3rd SEEGAS JSC convened to discuss concrete measures to provide assistance to Ukraine

On March 17-18, the Ukrainian Energy Exchange (UEEX) was represented in the 3rd South-East European Gas Joint-Steering Committee (SEEGAS JSC) Meeting by Advisor to UEEX, Egbert Laege, and Business Developer, Lisse Geert van Vliet. Central to the two-day event was the security of supply and price situation on the gas markets in the region, in the light of regional cooperation and emergency support to Ukraine.

On March 17, the meeting of the SEEGAS Joint Steering Committee (JSC) was held in Vienna, Austria, this is the third time the JSC came together after the signing of the Stakeholder Memorandum regarding inter-regional cooperation for the development of an integrated SEEGAS market. Among the participants were representatives of Bulgartransgaz, EUStream, BOTAS, Gas Systems, TGE, CEEGEX, FGSZ, CEGH, GTSOU, UEEX, Moldovatransgaz, Transgaz, BRM, BGH, HENEX, DESFA and GOGC/GGTC, with representatives from ACER, ENTSOG, EU Commission, EBRD, USAID, EFET and trading companies present due the extraordinary difficult situation in Ukraine.

The members of the SEEGAS JSC provided updates on the actual situation regarding the Trans Balkan Route and the situation on the Exchanges in the region. UEEX Business Developer, Lisse Geert van Vliet, gave an update about the measures that have been taken by Ukraine on the regulation of energy markets e in the context of the war that Russia started in Ukraine, and the status of the energy markets operated by UEEX. Under martial law, UEEX organizes trading according to the usual schedule and prices are relatively stable, although trading activity on the entire Ukrainian market has dropped significantly.

The Energy Community Secretariat, EBRD and ENTSOG gave an update about actions and initiatives in view of full-scale Russian military aggression against Ukraine. A Ukraine emergency support team has been set up by the Secretariat, the EBRD presented their plan to invest €2 billion to Ukraine and neighbouring countries for crisis response and ENTSOG elaborated on their emergency coordination structure with TSOs. Representatives from TetraTech/USAID provided an analysis regarding the potential for additional LNG supplies to Ukraine, while ACER presented their study on Interconnection Points (IPs) between EU and EnC countries.

The participants also touched upon the role of the market operators GTS and the reaction to the gas market crisis. Egbert Laege, Advisor to UEEX, has provided some reflections to the recent price hikes on the commodity markets and potential measures that are not market distortive. Europex and EFET provided their reflections on the current high commodity prices and the volatility on the market.

Among other conclusions, the SEEGAS JSC welcomed the progress towards the establishment of a dedicated fund with a view to allowing the EU Member States, Energy Community Contracting Parties, and international organizations to channel money to help Ukraine keep its energy system running. A full list of conclusions will be communicated to the European Commission and made public early next week.