The countries of the Eurasian Economic Union have agreed on some contentious issues regarding the functioning of the common electricity market, the Eurasian Economic Commission (EEC) said following a meeting of the consultative committee on electricity.
"Representatives of the EAEU states have developed a common understanding of commercial metering of electricity in the common electricity market (CEM)," the EEC noted. - Unlike national markets, where electricity is metered at its direct production and consumption points, in the common market the amount of electricity received (transmitted) will be measured at interstate transmission lines and serve as the basis for determining the actual values of electricity balances between neighbouring member states.This understanding of accounting also made it possible to agree that deviations of the actual hourly production and consumption volumes of the subjects of the internal wholesale electricity markets from the planned values, including taking into account transactions on the Common Electricity Market of the EAEU, are subject to compensation by these subjects on the internal wholesale electricity market in accordance with the legislation of the member state".
The parties agreed on the possibility of using different financial settlement systems for different types of centralised electricity trade in the EAEU and at different stages of its development. "The participants of the event agreed on the condition that an organisation authorised for out-of-trade interstate electricity transmission has the right to refuse to conclude an agreement," the EEC said.
Members of the Consultative Committee on Electricity instructed experts to elaborate in more detail the issues of registration of free bilateral contracts, as well as determination and settlement of deviations of actual electricity balances from the planned values in the Common Electricity Market of the EAEU. "The need to settle these issues arose in connection with the development of draft rules of mutual trade in electricity on the common electric power market of the Eurasian Economic Union and rules of access to services for interstate transmission of electricity (capacity)," the EEC explained. - These documents, along with the rules of definition and distribution of capacity of interstate cross-sections and rules of information exchange in the common electric energy market of the EAEU, will regulate its operation. The rules are to be approved by the Eurasian Intergovernmental Council in 2022 and 2023, and come into force no later than January 1, 2025. It is when these four documents enter into force that the common electricity market of the EAEU will begin to function".
