8 Amendments of Ondřej KOVAŘÍK related to 2023/0077(COD)
Amendment 30 #
Proposal for a regulation
Recital 45
Recital 45
(45) When suppliers’ do not ensure that their electricity portfolio is sufficiently hedged changes in wholesale electricity prices can leave them financially at risk and, potentially result in their failure, passing on costs to consumers and other network users. Hence, it should be ensured that suppliers are appropriately hedged when offering fixed price contracts. An appropriate hedging strategy should be in line with relevant Union financial services legislation, delineating clearly between derivatives and wholesale electricity market spot prices, and take into account the suppliers' access to its own generation and its capitalisation as well as its exposure to changes in wholesale market prices.
Amendment 33 #
Proposal for a regulation
Recital 53
Recital 53
(53) Public interventions in price setting for the supply of electricity constitute, in principle, a market-distortive measure. Such interventions may therefore only be carried out as public service obligations and are subject to specific conditions. Under this Directive regulated prices are possible for energy poor and vulnerable households, including below costs, and, as a transition measure, for households and small and micro-enterprises. In times of crisis, when wholesale and retail electricity prices increase significantly, and this is having a negative impact on the wider economy, Member States should be allowed to extend, temporarily, the application of regulated prices also to SMEs. For both households and MSMEs, Member States should be temporarily allowed to set regulated prices below costs as long as this does not create distortion between suppliers and suppliers are compensated for the costs of supplying below cost. However, it needs to be ensured that such price regulation is targeted and does not create incentives to increase consumption. Hence, such price regulation should be limited to 80% of median household consumption for households and micro-enterprises, and 70% of the previous year’s consumption for SMEs. The Commission should determine when such an electricity price crisis exists and consequently when this possibility becomes applicable. The Commission should also specify the validity of that determination, during which the temporary extension of regulated prices applies, which may be for up to one year. To the extent that any of the measures envisaged by the present Regulation constitute State aid, the provisions concerning such measures are without prejudice to the application of Articles 107 and 108 TFEU.
Amendment 37 #
Proposal for a regulation
Recital 54 a (new)
Recital 54 a (new)
(54a) Specifically, where entities are considered financial instruments and are subject to the requirements under Regulation (EU) 600/2014, those entities should not be subject to the regulatory and reporting requirements laid out in this regulation to avoid over-burden in terms of administrative and compliance costs
Amendment 45 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – Paragraph 1
Article 9 – Paragraph 1
1. By 1 December 2024 the ENTSO for Electricity shall submit to ACER, after having consulted ESMA and ensuring a clear delineation between compliance and reporting requirements related to financial instruments as defined in Directive 2014/65 and those same requirements as regards products in wholesale energy markets which are not financial instruments, a proposal for the establishment of regional virtual hubs for the forward market where it is deemed to be in the interest of consumers in those regions. The proposal shall:
Amendment 47 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 2
Article 9 – paragraph 2
2. Within six months of receipt of the proposal on the establishment of the regional virtual hubs for the forward market, ACER, shall evaluate it and either approve or amend it. In the latter case, ACER, after informing ESMA, shall consult the ENTSO for Electricity before adopting the amendments. The adopted proposal shall be published on ACER's website.
Amendment 53 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9 – paragraph 5
Article 9 – paragraph 5
5. Where a regulatory authority considers that there are insufficient hedging opportunities available for market participants, and after consultation of relevant financial market competent authorities in case the forward markets concern financial instruments as defined under Article 4(1)(15) of Directive (EU) 2014/65, it may require power exchanges or transmission system operators to implement additional measures, such as market-making activities, to improve the liquidity of the forward market. Subject to compliance with Union competition law and with Directive (EU) 2014/65 and Regulations (EU) 648/2012 and 600/2014, market operators shall be free to develop forward hedging products, including long- term forward hedging products, to provide market participants, including owners of power-generating facilities using renewable energy sources, with appropriate possibilities for hedging financial risks against price fluctuations. Member States shall not require that such hedging activity may be limited to trades within a Member State or bidding zone.
Amendment 85 #
Proposal for a regulation
Article 1 – paragraph 1 – point 14
Article 1 – paragraph 1 – point 14
Regulation (EU) 2019/943
Article 69a – subparagraph 1a (new)
Article 69a – subparagraph 1a (new)
Competent financial authorities and competent electricity market and energy authorities shall exchange information on an ongoing basis to ensure that the requirements set out in this Regulation do not increase compliance requirements, reporting costs and administrative costs for those market participants carrying out both derivative and spot market transactions. They shall also ensure that market participants are made aware of the specific regulatory requirements they must adhere to accordingly.
Amendment 89 #
Proposal for a regulation
Article 2 – paragraph 1 – point 6
Article 2 – paragraph 1 – point 6
Directive (EU) 2019/944
Article 27 – paragraph 1
Article 27 – paragraph 1
1. Member States shall ensure that all household customers and micro- enterprises, and, where Member States consider it appropriate, small enterprises, enjoy universal service, namely the right to be supplied with electricity of a specified quality within their territory at competitive, easily and clearly comparable, transparent and non- discriminatory prices. To ensure the provision of universal service, Member States shall impose on distribution system operators an obligation to connect customers to their network under terms, conditions and tariffs set in accordance with the procedure laid down in Article 59(7). This Directive does not prevent Member States from strengthening the market position of the household customers and small and medium-sized non- household customers by promoting the possibilities for the voluntary aggregation of representation for that class of customers.