Arsen Ilin on REMIT in Ukraine: This is the basis for increasing transparency and healthy competition in energy markets

Arsen Ilin, a Commissioner, last week took part in the Energy Transparency Forum, which was devoted to discussing the practical aspects of the implementation and implementation of the REMIT Regulation.

During the speech, Mr. Ilin spoke about the regulation of wholesale energy markets, the need for a more careful demarcation of the spheres of competence of the NSSMC and the NERC, derivative contracts for wholesale energy products as the area of responsibility of the NSSMC, the risks of double reporting, the importance of the development of organized trade and the evolution of monitoring of wholesale energy markets.

The Commissioner said that, today REMIT is the basis for increasing transparency and healthy competition in the energy markets. Ukraine is confidently moving towards the implementation of the best European practices in this field. National regulatory authorities, in turn, should cooperate effectively to ensure a coordinated approach to combating abuses in wholesale energy markets.

«The REMIT regulation is about regulation for wholesale energy products markets, where both spot contracts and derivative contracts are concluded. The NSSMC has all the necessary competences to properly supervise these mechanisms. But everything must work together to launch a high-quality wholesale energy market. Therefore, we have a lot of work ahead of us to establish the exchange of information between NSSMC, NERC, and AMCU», said Arsen Ilin.

Mr. Ilin emphasized that when building a system for monitoring the wholesale energy market in Ukraine, it is necessary to take into account the gaps that took place in European regulation. Europe is currently discussing changes to REMIT. Ukraine should monitor the relevant changes and, in the process of implementation, focus on the updated version of REMIT 2.0.

Reference information:

The REMIT Regulation is a set of European rules and practices aimed at preventing abuses in wholesale energy markets and which provides for liability for the manipulation of wholesale energy market participants.
In the near future, the Ukrainian parliament should adopt a draft law on the implementation into national legislation of the provisions of the EU Regulation on the integrity and transparency of the wholesale energy market (REMIT).