UEEX, Energy Community and European operators signed Memorandum on development of the gas market in Europe

On July 21, 2021, Ukrainian Energy Exchange, Energy Community Secretariat, energy exchanges and trading service providers BRM, TGE, CEEGEX, ECG, gas transmission system operators Moldovatransgaz, GTSOU, FGSZ and GAZ-SYSTEM signed a Memorandum of Understanding on trans-regional cooperation for the development of an integrated gas market in Southeast and Eastern Europe (SEEGAS).

The Memorandum provides for cooperation in the development of cross-border natural gas trade, in particular on exchange platforms, introduction of transparent and competitive trans-regional market pricing mechanisms, efficient cross-border gas transportation and interoperability.

The Memorandum specifically aims to create prerequisites for the functioning of a competitive liquid SEEGAS market and to ensure unhindered access to the respective natural gas markets for all market participants and service providers on a non-discriminatory basis and equal terms in accordance with the EU acquis. The parties expect to create and develop equally profitable infrastructure of gas exchange trade with the help of market participants. One of the important tasks of the memorandum is to facilitate cooperation on the implementation of an effective commodity clearing system for natural gas transactions that is in line with best European practices.

“Within the framework of SEEGAS, we have received a great opportunity to not only significantly improve our mechanisms and eliminate bottlenecks that prevented the development of cross-border trade in the region and within each country, in particular, but also to unify them in accordance with EU standards,” - mentioned Chairman of the Exchange Committee of the LLC Ukrainian Energy Exchange (UEEX), Oleksii Dubovskyi.

The signing of the Memorandum will be followed by the SEEGAS Joint-Steering Committee Meetings between the partners, which will take place at least once every three months.