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NEURC Approved a Sample List of Inside Information for the Electricity and Natural Gas Markets

On 4 December 2024, the National Commission for State Regulation of Energy and Utilities (the NEURC or Regulator) adopted amendments to the Requirements for Ensuring Integrity and Transparency in the Wholesale Energy Market (Requirements) and approved a Sample List of Inside Information for the Electricity and Natural Gas Markets (the Sample List).

This article analyses the approved changes and includes a brief overview of the list of inside information relevant to producers, consumers, suppliers, traders, and operators of electricity storage facilities. The analysis is structured according to the categories of information specified in paragraph 4.3, Chapter 4 of the Requirements.

It is important to note that the list is indicative rather than exhaustive. Market participants should use it as a reference point when assessing whether a particular event might influence market prices and, consequently, qualify as inside information.

To assist market participants in assessing the potential price impact of certain events, the Regulator has approved specific criteria to consider. However, these criteria are not exhaustive. Among the approved factors are:

  • the magnitude of the event that has occurred or is anticipated
  • publicly available information on market demand and supply
  • the availability or unavailability of the participant's installations
  • the time of day relevant to the event (e.g., morning, evening, weekend, etc.)
  • reports of atypical events affecting the market

The Sample List identifies events that market participants should treat as potential inside information under the Requirements. Key categories include:

  1. Information on changes in capacities and installation use:
  • planned or unplanned unavailability of installations due to repairs, reconstruction, or technical upgrades
  • technical issues arising from planned repairs
  • commissioning or decommissioning of new installations
  • malfunctions caused by accidents, military actions, or natural phenomena that may impact capacity or installation use
  1. Other information that may affect electricity prices:
  • personnel errors during business or commercial transactions
  • force majeure events, such as wars, armed conflicts, terrorist acts, or explosions
  • corporate restructuring, bankruptcy, the establishment of a new company, or the emergence of a new ultimate beneficial owner
  • unilateral actions by individual companies
  • decisions by government or judicial authorities that may influence capacity changes or market operations

Additionally, the Regulator has established specific thresholds to determine when changes in the capacity or use of installations may be considered inside information:

Electricity production installations (50 MW and above):

A change in capacity is deemed inside information if:

  • the change is 5% or more for installations with a capacity of 400 MW and above
  • the change is 20 MW or more for installations with a capacity between 50 MW and 400 MW.

Electricity storage installations (50 MW and above):

A change in capacity is deemed inside information if the change is 20 MW or more.

Electricity consumption installations (68 MW and above):

A change in capacity is deemed inside information if the change is 20 MW or more.

For installations with a capacity between 20 MW and 50 MW, market participants should independently assess whether a change in capacity or technical feasibility could impact market prices or conditions. If such an impact is identified, the participant is required to disclose this information as inside information in accordance with the established Requirements and the Sample List.

Moreover, the Regulator introduced certain changes to the terms for disclosing inside information:

Inside information should be disclosed immediately, but no later than one hour after the occurrence of an event or fact.

Additionally, according to the Resolution of the NEURC No. 614, dated 27 March 2024, specific provisions apply during martial law in Ukraine:

  • Publication on participants' websites:

Inside information should be published on participants' websites, considering the requirements of Resolution No. 349 dated 26 March 2022, which pertains to protecting information classified as restricted access during martial law, including information related to critical infrastructure.

  • Test mode for disclosure on platforms:

For the duration of martial law and for 30 days after its termination or cancellation, the publication of inside information on platforms operates in a test mode, during which no penalties will be applied.

For more information, please contact Asters Partner Yaroslav Petrov or Senior Associate Kateryna Andarak.

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