: :inin Kyiv (EET)

Law on setting up independent regulator of energy market to enter into force Dec 8

The Law on the National Energy and Utilities Regulation Commission, adopted by the Verkhovna Rada of Ukraine September 22, which provides for the establishment of an independent regulator of the energy market of Ukraine in accordance with European regulations, is now published in the Cabinet`s official newspaper Uriadoviy Kurier.

The law will enter into force on the day following its publication, that is December 8.

All articles of the law will come into force on December 8 except for Article 11 on the financing of operation of the regulator, its central and regional headquarters, as well as Article 13 on the procedure for the payment of regulation contributions, both of which will come into force from January 1, 2017.

As UNIAN reported earlier, the Verkhovna Rada on April 12, 2016, after a year of discussions at various levels of government, adopted in the first reading a draft law on the NEURC.

September 22 the law passed its second reading, and on November 23 it was signed by the Ukrainian President.

According to the new law, NEURC members are selected by a competitive commission, whereas previously all the members of the NEURC were appointed by the president. The National Commission also gains financial independence from the state budget as its operations will be organized through contributions from members of the Ukrainian energy market.

The law is designed to make the NEURC more independent and to transfer some of its powers to the regions.


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