FUNCTIONING OF THE MODERN ELECTRICITY MARKET IN UKRAINE AND PRICING FEATURES ON ITS SEGMENTS

Abstract

Objective. The study aims to investigate the functioning peculiarities of the modern electricity market in Ukraine and pricing on its segments, and to justify proposals for their improvement. Methodology. To address the set tasks, a variety of methods and approaches were utilized in the work, including: abstract-logical – in defining the purpose and objectives of the research; analytical-monographic – in studying literary sources, legislative, and normative legal acts in the sphere of functioning of the modern electricity market in Ukraine; causal-analysis – in identifying a series of barriers hindering the development of the domestic electricity market; statistical-economic – in the process of collecting, processing statistical data and studying the results of energy market operation in 2020-2023. Results. The article examines the main aspects and problems of the functioning of the modern electricity market in Ukraine, based on competitive trading volumes of electricity in integrated market segments such as: day-ahead market, intraday market, bilateral contracts market, balancing electricity market, ancillary services market. Special attention is paid to the mechanism of electricity pricing. Scientific novelty. Recommendations for further liberalization of the electricity market in Ukraine regarding electricity pricing mechanisms on market segments are provided, which will help align price distortions, disproportions in market participants' calculations, and create competitive advantages in energy markets in Ukraine, based on the analysis of its operation results in 2020-2023. Practical significance. The recommendations provided in the article can be applied in the development of individual elements of Ukraine's Energy Strategy, creating conditions for sustainable development of Ukraine.