Valerii Bezus at an Energy Club online meeting: "A 'blind' market is not a market, it's a casino"

30.09.2025

At the online meeting “The ‘Blind’ Market: Why the Lack of Open Data Threatens Ukraine’s Energy Security?” held on September 24, Valerii Bezus, Vice President of Energy Club and Head of the State Agency on Energy Efficiency and Energy Saving of Ukraine (2021-2023), presented the community’s consolidated position on the critical issue of non-transparency in the electricity market.

In his presentation, he emphasized that the recent price collapse in the market is merely a symptom of a deeper systemic problem—a critical lack of access to key market data. “When the market operates ‘blind,’ it ceases to be a market and turns into a casino, where the winner is not the most efficient, but the one with access to closed information,” he noted.

Valerii Bezus recalled that the suspension of key data publication, which began in 2022 for security reasons, later became the norm and was effectively formalized at the end of 2024. This has forced suppliers and traders to make decisions under conditions of complete uncertainty for over two years, leading to billions in losses and the erosion of trust.

The expert stressed that this situation directly contradicts Ukraine’s European obligations. He cited the conclusions of the Energy Community Secretariat, which, in its official Assessment 2/25, clearly stated that withholding data violates the REMIT Regulation, creates risks of insider trading, and undermines the investment attractiveness of the sector. “The martial law argument no longer holds up to scrutiny. We must find a balance between security and transparency,” Bezus emphasized.

Instead of merely stating the problem, the Vice President of Energy Club presented a concrete, phased action plan that the community will advocate for at all levels. This “Roadmap to Transparency” includes three key steps:

1. Immediate Partial Data Disclosure: Provide targeted access to key operational information (generation status, system balance) for accredited market participants who bear daily financial responsibility.
2. Creation of a Transparent Forecasting Model: Initiate the development of an open, systemic price forecasting model based on the example of European countries. If complete data cannot be public, there must be an official forecast indicator (price range) that the market can rely on.
3. Ensuring a Balance of Interests: Include representatives of suppliers in the Auction Committee to ensure the interests of all market segments are represented and to facilitate more balanced decision-making.

In conclusion, Valerii Bezus underscored that a return to transparency is not just a demand from European partners, but a condition for the survival of a competitive market, the restoration of trust, and a guarantee of Ukraine’s energy security.