АУКЦІОННА ТОРГІВЛЯ ЕЛЕКТРОЕНЕРГІЄЮ В УКРАЇНІ: РОЛЬ ДЕРЖАВНОЇ ГЕНЕРАЦІЇ ТА ЕНЕРГОТРЕЙДЕРІВ У ЗАБЕЗПЕЧЕННІ СТІЙКОСТІ РИНКУ

The relevance of this study is determined by the profound transformation of Ukraine’s electricity market under conditions of full-scale war, market liberalization, and European integration, which significantly increases the role of market-based mechanisms in ensuring the resilience of the energy sector. Large-scale destruction of energy infrastructure, shortages of generation capacity, and heightened uncertainty have intensified the importance of the electricity market as a critical component of national and economic security. The article provides a theoretical and applied analysis of auction-based electricity trading in Ukraine as a key institutional mechanism of a liberalized market model. Particular attention is paid to the system-forming role of state-owned generation and energy traders in shaping electricity supply, redistributing limited resources, and maintaining liquidity across market segments during periods of wartime and economic instability. The institutional and regulatory framework governing auction trading is examined, including the functioning of the day-ahead and intraday markets, as well as the impact of public service obligation (PSO) mechanisms on market outcomes. The dynamics of accepted trading volumes and price indicators in short-term market segments are analyzed, revealing a high level of volatility and sensitivity of auction-based pricing to resource shortages, technical constraints, and wartime risks. The functional roles of energy traders are identified as intermediaries, balancing agents, and carriers of price signals, whose activities contribute to enhanced market flexibility, risk redistribution, and operational adaptability. The study concludes that auction-based electricity trading in Ukraine is gradually evolving from a purely commercial instrument into a systemic mechanism that supports market resilience, transparent price formation, and the integration of the national electricity market into the European energy space. The findings underline the growing importance of auction mechanisms and energy trading for ensuring the stability and adaptability of Ukraine’s electricity market under conditions of prolonged uncertainty.