On July 1^st, 2019, Ukraine opened its electricity market, shifting from a regulated single-buyer model to competitive liberalised model in line with EU directives. The reform was implemented in the tight timeframe of only 2.5 years – very quick by European standards. Our 5^th issue of the Monitoring of Electricity Market Opening (MEMO) series now takes stock of the first 12 months of operation under the new wholesale market. It provides an overview of how the market performed, what changes have been introduced and what issues still need to be addressed. 

The report presents a comprehensive analysis of the available data and contains 66 figures, tables and charts in total. For convenience, it is structured in the following way:

• The first part gives a general overview of the market, with an analysis of key metrics and a timeline of legislative framework changes.
• The second part provides a comprehensive review of the main events that occurred during 12 months and key problems remaining in the market.
• The third part focuses on recommendations for improvements and a to-do list for the next twelve months.
• The fourth part comprises an extensive in-depth data analysis, with graphical representation and short narratives about the market performance.

Judging from EU experience electricity market reforms take years to finalise. Ukraine has just started its long way towards a truly liberalised competitive market. Now it is important to develop a long-term strategy on how to make the reform come to fruition and benefit Ukrainian consumers.