The Delegation of the European Union (EU) to Ukraine has highlighted the importance and urgency of the adoption of the electricity market bill which is debated on Thursday in the Verkhovna Rada.

"This would be a key step towards a competitive and open electricity market in Ukraine, bringing it closer to the way how the electricity markets operate in the EU," the EU Delegation to Ukraine wrote on its Facebook page.

The bill allows for more energy efficient use of electricity, and it is also a further step towards integration with EU electricity markets.

"The current situation in the sector with its high market concentration and low investments over the past years shows that a reform of the current system is urgently needed. Once it is adopted, we will continue to support the Ukrainian government in implementing this crucial reform in order to increase transparency in buying and selling electricity, achieve more participation and choice for all consumers and a more sustainable electricity production," the EU Delegation said.