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


By on Jun 25, 2014
Posted In EU Developments, Renewables

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...

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Council of Europe adopts MiFID II


By on May 19, 2014
Posted In EU Developments, Project Development and Finance

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...

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EMIR Trade Reporting Requirements Come Into Effect 12 February 2014


By on Jan 31, 2014
Posted In EU Developments

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...

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Agreement Reached on Revised European Rules for Markets in Financial Instruments


By on Jan 31, 2014
Posted In EU Developments

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...

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United Kingdom Government Confirms Change to Sustainability Criteria for Biomass


By on Aug 30, 2013
Posted In Environmental, EU Developments, Power Markets, Renewables

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...

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Possible UK Power Shortages Raise Concerns


By on Aug 21, 2013
Posted In Environmental, EU Developments, Power Markets

by Thomas Morgan and David McDonnell  A warning from the UK’s energy regulator, Ofgem, on 27 June 2013, that the ‘buffer’ capacity of spare electricity on the UK’s national power grid could drop to as little as 2% of national supplies by 2015, has raised concerns in relation to the possibility of widespread disruptions in...

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Transatlantic Derivatives Consensus: Landmark Step for EC/US Cooperation


By on Jul 19, 2013
Posted In CFTC, Dodd-Frank Act, EU Developments

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...

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