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13 Amendments of François-Xavier BELLAMY related to 2023/0077(COD)

Amendment 236 #
François-Xavier BELLAMY
Proposal for a regulation
Recital 19
(19) Consumers and suppliers need effective and efficient forward markets to cover their long-term price exposure and decrease the dependence on short-term prices. To ensure that energy customers all over the EU can fully benefit from the advantages of integrated electricity markets and competition across the Union, the functioning of the Union’s electricity forward market should be improved via the establishment of regional virtual hubs with a view to overcome the existing market fragmentation and the low liquidity experienced in many bidding zones. Regional virtual hubs should cover multiple bidding zones while ensuring an adequate price correlation. Some bidding zones may not be covered by a virtual hub in terms of contributing to the hub reference price. However, market participants from these bidding zones should still be able to hedge through a hub.deleted
2023/05/25
Committee: ITRE
Amendment 244 #
François-Xavier BELLAMY
Proposal for a regulation
Recital 20
(20) Virtual hubs should reflect the aggregated price of multiple bidding zones and provide a reference price, which should be used by market operators to offer forward hedging products. To that extent, virtual hubs should not be understood as entities arranging or executing transactions. The regional virtual hubs, by providing a reference price index, should enable the pooling of liquidity and provide better hedging opportunities to market participants.deleted
2023/05/25
Committee: ITRE
Amendment 246 #
François-Xavier BELLAMY
Proposal for a regulation
Recital 21
(21) To enhance the possibilities of market participants for hedging, the role of the single allocation platform established in accordance with Commission Regulation (EU) 2016/1719 should be expanded. The single allocation platform should offer trading of financial long-term transmission rights between the different bidding zones and the regional virtual hubs. The orders submitted by market participants for financial transmission rights shall be matched by a simultaneous allocation of long term cross zonal capacity. Such matching and allocation should be performed on a regular basis, to ensure enough liquidity and, hence, efficient hedging possibilities to market participants. The long-term transmission rights should be issued with frequent maturities (ranging from month ahead to at least three years ahead), in order to be aligned with the typical hedging time horizon of market participants. The single allocation platform should be subject to monitoring and enforcement to ensure that it performs its tasks properly.deleted
2023/05/25
Committee: ITRE
Amendment 373 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 1 – point b
Regulation (EU) 2019/943
Article 1 – point e
(e) support long-term investments in renewablelow-carbon energy generation and enable consumers’ to make their energy bills less dependent from fluctuations of short-term electricity market prices, in particular fossil fuel prices in the medium to long-term.
2023/05/25
Committee: ITRE
Amendment 395 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 2
Regulation (EU) 2019/943
Article 2 – point 75
(75) ‘virtual hub’ means a non- physical region covering more than one bidding zone for which an index price is set in application of a methodology;deleted
2023/05/25
Committee: ITRE
Amendment 527 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 5 – point a
Regulation (EU) 2019/943
Article 8
NEMOs shall allow market participants to trade energy as close to real time as possible and at least up to the intraday cross-zonal gate closure time. By 1 January 2028, the intraday cross-zonal gate closure time shall be at the earliest 30 minutes ahead of real time.
2023/05/25
Committee: ITRE
Amendment 541 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation 2019/943
Article 9
1. By 1 December 2024 the ENTSO for Electricity shall submit to ACER, after having consulted ESMA, a proposal for the establishment of regional virtual hubs for the forward market. The proposal shall: (a) define the geographical scope of the virtual hubs for the forward market, including the bidding zones constituting these hubs, aiming to maximise the price correlation between the reference prices and the prices of the bidding zones constituting virtual hubs; (b) include a methodology for the calculation of the reference prices for the virtual hubs for the forward market, aiming to maximise the correlations between the reference price and the prices of the bidding zones constituting a virtual hub; such methodology shall be applicable to all virtual hubs and based on predefined objective criteria; (c) include a definition of financial long- term transmission rights from bidding zones to the virtual hubs for the forward market; (d) maximise the trading opportunities for hedging products referencing the virtual hubs for the forward market as well as for long term transmission rights from bidding zones to virtual hubs.deleted
2023/05/25
Committee: ITRE
Amendment 563 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation 2019/943
Article 9
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 shall consult the ENTSO for Electricity before adopting the amendments. The adopted proposal shall be published on ACER's website.deleted
2023/05/25
Committee: ITRE
Amendment 568 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation 2019/943
Article 9
3. The single allocation platform established in accordance with Regulation (EU) 2016/1719 shall have a legal form as referred to in Annex II to Directive (EU) 2017/1132 of the European Parliament and of the Council.deleted
2023/05/25
Committee: ITRE
Amendment 572 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation 2019/943
Article 9
4. The single allocation platform shall: (a) offer trading of long-term transmission rights between each bidding zone and virtual hub; where a bidding zone is not part of a virtual hub it may issue financial long-term transmission rights to a virtual hub or to other bidding zones that are part of the same capacity calculation region; (b) allocate long-term cross-zonal capacity on a regular basis and in a transparent, market-based and non- discriminatory manner; the frequency of allocation of the long-term cross-zonal capacity shall support the efficient functioning of the forward market; (c) offer trading of financial transmission rights that shall allow holders of these financial transmission rights to remove exposure to positive and negative price spreads, and with frequent maturities of up to at least three years ahead.deleted
2023/05/25
Committee: ITRE
Amendment 579 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Regulation 2019/943
Article 9
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), 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.deleted
2023/05/25
Committee: ITRE
Amendment 633 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation 2019/943
Article 19a
1a. Member States shall encourage that PPAs contracts reflect the conditions under which the producer generates electricity including its cost of production, while not preventing competition between producers. National regulatory authorities shall provide guidelines on the condition of conclusion of such contracts and may collect relevant information from the producer or the buyer to that extent.
2023/05/25
Committee: ITRE
Amendment 993 #
François-Xavier BELLAMY
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 f
(i) be open to cross-border participation.’;deleted
2023/05/25
Committee: ITRE
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