Last resort supplier to be approved for three years / Photo from UNIAN
Competition Commission of the Cabinet of Ministers defined Naftogaz Ukraine as a winner in a competition for the last resort gas supplier, the term introduced on October 1, as the newly adopted law on natural gas market came into force.
“Naftogaz was the only company to submit a bid," reads the company statement.
The company reminded that the last resort provider has no right to refuse entering into a contract on supply of natural gas for a limited period of time.
"This supplier is required to continuously provide consumers with gas in the event of liquidation or bankruptcy of their existing suppliers," the company said.
Read alsoYatsenyuk orders Naftogaz to stop buying Russian gas: EU price betterLast resort supplier is obliged to provide consumers with gas for up to 60 days, to give them the opportunity to conclude a contract with another supplier.
The Cabinet is yet to approve the commission’s decision, says the company report.
The last resort supplier is approved for a three-year term.
Read alsoWorld Bank to issue report on Naftogaz restructuring by year's endAs UNIAN reported earlier, a law on the natural gas market , came into force on October 1, 2015, depriving Ukraine’s largest state energy holding Naftogaz of Ukraine of its monopoly status.
"We actually build a completely European-type non-monopolized system of the natural gas market, where the supplier determines, to whom and where to sell, while the buyer defines, from whom to buy," said Prime Minister Arseniy Yatsenyuk, commenting on the law.