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23 Aug Memorandum BRM – UEEX (en)
The Chairman of the Exchange Committee of the Ukrainian Energy Exchange, Mr. Oleksii Dubovskyi, and the President of the Romanian Commodities Exchange, Mr. Gabriel Purice, signed a Memorandum of Understanding (MoU) on Wednesday, August 9th, 2023.
This MoU outlines the commitment of both entities to evaluate and seize opportunities within the energy exchange domain, focusing on natural gas, power, and commodities such as agriculture, lumber, and oil products. The primary objective is to enhance interconnectivity and align trading and clearing systems, thereby facilitating seamless cross-border operations between Ukraine and Romania.
At the core of this collaboration is a shared aspiration to elevate regional trading and cross-border operations across the Ukrainian and Romanian markets. The MoU firmly underscores the pivotal role of interconnected trading and clearing systems in amplifying cooperation.
Highlighting the signing of the memorandum, Mr. Oleksii Dubovskyi accentuated the significance of establishing a harmonized post-trading infrastructure and introducing innovative exchange products. These pivotal steps are envisioned to galvanize trade within the dynamic Eastern European regional market.
Mr. Gabriel Purice expressed confidence that the memorandum represents a new beginning in the regional exchanges cooperation and opens the opportunity to produce new operational models tailored for the region needs by adding new features as value added products like spreads, regional quotation, harmonization of business practices and improved physical interconnection.
About Ukrainian Energy Exchange (UEEX): UEEX is the leading Ukrainian exchange that organizes and conducts trading on energy and other commodity markets. Since its establishment in 2010, UEEX has been engaged in trading on energy markets, including natural gas, oil, oil products, liquefied gas, coal, and electricity. UEEX operates on the electricity market segment for bilateral contracts, serves as the operator of a trading platform on the domestic gas market and the day-ahead market, conducts auctions for the purchase and sale of natural gas on the medium and long-term markets, and is the main source of market prices for energy resources in Ukraine.
About Romanian Commodities Exchange (BRM): BRM is an operating commodities exchange founded as a legal entity since 1992, and carries out mainly activities for the wholesale exchange trading in the natural gas and power market of Romania. BRM operates as market leader on the natural gas Spot and Forward, operates the Balancing Market on behalf of the Romanian TSO and runs its own clearing house for its markets. BRM has started operating on power market since 2022 and is on track to launching the spot coupled power market as it has obtained recently the NEMO designation.
This collaboration between UEEX and BRM sets the stage for enhanced cross-border energy exchange operations, promoting shared growth and advancing the energy landscape across the region.