial support of the European Union. Its contents are the sole responsibility of the Energy Community Secretariat and do not necessarily reflect the views of the European Union. 

The EU4Energy Governance Project is co-funded by the European Union and implemented by the Energy Community Secretariat.