Minister of Energy of Ukraine German Galushchenko met with Ambassador Extraordinary and Plenipotentiary of the United Kingdom to Ukraine Melinda Simmons.

The meeting was also attended by Deputy Minister of Energy Yaroslav Demchenkov and First Secretary of the British Embassy in Ukraine William Turner.

The Minister briefed the Ambassador on the situation in the electricity market and the difficult but essential decision to increase electricity tariffs for household consumers. He stressed that this step would help raise additional funds to prepare the energy system for the coming winter. Indeed, the largest repair campaign of generation facilities and grids is currently underway, which requires significant resources to restore and rebuild after massive enemy attacks.

German Galushchenko also announced that the National Energy and Utilities Regulatory Commission (NEURC) has decided to abolish the price caps in the electricity market starting from 1 July 2023. This will help to increase market transparency, he stressed.

“We expect the Parliament to adopt a law that will provide NEURC with additional means to monitor, promptly detect and investigate violations and identify dishonest participants. The document has been developed in accordance with the EU REMIT Regulation and will ensure the transparency and integrity of the wholesale electricity and gas markets and prevent individual market participants from taking advantage of their monopoly position,” the Minister said.

The Minister expressed gratitude to the UK for its assistance to Ukraine’s energy sector. This includes more than 752 tonnes of power equipment, including 856 generators. He also thanked the United Kingdom for its GBP 10 million contribution to the Ukraine Energy Support Fund.