02.06.2026
Ahead of the Europe-Ukraine Energy Trading Forum 2026: Recovery, Market Coupling & New Trading Frontiers, the Energy Club prepared an interview with Rafał Staśkiewicz, Market Manager Central and Eastern Europe, Nord Pool / Euronext Group, who is going to take part in the forum on 9 June 2026. The conversation focuses on Ukraine’s electricity market integration with Europe, practical conditions for market coupling, the role of short-term markets, transparent price formation, liquidity and trust among market participants. Special attention is given to how Ukraine can prepare for deeper integration with European day-ahead and intraday markets, what lessons may be useful from the experience of Central and Eastern European markets, and how efficient market signals can support investment in BESS, distributed generation, flexibility and new balancing technologies. The interview is published as part of the preparation for the forum, which will take place on 9 June 2026 in Budapest and will bring together Ukrainian and European energy market participants to discuss recovery, market coupling, cross-border electricity trading and new cooperation opportunities between Ukraine and the EU.
Ukraine has already completed the first major step – physical synchronisation with the Continental European power system through ENTSO-E. This means the Ukrainian grid now operates together with the wider European electricity system.
The next phase is market integration – connecting Ukraine not only technically, but also commercially and operationally with European electricity markets. This is happening during a period of major transformation across Europe. Electricity markets are becoming increasingly driven by renewables, volatility and flexibility. We see this clearly on Nord Pool markets, where intraday trading volumes grew by almost 60% in 2025.Ukraine is expected to be integrating directly into the future European electricity market model – one built around flexibility, transparency and cross-border optimisation.
Market coupling means that electricity markets from different countries operate together through one coordinated system. Electricity automatically flows where prices and system conditions require it most.
To achieve this, several things must work together: aligned market rules, reliable trading infrastructure, sufficient cross-border capacity, and strong market liquidity. Infrastructure remains very important. Ukraine’s current import capacity from Continental Europe is still limited, so grid development and market integration typically progress in parallel.
Another important factor is operational readiness. Europe recently moved to 15-minute trading intervals across all coupled day-ahead markets. This reflects how electricity systems are becoming more flexibility-oriented due to renewable growth. At Nord Pool, we have practical experience supporting these types of transitions through Nord Pool Consulting and our Serviced PX projects in markets such as Iceland, Bulgaria and Georgia.
The biggest change is efficiency and simplicity. In older systems, companies often needed to separately secure transmission capacity and then trade electricity. In coupled markets, this process becomes automated and coordinated through one optimisation mechanism.
For market participants, this means: easier access to neighbouring markets, stronger liquidity, more transparent prices, and more efficient use of generation and infrastructure.
This is becoming increasingly important because renewable generation changes market behaviour significantly. Electricity production from wind and solar can change rapidly, so companies increasingly optimise positions much closer to delivery time. Germany is a very good example of this trend. As renewable generation expanded, intraday trading activity and short-term optimisation grew rapidly as well.
The most important long-term benefit is resilience through integration, as seen across European markets. A more integrated market gives Ukraine access to regional liquidity, balancing resources and additional generation capacity during periods of system stress. At the same time, integrated markets create stronger investment signals, supported by transparent pricing and liquidity. Ukraine will require large investments in: renewable generation, batteries, grid infrastructure, and flexibility solutions.
Investors increasingly look for markets where prices are transparent and market rules are predictable. This is already visible across Europe. Markets with strong short-term liquidity tend to attract more investment into flexibility technologies such as BESS because investors can better understand how these assets create value.
As seen across European markets, the key issue is market confidence. Efficient spot markets require participants to trust that prices reflect real market conditions and that rules remain stable over time. This becomes especially important in renewable-heavy systems. Wind and solar generation increase volatility and require much faster balancing and optimisation.
That is why short-term markets are becoming increasingly important across Europe. We see this clearly in Western and Central Europe, where intraday and balancing activity are growing much faster than traditional day-ahead trading. Transparent short-term price signals are now essential not only for traders, but also for investors in batteries, flexibility and renewable generation.
Power exchanges create neutral and transparent environments where electricity prices are formed openly according to market conditions. This improves confidence for market participants, investors and financial institutions – especially during periods of uncertainty.
Modern exchanges also increasingly provide: market data, risk-management tools, clearing infrastructure, market surveillance, and benchmark pricing.
One interesting example is the growing role of batteries in European electricity markets. Together with Clean Horizon, Nord Pool recently launched a Europe-wide BESS profitability index. This reflects how flexibility and storage are becoming central elements of modern electricity market design.
The most important preparation is adapting to a much faster and more dynamic market environment.
European electricity markets increasingly operate around:short-term optimisation, balancing, renewable integration and flexibility management. This means companies need stronger capabilities in: forecasting, automation, intraday trading and operational risk management.
The move to 15-minute trading intervals across Europe reflects this transformation clearly. Markets are becoming more granular and increasingly focused on reacting quickly to changing system conditions.
The Baltic states are a very good example of gradual integration into the wider European electricity market. This process required: infrastructure investments, market reforms, liquidity development, and strong operational coordination between exchanges and transmission system operators.
Another important lesson is that market integration is never only technical or regulatory – it is also operational and commercial. Participants need transparent markets, reliable infrastructure and sufficient liquidity to actively trade across borders.
The broader European experience also shows that electricity markets evolve very quickly once renewable generation expands. Systems become more interconnected, more short-term and increasingly dependent on flexibility and balancing capabilities.
Flexible technologies depend directly on efficient short-term markets. The more transparent and liquid the market is, the easier it becomes to build sustainable investment models around flexibility assets. This is why Europe is rapidly expanding intraday and balancing markets. Electricity systems increasingly require assets capable of reacting within minutes rather than hours. Ukraine also has an opportunity to build a more decentralised and resilient energy system than many traditional European markets, with flexibility and storage playing a central role from the beginning.
Technical synchronisation and regulatory alignment are necessary foundations, but successful integration ultimately depends on whether the market functions efficiently in practice. The strongest indicator of success will be reflected in whether market participants trust and actively use the market. This means growing liquidity, transparent pricing, active cross-border trading, operational reliability, and long-term investment activity.
Europe’s electricity markets are becoming more interconnected, more dynamic and increasingly driven by flexibility. Ukraine now has an opportunity not only to participate in this transformation, but to can become an important future contributor to the broader European energy ecosystem.
