On July 4, the Eurasian Economic Commission's Council determined Administrator of the Trading System of the Wholesale Electric Power Market, Joint-Stock Company (Russian Federation) as the organization responsible for organizing centralized electric power trade on a day-ahead basis in the common electric power market of the Eurasian Economic Union.
Now all the operators of centralized trade in the common electric power market as envisaged by the Treaty on the Union have been determined.
Creating the EAEU common energy markets is one of the priority objectives. The Union's common electric power market is expected to start operating on January 1, 2025.
It is planned that the "five" countries will create conditions in the EAEU common electric power market for all of their wholesalers to participate in cross-border trade. Voluntary involvement, competition and transparent pricing are the main principles that form the legal basis for the market's functioning.
The EEC Council also agreed on the deadlines for submitting the rules for the EAEU common electric power market functioning (mutual trade, determining and allocating the capacity of interstate power transmission lines and information exchange) to the heads of government of the Union countries for adoption.
Systematic work is now underway to establish the Union's common electric power market. An international treaty has already come into effect, the rules for access to services for the interstate transmission (transit) of electric power have been approved, and trading platforms organizing centralized electric power trade under fixed-term contracts in the common market have been determined.
In November 2022, the EEC Council determined three trading platforms for centralized electric power trade under fixed-term contracts based on proposals from the EAEU countries: Belarusian Universal Commodity Exchange (BUCE), Kazakhstan Operator of the Electricity and Capacity Market (KOREM), and Saint-Petersburg International Commodity Exchange (SPIMEX). Trading will take place in an electronic trading system using on-exchange mechanisms, i.e. an anonymous double counter auction.