The wholesale electric energy market as a regulatory instrument of the electric energy sector in the European Union and Ukraine

Abstract

In this article, there is an analysis of valid European Union and Ukraine legal regulations in the area of the wholesale energy market’s organisation and functioning provided. The valid EU regulation allows us to draw the conclusion that there are 3 major goals accomplished by the energy sector regulations: economic goals (i.a. procompetitive support), energy security, and social goals. Consequently, the wholesale energy market can be regarded as a regulatory instrument. Ukraine assumed the obligation to implement EU legislation in the field of energy sector regulation (Energy Community acquis communautaire). The Act of Ukraine of 13th April 2017 in electric energy mar-ket implements the fundamental principles of the third energy package in the area of organisation and functioning of the wholesale electric energy market. It is required, however, to provide for a further implementation of EU regulation 1227/2011 (REMIT) and of the fourth energy package.