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