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Author: Odd-Harald B. Wasenden
Publisher: J W Cappelens Forlag As, Norway
ISBN: 9788202276447
Category : Antitrust law
Languages : en
Pages : 0
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Book Description
This book provides an in-depth analysis of the application of the EU Market Abuse Directive to energy markets. The main provisions of the Market Abuse Directive are the prohibition of insider trading and market manipulation. Due to the close link between market abuse regulation and the need for transparency, this book also covers regulations concerning the disclosure of information. Following the liberalisation of the European energy markets, energy trading has become a significant growth industry. Trading in electricity and gas takes place both bilaterally and through organised marketplaces. In addition to trading in electricity and gas for physical delivery, financial trading - in commodity derivatives contracts related to the underlying commodities -- has become increasingly important. This financial trading allows participants in the physical markets to hedge physical positions. The financial markets are therefore closely linked to the physical markets. In addition, financial energy markets provide opportunities for speculation, which highlights the similarities between these markets and other financial markets. The market abuse regulation applies to trading in financial instruments admitted to trading on so-called regulated markets. Regulated markets for electricity and gas contracts have been established in several European countries and are becoming increasingly important. The market abuse regulation constitutes part of the regulation of financial markets. However, the information of relevance to financial energy markets is generally connected to conditions in the underlying physical markets, and is therefore regulated by the authorities responsible for overseeing the physical markets. Thus, the subjects covered in this book can be seen as a separate field of law -- energy market law -- which combines the traditional disciplines of energy law and stock exchange/securities law. Both the markets and the regulations are experiencing rapid developments. In addition to analysing the provisions already in force, this book also provides a normative contribution to the development of this discipline of law.
Author: Odd-Harald B. Wasenden
Publisher: J W Cappelens Forlag As, Norway
ISBN: 9788202276447
Category : Antitrust law
Languages : en
Pages : 0
Get Book
Book Description
This book provides an in-depth analysis of the application of the EU Market Abuse Directive to energy markets. The main provisions of the Market Abuse Directive are the prohibition of insider trading and market manipulation. Due to the close link between market abuse regulation and the need for transparency, this book also covers regulations concerning the disclosure of information. Following the liberalisation of the European energy markets, energy trading has become a significant growth industry. Trading in electricity and gas takes place both bilaterally and through organised marketplaces. In addition to trading in electricity and gas for physical delivery, financial trading - in commodity derivatives contracts related to the underlying commodities -- has become increasingly important. This financial trading allows participants in the physical markets to hedge physical positions. The financial markets are therefore closely linked to the physical markets. In addition, financial energy markets provide opportunities for speculation, which highlights the similarities between these markets and other financial markets. The market abuse regulation applies to trading in financial instruments admitted to trading on so-called regulated markets. Regulated markets for electricity and gas contracts have been established in several European countries and are becoming increasingly important. The market abuse regulation constitutes part of the regulation of financial markets. However, the information of relevance to financial energy markets is generally connected to conditions in the underlying physical markets, and is therefore regulated by the authorities responsible for overseeing the physical markets. Thus, the subjects covered in this book can be seen as a separate field of law -- energy market law -- which combines the traditional disciplines of energy law and stock exchange/securities law. Both the markets and the regulations are experiencing rapid developments. In addition to analysing the provisions already in force, this book also provides a normative contribution to the development of this discipline of law.
Author: Huseyin Cagri Corlu
Publisher: Kluwer Law International B.V.
ISBN: 9041196048
Category : Law
Languages : en
Pages : 314
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Book Description
In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.
Author: Leigh Hancher
Publisher: Oxford University Press
ISBN: 0192849808
Category :
Languages : en
Pages : 513
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Book Description
Capacity remuneration mechanisms (or simply capacity mechanisms) have become a fact of life in member states' energy markets and are one of the hottest topics in the wider European regulatory debate. Concerned about the security of electricity supply, national governments are implementing subsidy schemes to encourage investment in conventional power generation capacity, alongside already heavily subsidized renewable energy sources. With the increasingly connected European electricity markets, the introduction of a capacity mechanism in one country not only tends to distort its national market but may also have unforeseeable consequences for neighbouring electricity markets. As these mechanisms are adopted by member states with limited supra-national coordination as well as consideration for the cross-border impact, they tend to cause serious market distortions and put the future of the European internal electricity market at risk. This second edition will take stock of how capacity mechanisms have actually worked so far and consider the consequences they have for the European internal electricity market. It will include a detailed overview of national capacity mechanisms, their implications for the EU internal market, and will outline the nature of market failures which are likely to occur in the European electricity markets. This edition is intended to serve as a point of reference for regulators and policy-makers on how to design optimal capacity mechanisms in Europe. It will be an invaluable resource for anyone interested in energy market design, regulation, and competition issues.
Author: John Ratliff
Publisher:
ISBN: 9789077644218
Category :
Languages : en
Pages : 0
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Book Description
Regulation (EU) No 1227/2011 of the European Parliament and of the Council on Wholesale Energy Market Integrity and Transparency (REMIT) entered into force on 28 December 2011. The Regulation is the first attempt to regulate EU trading in energy products which is not purely financial. REMIT introduces two fundamental prohibitions, on insider trading and market manipulation, and a series of disclosure and other obligations on companies active in the wholesale markets for electricity and gas in the EEA, which the Agency for Cooperation of European Regulators (ACER) has been developing since, in consultation with various stakeholders. This book aims to offer a detailed yet clear guide for practitioners and in-house counsel faced with these issues, drawing on the available texts and experience so far. The book provides commentary on the Regulation, article by article and places it in the legal, economic and political context. In addition, the book describes the relationship between the REMIT and the European financial regulations, such as MAD, EMIR, MiFID II and MiFIR, which inspired its drafting. The book explains the interplay between the REMIT and EU Competition law with regard to the concept of market abuse and the obligation to disclose inside information. The book then provides an overview of the rules governing the trading on wholesale energy products in the United States, their scope, functioning, enforcement and a comparison with the corresponding provisions of the REMIT. A chapter is also dedicated to the economics behind the rules on market manipulation.
Author: Adrien de Hauteclocque
Publisher: Edward Elgar Publishing
ISBN: 085793774X
Category : Technology & Engineering
Languages : en
Pages : 225
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Book Description
By mixing legal, political and economic perspectives, this book will appeal to a wide range of readers from academia in law, economics and political science, regulatory and competition authorities, as well as legal and consulting practices and business
Author: Cansu D. Burkhalter
Publisher: Tectum Wissenschaftsverlag
ISBN: 3828874401
Category : Law
Languages : en
Pages : 309
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Book Description
Since the beginning of the 1990s, Europe has been struggling to establish a competitive as well as a fully integrated internal energy market. Until the early 1990s, the European energy markets consisted of national monopolies possessing vertically integrated structures. They were also still nationally segregated. Since, the EU has made the decision to open European energy markets to competition and subsequently establish an internal energy market. The European energy markets are currently controlled by a dual structure consisting of two different regulatory frameworks: competition law and sector-specific regulations. The primary goal of these legal instruments is the establishment of an internal energy market. This book aims at analysing the development of the European energy markets and policies from the perspective of competition law as well as sector-specific regulations and, hence, identifying the problems regarding the introduction of competition into the energy markets.
Author: Peter D. Cameron
Publisher: Oxford University Press, USA
ISBN: 9780198257707
Category : Business & Economics
Languages : en
Pages : 544
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Book Description
Recent years have seen a major growth in the European law concerning the operation of the energy industry, especially with respect to electricity and gas. Several directives have been adopted that are aimed at the promotion of competition in this key sector of the European economy. At thesame time, the jurisprudence of the European Court had developed further on matters such as access to networks, import and export monopolies and security of supply.In this book the authors examine the principal legislation, Treaty provisions and decisions of the Court of Justice and Court of First Instance of the EU as they related to the promotion of competition in European energy markets. In particular, two chapters are devoted to a detailed analysis of theprovisions of the two directives that set out common rules for the creation of an internal market in the electricity and gas sectors. In each case, the analysis is set in the context of the various programmes of energy market liberalization and privatization in the Member States, which aresummarized in this book. However, the authors also take the wider pan-European context into account, explaining the requirements and the implications of the European Economic Area Agreement, the Energy Charter Treaty and the Europe Agreements with countries of Central and Eastern Europe.The approach adopted by the authors is both analytical and historical. They locate the legislation in the context of the EU Internal Market programme that began in the late 1980s and explain the roles played by the various parties (energy industries, consumers and EU institutions) in shaping thefinal legislation. Importantly, they explain how the framework character of the energy directives has led to further important rule-making in the implementation of the directives across the EU. They conclude that a co-ordinated response between the European Commission and the national regulatorswill be essential to resolve problems arising in the transition to a competitive energy market in the EU.
Author: Jean-Michel Glachant
Publisher: Edward Elgar Publishing
ISBN: 1782540644
Category : Business & Economics
Languages : en
Pages : 293
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Book Description
This highly unique book focuses on market design issues common to most EU gas markets, particularly in the context of closer integration. It explores in detail the characteristics and requirements of national gas markets in Europe, which are constructed as virtual hubs based on entry/exit schemes as a requirement of European law. The expert contributors analyse gas supply and demand patterns in the EU, showing that both have changed following the introduction of liquefied natural gas on the supply side and the growth of gas-fired power plants on the demand side. The repeated interactions between the transmission operators activity and the gas commodity markets are addressed, as is the design of commercial networks in EU markets. The contributors also question whether the relationship between commercial and physical networks, in terms of the new flexibility requirements of users, actually works. By way of conclusion, two proposals for the EU gas target model are presented, both of which tackle the fundamental issues raised in this book, as well as the organization of short-term transactions and the mechanisms for investment in vital new long-life infrastructure needed to integrate EU markets. This volume will be of great interest to practitioners, as well as academics, researchers and students in the fields of energy economics and industrial economics. Both European and non-European energy companies and regulatory authorities looking for an independent and analytical overview of European gas markets will also find this book to be a highly valuable resource.
Author: Leigh Hancher
Publisher: OUP Oxford
ISBN: 0191066176
Category : Law
Languages : en
Pages : 400
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Book Description
Ensuring an adequate, long-term energy supply is a paramount concern in Europe. EU member states now intervene by encouraging investment in generation capacity, offering an additional revenue stream for conventional power plants in addition to the existing, heavily subsidised investments in renewable energy sources. These capacity remuneration mechanisms (or simply capacity mechanisms) have become a hot topic in the wider European regulatory debate. European electricity markets are increasingly interconnected, so the introduction of a capacity mechanism in one country not only distorts its national market but may have unforeseeable consequences for neighbouring electricity markets. If these mechanisms are adopted by several member states with no supra-national coordination and no consideration for their cross-border impact, they may cause serious market distortions and put the future of the European internal electricity market at risk. This book provides readers with an in-depth analysis of capacity mechanisms, written by an expert team of policy-makers, economists, and legal professionals. It will be a first point of reference for regulators and policy-makers responsible for designing optimal capacity mechanisms in Europe, and will be an invaluable resource for academics and practitioners in the fields of energy, regulation, and competition.
Author: Martha M. Roggenkamp
Publisher: Intersentia nv
ISBN: 9050953174
Category : Electric power distribution
Languages : en
Pages : 338
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Book Description
The liberalisation of the electricity sector has changed the way in which electricity is traded. De facto or legal vertical monopolies are gradually abandoned and new participants have entered the market. At the wholesale level, one of the important developments is the establishment of organised electricity markets, i.e. electricity power exchanges. This book analyses the role and evaluates the impact of these new organised markets, which until now received little attention. The introduction provides an overview of the developments on EC level as this creates the legal environment within which power exchanges operate. The implementation of the EC Electricity Directive has inter alia resulted in a commodization of electricity trading. Thereupon the development of power pools and electricity exchanges is discussed as well as the products which can be traded. Subsequently, the development of the most important national and/or regional exchanges in Europe will be examined. National experts will analyse the role of power exchanges in the Nordic countries, the United Kingdom, the Netherlands, Germany, France, Austria, Spain and Italy. The authors analyse the most important developments in their jurisdictions according to a fixed outline (e.g. implementation of the EC Electricity Directive, market structure, emergence and functioning of the organised market, products traded and the impact of cross-border trade) which allows for a comparative analysis and facilitates understanding. Finally, some conclusions with regard to the establishment of a single electricity market will be presented as well as some future developments.
