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Business welcomes efforts to repay old debts in the wholesale electricity market

04/ 05/ 2020
  At the end of last week, the Verkhovna Rada of Ukraine adopted in the first reading the draft law No. 2386 on measures to repay old debts in the wholesale electricity market. This draft law is the main one in the package of legislative initiatives aimed at repaying debts of SE Energorynok and other market participants accumulated before the implementation of the new Law on the Electricity Market (adopted in July 2019 for the implementation of the EU Association Agreement). This package also includes draft laws No.2387, No.2388, No.2389, No.2390. The EBA Energy Committee supports the adoption of the draft law No. 2386, as the debt issue needs to be immediately settled. Also, this draft law is a part of the electricity market reform, the importance of which has been repeatedly emphasized by EU institutions and key European partners of Ukraine. As of 01 July 2019, the accounts receivable of SE Energorynok amounted to 30.9 billion UAH, while accounts payable - UAH 28.1 billion. Such debts were caused mainly by the manual management and the administrative influence of public authorities on the participants of the wholesale electricity market over the last 20 years. The new Law on the Electricity Market, that turned into force in July 2019, has dramatically changed the principles of the electricity market and started the transition to a competitive model. At the same time, in order to finally transfer to a new market model and established calculations, the business calls for the adoption of draft law No.2386 in the second reading and as a whole. In addition, it is necessary to vote for package draft laws No.2387, No.2388, No.2389, No.2390. These decisions will help to ensure the repayment of debts in the wholesale electricity market, as well as the conditions for established calculations in the new electricity market. We hope the voice of business will be heard!

At the end of last week, the Verkhovna Rada of Ukraine adopted in the first reading the draft law No. 2386 on measures to repay old debts in the wholesale electricity market.

This draft law is the main one in the package of legislative initiatives aimed at repaying debts of SE Energorynok and other market participants accumulated before the implementation of the new Law on the Electricity Market (adopted in July 2019 for the implementation of the EU Association Agreement). This package also includes draft laws No.2387, No.2388, No.2389, No.2390.

The EBA Energy Committee supports the adoption of the draft law No. 2386, as the debt issue needs to be immediately settled. Also, this draft law is a part of the electricity market reform, the importance of which has been repeatedly emphasized by EU institutions and key European partners of Ukraine.

As of 01 July 2019, the accounts receivable of SE Energorynok amounted to 30.9 billion UAH, while accounts payable – UAH 28.1 billion. Such debts were caused mainly by the “manual management” and the administrative influence of public authorities on the participants of the wholesale electricity market over the last 20 years. The new Law on the Electricity Market, that turned into force in July 2019, has dramatically changed the principles of the electricity market and started the transition to a competitive model.

At the same time, in order to finally transfer to a new market model and established calculations, the business calls for the adoption of draft law No.2386 in the second reading and as a whole. In addition, it is necessary to vote for package draft laws No.2387, No.2388, No.2389, No.2390. These decisions will help to ensure the repayment of debts in the wholesale electricity market, as well as the conditions for established calculations in the new electricity market. We hope the voice of business will be heard!

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