Implementation Of REMIT Regulation In Ukraine

Implementation of Regulation (EU) ? 1227/2011 of 25 October 2011 on wholesale energy market integrity and transparency, adapted within the Energy Community, by adopting legislation to prevent abuse in wholesale energy markets (the "WEM") is a fulfilment of Ukraine's European integration commitments.

LEGISLATIVE REGULATION

On 10 June 2023, Parliament adopted the Law of Ukraine "On Amendments to Certain Laws of Ukraine on Prevention of Abuse in Wholesale Energy Markets" ?3141-?? (the "Law on REMIT"). The Law was passed to the President for signature.

Legislative definitions

• The key term is wholesale energy products, which are contracts (agreements) regardless of the place and time of their conclusion, in particular, the following contracts:
  • on purchase and sale of electricity or natural gas and derivative contracts with electricity or natural gas as the underlying asset;