Energy Club to discuss the impact of new imbalance prices on electricity market participants

08.05.2026

Energy Club has been approached by ENERGY 365 LLC with a proposal to bring the impact of new price caps and the current imbalance pricing mechanism on electricity market participants to an expert discussion.

The grounds for the appeal were the adoption of NEURC Resolution No. 621 “On Price Caps in the Day-Ahead Market, Intraday Market, and Balancing Market,” which establishes new price limits for the DAM/IDM and the balancing market. Notably, the maximum price cap on the balancing market is set at 17,000 UAH/MWh, while the minimum is 0.01 UAH/MWh.

The company’s appeal states that the current mechanism for determining imbalance prices may create significant asymmetry for market participants. In certain hours, a positive imbalance is effectively paid at an almost zero price, while a negative imbalance can be charged at prices significantly exceeding the DAM price.

According to the data provided in the letter, between January 17 and March 30, 2026, the payment price for a positive imbalance was 0.01 UAH/MWh for 351 hours, while the maximum payment price for a negative imbalance reached 16,800 UAH/MWh for 781 hours.

Separately, the appeal raises the issue of the link between balancing market pricing and the debt crisis, payment delays, and the risks of market participants acquiring “Pre-default” or “Default” statuses.

Responding to the request from a club member company and considering the importance of the issue for suppliers, traders, producers, balancing groups, DSOs, and consumers, Energy Club will hold an online meeting for club member companies.

Meeting Topic: Imbalance prices after NEURC Resolution No. 621: market risks and possible temporary solutions

Date and Time: May 14, 12:00
Format: Online
Participation: For Energy Club member companies

The purpose of the meeting is to discuss the impact of new price caps on market participants, assess the risks of the current imbalance calculation mechanism, and determine whether there is a need to prepare a consolidated position of Energy Club member companies for the NEURC, NPC Ukrenergo, JSC Market Operator, the Ministry of Energy of Ukraine, and the Cabinet of Ministers of Ukraine.

The goal is not to abolish responsibility for imbalances, but to find temporary safeguards for the period of martial law that could reduce excessive price distortions and preserve the financial stability of bona fide market participants.

Discussion Questions:

• How do NEURC Resolution No. 621 and the new price caps affect suppliers, traders, producers, balancing groups, DSOs, and consumers?
• Does the current mechanism for determining imbalance prices create excessive asymmetry between positive and negative imbalances?
• Why is positive imbalance effectively paid at near-zero prices during certain hours, while negative imbalance can cost significantly more than the DAM?
• What financial risks does the increase of the balancing market upper limit to 17,000 UAH/MWh create for market participants?
• Is it fair to place full responsibility for hourly imbalances on market participants under conditions of war risks, emergency power outages, unpredictable renewable generation, and limited access to certain systemic information?
• Could a temporary price corridor for imbalance payments relative to the DAM serve as a compromise solution for the period of martial law?
• How is the pricing problem in the balancing market related to debts, payment delays, and the risks of acquiring “Pre-default” or “Default” statuses?
• Are Energy Club member companies ready to support the preparation of a joint appeal to the NEURC, NPC Ukrenergo, JSC Market Operator, the Ministry of Energy of Ukraine, and the Cabinet of Ministers of Ukraine?

Energy Club invites member companies to join the discussion and provide their proposals for potential solutions.

Ціни небалансів після постанови НКРЕКП № 621: ризики для ринку та можливі тимчасові рішення