24.03.2023

The cost of natural gas on European hubs (Day-ahead):

TTF – 42.99 EUR/MWh ($496) (+9.0%)

THE – 43.67 EUR/MWh ($503) (+8.6%)

CEGH – 44.37 EUR/MWh ($511) (+5.7%)

PEG – 42.90 EUR/MWh ($495) (+8.3%)

The cost of natural gas on European hubs (Futures Month April):

TTF – 43.16 EUR/MWh ($498) (+7.7%)

THE – 43.75 EUR/MWh ($504) (+7.0%)

CEGH – 44.47 EUR/MWh ($513) (+6.8%)

PEG – 42.61 EUR/MWh ($491) (+7.5%)

Reform of subsoil use – yes, please!

01/12/22

The Verkhovna Rada of Ukraine has adopted in the second reading the Euro-integration draft law No. 4187 (amended), which provides for a massive reform of subsoil use in Ukraine. 276 Members of Parliament voted "for".

The document deregulates the mining sector, ensures transparent rules, modernizes and simplifies access to geoinformation, cancels archaic approvals, and reduces excessive state influence on the industry.

Key provisions of the draft law include:

• sanctioned individuals and residents of the aggressor state will not have access to the subsoil use sector;
• an economic passport will allow Ukrainians to receive a portion of the income from royalty for subsoil use;
• simplified access to land plots;
• free circulation of licenses;
• introduction of international standards for reserve evaluation;
• deregulation, digitization, and simplification of access to geoinformation;
• payment for license extension if less than 5% of reserves are produced, and prohibition if less than 1%.

A clear, transparent, and modernized system of subsoil use will increase competition, which will ultimately encourage businesses to invest more actively in the development of Ukrainian subsoil resources. Undoubtedly, this will be the key to Ukraine's post-war recovery.

The Association played an active role in refining this important document for the industry, and we are grateful to the Members of Parliament, relevant institutions, and associations for supporting the gas production sector and the reformed subsoil use sector.

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