The Energy Community Secretariat and the National Commission for State Regulation in the Spheres of Energy and Communal Services of Ukraine (NEURC) have signed a Memorandum of Understanding (MoU) focused on the implementation of the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) procedures (28 July).
REMIT aims to identify and prevent insider trading and market abuse within the European wholesale electricity and gas markets, covering long and short-term transactions.
The MoU signed between NEURC and the Secretariat primarily aims to establish a robust framework for the consultation on decisions relating to the imposition of fines for abuses in the wholesale Ukrainian energy market, targeting market participants.
By aligning their efforts, the Energy Community Secretariat and NEURC seek to “fortify” the enforcement of market rules and enhance resilience against market manipulation, the Secretariat said via a press release.
“This collaboration represents a pivotal moment in enhancing the integrity of the Ukrainian energy market, ensuring transparency, and promoting a level playing field for all stakeholders. With joint dedication and coordinated actions, the two organisations aim to create a more secure and equitable energy market that benefits consumers and industry participants in Ukraine and beyond,” the Secretariat added.