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State-owned operator of Ukraine's united power grids Ukrenergo has signed an agreement on Ukraine's accession to the European energy system, according to the company's CEO Vsevolod Kovalchuk.
"The agreement on the terms of accession was signed in Brussels today during the General Assembly of the European Network of Transmission System Operators for Electricity (ENTSO-E). Several years of joint work of the government, NEURC [Ukraine's National Energy and Utilities Regulation Commission], the Energy and Coal Industry Ministry, Ukrenergo and energy generating companies are ahead. The Road Map project has already been developed, the agreement contains all the requirements for the modernization of our power grid," he wrote on Facebook.
Kovalchuk also noted that Ukraine applied to join the European energy system for the first time in 2006.
"Joining [the European energy system] together with the introduction of a new law on the electricity market will allow us to unite markets with neighboring countries, to really compete and win monopolies," he added.
Read alsoUkrenergo boosts profit by 3.7 times in 2016As reported earlier, Ukrainian President Petro Poroshenko signed the Law "On Electricity Market."
The adoption of the law is a mandatory condition for the disbursement of a third EUR 600 million tranche of the European Union's macro-financial assistance to Ukraine.
The said document meets the requirements of the Third Energy Package and is in line with the current law on the functioning of the electricity market in Ukraine. The latter outlines the structure of the said market in general and foresees incorporation of the Ukrenergo company, which operates the country's integrated power grids.