Sequencing Ukraine’s energy market reforms: A coherent pathway towards investment, resilience and EU market integration

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Key argument

Ukraine’s energy market reforms are highly interdependent. Measures affecting wholesale price formation, retail subsidies, balancing markets, carbon pricing and social protection need to be sequenced as one coherent package.

• Wartime resilience: stronger investment and demand-reduction signals are urgently needed.
• Market functioning: liberalisation requires credible price formation, liquidity and independent institutions.
• EU integration: electricity market coupling can provide an anchor and catalyst for structural reforms.