“Naftogaz” implemented the internal regulation of REMIT

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JSC “Naftogaz of Ukraine” approved the internal regulation of REMIT – the EU regulation on integrity and transparency in the wholesale energy market.

“The company is actively working on integration into the European energy system”, – reported “Naftogaz” on Friday.

The document, in particular, will enable the company to fulfill its obligations under the new legislation introduced by Ukraine to fulfill international obligations regarding the implementation of Regulation (EU) No. 1227/2011 on integrity and transparency in the wholesale energy market (REMIT).

Currently, the relevant regulation is being implemented with restrictions provided by the National Commission for State Regulation in the Energy and Utilities Sectors (NKREKP) for the period of martial law. As soon as this legal regime is removed, the document will be introduced in its entirety.

REMIT – Regulation (EC) 1227/2011 on wholesale energy market integrity and transparency (Regulation on Wholesale Energy Market Integrity and Transparency). Its purpose is to detect and prevent abuses in the wholesale energy markets, such as, in particular, trading based on insider information, market manipulation.

The provisions of the regulation were implemented into Ukrainian legislation by the law “On Amendments to Certain Laws of Ukraine on Prevention of Abuse in Wholesale Energy Markets” dated June 10, 2023 No. 3141-IX (REMIT Law).

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