: :inin Kyiv (EET)

EU to assist Ukraine in raising investment in energy sector through reforms

The European Union has launched a new technical assistance project to help Ukraine`s Ministry of Energy and Coal Industry and other stakeholders to reform Ukraine`s energy sector.

”Its aim is to support Ukraine in setting up an effective regulatory framework that increases competition and strengthens the efficiency of the markets. It is expected to become attractive to investors and makes the energy sector more environmentally sustainable,” the Delegation of the European Union to Ukraine has said.

The goal of the current EU-Ukraine energy cooperation is to establish a strategic energy partnership, based on close integration of energy markets, mutual energy security and environmental sustainability. The EU-Ukraine Association Agreement and the Energy Community Treaty provide the legal basis for the cooperation, it said.

”In this context, the EU-funded project `EU Assistance to Energy Sector Reform` will support the Ministry of Energy and Coal Industry of Ukraine and other relevant stakeholders in the process to further energy reforms. The project will, in particular, operate in the area of electricity market reform, support in establishing the system of oil and oil products stocks as well as assist the Ministry in strengthening its policy shaping in the sector,” the Delegation said.

Ukraine as a contracting party of the Energy Community has already undertaken the first steps to comply with a number of its international obligations. The EU is ready to support Ukraine in the transition process.

”Energy sector reform has made impressive progress over the last two years, the gas sector mainly. Other reform steps are still ahead to establish competitive markets, including electricity market, and modernise the energy infrastructures to offer choice and quality at reasonable prices to citizens and businesses. Ukraine also needs a long-term energy strategy to allow companies and other stakeholders to better prepare for future political objectives and priorities of the sector”, said Johannes Baur, head of operations section ”Development related to infrastructure (energy, transport) and environment” at the EU Delegation to Ukraine.

Head of the International Cooperation Department at the Ministry of Energy and Coal Industry of Ukraine Oleksandra Kozlovska in turn said: ”Among our strategic objectives are the current Ukrainian energy sector reform and its transformation in line with the market principles, open competition and the EU standards. It will become a reliable basis for the development and growth of the system. We highly appreciate the EU support to our reforms.”

The EU-funded project ”Assistance to Ukraine in the process of implementation of energy sector reform” is aimed to assist the Ministry of Energy and Coal Industry in the transposition and implementation of selected provisions of the EU-Ukraine Association Agreement and the Energy Community Treaty. The project budget is EUR 2.3 million for the 30-month period.


Submit a Comment

Your email address will not be published. Required fields are marked *

Pin It on Pinterest

Share This

Share this post with your friends!