The Energy Community Secretariat welcomes the timely adoption of the first package of regulations by the National Energy and Utilities Regulatory Commission of Ukraine (NEURC) required to implement the Law on making changes to some laws of Ukraine regarding the prevention of abuse in wholesale energy markets” (the so-called REMIT Law). The REMIT Law entered into force on 02 July 2023. Its adoption by the Verkhovna Rada was closely coordinated with the Secretariat. The Secretariat also supported NEURC in the development of this first package of secondary legislation by providing recommendations in compliance with the Energy Community acquis. It comprises:
The Procedure for registration of wholesale energy market participants establishes requirements for registration of the wholesale energy market participants (WEM participants) carrying out transactions related to the wholesale energy products with execution inside Ukraine or from Ukraine towards other countries with the Energy Community Regulatory Board code (ECRB code), sets up the national register of WEM participants to be maintained by the NEURC and provides for information exchange with ECRB to form a central register of market participants in the Energy Community. As of 1 February 2024, only persons registered as WEM participants may enter into transactions with wholesale energy products delivered (executed) in Ukraine. The registration process will be opened as of mid-October 2023.
The Procedure for investigation of abuses in the wholesale energy market defines grounds for opening investigations of possible abuses, the procedure for notification of possible abuses in the wholesale energy market, NEURC’s investigation powers, the rights and obligations of the investigated entities. Cooperation with the ECRB and the Energy Community Secretariat is addressed by the document.
The Procedure (methodology) for determining the amount of penalties imposed by the NEURC defines principles, stages and criteria for determining penalties for abuses in the wholesale energy market, in particular the nature, duration and seriousness of the infringement, the amount of damage caused and the amount of potential income that could be obtained as a result of the abuse. The REMIT Law requires that NEURC consults the Energy Community Secretariat on penalties fined for abuse of the wholesale market during the first two years of application.