Ukraine’s energy sector has a new law to be obeyed by all participants of the power market. The Law on Power Market in Ukraine was released through Holos Ukrainy, the official newspaper of the Ukrainian Parliament on June 10.
The bill, in particular, foresees the following:
- The market operates on the grounds of economic competitiveness, except for the subjects of natural monopoly;
- The successful operation of electric energy depends on making contracts (the variety of contracts is defined in the document itself);
- The responsible state authorities are the Cabinet of Ministers, the Energy Ministry, and the National Committee for Energy Regulation of Ukraine;
- Certain prices and tariffs will be set and adjusted by the state; however, these prices and tariffs should remain transparent, fair and economically sound.
This and much more is mentioned in the law, which has now taken effect; on the other hand, some of its provisions will be taking effects during the upcoming months – up to three years.