Ukrainian gas market will be created on the basis of UEEX

On September 3, the first meeting was held within the framework of the signed Memorandum between the Ministry of Energy of Ukraine, the EBRD, the Secretariat of the Energy Community and the Ukrainian Energy Exchange on the development of a gas exchange in Ukraine on the basis of UEEX, the press service reports.

During the meeting, issues of achieving further tactical goals were discussed, a step-by-step action plan was considered and a report on current results and immediate plans for the launch of a standardized short-term gas market was provided. They also discussed the issues of spreading developments on the development of the exchange and other areas of UEEX's activities, opening new markets related to greening.

Oleksii Dubovskiy, Chairman of the Exchange Committee of the Ukrainian Energy Exchange, noted that the exchange is in close dialogue with the leading EU exchanges in order to adopt the best practices to ensure their implementation on the Ukrainian market. Now UEEX conducts a number of workshops for market participants, several working groups have been organized, incl. for the participation of TSO. The plans of the central counterparty to operate in the gas market and to ensure full-fledged clearing were also announced.

“The Memorandum for UEEX is, first of all, responsibility for trust, which we simply must justify. Now we feel strong support from the gas market participants. Together with the Ukrainian GTS Operator, we are working towards organizing its entry into the short-term market. The GTS operator in every possible way contributes and works on the process of creating a short-term market for standardized products in Ukraine. Market participants have begun to contact us with a request to provide them with a short-term market instrument that will allow them to settle their imbalances, since market participants know that we are technically ready to provide this,” commented Oleksii Dubovskiy.

Based on the results of the meeting, the parties agreed on a plan for further actions and outlined a vector of control goals to be achieved at each of the stages. Ukrainian Energy Exchange announced the launch of the Energy Trading Platform in the coming days.

Tags: gas, contracts, hydrocarbon production, EBRD, legislation, EU, energy market, GTS, foreign affairs, export, import, Gas market, negotiations, investments, stocks, GTS Operator, pipeline, price, agreement, gas supplies, volumes, auctions, Makohon, OGTSU, infrastructure, energy sector, natural gas, gas imbalances, UEEX, Buslavets, The Ministry of Energy, economy, market, gas production, gas transmission system, supplier, consumers

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