On September 3, the first meeting was held within the framework of the signed Memorandum between the Ministry of Energy of Ukraine, the EBRD, Energy Community Secretariat and the Ukrainian Energy Exchange on the development of a gas exchange in Ukraine on the basis of CE UEEX.
In particular, the meeting was attended by Acting Minister of Energy of Ukraine Olha Buslavets, Director of Energy Community Secretariat Janez Kopach, Deputy Head Ukraine at EBRD Mark Magaletsky, Chairman of the Exchange Committee of the Ukrainian Energy Exchange Oleksii Dubovskyi.
During the meeting, issues of achieving further tactical goals were discussed, a step-by-step action plan was considered and a report of current results and immediate plans for launching a standardized short-term gas market was provided. They also discussed the issues of spreading the developments on the development of the exchange and other areas of UEEX’s activities, the opening of new markets related to greening.
The meeting was opened by Olha Buslavets and she expressed the support of the Ministry on the initiative of cooperation on the development of the gas exchange in Ukraine, since this project has every chance that, as a result of its implementation, a transparent, competitive and liquid gas market really starts working in Ukraine. Ukraine has great potential to become a full-fledged gas hub for Central and South-Eastern Europe. The implementation of the goals of the Memorandum, in the long term, will help not only create a full-fledged natural gas market in Ukraine, but will also bring significant benefits for the country’s economy and growth of its investment attractiveness. Cooperation with international partners is an extremely important signal for the entire market and a guarantee that the project will be implemented in accordance with European standards.
Oleksii Dubovskyi expressed gratitude to the partners for their support and noted that the exchange is in close dialogue with the leading EU exchanges in order to adopt the best practices to ensure their implementation on the Ukrainian market. Now UEEX conducts a number of workshops for market participants, several working groups have been organized, incl. the participation of TSO. The plans of the central counterparty to operate in the gas market and to ensure full-fledged clearing were also announced.
UEEX has been working on the process of creating instruments for ensuring market relations in the energy sector for more than ten years. All this time, the exchange has declared its European values and set the goal of creating the exchange in Ukraine according European sample. Although during this time UEEX managed to achieve high results and gain the trust of the market and authorities, the most important element was missing for cardinal transformations - support. The signed Memorandum not only expresses support, but also sets specific tasks for joint well-coordinated cooperation.
“The Memorandum for UEEX is, first of all, responsibility for trust, which we simply must justify. Now we feel strong support from the gas market participants. Together with the Ukrainian GTS Operator, we are working towards organizing its entry into the short-term market. The GTS operator in every possible way contributes and works on the process of creating a short-term market for standardized products in Ukraine. Market participants have begun to contact us with a request to provide them with a short-term market instrument that will allow them to settle their imbalances, since market participants know that we are technically ready to provide this, ” - commented Oleksii Dubovskyi.
Based on the results of the meeting, the parties agreed on a plan for further actions and outlined a vector of control goals to be achieved at each of the stages. Ukrainian Energy Exchange announced the launch of the Energy Trading Platform in the coming days.