On March 5, 2021, a meeting of the Auction Committee for the sale of electricity under bilateral contracts was held, at which they agreed, approved by the decision of the Exchange Committee of the Commodity Exchange "Ukrainian Energy Exchange" dated 03/04/2021, amendments and additions to the Regulations for organizing and holding an electronic auction for the sale of electricity on the Commodity Exchange "Ukrainian Energy Exchange". These changes were made in order to bring certain provisions of the Regulation in accordance with the recommendation of the Antimonopoly Committee of Ukraine dated 04.02.2021 № 1-рк and regulating the process of accepting counter-proposals from buyers in the PP BETS to ensure that the seller observes the principle of economic expediency and guarantees equal conditions for the purchase of electricity by auction participants.

According to the agreed changes, the ranking of the received counter offers of the PP BETS is carried out in order to exclude the acceptance by the seller of the counter offer, the offered price of which is less than the price per 1 MWh, determined in the counter offer of the other buyer. In case of getting of counter offers, the proposed prices for 1 MWh, which are the same, PP BETS ranks counter offers by the time of its getting. In this case, the counter-offer received earlier takes precedence. During the auction, the seller analyzes the conditions of the counter offer, determined by the PP BETS as the best, according to these changes, and makes and decides on the appropriateness of its acceptance. If the offer is accepted, the waiting time for the best offer begins, during which other buyers can improve the current price for 1 MWh by one or more auction steps to take the leading position for the adjusted lot (or package of lots).

"Today’s decision, made by the Auction Committee, will guarantee market participants the opportunity to purchase electricity even in small lots. In general, this will contribute to an increase in the number of auction participants, potential buyers and the intensity of competition between participants, will have a positive impact on the formation of market prices. The Ukrainian Energy Exchange promptly implements the technical implementation of the decisions of the Auction Committee and takes responsibility for ensuring the fundamentals, in terms of compliance with the principles of fair competition and equal conditions for market participants," - noted Oleksandr Kovalenko, CEO OF UEEX.