Cabinet stimulates alternative energy production

Following the request Prime Minister Mykola Azarov First Deputy Prime Minister Serhiy Arbuzov, the Ministry of Economic Development and Trade has prepared a bill to improve the mechanism of stimulating the production of electricity from alternative energy sources, the Information-Analytical Bulletin of the Cabinet of Ministers of Ukraine informs.

This measure introduces amendments to the Law of Ukraine "On electric power industry" and reduces the size of the "local" component in establishing of the "green" tariff for renewable energy facilities from 50% to 25%.

The draft law was published with an open access on the official website of MEDT to get the feedback of public and professional organizations, as well as the business community during the further work on the text.

MEDT experts point out that the proposed amendments to the Law "On electric power industry" will contribute to the fulfillment of Ukraine's obligations for the World Trade Organization. In addition, the document is aims to expand opportunities for foreign investors to work in the alternative energy market, which will also stimulate the development of domestic production and improve the investment climate.

Experts say the recovery from the global financial crisis will be largely achieved by significant reduction of the consumption of expensive energy from traditional sources. Therefore, for all leading countries of the world the development of renewable energy in recent years has become a priority.

Ukraine's government is aware of this global challenge and pays great attention to the expansion of energy-efficient technologies and production of energy from alternative sources.

In practice, this approach was implemented as development and approval of the legislative framework which creates favorable conditions for business in Ukraine and provides various incentives for business development in the field of renewable energy.