Politics 2022-06-15T06:20:14+03:00
Ukrainian news
Zelenskyy Considers Abolition Of Rotterdam+ Formula For Calculating Cost Of Thermal Coal His Merit

Zelenskyy Considers Abolition Of Rotterdam+ Formula For Calculating Cost Of Thermal Coal His Merit

President, Coal, Volodymyr Zelenskyy, Rotterdam+, formula, Rotterdam+ formula

President Volodymyr Zelenskyy considers as his merit the abolition of the formula for calculating the cost of thermal coal Rotterdam+.

Zelenskyy said this in a video interview published on the Ze!President YouTube channel, Ukrainian News Agency reports.

“We met with Akhmetov, made a condition that we would abolish Rotterdam+ and we abolished it,” said Zelenskyy.

He also added that his team intends to offer Rinat Akhmetov a large investment project to invest in medicine (in addition to 200 ambulances already purchased) and in the infrastructure of Donbas.

“This is a normal format for working with oligarchs. They have to invest a lot of money in Ukraine, money that they earned in various ways, but with no crime. Because if there is a crime, we will jail,” said Zelenskyy.

He also added that oligarchs will no longer be able to maintain a monopoly position in their markets.

"And there will be new rules. Everyone should pay taxes. And they know that we will not let them be monopolists. They will have to give up something. They all already know about it," said the President.

As Ukrainian News Agency earlier reported, the new methodology that the National Commission for Regulation of Energy and Utility Services approved for calculating the projected wholesale price of electricity, which pegs the price of coal to the API2 index (better known the Rotterdam+ formula), came into effect on May 1, 2016.

Under this methodology, the price of coal is calculated on the basis of the indices at the ports of Amsterdam, Rotterdam, and Antwerp, with the cost of transporting coal from these ports to Ukraine added to this price.

Most of the coal that is used at Ukrainian thermal power plants is mined in Ukraine.

This formula has stopped operation with the entry into force of the law on the electricity market from July 1.

The Verkhovna Rada adopted this law in April 2017.