EU, EIB recommend postponing introduction of new electricity market

EU, EIB recommend postponing introduction of new electricity market

Ukrinform
The EU Delegation and the Resident Representation of the European Investment Bank recommend postponing the introduction of the new wholesale electricity market in Ukraine.

 “The EU Delegation to Ukraine and the Resident Representation of the European Investment Bank recommend postponing the introduction of the new wholesale electricity market for a limited period of time as important regulatory rules and IT systems are not yet ready,” reads the statement published on Facebook page of the EU Delegation to Ukraine.

It is underscored that launching the new market on 1 July is likely to cause market malfunctioning and therefore be counterproductive to the interests of Ukrainian consumers and market participants. “Furthermore the current political context makes it more difficult to provide a steering of this reform or to intervene if necessary to address the deficiencies,” the statement reads.

In 2017, the electricity market law was adopted in Ukraine aimed at meeting a legal obligation under the EU-Ukraine Association Agreement and the Energy Community Treaty.

“We remain convinced that the reforms laid out in this law will benefit Ukrainian consumers by introducing transparency, improving market efficiency and attracting investment. We continue to be committed to supporting the work of authorities and market participants in implementing this important reform,” says the statement.

As reported, the new wholesale electricity market in accordance with the Law of Ukraine “On Electricity Market” is expected to be launched on July 1, 2019.

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