The Cabinet of Ministers has approved amendments to the gas market law to facilitate integration with the EU energy market
The Cabinet of Ministers has approved a draft amendment to the Law "On the Natural Gas Market" aimed at implementing the provisions of EU Regulation No. 2017/1938 on measures to ensure the security of gas supply.
This was reported by the Ministry of Energy.
“The adoption of this act will create a transparent, predictable, and sustainable risk management system in the gas sector, which is particularly important in the context of military challenges and heightened threats to energy infrastructure. In addition, the implementation of European approaches will facilitate Ukraine’s integration into the EU’s single energy market, strengthen the confidence of international partners, and increase the investment attractiveness of the energy sector,” the ministry emphasized.
The document provides for the designation of a competent authority on natural gas supply security, which will assess risks, formulate state policy, and coordinate measures to prevent and resolve crisis situations in cooperation with EU member states and the Energy Community.
It also regulates mechanisms for achieving and monitoring target gas storage levels, as well as the approval of a plan of preventive measures and an action plan for crisis situations.
Furthermore, the amendments provide for aligning terminology with European standards and introducing uniform approaches to collecting the information necessary for monitoring the energy market situation.
As a reminder, Ukraine is negotiating with the U.S. for a $1.4 billion loan to upgrade energy equipment and increase gas and oil production. The funds may be used to develop gas storage facilities, the Odesa oil terminal, and to modernize the power grid.
