On December 4, 2019, the Parliament of Ukraine has passed the Law “On the Introduction of Changes to the Law of Ukraine “On the Electricity Market” (the “Law“).
The law is still to be signed by the President of Ukraine and will enter into the force on the date following its official publication.
- All power producers (except those generating power from renewable energy sources) and importers will be obliged to sell at least 15% of generated power on the day-ahead market;
- Ukrenergo’s license on the transmission of electric power will remain valid until all certification formalities are completed and a new license is obtained;
- Import of electricity from the Russian Federation will be prohibited, with exception to emergency cases when the government will be permitted to temporarily cancel such limitation;
- National Commission of Ukraine on Energy and Utilities will be entitled to:
- cancel annual interstate output capacity auction for the year 2020 with countries which are not members of the Energy Community, provided, however, that already paid capacity will be reimbursed; and
- temporarily impose minimum and maximum prices for electric power on the day-ahead, intraday and balancing markets for each bidding zone in case of significant price fluctuations.