SYNERGY: UKRAINIAN REGULATORS AND INTERNATIONAL PARTNERS DISCUSSED THE DEVELOPMENT OF ENERGY MARKETS

On September 5, 2023, an important meeting was held, which brought together representatives of the National Securities and Stock Market Commission (NSSMC), the National Commission for State Regulation of Energy and Utilities (NEURC), the EU-FCM project of the European Commission and the USAID Energy Security Project.

After the parties presented their working plans and tasks, the first topic of discussion was the need to strengthen inter-institutional cooperation between the NSSMC and the NEURC. This cooperation is aimed at investigating abuses in the wholesale energy market, promoting the further development of markets and ensuring the effective functioning of energy markets (conducting supervision and monitoring of trading platforms and over-the-counter trade, licensing, approval of trade rules, products and specifications).

The second important topic of discussion was the standardization of trade in markets and ways to achieve it. The meeting participants discussed the need for unification of rules and standardization of products, which will improve transparency, stability and liquidity in the markets.

They also discussed the organization of clearing in energy markets. The participants considered the possibilities of improving this system in order to ensure the safety and efficiency of Ukrainian energy markets.

The issues discussed concerned not only internal reforms and improvements, but also opened the possibility for closer cooperation with international partners. The involvement of institutions such as USAID and the Representative Offices of the European Commission in Ukraine demonstrates Ukraine’s readiness for joint efforts in implementing ambitious energy projects and improving the quality of regulation. This exchange of ideas and experience can help Ukraine achieve its strategic energy goals and become more competitive on the international stage.

In addition, the meeting opened wide opportunities for further strengthening of cooperation and coordination between regulators and Projects and identified an important step forward towards the modernization and reform of Ukraine’s energy markets against the background of dynamic changes and challenges in the energy sector, thereby ensuring long-term energy stability and security of the country.