Archives: EU Developments

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Key Developments in the Photovoltaic Sector in Italy

The regulatory framework for solar photovoltaic plants in Italy is constantly evolving. Plant owners, asset managers and investors need to stay informed in order to adapt to developments in this sector and avoid adverse outcomes. The following highlights the key updates in this market in the last 12 months. Read the full article.… Continue Reading

Italy: GSE Claims Reimbursement of FiT Payments from Conto Energia I Plant Owners

Owners of early generation Conto Energia I photovoltaic (PV) plants are currently receiving letters from the Gestore dei Servizi Energetici (GSE) announcing that it will adjust the Feed-in Tariff (FiT) downwards and claim reimbursement of, or set-off with, the excess payments it made in past years. An example of one of these letters is attached … Continue Reading

Italian Decree on the Cut of Incentives for Photovoltaic Plants Enters into Force

by Carsten Steinhauer, Sabine Konrad, Anna Vesco, Arne Fuchs and Riccardo Narducci On 25 June 2014, Law Decree no. 91 /2014 (the “Decree”) regarding among others “urgent measures … for the limitation of costs applied to electricity prices” has entered into force. The Parliament has now 60 days to confirm and convert the Decree into law—possibly with amendments—or to … Continue Reading

Council of Europe adopts MiFID II

by Simone Goligorsky and Robert Coward In October 2011, the European Commission released a proposal to amend and extend the Markets in Financial Instruments Directive (MiFID), referred to as MiFID II. The MiFID II proposals consist of revisions to MiFID, along with the introduction of the Markets in Financial Instruments Regulation (MiFIR). Whilst MiFID sought … Continue Reading

EMIR Trade Reporting Requirements Come Into Effect 12 February 2014

by Prajakt Samant and Simone Goligorsky Following the European Securities and Markets Authority’s (ESMA’s) approval and registration of the first four trade repositories (TRs) in November 2013, counterparties to all types of over-the-counter (OTC) and exchange-traded derivatives contracts will be required, from 12 February 2014, to report certain details of their trades to a registered … Continue Reading

Agreement Reached on Revised European Rules for Markets in Financial Instruments

by Prajakt Samant and Simone Goligorsky The European Commission announced on 14 January 2014 that the European Parliament and Council had reached an agreement in principle on revised rules for markets in financial instruments (MiFID II). Under the revised regime, limits will be placed on taking financial positions in commodity derivatives, with a view to … Continue Reading

United Kingdom Government Confirms Change to Sustainability Criteria for Biomass

by Caroline Lindsey The Department of Energy and Climate Change (DECC) in the United Kingdom published its response to its “Consultation on proposals to enhance the sustainability criteria for the use of biomass feedstocks under the Renewables Obligation (RO)” on 22 August 2013 (the Response). The original consultation was published on 7 September 2012. In … Continue Reading

Transatlantic Derivatives Consensus: Landmark Step for EC/US Cooperation

by Simone Goligorsky and David McDonnell On 11 July 2013, the European Commission (EC) and the United States Commodity Futures Trading Commission (CFTC) announced a high-level joint understanding, known as the “Path Forward”, which details the shared future vision on the cross-border regulation of over-the-counter (OTC) derivatives (click here for the full announcement). This is … Continue Reading

On Heels of European Raids, Energy Companies Face U.S. Class Actions

by Megan Morley White Oaks Fund LP, an Illinois private placement fund, filed a class action suit last week against BP PLC, Royal Dutch Shell PLC and Statoil ASA in the Southern District of New York.  White Oaks Fund v. BP PLC, et al., case number 1:13-cv-04553.  The complaint alleges that the energy companies colluded to distort … Continue Reading

Increased Fracking on the Horizon in UK Gas Sector?

 by Charlotte Doerr The United Kingdom has seen significant steps forward on the shale gas exploitation front.  In light of recent discoveries of substantial reserves in the north-west of England, the ongoing debate on hydraulic fracturing (fracking) has once again come to the fore.  With recent studies from the British Geological Survey estimating that the … Continue Reading

Italy: Government Extends Scope of Application of “Robin Hood Tax”

by Carsten Steinhauer Law Decree no. 69 of 21 June 2013 (theDecree), published in the Official Gazette on 21 June 2013  would expand significantly the application of the “Robin Hood Tax” on electricity production companies, including renewable energy companies (solar, wind and biomass) originally exempt from the tax, by lowering the turnover and taxable income … Continue Reading

EU State Aid Investigation into German Renewable Energy Law

by Martina Maier and Philipp Werner The European Commission (Commission) is likely to open a formal EU State aid investigation into the German Renewable Energy Source Act. According to the Commission, the Act may have given unlawful advantages to renewable energy producers and energy-intensive companies (those producing chemicals or steel) in Germany. Producers and companies that … Continue Reading

Italy: Euro 6.7 billion Cap for Photovoltaic Incentives Reached

by Carsten Steinhauer and Riccardo Narducci On June 6, 2013, the Italian Authority for Electricity and Gas (AEEG) announced that the overall annual expense cap of €6.7 billion for incentive payments payable to photovoltaic (PV) plants in Italy has been reached. As a consequence, the latest feed-in tariff (FiT) regulation—the Conto Energia V—will cease to … Continue Reading

European Parliament Endorses EMIR Technical Standards

by Simone Goligorsky On February 7, 2013, it was announced that the Economic and Monetary Affairs (ECON) Committee of the European Parliament (EP) was withdrawing its objection to the technical standards (TS) for the regulation on over-the-counter derivatives, central counterparties and trade repositories, commonly known as the European Markets Infrastructure Regulation (EMIR).  The TS supplement … Continue Reading

New Developments in The UK Shale Gas Sector

by David Birchall and Simone Goligorsky   The shale gas sector in the United Kingdom is still in its infancy, but the UK Government has announced recently new measures and incentives to encourage its growth.  On 13 December 2012, the Government lifted a temporary suspension of drilling at the only drilling site in the United … Continue Reading

Conto Energia IV Deadline Extended for Photovoltaic Plants on Public Administration Property

by Carsten Steinhauer On 20 December 2012, the Italian Chamber of Deputies approved Legislative Decree no. 228/2012, known as the Stability Decree 2013.  Section 1, paragraph 425 of the Stability Decree 2013 extends the deadline by which photovoltaic (PV) plants built on property belonging to the Public Administration must be connected to the grid in … Continue Reading

European Commission Adopts EMIR Technical Standards

by Simone Goligorsky On December 19, 2012, the European Commission (EC) adopted the technical standards (TS) for the regulation on over-the-counter (OTC) derivatives, central counterparties (CCPs) and trade repositories, commonly known as the European Markets Infrastructure Regulation (EMIR).  The level 1 text of EMIR came into force on August 16, 2012, and will now be … Continue Reading

International Trade Actions Complicate Global Market for Renewable Energy Businesses, Particularly in the Solar Sector

by David J. Levine and Pamela D. Walther As a result of several recent actions, developers of solar energy projects may face increased costs.  Two cases pending before the World Trade Organization challenge domestic content requirements of solar sector feed-in-tariff programs, and China, the European Union and the United States have initiated actions under domestic … Continue Reading

Regulations on Emissions Auctions in Phase Three to Come into Force

by Simone Goligorsky On October 23, 2012, the Community Emissions Trading Scheme (Allocation of Allowances for Payment) Regulations 2012 (SI 2012/2661) (ETS Regulations) were made.  The ETS Regulations deal with the administration of auctions under Phase Three of the EU Emissions Trading Scheme (EU ETS) and will come into force in the UK on November … Continue Reading

Webinar: Power Purchase Agreements in European Markets

On Wednesday, November 7, 2012, McDermott Will & Emery energy lawyers conducted a webinar discussing key issues and risks in power purchase agreements as European markets transition away from feed-in tariffs to market-based concepts. Topics included: The move from feed-in tariffs to power purchase agreements Typical business models and transaction structures Regulatory challenges Key contract … Continue Reading

The Office of Gas and Electricity Markets of Great Britain Consults Further on its Electricity and Gas Retail Market Review

by Caroline Lindsey On October 26, 2012, the Office of the Gas and Electricity Markets (Ofgem) published updated proposals for changes to the regulation of the non-domestic electricity and gas retail markets in Great Britain.  The Retail Market Review Proposals (RMR Proposals) are part of Ofgem’s RMR program, which also includes proposals for the domestic … Continue Reading
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