audit Participant 
of PRAXITY,  AISBL,
a Global Alliance
of Independent Firms
    ua  ru     Home Search Site map Send a message

12.10.2011: EU approved new requirements for energy market participants, further complicating Ukraine’s European integration

The European Union made a decision yesterday which will further complicate already complex process of Ukraine’s integration into European markets for electrical energy and gas. According to the rules approved yesterday, market participants will have to fully disclose information on contracts, problems and actions capable of affecting the situation on the market. To meet those new requirements, Ukraine’s Cabinet of Ministers and the Verkhovna Rada will have to change a whole bunch of regulations for the energy sector. It is theoretically possible to do that in 2-3 years, but only with due political strength.

The European Council approved new rules for wholesale markets of electrical energy and gas. All traders will be required to inform the Agency for the Cooperation of Energy Regulators (ACER) on commited transactions. For example, they will have to inform ACER on price, volume, time and date of a transaction, disclose buyer’s and seller’s names, also the name of the party with interest in that transaction. Rules forbid to use insider information on wholesale energy markets. All exclusive information capable of affecting prices will now have to be disclosed before completion of a transaction. All information received by the ACER will be then processed and analyzed. If they suspect that certain antimonopoly regulations were violated, they will address national antimonopoly regulators, asking them to investigate the case.

Prices on energy markets more than anywhere else depend on access to production capacities and transportation. They are easily affected by false information, says the press-release. Increased transparency in the sector should improve competitiveness and give consumers more confidence.

For Ukraine, the new rules mean harder European integration into the market for electrical energy and gas, the process promised to be completed before 2015. One of the main conditions to acquire a €1.5 billion credit for modernization of Ukrainian gas transport system is first of all modernization of the gas industry by the European example. European integration is seen by the government as vital to increase export volumes to European countries. Also, without those reforms it won’t be possible to speak about general European integration of Ukraine –said the country’s energy minister Yuri Boiko.


Source: Kommersant-Ukraine

Also in the news
[23.12.2024]
Season's greeting from Kyiv Audit Group!

[28.04.2023]
Kyiv Audit Group prepared The Transparency Report for 2022

[07.07.2022]
Praxity Global Alliance Awarded Highly Commended for Association of the Year 2022

[29.04.2022]
Kyiv Audit Group prepared The Transparency Report for 2021

[23.12.2021]
Season's greeting from Kyiv Audit Group!

[11.11.2021]
It's a hat-trick! Praxity Global Alliance has regained its crown as the Association of the Year and gets triple award

[17.09.2021]
Kyiv Audit Group awarded Leader of the Branch 2021

[16.07.2021]
Happy Accountant's and Auditor's Day

[12.05.2021]
Happy Birthday - Kyiv Audit Group - 25th Anniversary

[21.04.2021]
Kyiv Audit Group prepared The Transparency Report for 2020