Responding to the requests of market participants, the Ukrainian Energy Exchange made changes to the functionality of trading systems in the Natural Gas direction, the purpose of which is to display the price and cost of goods without VAT. Now the price of the exchange wholesale market, represented by the UEEX long-term, medium-term and short-term natural gas market, will correlate with the prices of European markets and will be more in line with established international practices, according to which trading on the wholesale energy market takes place without taxes.
Accordingly, from July 1, 2022, when entering the volume and price of bids (including bids in the form of a position), bidders must indicate the bid price in thousand cubic meters without VAT.
Publication of information on natural gas trading, including (but not exclusively) Auction Bulletins, Bulletins of weighted average prices, quoted prices and other trading indicators on the UEEX website will be made excluding VAT from July 1, 2022. The results of trading in natural gas before the specified date will remain unchanged.
If you have any questions or suggestions, please contact [email protected].
“The technical transition to trading without VAT will ensure better comparability of markets, but the main work on changing tax legislation will lie ahead of us if we seek to integrate our markets with European markets, because wholesale energy markets are traded without VAT. We have adjusted the trading systems in order to provide a convenient trading process for market participants. For information purposes, the publication of application prices for VAT was also left in the PP Energy Trading Platform. In addition, the user screen of the PP Energy Trading Platform was also improved in order to add services to improve the convenience of trading,” - said CEO of UEEX Oleksandr Kovalenko.
Please prepare for these changes in advance.