NJSC Naftogaz Ukrainy has approved an internal REMIT regulation – the EU Regulation on Wholesale Energy Market Integrity and Transparency.

"The company is actively working on integrating into the European energy system," Naftogaz reported on Friday.

The document will, in particular, enable the company to fulfill its obligations under the new legislation introduced by Ukraine in compliance with international obligations to implement Regulation (EU) No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT).

Currently, the corresponding regulation is implemented with restrictions provided by the National Commission for State Regulation of Energy and Public Utilities (NKREKU) for the duration of martial law. Once this legal regime is lifted, the document will be fully enacted.

REMIT - Regulation (EU) 1227/2011 on Wholesale Energy Market Integrity and Transparency aims to detect and prevent abuse in wholesale energy markets, such as insider trading and market manipulation.

The provisions of the regulation were transposed into Ukrainian legislation by the law "On Amendments to Certain Laws of Ukraine on Preventing Abuse in Wholesale Energy Markets" dated June 10, 2023, No. 3141-IX (the law on REMIT).