THE INTERDEPENDENCE BETWEEN THE CREATION OF GAS EXCHANGES AND THE FACTORS OF EUROPEAN INTEGRATION

Abstract

The purpose of this paper is to identify the prerequisites for the creation of gas exchanges in the European gas market in the process of European integration and to identify the impact of strengthening market mechanisms on Ukraine's attractiveness to the EU in this context. In line with this goal, the author has found that the creation of gas exchanges was a direct consequence of European policy documents aimed at liberalizing and building a single internal natural gas market. This is evidenced by the emergence of gas exchanges in European countries over the past twenty years with the introduction of three energy packages. It is argued that gas exchanges and hubs are essential elements of a liberalized gas market, as they ensure its functioning on a competitive basis in accordance with the functions and principles of their activities. The Directives do not directly prescribe the requirements for the establishment of gas exchanges. However, the principles of liberalisation, third-party access, promotion of competition in the energy market and attraction of many sellers and buyers are implemented with the functioning of the gas exchange institute. The author discusses the impact of strengthening market mechanisms on Ukraine's attractiveness to the EU. The measures taken by Ukraine to implement the requirements of the Third Energy Package, together with the potential creation of a gas hub, will contribute to its attractiveness as a reliable partner and a full-fledged player in the gas market, capable of contributing to the achievement of energy security for European countries.