Accordbank becomes 16th bank accredited by UEEX to provide guarantees for participation in electricity auctions

Accordbank has joined the list of banks accredited by Ukrainian Energy Exchange (UEEX) LLC and authorized to provide bank guarantees for participation in auctions for the sale of electricity under bilateral agreements.

"The accreditation of new banks is ongoing. Given the interest of other banks and their clients in collaborating with UEEX in this market segment, a counter-guarantee system is being implemented," the Exchange announced on its website on Monday.

UEEX noted that up to 50% of the security deposit amount securing the fulfillment of obligations may be provided in the form of a bank guarantee.

Currently, the list of accredited banks entitled to provide bank guarantees in accordance with the exchange requirements, in addition to Accordbank, includes Ukreximbank, Tascombank, Oschadbank, FUIB, Pivdennyi Bank, Sens Bank, Ukrgasbank, Credit Agricole, PrivatBank, Kredobank, MTB Bank, Credit Dnipro Bank, VST Bank, Raiffeisen Bank and OTP Bank.

"Bank guarantees provide auction participants with greater financial flexibility and simultaneously enhance the reliability of fulfilling obligations. UEEX will continue to expand its cooperation with the banking sector," noted UEEX CEO Oleksandr Kovalenko.

UEEX continues to work to expand the use of bank guarantees to make this instrument accessible to a wider range of market participants, the Exchange added.