COVID-19: Europex members remain fully operational to ensure orderly market functioning

Brussels, 23 March 2020 | COVID-19 continues to have a significant impact on people, businesses and markets around the world. The priorities of the energy exchanges in Europe are to make sure that their staff are safe and that the spread of the virus is contained. At the same time, they ensure that the critical infrastructure they provide to support the orderly functioning of energy markets remains available at all times. Reliable price signals are key, especially in times of high market volatility and when faced with the need to adapt quickly to an evolving crisis situation. While energy commodity
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Categories: Press Releases.

Europex feedback to Commission 2020 roadmap to fight money laundering and terrorism financing

Brussels, 11 March 2020 | Europex, the Association of European Energy Exchanges, welcomes the Commission’s initiative to review the effectiveness of the existing framework to fight money laundering and financing terrorism. The roadmap sets out important policy objectives  which are also relevant for keeping electricity, gas and emissions trading safe and free of fraudsters who in the past had been associated with money laundering and terrorism financing. In order to continue deterring such behaviour in the future, we would like to use this opportunity to recall the importance of extending the derogation of the domestic reverse charge mechanism (DRCM) for
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Categories: Consultation Responses.

Net zero at least cost: energy and emissions markets at the core of cost-efficient decarbonisation

Brussels, 17 February 2020 | Achieving a climate neutral economy by 2050 presents a significant challenge that will require fundamental changes across many sectors. Open, competitive, transparent and liquid power, gas and emissions markets are among the core tools necessary to reach the EU’s 2050 net zero target cost-efficiently. Agreement on the 2050 neutrality objective itself represents an important milestone which we explicitly welcome. To help achieve this, close attention must be paid to the instruments and mechanisms required, including how to trigger the necessary innovation and investment and to achieve decarbonisation at the least cost to the consumer, the
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Categories: Position Papers.

A market-based approach to local flexibility – design principles

  Brussels, 12 February 2020 | Increasing the share of renewable energy generation in the energy mix is vital for decarbonisation, yet intermittent renewables such as wind and solar power can put pressure on the capacity of local and regional grids, requiring costly grid management measures from the network operators, both TSOs and DSOs. At the same time, decentralised resources are being deployed at an increasing rate, including, among others, storage assets and electric vehicles interacting with the grid. Active customers will increasingly be able to offer demand-side flexibility, either directly or through aggregation services. Ways must be found of
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Categories: Position Papers.

MIBGAS, the Iberian Gas Exchange, joins Europex

Brussels, 12 February 2020 | MIBGAS S.A., the Iberian Gas Exchange, has joined Europex as a full member as of today. The activities of MIBGAS are designed to increase competition within the gas sector, increase security of supply for consumers and foster liquidity by ensuring non-discriminatory and equal access to the gas market in the Iberian Peninsula. Spot and prompt products are traded on MIBGAS, including within-day, day-ahead and month-ahead natural gas contracts, all with physical delivery at the Iberian virtual balancing point (PVB or Punto Virtual de Balance). Non-financial derivatives with a time horizon beyond month ahead are traded
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Categories: Press Releases.

Europex response to ESMA consultation paper on MiFID II review report on position limits and position management

Brussels, 6 January 2020 | Europex, the Association of European Energy Exchanges, welcomes the opportunity to contribute to the ESMA consultation paper on the MiFID II review report on position limits and position management in commodity derivatives. Europex has actively participated in previous MiFID related consultations, such as the call for evidence on position limits that took place last summer. While the review fulfils a legal obligation under MiFID II, this exercise is also a vital opportunity to assess the impact of position limits and position management on commodity derivatives markets and to ensure the regime is working in practice
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Categories: Consultation Responses.

MEMO joins Europex as Associate Member

Brussels, 18 December 2019 | MEMO Ltd, the National Electricity Market Operator of North Macedonia, has joined Europex as an Associate member as of today. MEMO was formally established on 31 July 2018 and started operations on 1 October 2019. MEMO has been tasked with establishing an electricity spot exchange (day-ahead and intraday) for North Macedonia and is in the process of becoming a Nominated Electricity Market Operator (NEMO) for future market coupling operations with neighbouring countries. It already carries out various tasks of a ‘delegated operator’, e.g. imbalance settlement calculations and invoicing. In addition, it acts as the single
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Categories: Press Releases.

Europex response to the ESMA consultation on the review of the Market Abuse Regulation (MAR)

Brussels, 29 November 2019 | Europex, the Association of European Energy Exchanges, welcomes the initiation of the MAR review and would like to use this opportunity to underline the importance of the MAR policy objectives. A robust and coherent regulatory framework to combat market abuse is necessary to help safeguard the integrity of financial markets and provide clarity to market participants as well as market infrastructure providers. A number of principles underpin our response to this review, including the need to ensure coherence between MAR and other pieces of legislation such as the Benchmarks Regulation (BMR) and the Regulation on
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Categories: Consultation Responses.