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Ukrainian Regulator Postpones the Deadline Registering as a Wholesale Energy Market Participant until April 1, 2024

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On January 31, 2024, Ukraine’s National Energy and Utilities Services Commission (the Regulator) adopted Resolution No. 232 On Approval of Amendments to the Resolution of the Regulator 1812 dated October 4, 2023 (the Amendments).

It has postponed the deadline for the registration of participants of the wholesale energy market from February 1, 2024 until April 1, 2024.

In his comments posted on the Regulator’s website, the Chairman of the Regulator encourages all market participants to complete the registration by the new deadline if they are required to do so by law. Apparently, the deadline is unlikely to be postponed further, so if a market player carries out transactions involving wholesale energy products, it should comply with the registration requirements by April 1, 2024 to avoid certain negative consequences.

The most important change is an additional option to apply for the registration by an authorized representative of a non-resident of Ukraine in Excel(xls or xlsx) format through the electronic Services Portal of the Ministry of Economy (https://my.gov.ua/). Such electronic registrations must include a qualified electronic signature of the authorized representative in compliance with the requirements of the Laws of Ukraine "On Electronic Documents and Electronic Document Management" and "On Electronic Trust Services". In particular, the signature must use the ECDSA signature algorithm. In addition, the amendment specifies that the registered market participant cannot be controlled by persons registered (residing) in the occupied territories unless they are registered as internally displaced persons as per Ukrainian laws.

By Maksym Sysoiev, Partner, Dentons

Ukraine Knowledge Partner

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