On October 16, 2024, energy market participants gathered in Kyiv to discuss the progress, challenges, and next steps in REMIT implementation at a roundtable titled “Integrity and Transparency of Ukrainian Energy Markets: Practical Aspects and Implementation.”
The event brought together representatives of the National Energy and Utilities Regulatory Commission of Ukraine (NEURC), the Anti-Monopoly Committee of Ukraine, the National Securities and Stock Market Commission of Ukraine, USAID Ukraine and its Energy Security Project (ESP).
Recently enacted REMIT Law 3141-IX is essential for creating transparent and competitive energy markets in Ukraine to ensure a structured approach in tackling market manipulation and ensuring accountability.
Yurii Vlasenko, Chairman of NEURC, underscored the significance of this new regulation: “With the adoption of all secondary legislation under Law 3141-IX, we are now entering the practical implementation phase. This stage requires additional efforts to align Ukraine’s energy markets with European standards and to ensure the country’s energy security. Our goal is to create the necessary conditions for competition that will encourage investment in restoring the energy system. The regulator must develop effective mechanisms to oversee this process.”
Kathleen Kirsch, Deputy Director of the Office of Critical Infrastructure at USAID Ukraine, stressed: “REMIT is more than a regulatory framework; it’s a blueprint for fair energy markets. Now, the focus is on applying this framework, from data collection to market surveillance, to prevent abuse and strengthen Ukraine’s energy security.
Ms. Kirsch highlighted the pivotal role of REMIT for a modern transparent energy market as a key element in Ukraine’s path to resilience and integration into the European Union’s energy systems.
“Close cooperation with the Anti-Monopoly Committee and the National Securities and Stock Market Commission is essential to ensure REMIT works efficiently to combat market abuse and foster transparency in energy trading,” underlined Olexandr Formagei, NEURC Commissioner in charge of REMIT implementation. He noted that the Commission “is committed to fostering fair competition that guarantees reasonable prices for consumers.”
As Ukraine progresses toward full integration with the EU energy markets, the shared commitment among stakeholders to strengthen regulatory frameworks and ensure that the energy market operates based on principle of transparency. REMIT will help Ukraine to build a stable, reliable, and transparent energy system that benefits all citizens.