Europex General Assembly calls for strong market focus during Clean Energy Package market design trilogues

Brussels, 23 May 2018 | At its annual meeting on Friday last week, 18 May 2018, in Paris, France, the Europex General Assembly discussed the current state of the Clean Energy for All Europeans package with a special emphasis on market design aspects. Considering the general direction of the current debate and the remaining differences between the Commission’s legislative proposal, the European Parliament’s report and the Council’s general approach, the members of the Europex General Assembly agreed that market principles need to be put back in focus during the trilogue negotiations starting in July. While there are a multitude of
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Categories: Press Releases.

Europex supports EMIR Refit but calls for deletion of Amendment 4 in line with the overall intention to simplify and streamline

Brussels, 19 March 2018 |Europex strongly supports the EMIR Refit process and welcomes the ECON draft report as well as the intended simplification of reporting obligations and improvement of data quality. We especially value the aim to achieve a reduction of costs for market participants and to extend the possibilities of choice for clearing members. However, we are highly concerned about Amendment 4 as tabled on 26 January 2018 in the Langen draft report. We fear that the amendment, which states that: ‘The CCP should report to the TR specified by the counterparty. Clearing members and their clients should be
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Categories: Position Papers.

The need to simplify and streamline reporting obligations under EMIR, MiFID II/MiFIR and REMIT – Europex response to Commission fitness check on supervisory reporting

Brussels, 14 March 2018 | Europex welcomes the opportunity to take part in the “fitness check on supervisory reporting” of the European Commission and to discuss the effectiveness and efficiency of existing EU-level supervisory reporting requirements. We deeply believe in the simplification and streamlining of regulatory reporting. Electricity and gas derivative contracts are covered by reporting obligations stemming from four pieces of legislation: namely EMIR, MiFID II/MiFIR, REMIT and MAR. This constitutes a heavy reporting burden for energy exchanges and clearing houses as well as for market participants. Consequently, there is a need to streamline the requirements in order to
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Categories: Consultation Responses.

Europex response to the consultation on the ‘First Edition Bidding Zone Review’

Brussels, 9 March 2018 | Europex’ response is divided into two parts. Comments on the content of the draft report for public consultation are provided first, followed by comments concerning the process of the First Edition Bidding Zone review. 1. Feedback on the First Edition Bidding Zone Review: Draft report for public consultation Selection of expert-based bidding zone configuration: Configuration selection is a vital part of the review, which defines the framework of the study. The selection of the four alternative expert-based configurations developed by the TSOs is described in section 4.1, taking each scenario in turn. It is explained
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Categories: Consultation Responses.

RED II: Auctioning GOs for supported energy brings wider system benefits and ensures alignment with EU State Aid rules

Brussels, 15 February 2018 | Guarantees of Origin (GOs) are valuable tools for tracking and documenting both renewable and conventional energy. Europex has already put forward several proposals for the further development of the GO market in the context of the review of the Renewable Energy Directive (RED II). Following the publication of the Council’s General Approach on RED II and the ITRE report adopted by the European Parliament, there have been diverging stakeholder positions on how to ensure that renewable energy producers receiving financial support do not receive double compensation under the GO system (Article 19 of RED II).
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Categories: Position Papers.

Joint statement by Eurelectric, Europex, WindEurope and EFET: Regulated retail prices

Brussels, 6 February 2018 | For the attention of the European Parliament and Council The Clean Energy for All Europeans Package provides a unique opportunity to empower European energy consumers. It enables them to be more involved in the electricity system whilst ensuring that vulnerable consumers are not left behind. Consumers will only be empowered through a combination of measures – such as efficient price signals, certified comparison tools and easy switching. Should retail prices continue to be regulated in some Member States, the benefits brought by the Clean Energy Package would be severely weakened. Regulating retail prices impedes consumers from
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Categories: Press Releases.

Electricity market design: Europex urges continued focus on robust market principles

Brussels, 5 February 2018 | Europex generally welcomes the Council’s General Approach on electricity market design (recasts of the Electricity Regulation and Directive, as published on 20 December 2017) which makes positive steps towards achieving more integrated, liquid and efficient wholesale electricity markets in Europe. Properly functioning energy markets, and the resulting reliable price signals constitute the most effective means to meet the challenges of an evolving energy sector and to deliver energy to European citizens in a reliable, affordable and climate-friendly way. While there are some aspects which we believe could be further improved in the Council’s General Approach,
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Categories: Position Papers.

Europex Feedback to Phase II of the Study “Quo Vadis, EU Gas Market”

Brussels, 12 January 2018 | As a point of departure, the study names the “alleged” main weaknesses of the European gas market, pointing to price differences between countries/zones. These are explained as being a result of existing long-term supply contracts and an increasing dependency on extra-EU supplies. We are convinced that the goal of any future market design should not be to focus on price levels or to artificially align gas prices by regulatory intervention, but rather to design the market in such a way that an efficient price equilibrium is reached throughout the EU. And in such an equilibrium, prices
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Categories: Position Papers.

The entry into application of MiFID II / MiFIR: the start of a new era of European energy commodity derivatives trading

Brussels, 3 January 2018 | Today’s entry into application of the revised Markets in Financial Instruments Directive (MiFID II) and its accompanying Regulation (MiFIR) marks a major milestone in European energy commodity trading. The great majority of gas and electricity derivative contracts as well as all EU ETS emission allowances are now classified as financial instruments – along with all other commodity derivatives. New rules for market venues, like energy exchanges, where these financial instruments are traded, apply along with numerous other changes affecting market participants and market infrastructure providers.   Please read the full statement below.
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Categories: Press Releases.

Europex response to ACER’s public consultation on the “Proposed Changes to Electronic Formats for Transaction Data, Fundamental Data and Inside Information Reporting”

Brussels, 8 November 2017 | Europex welcomes the opportunity to take part in ACER’s public consultation on the Proposed Changes to Electronic Formats for Transaction Data, Fundamental Data and Inside Information Reporting. As a matter of principle, Europex supports the effort of ACER to enhance data quality for monitoring purposes and to implement a simplification of the reporting format. Despite these improvements, however, we would like to highlight that any change(s) to the already established reporting format will: create implementation costs which will be passed on to market participants and end consumers; increase system operation risks; potentially affect the reliability
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Categories: Consultation Responses.