Legislative basis for the development of investment activity in energy sector of Ukraine in transition period

In the Ukraine, in conditions of economic transition, much attention is paid to the reforms in energy sector. Measures aimed at liberalization of price formation and the application of a price competition mechanism, the creation of a market infrastructure, the development of separate models for energy markets and the creation of a legal environment for energy market economic entities have been already implemented. As a result of implemented measures, the wholesale power, natural gas and oil products market has been functioning for several years. Foreign investments in Ukraine are protected from unlawful actions of the state bodies and officials. Currently in Ukraine, some projects in cooperation with foreign investors are being implemented. For example, a Ukrainian-British joint venture “Poltava Gas and Oil Company” was established. With the help of an EBRD loan, the Ukrainian energy service company (UkrESCO) was created. The projects “Energy Efficiency in Public Buildings of Kyiv”, that includes about 1300 buildings and the “Kyiv District Heating Improvement Project” are being implemented with the financial support of the World Bank