Zelensky signed the Law on REMIT

The Law on Amendments to Certain Laws of Ukraine on Prevention of Abuse in Wholesale Energy Markets (REMIT Law) was returned with the signature of the President. This was announced on the portal of the Verkhovna Rada of Ukraine.

As previously reported in ExPro, the law includes provisions regarding the implementation of anti-abuse tools; prohibitions of manipulations; disclosure of insider information; the obligation to report suspicious transactions; conducting abuse investigations.

Among the additional amendments: the technical conditions for RES facilities (except SPP) have been extended for 2 years - until December 31, 2024; extended pre-PPA for one year; the distribution of Ukrenergo's funds from the crossing for the whole of 2023 has been determined (10% - for maintenance and increase of throughput capacity; 45% - for payment of debts on the balancing market; 45% - for payment to the "Guaranteed Buyer").

As previously reported, at the second stage, the key task will be the development and gradual implementation of the normative legal acts necessary to implement the requirements of the law.

In addition, at this stage the Regulator will have the following tasks:

- Registration of participants of the wholesale energy market (after adoption of the Procedure for registration of participants of the wholesale energy market by the NEURC);

- Creation of the national Register of participants of the wholesale energy market and its publication on the official website of the NEURC;

- Disclosure of insider information on the websites of market participants (after 9 months and before the insider information platforms start functioning);

- Ensuring investigation of abuses in the wholesale energy market;

- Functioning of insider information platforms of the GTSOU and Transmission System Operator.