The Ukrainian Energy Exchange (UEEX) is currently the only source of relevant exchange quotations for energy resources in Ukraine. The Ministry of Economic Development, Trade and Agriculture of Ukraine (hereinafter - the Ministry of Economy) recommends quotations of the Ukrainian Energy Exchange to be used as a price benchmark for natural gas and oil products.
Regarding the price of oil products in public procurement specification
In accordance with the recommendations of the Ministry of Economy, changes in the price of oil products in public procurement may change under the influence of European exchange quotations and quotations of the Ukrainian Energy Exchange.
So, the following variables should be used to calculate the adjusted fuel price: previous price of the respective type of fuel under the contract, official NBU UAH exchange rates against USD, European quotations and UEEX quotes.
Regarding the clarification of the natural gas price in public procurement
According to the recommendations of the Ministry of Economy, changes in the price of natural gas in public procurement in the additional agreement is regulated by a formula that takes into account the quotation of the NCG hub of the Month+1 contract and the weighted average price of monthly natural gas resources on the Ukrainian Energy Exchange.
Gas price in the Prozorro in accordance with the formula recommended by the Ministry of Economic Development is calculated using the calculator:
Dear users!
After the start of the full-scale war, the price trends of the Ukrainian and European gas markets acquired significant differences. Since this calculator calculates the refined price of natural gas by 95%, excluding currency fluctuations, based on the quotation of the European hub THE (NCG in the past) and only 5% based on the UEEX quote, we do not recommend using the refined price calculated by this calculator at this time, as the main source of market prices in Ukraine.
Pay attention! It is recommended to calculate the updated price in the period from one month from the date of the contract in order to avoid distortion of the results. Features of the formula temporarily do not allow calculating the adjusted price if the date of the price adjustment and/or the date of conclusion of the contract falls within the period from July 1, 2022 till August 31, 2022 and also, from November 1, 2023 till November 30, 2023.
Please be informed that, starting on October 1, 2021, German hub NCG and Gaspool were emerged to a new market zone (one hub) - Trading Hub Europe (THE). In this regard, in the calculations for the Calculator Avg NCG and NCG bas indicators were renamed to Avg THE and THE bas, respectively, and are determined based on Month+1 quotations of THE hub.
Video insruction to the calculator.
Please note that the procedure for changing essential conditions, which may include a formula for adjusting the price of oil products or natural gas, recommended by the Ministry of Economy, should be determined at the stage of formation of the draft contract.
Mandatory component of tender documents under the Law of Ukraine "On Public Procurement" is a draft procurement contract with mandatory indication of the procedure for changing its terms and conditions. The Customer shall independently compile the draft contract and shall necessarily include the procedure for change of essential terms and conditions of such contract, which may contain only cases stipulated by article 41 of the Law.
You can follow the level of natural gas prices in Ukraine and Europe on our website. Information on oil product prices can be found on our website by reference.
Information about market prices for oil products and natural gas
Qualified UEEX employees provide information on market prices for natural gas and oil products.
An information reference on the price of oil products can be issued in the form of a certificate on the quoted prices of oil products on the Ukrainian Energy Exchange if there are relevant trades.
The information sheet on the price of natural gas can be executed in one of the following options (the templates for inquiries for help and the answers to them can be found at the links below):
- Reference on the formula for calculating the updated cost of natural gas in accordance with the recommendations of the Ministry of Economy with an indication and description of individual components of the formula (request template from the client)
- Reference on the weighted average price of natural gas based on the results of electronic exchange trading on the Ukrainian Energy Exchange (request template from the client). The weighted average gas price of a monthly resource is calculated by dividing the total value of transactions concluded on the Ukrainian Energy Exchange, for the purchase and sale of this resource by the amount of sales and purchase volumes of this resource based on the results of transactions during the entire period of its sale until the specified date;
- Certificate of quoted prices for a monthly resource of natural gas based on the results of electronic exchange trading on the Ukrainian Energy Exchange (request template from the client). The quoted price for such a reference is calculated by dividing the value of concluded exchange transactions for a certain type of commodity during a trading day by the amount of this commodity.
Other options for providing information notes accordingly to your request are not excluded/allowed and will be processed by the UEEX staff if the relevant data are available. If you have any further questions, please contact 35-35-735 or send a request to info@ueex.com.ua.