11:08 27.05.2019

EU, EIB recommend Ukraine postpone introduction of new power market for limited period of time

2 min read
EU, EIB recommend Ukraine postpone introduction of new power market for limited period of time

The Delegation of the European Union to Ukraine and the Resident Representation of the European Investment Bank (EIB) in Ukraine recommend postponing the introduction of the new wholesale electricity market for a limited period of time.

"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. On this basis, 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," they said in a joint statement.

The Delegation of the European Union to Ukraine and the Resident Representation of EIB believe that the current political context makes it more difficult to provide a steering of this reform or to intervene if necessary to address the deficiencies.

"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," they said in the statement.

Ukraine plans to launch a new model of the wholesale electricity market in July 2019 in pursuance o the law on the electricity market passed in April 2017.

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