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President signs law on debt restructuring in gas market, sale of electricity under bilateral agreements exclusively at auctions
KYIV. Aug 27 (Interfax-Ukraine) – President of Ukraine Volodymyr Zelensky on Friday signed the bill on measures aimed at overcoming the crisis and ensuring financial stability in the natural gas market (No. 3508-d), which was adopted by parliament and submitted for signature to the head of state on July 29, 2021, according to the website of the parliament.
According to the report, the document defines a set of organizational and economic measures to overcome the crisis and ensure financial stability in the natural gas market. It applies to relations on the settlement of debts for consumed natural gas, services for its distribution and transportation, and only to subjects of the natural gas market that are included in the Register of enterprises participating in the debt settlement procedure.
According to the Ukrteplokommunenergo association, according to this law, heat suppliers will be able to restructure more than UAH 50 billion for consumed gas for a period of five years. At the same time, UAH 10 billion of fines and financial sanctions accrued on these debts of NJSC Naftogaz Ukrainy will be written off.
The state also compensates about UAH 30 billion of the difference in tariffs for thermal energy, which arose as a result of the establishment of economically unjustified tariffs for thermal energy by the National Energy and Utilities Regulatory Commission of Ukraine (NEURC), to heat suppliers.
The document also envisages the abolition of penalties for the gas supplier and the unblocking of the eseized heat suppliers’ accounts.
Law No. 3508-d also contains a number of stabilizing measures in the electricity market.
In particular, the Verkhovna Rada obliged producers of all forms of ownership, except for producers at the feed-in tariff and who received state support as a result of the auction, from September 1, 2021 to April 1, 2022, to sell electricity under bilateral agreements exclusively based on the results of electronic auctions, and traders and suppliers – to sell no more than 10% of the resource purchased under bilateral agreements on the day-ahead market (DAM) until November 1, 2021. In the case of electricity imports, the sales volume on the DAM increases by the volume of imported electricity.
The law also instructs the central executive body that ensures the formation of state industrial policy, within two months from the date of its entry into force, to develop and approve a form of certificate confirming the status of a green electrometallurgy enterprise.
