17:10 26.11.2020

Adoption of law on REMIT to increase transparency of energy market - Energy Minister

2 min read
Adoption of law on REMIT to increase transparency of energy market - Energy Minister

The adoption of the law on REMIT is one of the key tasks of the Ministry of Energy, the implementation of which will increase the transparency of the energy market and protect it from abuse by participants, Acting Energy Minister Yuriy Boiko said at an online briefing on Thursday.

"The next strategic step that needs to be taken in order to stabilize and fix the transparency of the energy market rules is the adoption of the draft law on REMIT. This word stands for the granting broad rights to the regulator regarding the monitoring of the electricity market in order to detect abuses and promptly respond to such abuses," the acting minister said.

At the same time, he reported that at present, very often "there is an understanding that something is wrong on the market, but there are no objective real levers of influence on the situation."

REMIT is a regulation on integrity and transparency of the wholesale electricity and gas markets, which is enshrined in Regulation 1227/2011 of the European Parliament and of the Council of the EU on October 25, 2011 with the aim of combating abuse in the energy markets in the form of insider trading or market manipulation.

According to Boiko, the REMIT bill is fully harmonized with similar rules in force in modern European markets.

In October, USAID, as part of the Energy Security Project (ESP), recommended that the Ukrainian government increase transparency in the electricity market and establish effective market monitoring and market surveillance by regulators through the implementation of REMIT and the creation of a market data platform.

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