Volodymyr Zelensky, the President of Ukraine, signed Law No. 5322 “On Amendments to Certain Laws of Ukraine to Prevent Abuse in Wholesale Energy Markets”, adopted by the Verkhovna Rada on June 10.
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This was announced in his Telegram channel by MP Yaroslav Zheleznyak.
An important initiative that implements the provisions of the EU regulation on the integrity and transparency of the wholesale energy market “REMIT”, said Zheleznyak.
The explanatory note of the document states that an adapted version of the regulation is being implemented in Ukrainian legislation. In particular:
- relevant terms and their definitions are introduced;
- registration of participants in the wholesale energy market (electricity and natural gas market) is introduced in accordance with the procedure approved by NEURC;
- a ban on manipulations in the wholesale energy markets is established;
- restricting the handling of insider information (trading insider information) is established;
- establishes liability (in the form of fines) of market participants and their officials for market manipulation and misuse of insider information;
- specifies a number of powers of NEURC;
- details the procedural issues of conducting investigations of abuses in the wholesale energy market.
Source: Racurs
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.