NKREKP updated the Electricity Market Rules: what will change
On Tuesday, June 9, NKREKP approved changes to the Electricity Market Rules aimed at strengthening the financial discipline of participants, increasing the transparency of market operations, and improving the interaction mechanisms between market participants and the transmission system operator. This was reported by NKREKP.
"One of the reasons for preparing the changes was the recommendations of the Antimonopoly Committee of Ukraine to prevent possible violations of the legislation on the protection of economic competition and to eliminate potential risks for market participants," the statement reads.
The key innovation concerns the protection of participants in balancing and aggregated groups in cases of problems with the party responsible for balance (PRB). The updated rules define clear cases when the transmission system operator must renew imbalance settlement agreements for participants of the balancing and aggregated groups.
NKREKP emphasizes that this will reduce risks for participants who have transferred responsibility for their imbalances to another party and ensure the continuity of their market participation even in case of problems with the PRB.
Information interaction between the transmission system operator's platform and organizers of electronic auctions for the sale of electricity under bilateral agreements is also being improved.
The new mechanism will provide the exchange of necessary information for more effective control over the execution of concluded agreements, registration of relevant electricity volumes, and increased transparency of market operations.
Certain changes relate to financial guarantees and settlements in the balancing market. The document clarifies provisions regarding ensuring the fulfillment of financial obligations, as well as certain standard agreements between market participants and the transmission system operator.
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