20 Amendments of Gheorghe FALCĂ related to 2023/0077(COD)
Amendment 538 #
By 1 December 2024, the ENTSO for Electricity shall submit to ACER a report about the possible implementation of practical solutions addressing market participants’ hedging needs. The report shall assess at least, but not limited to, the frequency of the auctions, the maturities of the products, the development of secondary markets, the obligations concerning financial transmission rights, the process on cost-recovery to handle any financial risks and potential losses, the timeline for implementation, the appropriateness of regional coordination and decision-making for alternative measures, including the possible establishment of regional virtual hubs.
Amendment 546 #
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 shallWithin 24 months after [the entry into force of this Regulation] the Commission shall perform a study about the possible establishment of regional virtual hubs for the forward markets, and shall present it to European Parliament and Council, and where appropriate revise the Commission Regulation (EU) 2016/1719 in accordance with Article 59, that establishes the design referred to in paragraph 1. This study shall in particular assess:
Amendment 550 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9, paragraph 1, point a
Article 9, paragraph 1, point a
(a) define the geographical scope of the regional virtual hubs for the forward market, including the bidding zones constituting these hubs, and specific situations of bidding zones belonging to more than one virtual hub, aiming to maximise the price correlation between the reference prices and the prices of the bidding zones constituting regional virtual hubs;
Amendment 551 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9, paragraph 1, point aa new
Article 9, paragraph 1, point aa new
(aa) the impact of regional virtual hubs on the forward markets, the transmission system operators, the market participants and end-consumers and the potential benefits and drawbacks that regional virtual hubs would bring compared to the existing zonal model;
Amendment 553 #
(b) include a methodology for the calculation of the reference prices for the regional virtual hubs for the forward market, and the underlying methodology, aiming to maximise the correlations between the reference price and the prices of the bidding zones constituting a regional virtual hub; such methodology shall be applicable to all virtual hubs and based on predefined objective criteria ;
Amendment 556 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9, paragraph 1, point c
Article 9, paragraph 1, point c
(c) include a definition of financial long-term transmission rights from bidding zones to the regional virtual hubs for the forward market and the need to offer trading of long-term transmission rights between each bidding zone and the regional virtual hub;
Amendment 557 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6 Regulation (EU) 2019/943
Article 1 – paragraph 1 – point 6 Regulation (EU) 2019/943
(d) the maximiseation of 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 regional virtual hubs .
Amendment 562 #
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
Amendment 571 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9, paragraph 3
Article 9, paragraph 3
3. The entity operating 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.
Amendment 574 #
Proposal for a regulation
Article 1 – paragraph 1 – point 6
Article 1 – paragraph 1 – point 6
Regulation (EU) 2019/943
Article 9, paragraph 4
Article 9, paragraph 4
4. The single allocation platform shall: , on behalf of the transmission system operators, shall issue long-term transmission rights or have equivalent measures in place to allow for market participants to hedge price risks across bidding zone borders, unless an assessment of the forward market on the bidding zone borders performed by the competent regulatory authorities shows that there are sufficient hedging opportunities in the concerned bidding zones. Long-term transmission rights shall be allocated on a regular basis, in a transparent, market based and non- discriminatory manner and shall have a range of maturities of up to at least three years ahead. The frequency of allocation of the long-term cross-zonal capacity shall support the efficient functioning of the forward market. All TSOs should develop an approach that is aiming to increase the volume of cross-zonal capacities in forward markets and liquidity.
Amendment 582 #
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 authoritythe study referred to in paragraph -1a 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), itnational regulatory authorities may require power exchanges or transmission system operators to implement market-based tendering processes for the establishment of 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 630 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19a, paragraph 1a new
Article 19a, paragraph 1a new
1a. To facilitate the conclusion of PPAs, Member States shall ensure that all possibilities offered under Article 19 of Directive EU 2018/2001 regarding guarantees of origin are used. It shall be ensured that guarantees of origin are issued to all producers of energy from renewable sources, even those that receive financial support from a Member State support scheme, to enable renewable power to be tracked and traded across borders and to remove this existing barrier to long term PPAs.
Amendment 638 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19a, paragraph 2
Article 19a, paragraph 2
2. Member States shall ensure that instruments such as guarantee schemes at market prices,, in a coordinated way and where appropriate with the support of the European Investment Bank (‘EIB’), may put in place instruments to reduce the financial risks associated to off- taker payment default in the framework of PPAs are in place andnd make them accessible to customers that face entry barriers to the PPA market and are not in financial difficulty in line with Articles 107 and 108 TFEU. Such instruments may include guarantee schemes at market prices. For this purpose, Member States shall take into account Union-level instruments and tools such as standardised template contracts, to be developed jointly with the EIB. Member States shall determine what categories of customers are targeted by these instruments, applying non- discriminatory criteria, and considering at least, but not limited to, SMEs, households, including via aggregators, renewable energy communities and suppliers with no generation assets. As the market evolves and the PPA uptake increases, the use of instruments such as guarantee schemes at market prices shall be reassessed.
Amendment 887 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 c – paragraph 7 b (new)
Article 19 c – paragraph 7 b (new)
7b. By 1 December 2024, ACER, in consultation with ENTSO for electricity and EU DSO Entity, shall identify the system data requirements that will support the amount of demand response identified by the flexibility needs assessments. Such system data requirements shall include a timetable for the digitalisation of the power network.
Amendment 889 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 d – Title
Article 19 d – Title
Amendment 924 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 e – paragraph 1
Article 19 e – paragraph 1
1. Member States which apply a capacity mechanism in accordance with Article 21 shall consider the promotion of the participation of non-fossil flexibility such as demand side response and energy storage by introducing additional criteria or features in the design of the capacity mechanism.
Amendment 940 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 e – paragraph 2
Article 19 e – paragraph 2
2. Where the measures introduced in accordance with paragraph 1 to promote the participation of non-fossil flexibility such as demand response and energy storage in capacity mechanisms are insufficient to achieve the flexibility needs identified in accordance with 19d, Member States may apply flexibility support schemes consisting of payments for the available capacity of non-fossil flexibility such as demand side response and energy storage.
Amendment 952 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 e – paragraph 3
Article 19 e – paragraph 3
3. Member States which do not apply a capacity mechanism may apply flexibility support schemes consisting of payments for the available capacity of non-fossil flexibility such as demand side response and energy storage.
Amendment 965 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 f – paragraph 1
Article 19 f – paragraph 1
Flexibility support scheme for non-fossil flexibility such as demand response and energy storage applied by Member States in accordance with Article 19e(2) and (3) shall:
Amendment 975 #
Proposal for a regulation
Article 1 – paragraph 1 – point 9
Article 1 – paragraph 1 – point 9
Regulation (EU) 2019/943
Article 19 f – paragraph 1 – point b
Article 19 f – paragraph 1 – point b
(b) be limited to new investments in non-fossil flexibility not using unabated fossil fuels such as demand side response and energy storage;