Politics 2022-07-15T08:21:34+03:00
Ukrainian news
Rada Adopts Law On Electric Power Market

Rada Adopts Law On Electric Power Market

law, Verkhovna Rada, electric energy, electric energy market

The Verkhovna Rada of Ukraine has adopted the law on electric energy market, which provides for introduction of a new market model.

With 226 votes required, 277 lawmakers voted for bill No. 4493, Ukrainian News Agency reports.

The new model will consist of the bilateral agreements market, "for 24 hours ahead", diurnal, balancing, retail and also the market of ancillary services.

The bill adds a new market participant: trader, which can be any economic entity buying electric energy for the only purpose of reselling it except selling to the ultimate customer.

The draftsmen say that existence of traders at the electricity market has to have a positive effect on the market liquidity and to help bound sizeable fluctuations of prices at the market.

The bill also institutes such special obligations as buying electricity at the "green tariff" and performing functions of "last hope" suppliers.

Besides, the bill makes provisions for completely meeting the requirements of the Third Energy Package of the European Union for the legal and organizational separation of the activities involving distribution and transmission of electric energy from other types of activity.

The draftsmen opine that this will eliminate cross-subsidization, ensure market competition and enhance economic performance of the market players and the energy industry in general.

As Ukrainian News Agency earlier reported, in September 2016, the Verkhovna Rada of Ukraine adopted at first reading the bill on the electric energy market, coordinated with the Energy Community Secretariat, which provides for introduction of a new market model.

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