Judgment — ECLI:EU:T:2018:439
Date: 2018-07-12
Language of the case: German
Court formation: Fifth Chamber
Subject matter: State aids;Competition
Procedure: Action for annulment - unfounded
Origin: Austria

summary of the ‘Red Book’ published by the International Atomic Energy Agency (IAEA) and by the Organisation for Economic Cooperation and Development (OECD) submitted by the Commission, uranium resources are sufficient for the next 150 years. It follows that the argument relating to the limited nature of the resources is not capable of rendering the Commission’s considerations implausible. 425 That conclusion is not affected by the Republic of Austria’s argument that it is apparent from page 10 of the Commission’s nuclear illustrative programme of 4 October 2007, COM(2007) 565 final, that reasonably assured and recoverable known uranium resources at competitive prices can sustain the requirements of the nuclear industry for at least 85 years at current levels of consumption. 426 First, it must be pointed out that that illustrative programme refers to a forecast contained in an earlier version of the ‘Red Book’ mentioned in paragraph 423 above, whereas the forecast of 150 years comes from a more recent version of that book. 427 Second and in any event, even on the assumption that reasonably assured and recoverable known uranium resources at competitive prices can sustain the requirements of the nuclear industry for only 85 years at current levels of consumption, that period would exceed the expected operational life of Hinkley Point C and the Republic of Austria has not put forward any detailed evidence capable of demonstrating that the development of nuclear energy is such that known uranium resources would be exhausted before the end of that period. 428 Third, in that context, it is also necessary to take account of the possibility of using fuels that have already been used or that come from the dismantling of nuclear weapons. As regards that possibility, the Republic of Austria merely argues that it is apparent from page 18 of the 2014 annual report of the Euratom Supply Agency that the Member States provide only 21% of conversion capacity, which is not enough to meet the European Union’s needs. Suffice it to note in this regard that it is apparent from pages 18 and 33 of that document that there is, worldwide, conversion overcapacity, and that the needs of EU electricity producers are well covered in the short and medium term. 429 Accordingly, the argument relating to the limited nature of uranium resources is not capable of establishing that the Commission’s considerations have been affected by a manifest error of assessment. 430 In the second place, as regards the argument alleging that the European Union is highly dependent on imports of nuclear fuels from third countries, the Court notes the possibility referred to above of converting fuels that have already been used or that come from the dismantling of nuclear weapons and the existence of uranium mines within the territory of the European Union, albeit on a very limited scale. 431 Moreover, the fact that a very large proportion of uranium is imported from third countries is not capable in itself of establishing that Hinkley Point C will not be able to achieve the electricity production planned. 432 The Republic of Austria nevertheless submits that those imports are largely derived from countries in which the political situation is not stable. 433 In that regard, first, it should be noted that part of the supply comes from Canada and Australia and that the Republic of Austria has not put forward any arguments calling in question the stability of the political situation in those countries. 434 Second, according to the information provided by the Commission, which refers to page 2 of the nuclear illustrative programme of 13 November 2008, COM(2008) 776 final, uranium sources are widely distributed, in geopolitically stable areas, which may reduce the risk of any unrest in one or more of those areas leading to a shortage of uranium for the Member States. The Republic of Austria has not put forward any detailed arguments capable of calling that information in question. 435 Third, in that context, account must also be taken of the Commission’s statements, which are confirmed by pages 4 and 11 of the Communication from the Commission on the Nuclear Illustrative Programme of 4 October 2007, that European undertakings are co-owners of mines in third countries and that international agreements facilitating trade in nuclear materials and technology have been concluded with Australia, Canada, the United States, Japan and the Republic of Kazakhstan. 436 Fourth, it must be borne in mind that dependence on fuels imported from third countries is not a specific feature of nuclear energy but applies equally to other technologies, such as gas-fired power stations. 437 Accordingly, the argument of the Republic of Austria, that a very large proportion of uranium has to be imported from third countries is also not capable of rendering implausible the Commission’s considerations concerning the positive effects of the measures at issue. 438 Consequently, all of the arguments concerning uranium resources must be rejected. 439 Last, as regards the argument that the Commission ought not to have favoured the importation of uranium ore from third countries over the importation of electricity from other Member States, it should be noted that this concerns the weighing up of the advantages and disadvantages of the measures at issue. It will therefore be taken into consideration in the examination of that balancing exercise. (iv) The argument relating to the sensitivity of nuclear power plants to temperature rises 440 The Republic of Austria submits that nuclear power plants are very sensitive to rises in temperature owing to their great need for cooling water. Nuclear power plants should therefore be switched off during heatwaves. 441 In the first place, it must be noted that the Republic of Austria has not put forward any evidence that might establish that, in normal climatic conditions, nuclear power plants are particularly sensitive to meteorological conditions, unlike renewable energy sources such as wind or solar power. 442 In the second place, the Court must examine whether the Republic of Austria’s argument that heatwaves might affect the functioning of nuclear power plants is capable of rendering implausible the Commission’s considerations, summarised in paragraph 405 above. 443 The Republic of Austria claims that the sensitivity of nuclear power plants to heatwaves is made clear in a document entitled ‘Nuclear Free Local Authorities briefing’ of 9 December 2014. 444 It must be noted in this regard that, according to that document, the unreliability of certain nuclear reactors is principally linked to the fact that these are ageing reactors which are ‘past their sell-by date’. The construction of Hinkley Point C is intended precisely to replace ageing nuclear power plants. Moreover, it must be noted that the Republic of Austria has not put forward any argument capable of establishing that Hinkley Point C, which is to be located in Somerset on the coast of the United Kingdom, might be particularly likely to be exposed to heatwaves and would suffer cooling problems. 445 In any event, it must be held that, even if, in exceptional circumstances, Hinkley Point C’s operation were to be affected by a heatwave, that would not be capable of calling in question, as such, the energy generating capacity resulting from the construction of that plant which the Commission took into account in its considerations, summarised in paragraph 405 above. In that context, account should also be taken of the Commission’s argument that heatwaves result in increased solar energy performance, and that there is therefore a certain compensatory effect, which could counterbalance any consequences of overly high temperatures for the generation of nuclear energy. 446 In the light of those considerations, it must be concluded that the argument relating to the effects of heatwaves is not capable of establishing that the Commission's considerations regarding the positive effects of the measures at issue are vitiated by manifest errors. (v) The argument relating to the possible consequences of outages 447 The Republic of Austria invokes the complications that may be caused by an outage in a nuclear power plant and, more specifically, an outage in a power plant of the size of the future nuclear power station at Hinkley Point. 448 In that regard, in the first place, it should be noted that, on the one hand, according to the information provided by the Commission, production at Hinkley Point nuclear power station will be assured by several nuclear power plant blocks using a variety of technologies, which will enable maintenance works to be scheduled in such a way that baseload production is maintained, and, on the other hand, that the Republic of Austria has not put forward any arguments that might call that information in question. 449 In the second place, it must be noted that the mere fact that Hinkley Point C’s operation might be affected by occasional outages is not capable of calling in question, as such, the energy generating capacity resulting from that plant which the Commission took into account in the context of its considerations, summarised in paragraph 405 above. 450 It follows that the argument relating to the possible consequences of outages is not capable of rendering implausible the Commission’s considerations concerning the advantages arising from the measures at issue. (vi) The classification of nuclear energy as energy producing low carbon dioxide emissions 451 The Grand Duchy of Luxembourg submits that the Commission’s finding that nuclear energy is a form of technology that has low carbon dioxide emissions is manifestly erroneous. It claims that nuclear technology causes substantial carbon dioxide emissions, because of the carbon produced during the extraction and processing of uranium, and during the construction and decommissioning of nuclear power plants. 452 As a preliminary point, it should be borne in mind that, in the contested decision, the Commission did not identify decarbonisation as a public interest objective capable of independently justifying the measures at issue. However, as has already been stated in paragraph 405 above, in weighing up the advantages and disadvantages of the measures at issue, it took account of the fact that those measures were part of an overall strategy by the United Kingdom to reform its electricity market, with the aim, in particular, of achieving decarbonisation. In those circumstances, the Court must examine whether the arguments put forward by the Grand Duchy of Luxembourg are capable of establishing that the consideration, to the effect that the measures at issue are part of that overall strategy, is vitiated by a manifest error of assessment. 453 In essence, the Grand Duchy of Luxembourg bases its arguments, to the effect that nuclear technology is not a low carbon dioxide emitting technology, on a study published in 2008, entitled ‘Valuing the greenhouse gas emissions from nuclear power’. 454 In the first place, as regards the content of the study in question, it must be held that it is not apparent from this that nuclear energy is a high-carbon form of energy. On the contrary, as the Commission correctly points out, it is apparent from that study that the mean value of carbon dioxide emissions from nuclear power generating capacity is 66 g of carbon dioxide equivalent, as compared with emissions for solar power and biomass technologies, which are between 13 g and 41 g of carbon dioxide equivalent, whereas fossil fuels such as natural gas, oil, diesel and coal are between 443 g and 1 050 g of carbon dioxide equivalent. 455 In the second place, it must be noted that the Commission argues that, in the future, mean carbon dioxide emissions from nuclear power generating capacity will diminish. The carbon intensity from the electricity consumption needed for the extraction of raw materials, the construction and decommissioning of a nuclear power plant may diminish, because that electricity is at least partly replaced by electricity that does not emit carbon dioxide or emits less of it. Those arguments have not been contested by the Republic of Austria or the Grand Duchy of Luxembourg. 456 In the third place, it must be noted that the Commission, for its part, submitted another study, dating from 2012, in which the results of various studies comparable to that submitted by the Grand Duchy of Luxembourg are analysed. It must be noted that it is apparent from page 90 of that other study, which is more recent by four years than that submitted by that Member State, that, according to the scientific literature, carbon dioxide emissions from nuclear energy are just a fraction of those caused by the use of fossil fuels to generate energy, and that they are comparable to those caused by renewables technologies. 457 In the light of those factors, it must be concluded that the arguments put forward by the Grand Duchy of Luxembourg are not capable of establishing that the Commission made a manifest error of assessment in finding that the construction of Hinkley Point C was part of an overall strategy by the United Kingdom to reform its electricity market, with the aim, in particular, of achieving decarbonisation. (vii) The argument that completion of Hinkley Point C will be delayed 458 The Republic of Austria and the Grand Duchy of Luxembourg also submit that Hinkley Point C will be completed and operational only after the supply shortage predicted by the United Kingdom. 459 In that regard, in the first place, it should be borne in mind that, if NNBG fails to comply with the timetable laid down, it risks losing the advantages conferred by the Contract for Difference and that it thus has an incentive to comply with that timetable. 460 In the second place and in any event, it must be noted that it is envisaged that Hinkley Point C will become operational in 2023. Even if it were to become operational after that date, it cannot be ruled out that it may help to meet the needs for new energy generating capacity capable of supplying 60 gigawatts identified by the United Kingdom for the period from 2021 to 2030. 461 In the light of those considerations, the argument relating to delay in completing the construction Hinkley Point C must also be rejected. 462 Consequently, it must be concluded that none of the arguments put forward by the Republic of Austria is capable of calling in question the Commission’s considerations concerning the positive effects of the measures at issue. (2) The negative effects taken into account by the Commission 463 The Republic of Austria and the Grand Duchy of Luxembourg raise arguments aimed at establishing that the Commission’s conclusion that the distortions of competition caused by the measures at issue were limited is vitiated by manifest errors of assessment. In that context, account should also be taken of the arguments put forward in the context of the first and second parts of the sixth plea (see paragraphs 382 and 398 above), the argument relating to the effect on trading conditions between Member States (see paragraph 125 above), and the argument alleging an effect of foreclosure of the internal market and the effects of the measures at issue on prices on that market, which were advanced in connection with the fifth plea (see paragraph 273 above). 464 First, the Republic of Austria submits that the Commission disregarded the fact that the measures at issue had negative effects on the internal market and on the energy market in particular. 465 It should be noted in that regard that, in Section 7.9 of the contested decision, the Commission stated that the measures at issue had the potential to distort competition as regards the generation and supply of electrical power and to affect trade between Member States. It also considered that those measures could potentially distort investment decisions and displace other possible investments. Furthermore, in the context of its examination in Section 9.6 of that decision, it identified certain negative effects of those measures in terms of distortion of competition and impact on trade between Member States. However, in recital 548 of that decision, the Commission concluded that competition distortions resulting from the commissioning of Hinkley Point C would be kept to the minimum necessary and be offset by the positive effects of those measures. That conclusion is based in particular on the Commission’s examination in the context of Sections 9.6.1 to 9.6.5 of that decision. 466 In that context, it should also be noted that, in Section 9.6.1 of the contested decision, the Commission examined distortions of investment that will be caused by the measures at issue and their impact on trade flows. In recital 511 of that decision, it concluded that those measures would have an insignificant impact on trade flows, on prices and on investment. That conclusion is based on three considerations set out in that section, and on a consideration that is included in recital 403 of that decision. 467 First, in recitals 503 to 505 of the contested decision, the Commission noted that a widespread use of contracts for difference could substantially interfere with, or altogether remove, the role of prices as investment signals, and to effectively lead to price regulation of electricity generation at government-chosen levels. Contracts for difference required generators to sell on the market, thereby preserving some of the incentives which apply to unsupported market operators. The Commission noted, however, that such incentives were mainly preserved at the operational level, and not at the level of investment decisions, which were likely to be determined by the revenue stability and certainty provided by the contract for difference. In any event, market distortions deriving from the Contract for Difference at the operational level were very limited for nuclear energy generators, which had low marginal operating costs and were therefore likely to sell on the market regardless of price levels and occupied the initial positions in the supply merit curve. 468 Second, in recitals 506 to 508 of the contested decision, in terms of interconnector build and the direction and intensity of trade flows, the Commission found that the construction of Hinkley Point C was estimated to have a minimal impact on wholesale prices in the United Kingdom. In that context, it explained that the modelling work carried out suggested that prices in Great Britain would decrease by less than 0.5% as a result of the operation of that nuclear power plant, which in turn would translate into a cumulative and overall decrease in interconnector revenues of less than 1.7% up to 2030. This result stems from the fact that, even though the marginal cost of the electricity produced by that plant was lower than the price of existing plants, its overall capacity would be a small fraction of overall capacity in Great Britain, and from the fact that a decrease in wholesale prices and in interconnector revenues could be expected to take place also if that plant were not to be built. According to the Commission, that result was based on a worst-case scenario, since, in the absence of that plant, the United Kingdom could be expected to pursue other types of low-carbon production, up to the extent which would be feasible (and not up to the overall capacity provided by Hinkley Point C, which would be too large to replace through low-carbon sources only). Therefore, in its view, a decrease in wholesale prices and in interconnector revenues could be expected to take place also in the absence of Hinkley Point C. 469 Third, as regards trade distortions, in recitals 509 and 510 of the contested decision, the Commission found that Hinkley Point C had a negligible impact on prices other than those of Great Britain, which was quantified as 0.1% at most. That would translate into a decrease in cross-border flows of less than 1%. In that context, the Commission also stated that, according to the results of the modelling of alternative scenarios in which the Hinkley Point nuclear power plant project did not take place, the displacement of alternative investments would be limited. In particular, the forecasts of shrinking supply would leave ample room for other generators to enter and for other generation technologies to expand capacity regardless of investment in Hinkley Point C, in particular given the timing of the closure of existing nuclear and coal plants. The United Kingdom would need new nuclear energy generating capacity capable of producing about 60 gigawatts to come on line between 2021 and 2030, of which Hinkley Point C would provide 3.2 gigawatts. It would be impossible for low-carbon sources alone to make up this future deficit in energy generation capacity. 470 Fourth, in recital 403 of the contested decision, the Commission indicated that the Contract for Difference did not discriminate excessively against other technologies, as they could be supported sufficiently with the same type of instrument being used, in the context of the capacity market created by the United Kingdom, except for adaptations considered necessary for the differences in technologies. 471 It follows that the arguments put forward by the Republic of Austria to the effect that the Commission failed to take account of the negative effects of the measures at issue on the internal market must be rejected. 472 Second, it must be noted that some of the arguments put forward by the Republic of Austria are intended to establish that the Commission’s conclusion as to the limited nature of competition distortions caused by the measures at issue is vitiated by manifest errors. In the first place, the Republic of Austria submits that the Contract for Difference alters the supply merit curve to the disadvantage of gas power stations. In the second place, it argues that that contract creates incentive effects that are inadequate. In the third place, the contract increases significantly the frequency of negative prices. In the fourth place, contrary to the Commission’s considerations, those measures confer an inappropriate advantage on nuclear technology. In the fifth place, it submits, the Commission failed to take sufficient account of the importance of the interconnection of the energy networks. 473 The Commission, the Czech Republic, the French Republic, Hungary, the Republic of Poland, Romania, the Slovak Republic and the United Kingdom contest those arguments. 474 In the first place, the Republic of Austria submits that the Contract for Difference alters the supply merit curve to the disadvantage of gas power stations, which have high marginal costs and would have difficulty in remaining on the market in 2030. In its view, were gas power stations to leave the market, that would jeopardise the development of an efficient combination of generation capacities based on flexible gas power stations associated with volatile wind power. 475 As a preliminary point, it should be borne in mind in this regard that, in its examination, the Commission did not rule out the Contract for Difference having effects on the energy market. However, as is apparent in particular from recital 510 of the contested decision, it considered that the displacement of alternative investments remained limited because, on the one hand, of the United Kingdom’s need for new electricity generation capacities to come on-line between 2021 and 2030 and to be capable of supplying about 60 gigawatts, of which only 3.2 gigawatts would be provided by Hinkley Point C, and, on the other, that the construction of Hinkley Point C would not translate into an increased share of the baseload capacity, but would constitute a substitute investment compensating for part of the power generated by the oldest nuclear power stations and baseload-generating coal-fired power stations. In recital 403 of that decision, it also took account of the fact that the likelihood of foreclosure of gas plants was limited by the United Kingdom’s creation of a capacity market, which would seek to attract investment in new gas plants. 476 It is necessary to examine whether the arguments put forward by the Republic of Austria are likely to render those considerations by the Commission implausible. 477 According to the Republic of Austria, the adverse effects of the Contract for Difference on operators of gas plants and, indirectly, on wind power producers are demonstrated by a May 2012 study entitled ‘Assessment of the dispatch distortions under the Feed-in Tariff with Contract for Differences policy’ (‘the May 2012 study’). 478 It must be noted, however, that the content of the May 2012 study is not capable of demonstrating that the Commission’s findings as regards the limited effects of the displacement of alternative investments are manifestly erroneous. On the contrary, on pages 12 and 13 of that study, it is made clear that the modelling and analysis undertaken did not find any significant distortions because of contracts for difference for baseload. As regards pages 6, 7 and 36 et seq. of that study, on which the Republic of Austria bases its argument, it is true that it is apparent from these that the combination of an inflexible technology like nuclear technology and an intermittent technology such as wind power could create scenarios in which energy generation exceeds demand, which would have the effect of limiting gas plant production. However, contrary to the Republic of Austria’s contention, it cannot be inferred from that study that the construction of Hinkley Point C will result in a major foreclosure effect for gas plants. On the contrary, it should be noted that it is evident from page 30 of the study that nuclear energy will, until 2030, see only a moderate increase in existing generation capacity, whereas wind power generation will increase markedly, and that the addition of wind capacity will also modify the supply merit curve to the disadvantage of gas plants. 479 It should, moreover, be noted that the Republic of Austria has not put forward any argument that might call in question the Commission’s considerations based on the future capacity deficit, on the fact that the construction of Hinkley Point C is merely a substitute investment and on the existence of a market created by the United Kingdom, which seeks to attract investment in new gas plants. 480 In the light of those considerations, it must be concluded that the arguments of the Republic of Austria relating to the alteration of the supply merit curve are not capable of establishing that the Commission’s findings concerning the negative effects of the measures at issue are vitiated by a manifest error of assessment. 481 In the second place, the Republic of Austria submits that the mechanism of the Contract for Difference creates an inappropriate incentive effect for NNBG. The latter has an incentive, owing to the Contract for Difference, to maintain its feed-ins at a high level, without regard for the stability of the network. Accordingly, the promotion of nuclear energy could lead to a potential overcapacity of non-flexible electricity generation, which would result in producers of renewable energies being obliged to reduce their feed-ins into the network, in order not to compromise its security. As a result they would lose their subsidies. In those circumstances, it would be difficult for the other electricity producers to prevail on the market or to enter it. 482 First, in so far as the Republic of Austria maintains that the Commission made an error as regards the incentive effect of the measures at issue on the creation of new nuclear energy generating capacity, its arguments must be rejected. Those arguments are not capable of calling in question the Commission’s considerations, in recitals 393 to 406 of the contested decision, according to which those measures would make it possible to overcome the main obstacles to investment in such new capacity. 483 Second, in so far as the Republic of Austria maintains that the Commission’s consideration that the Contract for Difference has only an insignificant impact on investment is manifestly wrong, the Court must also reject its arguments. 484 First of all, it should be pointed out that the phenomenon of wind energy generation increasing and possibly exceeding demand on certain high wind days may be directly related to the intermittent nature of that technology, and that the risk of such a phenomenon increases with the share of that source of energy in the energy mix. In that context, it should be noted that, as is apparent from pages 30 and 36 of the May 2012 study, as wind deployment increases from now until 2030, the system operator will need to take action to curtail wind generation in periods of high wind. 485 Next, it must be noted that the reason why Hinkley Point C will generate electricity without regard to wind-generated power plants lies in the very nature of nuclear technology, which is an inflexible energy source. Contrary to what is suggested by the Republic of Austria, it is not, therefore, the Contract for Difference that might incentivise NNBG to maintain its level of generation during high wind periods, but technical reasons peculiar to that technology. 486 Furthermore, as is apparent from recital 14 of the contested decision, NNBG will be able to receive difference payments based on its output only up to a cap that has to be set in the Contract for Difference. Consequently, that contract will not be an incentive to generate energy above that cap. 487 In addition, it must be noted that the Republic of Austria has not put forward any argument that might call in question the Commission’s reasoning that the measures at issue have only an insignificant impact on investment. As is apparent from recitals 510 and 511 of the contested decision, that reasoning is based on forecasts that, because of shrinking supply, other generators and generation technologies will be able to find their place on the market, and on the finding that the construction of Hinkley Point C will not result in an expansion of the share of baseload capacity, but will constitute replacement investment partly compensating for the closure of the oldest nuclear and coal plants. In that context, account should also be taken of the fact that, in the event that capacity to generate energy from wind farms is curtailed by the system operator, there is a right to compensation on the basis of the balancing mechanism, if prices are not negative. 488 In the light of those considerations, it must be concluded that those arguments of the Republic of Austria are not capable of rendering implausible the Commission’s conclusion regarding the limited effects of the measures at issue on investment in wind generated power plants. 489 In the third place, the Republic of Austria argues that the Contract for Difference will increase the frequency of negative prices. In its view, Hinkley Point C will have a particular incentive to generate energy when prices are negative and will negatively influence market conditions for competing technologies. 490 In that context, first, it should be noted that, as is apparent from recital 497 of the contested decision, the Commission took account of the risk that EDF might alter that reference price, by bidding in capacity under a very low, even negative, price. Having examined that issue in Section 9.6.2 of that decision, it nevertheless considered that that risk was negligible. Moreover, according to the information provided by the Commission in recitals 506 to 508 of that decision, the construction of Hinkley Point C should have a minimal impact on United Kingdom wholesale prices. In that context, the Commission explained that the modelling work carried out suggested that prices in Great Britain would decrease by less than 0.5% as a result of the operation of Hinkley Point C. It also stated that that result stemmed from the fact that the marginal cost of electricity produced by Hinkley Point C would be lower than the price of existing plants, but that its overall capacity would be a small fraction of overall capacity in Great Britain and that a decrease in wholesale prices would take place also in the absence of Hinkley Point C. 491 It is necessary to examine whether the arguments put forward by the Republic of Austria are likely to render those considerations by the Commission implausible. 492 It should be noted in this regard that the only argument which the Republic of Austria put forward in that context is that, according to page 53 of the May 2012 study, if 3 gigawatts of nuclear capacity were added to the inflexible supply of electricity, that would double the probability of negative prices whereas, if nuclear capacity were 3 gigawatts lower, this would reduce the probability of negative prices by two thirds. 493 So far as that argument is concerned, it should be noted that the Republic of Austria has failed to establish that the project to build Hinkley Point C could be treated in the same way as the scenario, envisaged on page 53 of the May 2012 study, involving an additional 3 gigawatts of nuclear capacity. Admittedly, according to the Commission’s statements, Hinkley Point C is supposed to generate 3.2 gigawatts. However, according to the Commission’s statements, the construction of Hinkley Point C is no more than a replacement investment, designed to compensate partly for the output of the oldest nuclear power plants and coal-fired power plants generating the baseload. 494 In any event, in a situation such as that in the present case, in which the Commission states that it has carried out modelling work and concluded, on the basis of that work, that United Kingdom prices would decrease by less than 0.5% as a result of the operation of Hinkley Point C, even if the argument that the probability of negative prices will increase was well founded, that would not be sufficient to establish a manifest error of assessment on the part of the Commission. It cannot be inferred from the fact that the probability that negative prices will increase that the Commission’s conclusion to the effect, that prices in Great Britain would decrease by less than 0.5% as a result of the operation of Hinkley Point C, is vitiated by a manifest error. 495 Consequently, the argument of the Republic of Austria relating to the increase in the probability of negative prices must also be rejected. 496 In the fourth place, the Republic of Austria and the Grand Duchy of Luxembourg submit that the Commission’s consideration, in recital 403 of the contested decision, that the use of the Contract for Difference does not lead to an inappropriate advantage over other technologies because other technologies can be similarly supported by contracts for difference is not sufficiently substantiated and is erroneous. In that context, those Member States refer to Regulation No 651/2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 TFEU, and to the Guidelines on State aid for environmental protection and energy 2014-2020. 497 First, as regards the argument of the Republic of Austria and of the Grand Duchy of Luxembourg in relation to Regulation No 651/2014 declaring certain categories of aid compatible with the internal market in application of Articles 107 and 108 TFEU, it is sufficient to note that that regulation merely provides for a standardised block exemption approach, but is not binding on the Commission in the context of an individual examination carried out directly on the basis of Article 107(3)(c) TFEU (see paragraph 251 above). The mere fact that the measures at issue do not satisfy the requirements laid down in that regulation is not, therefore, capable of establishing that the Commission’s consideration in recital 403 of the contested decision is manifestly erroneous. 498 Second, as regards the argument of the Republic of Austria and of the Grand Duchy of Luxembourg in relation to the Guidelines on State aid for environmental protection and energy 2014-2020, it should be noted as a preliminary point that those Member States are not claiming that the Commission erred in failing to apply those guidelines to the measures at issue. They merely claim that the Commission found, in recital 403 of the contested decision, that technologies other than nuclear technology and nuclear technology itself could be supported similarly, whereas the conditions under which aid could be granted to technologies other than nuclear technology were more stringent than those applied by the Commission, in that decision, to nuclear technology. 499 Suffice it to note in this regard that, contrary to what is suggested by the Republic of Austria and the Grand Duchy of Luxembourg, in recital 403 of the contested decision, the Commission did not find that other technologies could be supported by contracts for difference containing the same terms as those laid down for Hinkley Point C. In that context, the Commission did no more than state that the use of the instrument of the contract for difference did not discriminate excessively against other technologies because that type of instrument could also be used to support other technologies. However, in that recital, it expressly acknowledged that adaptations may be necessary to take account of the differences in technologies. 500 Consequently, the arguments on the basis of which the Republic of Austria and the Grand Duchy of Luxembourg submit that the Commission’s consideration, in recital 403 of the contested decision, that the use of the Contract for Difference does not lead to an inappropriate advantage over other technologies because other technologies can be similarly supported by contracts for difference is not sufficiently substantiated and erroneous, must be rejected. 501 In the fifth place, the Republic of Austria and the Grand Duchy of Luxembourg submit that the Commission did not take sufficient account of the effects of the construction of Hinkley Point C on the interconnection of energy networks. 502 In that regard, first, it should be borne in mind that, in recitals 506 to 509 of the contested decision, the Commission found that the construction and operation of Hinkley Point C should have a minimal impact on United Kingdom wholesale prices. In that context, it explained that the modelling work carried out suggested that prices in Great Britain would decrease by less than 0.5% as a result of the operation of that nuclear power plant, which in turn would translate into a cumulative and overall decrease in interconnector revenues of less than 1.7% up to 2030. Accordingly, the Commission took account of the effects of the construction and operation of Hinkley Point C on interconnection. 503 Second, although the Republic of Austria and the Grand Duchy of Luxembourg claim that the Commission failed to take sufficient account of those effects, it must be noted that those Member States have not put forward any evidence that might render implausible the Commission’s considerations with respect to the interconnection of energy networks. 504 Consequently, the arguments on the basis of which the Republic of Austria and the Grand Duchy of Luxembourg submit that the Commission did not take sufficient account of the effects of the construction and operation of Hinkley Point C on the interconnection of energy networks must be rejected, as, therefore, must all the arguments of the Republic of Austria and the Grand Duchy of Luxembourg aimed at establishing that the Commission overlooked the negative effects that the measures at issue would have on the energy market or the scale of those effects. (3) The balancing exercise carried out 505 The Republic of Austria and the Grand Duchy of Luxembourg put forward various arguments calling in question the Commission’s weighing up of the positive and negative effects of the measures at issue. They claim, in essence, that the positive effects of those measures are outweighed by their negative effects. In addition to the negative effects already mentioned in paragraphs 382, 384 and 400 above, that is to say, the effect of other producers being driven out of the market, the limitation of input from wind generated power plants in high wind periods, the effects on prices and the less advantageous terms of the contracts for difference available to other producers, the Republic of Austria claims that another negative effect of those measures is to perpetuate the current supply structure, of which nuclear energy is a substantial element. Furthermore, it submits that the Commission did not attach sufficient weight to the objectives of promoting energy efficiency and energy savings, developing new forms of energy and promoting the interconnection of energy networks laid down in Article 194(1) TFEU. In that context, it is also necessary to take account of the arguments relating to the balancing exercise mentioned in paragraphs 238 and 439 above, alleging that the Commission was biased in favour of nuclear energy and that it should not have favoured the importation of uranium ore from third countries over the importation of electricity from other Member States. 506 In that regard, in the first place, it should be noted that, in recitals 502 to 511 and 547 of the contested decision, the Commission found that the risk of distortion of competition was limited, notably as regards the effects of the measures at issue on alternative investments and on prices. The Republic of Austria and the Grand Duchy of Luxembourg have not put forward any arguments that might call that conclusion in question. 507 In the second place, as regards the arguments of the Republic of Austria alleging that the current supply structure is being perpetuated, it should be noted that, according to the information provided by the Commission, the project to build Hinkley Point C is intended solely to prevent a drastic fall in the contribution of nuclear energy to overall electricity needs. In the light of the United Kingdom’s right to determine its own energy mix and to maintain nuclear energy as a source in that mix, which follows from the second subparagraph of Article 194(2) TFEU, and from the second paragraph of Article 1, Article 2(c) and the first paragraph of Article 192 of the Euratom Treaty, the decision to maintain nuclear energy in the supply structure cannot be considered to be manifestly disproportionate as compared with the positive effects of the measures at issue. 508 In the third place, as regards the fact, invoked by the Republic of Austria and the Grand Duchy of Luxembourg, that, in high wind periods, wind generated power plants are obliged to limit their production in order not to jeopardise network stability, first, it should be noted that that phenomenon is a result of the intermittent nature of wind technology. Second, the fact that the inflexible baseload produced by nuclear power plants may reinforce that effect is not sufficient in itself to establish that the negative effects of the measures at issue are disproportionate as compared with their positive effects. First, in the light of the United Kingdom’s right to determine its own energy mix and to maintain nuclear energy as a source in that mix, the United Kingdom cannot be criticised for adopting the measures necessary to maintain nuclear energy in its energy mix, even if that may have negative effects on producers of intermittent energy. Second, and in any event, according to the Commission’s findings, which have not been called in question by the arguments of the Republic of Austria and the Grand Duchy of Luxembourg, it would not be possible to address the future low levels of energy generation capacity capable of supplying 60 gigawatts identified by the United Kingdom by resorting solely to other low-carbon sources. 509 In the fourth place, the Republic of Austria argues that, in the weighing up of the effects of the measures at issue, the Commission did not give sufficient weight to the objective of favouring electricity imports from other Member States and to the goal of efficiency. In that regard, suffice it to note that, according to the findings of the Commission, summarised in paragraphs 405 and 466 to 470 above, the impact of the measures at issue on interconnectors remains limited and there is a future gap in energy generation capacity to supply 60 gigawatts to the United Kingdom, of which only 3.2 gigawatts would be provided by Hinkley Point C, and, moreover, that the plausibility of those findings has not been properly called in question by the arguments put forward by the Republic of Austria and the Grand Duchy of Luxembourg. In those circumstances, the argument that the Commission did not attach sufficient weight to the objective of favouring electricity imports from other Member States and to the goal of efficiency is not capable of establishing that the negative effects of the measures at issue are disproportionate as compared with their positive effects. 510 In the fifth place, it must be borne in mind that the United Kingdom is entitled to determine the composition of its own energy mix and to maintain nuclear energy as a source in that mix. In view of that entitlement, the mere fact that, in order to create an incentive for the construction of new nuclear energy generating capacity so as to overcome the obstacles to it, the United Kingdom provided for a Contract for Difference for the construction and operation of Hinkley Point C which contains terms that are more favourable than contracts for difference available for other technologies is not sufficient in itself to establish that the negative effects of the measures at issue are disproportionate as compared with their positive effects. 511 It follows that all of the arguments put forward by the Republic of Austria and the Grand Duchy of Luxembourg to establish that the Commission made a manifest error of assessment in relation to the weighing up of the measures at issue must be rejected. (4) The argument that the Commission failed to take into account information that was relevant 512 The Republic of Austria and the Grand Duchy of Luxembourg argue that, in the weighing up of the effects of the measures at issue, the Commission failed to take into account matters which would have been relevant, such as the effects of those measures on the environment, the terrorist threat and the costs of storing nuclear waste, as well as the consequences of their financing. In that context, account must also be taken of the arguments which the Republic of Austria put forward in connection with the fourth plea, to the effect that, by unconditionally prioritising Article 2(c) of the Euratom Treaty, the Commission acted in breach of the principle of protection of the environment, the precautionary principle, the ‘polluter pays’ principle and the principle of sustainability (see paragraph 114 above). 513 The Commission, the Czech Republic, the French Republic, Hungary, the Republic of Poland, Romania, the Slovak Republic and the United Kingdom contest those arguments. 514 In the first place, the Court must examine the arguments of the Republic of Austria to the effect that the Commission did not sufficiently take into account the principle of protection of the environment, the precautionary principle, the ‘polluter pays’ principle and the principle of sustainability. 515 In that regard, first, it must be noted that the United Kingdom did not specifically intend, through the measures at issue, to give effect to the principles relied on by the Republic of Austria and the Grand Duchy of Luxembourg. Accordingly, the Commission was not obliged to take into account those principles when identifying the advantages that flow from the measures at issue. 516 Second, with regard to the disadvantages of the measures at issue, it must be noted that, in the context of the application of Article 107(3)(c) TFEU, the Commission must weigh up the advantages of the measures at issue and their negative impact on the internal market. Although protection of the environment must be integrated into the definition and implementation of EU policies, particularly those which have the aim of establishing the internal market, it does not constitute, per se, one of the components of that internal market, defined as an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. Consequently, when identifying the negative effects of the measures at issue, the Commission was not obliged to take into account the extent to which the measures at issue are detrimental to the implementation of that principle (see, to that effect, judgment of 3 December 2014, Castelnou Energía v Commission, T‑57/11, EU:T:2014:1021, paragraphs 189 to 191). That applies equally to the precautionary principle, the ‘polluter pays’ principle and the sustainability principle relied on by the Republic of Austria. 517 Third, in so far as, by their arguments, the Republic of Austria and the Grand Duchy of Luxembourg seek to establish that measures that are contrary to EU law may not be authorised by the Commission, it should be noted that, apart from the principle of protection of the environment, the precautionary principle, the ‘polluter pays’ principle and the principle of sustainability, those Member States do not invoke any EU environmental legislation that may not have been complied with. Moreover, if those Member States are claiming that those principles preclude State aid from being granted for the construction or operation of a nuclear power plant, that argument must also be rejected, since such an interpretation would be inconsistent with Article 106a(3) of the Euratom Treaty. 518 It follows that all of the arguments of the Republic of Austria and the Grand Duchy of Luxembourg to the effect that the Commission did not sufficiently take into account the principle of protection of the environment, the precautionary principle, the ‘polluter pays’ principle and the principle of sustainability must be rejected. 519 In the second place, the argument of the Grand Duchy of Luxembourg that the Commission did not sufficiently take into account the danger arising from terrorism must be rejected for similar reasons. The measures at issue were not measures intended specifically to guard against terrorism, and protection against terrorism does not constitute, per se, one of the components of the internal market, defined as an area without internal frontiers in which the free movement of goods, persons, services and capital is ensured. Furthermore, it must be noted that the Republic of Austria and the Grand Duchy of Luxembourg do not invoke any legislation on the security of nuclear power plants that may not have been complied with. 520 In the third place, as regards the argument of the Republic of Austria that the Commission failed to take the costs of storing nuclear waste into consideration, suffice it to refer to the review carried out in paragraphs 354 to 358 above. 521 In the fourth place, the Republic of Austria claims that the Commission did not sufficiently take into account the negative consequences of the measures at issue for consumers, who must bear the cost of those measures, notably in their capacity as taxpayers. 522 In that context, first, it should be stated that, in so far as payments are required to be made on the basis of the Contract for Difference, consumers will not be affected in their capacity as taxpayers, since those payments are funded through a levy on suppliers (see recital 329 of the contested decision). Furthermore, contrary to what is argued by the Republic of Austria, it cannot be inferred from the contested decision that the Commission failed to take the interests of consumers of electricity into account in its review of proportionality. Not only did it examine the effects of the measures at issue on electricity prices and find that no significant effects were to be expected, but it also ensured that those measures would not result in overcompensation. Thus, it adjusted the Credit Guarantee fee rate and, in recital 491 of that decision, expressly stated that the changes to the gain-share mechanism were likely to translate into lower levels of support to be provided by suppliers and, ultimately, by those consumers. 523 Second, as regards the Credit Guarantee, it is apparent from recital 339 of the contested decision that it entails the resources of the United Kingdom. Therefore, in that context, consumers may be affected in their capacity as taxpayers. However, in that regard, it should be borne in mind that it is necessary to distinguish the measures at issue from their funding. Taxes which serve to finance aid do not fall within the scope of the provisions of the Treaty concerning State aid unless they constitute the method of financing an aid measure, so that they form an integral part of that measure. For a tax, or part of a tax, to be regarded as forming an integral part of an aid measure, it must be hypothecated to the aid measure under the relevant national rules, in the sense that the revenue from the tax is necessarily allocated for the financing of the aid. In the event of such hypothecation, the revenue from the tax has a direct impact on the amount of the aid and, consequently, on the assessment of the compatibility of the aid with the internal market (judgment of 13 January 2005, Streekgewest, C‑174/02, EU:C:2005:10, paragraphs 25 and 26). It must be noted, first, that the contested decision does not contain anything that might establish that the Credit Guarantee is similarly hypothecated to its financing and, second, that the Republic of Austria has not put forward any argument capable of demonstrating the existence of such hypothecation. 524 Consequently, the Court must reject the argument of the Republic of Austria that the Commission did not sufficiently take into account the effects of the measures on consumers, notably in their capacity as taxpayers. 525 In the fifth place, the Republic of Austria submits that the Commission did not sufficiently take into account the fact that the Hinkley Point C project restricted public funds for projects to develop and expand renewable energy sources and prevented such projects from being pursued. 526 In that regard, it should be recalled that, in accordance with the second subparagraph of Article 194(2) TFEU, Member States are entitled to choose between different energy sources. Accordingly, in itself, the choice made by the United Kingdom to grant aid for the promotion of nuclear energy cannot be called in question, notwithstanding the fact that the public resources used for that project are, as a result, unavailable for other projects. 527 Second, it must be stated that the Republic of Austria has not put forward anything to demonstrate that, as a result of the measures at issue being granted in respect of Hinkley Point C, the United Kingdom is unable to meet its obligations under EU law in relation to the protection of the environment. 528 Third, it must be borne in mind that, in recital 510 of the contested decision, the Commission stated that, regardless of investment in Hinkley Point C, there was still ample room on the market for other generators and other generation technologies to enter and to expand their capacity, and that, in recital 403 of that decision, it took account of the fact that the Contract for Difference did not discriminate excessively against other technologies, as these could be supported sufficiently using the same type of instrument, in the context of the capacity market created by the United Kingdom, except for the adaptations necessary to take account of the differences in technologies. It should also be borne in mind that the arguments of the Republic of Austria and the Grand Duchy of Luxembourg considered in paragraphs 463 to 511 above are not capable of establishing that the Commission made a manifest error of assessment in that respect. 529 In the light of the above, the Court must reject the argument of the Republic of Austria that the Commission did not sufficiently take into account the fact that the Hinkley Point C project restricted public funds for projects to develop and expand renewable energy sources and prevented such projects from being pursued, as well, therefore, as all of the arguments alleging that the Commission failed to take relevant factors into account. 530 Consequently, the Court must reject all of the arguments relating to the weighing up of the positive and negative effects of the measures at issue and, therefore, the sixth plea in its entirety, as well as the arguments relating to the necessary nature of those measures put forward in connection with the first plea (see paragraph 196 above) and the fifth plea (see paragraphs 273 and 352 above), and the arguments relating to that weighing up exercise put forward in connection with the fourth plea (see paragraphs 114 and 125 above) and the first plea (see paragraph 238 above). 2. Second complaint in the third part of the ninth plea, and sixth part of that plea, alleging, in particular, an insufficient statement of reasons 531 In the second complaint in the third part of the ninth plea, and the sixth part of that plea, the Republic of Austria puts forward arguments claiming, in essence, that the statement of reasons for the contested decision as regards the review of the proportionality of the measures at issue is insufficient. 532 In the first complaint in the sixth part of the ninth plea, the Republic of Austria submits that the statement of reasons for the contested decision is insufficient as regards the possible alternatives to subsidising Hinkley Point C. The contested decision did not, it claims, present the tenders of alternative energy producers. Moreover, that decision was ‘silent’ as regards the energy saving and energy efficiency measures. 533 The Commission contests those arguments. 534 It should be noted in that regard that it is apparent from Section 9.2 of the contested decision that the Commission considered that the public interest objective pursued by the measures at issue was the promotion of nuclear energy and, specifically, the creation of new nuclear energy generating capacity. The reason why the tenders of alternative energy suppliers did not represent an alternative to the subsidisation of Hinkley Point C is therefore clearly evident from that section. 535 In addition, as regards energy saving and energy efficiency measures, it is sufficient to point out that it is apparent from recitals 250 to 254 of the decision to initiate the formal investigation procedure that the United Kingdom had identified a future deficit in electricity generating capacity and that, in determining the scale of that future deficit, it had taken energy saving and energy efficiency measures into account. Since the Commission relied on that future deficit in the contested decision, and the statement of reasons in the decision to initiate the formal investigation procedure is part of the context to the contested decision, the statement of reasons for the latter cannot be considered to be insufficient in that respect (see paragraph 63 above). 536 Furthermore, if, by the present complaint, the Republic of Austria is seeking to cast doubt on whether the statement of reasons referred to above is well founded, suffice it to note that that complaint has already been examined and rejected in the context of the examination of the sixth plea. 537 Consequently, the first complaint in the sixth part of the ninth plea must be rejected. 538 By the second complaint in the sixth part of the ninth plea, the Republic of Austria maintains that the Commission failed to set out the scenarios to which it refers in recital 416 of the contested decision. 539 The Commission contests that argument. 540 As a preliminary point, it must be noted that recital 416 of the contested decision is in Section 9.5.1 of that decision, in which the Commission described the Credit Guarantee notified by the United Kingdom and, in particular, the fee rate for that guarantee originally envisaged by the United Kingdom. In that context, the Commission stated that, in the circumstances of the case, two methods could be used to establish a fee rate for that guarantee corresponding to market terms. One of those methods would be the so-called expected loss approach, which links the company’s business plan to its capital structure under different scenarios resulting in a likelihood of default. 541 According to the Republic of Austria, the Commission failed to set out those scenarios. 542 In that regard, it should be noted that, in recitals 424 to 427 of the contested decision, the Commission explained, in more detail, the expected loss approach and one of the scenarios which had been envisaged by the United Kingdom in that context. It should also be noted that the Commission found that the fee rate for the Credit Guarantee notified by the United Kingdom did not reflect the rate corresponding to market terms. For that reason, in recitals 463 to 477 of that decision, the Commission stated to what extent it was appropriate to amend the fee rate for that guarantee in order to limit the aid element in the Credit Guarantee to the minimum. In that context, it set out the criteria used and the scenarios which it envisaged. 543 In the light of those factors, the complaint that the statement of reasons in respect of recital 416 of the contested decision was insufficient must be rejected. 544 In the third complaint in the sixth part of the ninth plea, the Republic of Austria submits that, in Section 9.5.2 of the contested decision, the Commission relied on the TESLA 4 report, but did not set out the data relating thereto. Consequently, it is argued, its considerations regarding the financial risk were not comprehensible. 545 The Commission contests that argument. 546 In the first place, the Court must reject the argument of the Republic of Austria alleging infringement of the obligation to state reasons. It should be noted in that regard that, in recitals 434 to 458 of the contested decision, the Commission examined in some detail the level of the strike price and the rates of return, on the basis of various sources of data. In recitals 446 and 447 of that decision, it took account of the TESLA 4 report, drawn up internally by NNBG. It must be pointed out that it is sufficiently clear from the public version of that decision that the Commission did not disclose the data from that report in order to protect business secrets. 547 In the second place, if, by its argument, the Republic of Austria is seeking to call in question the confidentiality of those data or the Commission’s decision to redact them, it is sufficient to note that it has not put forward any detailed argument in that regard. 548 Accordingly, the complaint relating to the TESLA 4 report must be rejected. 549 In the fourth complaint in the sixth part of the ninth plea, the Republic of Austria argues that it is incomprehensible that, in Section 9.5.3.3 of the contested decision, the gain-share mechanism was published but not the construction gain-share thresholds. 550 The Commission contests those arguments. 551 In that context, it should be noted that it is clear from recital 487 of the contested decision that the Commission considered that the construction gain-share thresholds constituted business secrets. Furthermore, it must be noted that the Republic of Austria has not put forward any argument that might cast any doubt on the confidential nature of that information or as to whether the Commission’s decision not to reveal them was well founded. 552 Consequently, the argument of the Republic of Austria relating to the construction gain-share thresholds must also be rejected. 553 In the fifth complaint in the sixth part of the ninth plea, the Republic of Austria claims that the statement of reasons for the contested decision is not sufficient as regards the subsidies linked to the additional costs in relation to the decommissioning of installations and the processing and disposal of nuclear waste. 554 The Commission contests those arguments. 555 In that regard, it is sufficient to note that, as is apparent from recitals 460 and 461 of the contested decision, the Commission only took into account cost items for expenditures related to management and disposal of waste, liability fees, and decommissioning which were included in the financial model for Hinkley Point C. The decision does not, however, cover additional aid elements in relation to that type of expenditure. Consequently, the Commission was not required to give reasons for its decision in that regard. 556 In the sixth complaint in the sixth part of the ninth plea, the Republic of Austria maintains that the Commission should have given further reasons as to why, contrary to its practice in taking decisions, it had not considered that the lack of a tendering procedure exacerbated the effects of the measures at issue on competition. 557 The Commission contests those arguments. 558 In this regard, it should be noted, first, that, in Section 9.1 of the contested decision, the Commission set out the reasons why, in its view, Directive 2004/17/EC of the European Parliament and of the Council of 31 March 2004 coordinating the procurement procedures of entities operating in the water, energy, transport and postal services sectors (OJ 2004 L 134, p. 1) and Directive 2004/18/EC of the European Parliament and of the Council of 31 March 2004 on the coordination of procedures for the award of public works contracts, public supply contracts and public service contracts (OJ 2004 L 134, p. 114), as amended, were not applicable to the measures at issue. 559 Second, in recitals 359 to 364 of the contested decision, the Commission stated that the selection procedure used by the United Kingdom was based on a clear, transparent and non-discriminatory framework, which could be considered equivalent to a tendering procedure in terms of transparency and non-discrimination. In that context, in recital 363 of that decision, it expressly stated that the United Kingdom had held discussions with new nuclear developers other than NNBG. 560 Third, it must be held that the reasons for the Commission’s view that the measures at issue did not lead to overcompensation are sufficiently apparent from Section 9.5 of the contested decision. 561 In the light of those factors, the present complaint must be rejected. 562 In the seventh complaint in the sixth part of the ninth plea, the Republic of Austria submits that, in recital 389 of the contested decision, the Commission identified a considerable improvement in general welfare and in the welfare of all consumers. However, in that context, the Commission had not stated to what extent the external costs generated, for example, by the processing and disposal of nuclear waste or the risk of accidents had been taken into account. Furthermore, the reasons given in Section 9.4 of that decision, regarding the appropriateness of the instruments, were not comprehensible. In that context, the Commission had not determined sufficiently the effects of the measures at issue on the electricity market. 563 The Commission contests those arguments. 564 It should be noted in this regard that, in Section 9.3 of the contested decision, the Commission commented on whether intervention by the United Kingdom was necessary in order to achieve the public interest objective it was pursuing, namely the creation of new nuclear energy generating capacity, and, in Section 9.4 of that decision, on whether the measures at issue, notably the Contract for Difference, could be considered appropriate instruments for achieving that goal. In that context, the Commission took account, in particular, of the fact that other technologies could be similarly supported by contracts for difference and of the intermittent nature of many renewable energy technologies. However, contrary to what is suggested by the Republic of Austria, it did not, in those sections, carry out a comprehensive balancing exercise in respect of all the relevant positive and negative effects of those measures. It did so at a later stage, after its examination, in the context of Section 9.6 of that decision. 565 It follows that, in Sections 9.3 and 9.4 of the contested decision, the Commission was not obliged to determine all of the positive and negative effects of the measures at issue, nor was it obliged to weigh them up. Furthermore, in so far as, in recital 389 of that decision, it mentioned the improvement in the welfare of society as a whole and of all consumers, that is not a conclusion that arose from such a balancing exercise. In that recital, it did no more than find that the creation of new nuclear energy generating capacity constituted a positive effect of those measures. 566 In the light of those considerations, the complaint that the statement of reasons in respect of Sections 9.3 and 9.4 of the contested decision was insufficient must also be rejected. 567 In the second complaint in the third part of the ninth plea, the Republic of Austria submits that, in Section 8.1.7 of the decision to initiate the formal investigation procedure, the Commission based serious doubts as to the compatibility of the measures at issue with the internal market on a report which concluded that they could result in serious distortions of competition. Yet in the contested decision, the Commission had failed to explain why those doubts had been dispelled. 568 The Commission contests those arguments. 569 In that regard, first, it should be borne in mind that, as is apparent from Article 6(1) of Regulation No 659/1999, the Commission’s considerations in Section 8.1.7 of the decision to initiate the formal investigation procedure were preliminary assessments (see, to that effect, judgment of 1 July 2009, ISD Polska and Others v Commission, T‑273/06 and T‑297/06, EU:T:2009:233, paragraph 126 and the case-law cited). Consequently, the reasons given for the contested decision cannot be considered insufficient merely because they are not completely identical to those given in the decision to initiate the formal investigation procedure. In a decision adopted at the end of a formal investigation procedure, the Commission is not obliged to present an analysis covering all the considerations contained in the decision to initiate the formal investigation procedure. 570 Second, account must be taken of the fact that, in the contested decision, the Commission set out the reasons why, after having examined in depth the effects of the measures at issue on competition and on trade between Member States, it considered that those measures were compatible with the internal market. In that context, it should also be noted that the Commission’s doubts related to the measures as notified by the United Kingdom. However, the authorisation in the contested decision concerned the measures as amended in order to take those doubts into account. 571 Third, in so far as the Republic of Austria argues that the changes to the notified measures were not capable of removing the doubts originally raised, it must be noted that it does not put forward any detailed argument in that respect. 572 Fourth, and in any event, it must be pointed out that the Commission expressly stated in recital 402 of the decision to initiate the formal investigation procedure that the report referred to in Section 8.1.7 of that decision did not necessarily reflect its views. 573 In the light of those considerations, it must be concluded that, contrary to what is argued by the Republic of Austria, the mere fact that the Commission did not explain in detail why it did not share the doubts expressed in the report mentioned in Section 8.1.7 of the decision to initiate the formal investigation procedure does not mean that the statement of reasons for the contested decision is insufficient. 574 Consequently, the second complaint in the third part of the ninth plea and the sixth part of the ninth plea must be rejected. G. Third plea and first complaint in the third part of the ninth plea, concerning the characterisation of the measures at issue 575 The third plea and the first complaint in the third part of the ninth plea concern recitals 344 to 347 of the contested decision. In those recitals, the Commission stated that measures involving operating aid were, in principle, incompatible with Article 107(3)(c) TFEU, but that the measures at issue had to be regarded as being equivalent to investment aid, since they allowed NNBG to commit to investing in the construction of Hinkley Point C. In that context, it found, in particular, that, from a financial modelling point of view, the net present value of the strike price payments could be thought of as the equivalent of a lump sum payment which allowed NNBG to cover construction costs. 576 The Republic of Austria and the Grand Duchy of Luxembourg maintain that those considerations are erroneous. First, they claim that the Commission should have characterised the measures at issue as operating aid that is incompatible with the internal market. Second, the Republic of Austria argues that the reasons given for the contested decision are insufficient. 1. The arguments relating to the characterisation of the measures at issue 577 The Republic of Austria and the Grand Duchy of Luxembourg submit that the measures at issue constitute operating aid, which is not compatible with the internal market. In that context, account must also be taken of the argument put forward in connection with the fourth plea, concerning the characterisation of the measures at issue as investment aid, mentioned in paragraph 125 above. 578 The Commission, the Czech Republic, Hungary, the Republic of Poland and the United Kingdom contest those arguments. 579 In the first place, it should be borne in mind that, according to settled case-law, operating aid intended to maintain the status quo or to release an undertaking from costs which it would normally have had to bear in its day-to-day management or normal activities cannot be considered compatible with the internal market (see, to that effect, judgments of 5 October 2000, Germany v Commission, C‑288/96, EU:C:2000:537, paragraphs 88 to 91; of 19 September 2000, Germany v Commission, C‑156/98, EU:C:2000:467, paragraph 30; and of 21 July 2011, Freistaat Sachsen and Land Sachsen-Anhalt v Commission, C‑459/10 P, not published, EU:C:2011:515, paragraphs 33 to 36). 580 Such aid cannot meet the requirements of Article 107(3)(c) TFEU. Thus, operating aid which is limited to maintaining the status quo does not facilitate development within the meaning of that provision. Aid which does no more than lower the usual ongoing operating expenditure which an undertaking would have had to bear in any event in the course of its normal business cannot be considered to be pursuing a public interest objective for the purposes of that provision. Furthermore, aid by which advantages are conferred on undertakings without being intended to achieve a public interest objective pursued by the Member State conferring them and which may then be used by those undertakings to meet existing and ongoing operating costs cannot be declared compatible with the internal market under that provision. Such aid would give those undertakings an advantage over their competitors, without this being justified by the attainment of a public interest objective. 581 It must be noted that, in the contested decision, the Commission did not call in question the case-law cited in paragraph 579 above. On the contrary, in recital 344 of that decision, it referred to the first paragraph of Section 8.1 of the decision to initiate the formal investigation procedure, in which it had cited that case-law. 582 By contrast, as is apparent from recitals 344 to 347 of the contested decision, the Commission found that the case-law cited in paragraph 579 above did not apply to the measures at issue because of the peculiarity of the project and the fact that those measures were intended to allow NNBG to commit to investing in the construction of Hinkley Point C. 583 Contrary to what is argued by the Republic of Austria and the Grand Duchy of Luxembourg, that approach is not incorrect. There is nothing to preclude an aid measure which pursues a public interest objective, which is appropriate to and necessary for the attainment of that goal, which does not adversely affect trading conditions to an extent contrary to the common interest and which therefore satisfies the requirements of Article 107(3)(c) TFEU from being declared compatible with the internal market under that provision, irrespective of whether it must be characterised as investment aid or operating aid. It should, moreover, be recalled that even operating aid may be declared compatible with the internal market if those conditions are satisfied (see, to that effect, judgment of 9 June 2016, Magic Mountain Kletterhallen and Others v Commission, T‑162/13, not published, EU:T:2016:341, paragraphs 116 and 117). 584 As regards the measures at issue, first, it should be noted that, in the contested decision, the Commission found that those measures pursued a public interest objective, namely, the creation of new nuclear energy generating capacity, which could not be achieved within a reasonable time without State intervention and, moreover, that the Republic of Austria and the Grand Duchy of Luxembourg had not put forward any arguments that might cast doubt on that finding. Accordingly, those measures cannot be regarded as aid that is limited to maintaining the status quo. On the contrary, according to the Commission’s findings, without them, no investment in new nuclear energy generating capacity would be made within a reasonable time. 585 Second, it must be recalled that, according to the Commission's conclusions, which have not been impugned by the arguments put forward by the Republic of Austria and the Grand Duchy of Luxembourg, the measures at issue are appropriate to and necessary for the attainment of that goal and do not adversely affect trading conditions to an extent contrary to the common interest. In those circumstances, the measures at issue cannot be regarded as aid that does no more than lower the usual ongoing operating expenditure which an undertaking would have had to bear in any event in the course of its normal business. On the contrary, the objective of those measures was to create an incentive to construct new nuclear energy generating capacity by reducing the risks associated with investment, with a view to ensuring that the investment would be profitable. 586 The arguments put forward by the Republic of Austria and the Grand Duchy of Luxembourg must be examined taking those considerations into account. First of all, those Member States put forward arguments relating to the Contract for Difference. Second, they put forward arguments relating to the Secretary of State Agreement. Third, they put forward arguments concerning the compensation provided for. Fourth, they maintain that, in the contested decision, the Commission should have made a clear distinction between operating aid and investment aid. (a) The arguments relating to the Contract for Difference 587 In the first place, the Republic of Austria and the Grand Duchy of Luxembourg put forward arguments by which they seek to establish that that contract is inextricably linked to the operation of Hinkley Point C. In that context, they claim that it covers the ongoing expenditure of NNBG and is not limited, therefore, to subsidising only unit C of that power station but also relates to the ongoing operation, and that the amount of the aid should depend directly on the energy generated. 588 In that regard, as a preliminary point, it should be recalled that an aid measure may be declared compatible with the internal market if it satisfies the requirements laid down in Article 107(3)(c) TFEU, regardless of whether it is characterised as operating aid or investment aid (see paragraph 583 above). 589 As regards the argument of the Republic of Austria and the Grand Duchy of Luxembourg that it is impossible to establish a link between payments made under the Contract for Difference and investment in new nuclear energy generating capacity, it is sufficient to note that that contract seeks to guarantee stable revenues for a sufficiently long period of time to encourage the undertaking concerned to invest the funds necessary to build that new capacity. In essence, it is, therefore, a risk-hedging instrument in the form of a price stabiliser, offering revenue stability and certainty. However, unlike a non-repayable subsidy, which is granted in full at the outset or on the basis of the progress of construction, a contract for difference has an incentive effect for investments, guaranteeing as it does a specific and stable price. 590 In that context, first, it must be recalled that, under the Contract for Difference, NNBG will receive payment only when the reference price is lower than the strike price. By contrast, when the reference price is higher than the strike price, NNBG will be obliged to pay the difference between the two prices (see paragraph 5 above). Therefore, although the grant and the amount of the aid depend on the circumstances surrounding the operation of Hinkley Point C and its generation of electricity, there is a clear link between that amount and the public interest objective pursued. Those arrangements are intended to ensure that the amount of the payment due under the Contract for Difference corresponds to the level that has to be reached in order to trigger investment in new nuclear energy generating capacity. 591 Second, contrary to what is claimed by the Republic of Austria, the fact that, if Hinkley Point C were not to be completed, NNBG would not receive aid under the Contract for Difference is not capable of calling in question the link between the measures at issue and the public interest objective pursued, namely the creation of new nuclear energy generating capacity. It must be stated that, in that situation, the public interest objective pursued would not be achieved. Article 107(3)(c) TFEU does not preclude arrangements for spreading the risk which allocate the technical risk of implementation to the beneficiary undertaking. 592 Third, the Republic of Austria submits that the Contract for Difference allows the strike price to be reopened and that, in that context, account will be taken not only of investment costs but also of operating costs. 593 It should be noted in that regard that the strike price authorised by the Commission in the contested decision takes account not only of the price of the cost of building Hinkley Point C but also of its operating costs. Those costs influence the profitability of the project and therefore have an impact on the amount which the strike price must attain in order to trigger the decision to invest in new nuclear energy generating capacity. 594 It follows that the fact that, after 15 and 25 years, the strike price may be reopened and that, in the context of that reopener (see paragraph 5 above), account is taken of matters relating to the operating costs, is not capable of calling in question the link between the measures at issue and the public interest objective pursued, that is, the creation of new nuclear energy generating capacity. In view of the fact that the operating costs on the basis of which the strike price was calculated must be estimated ex ante and that the operational life of Hinkley Point C will be very long, the possibility of such reopeners is intended to mitigate the risks in relation to the long-term costs for both parties, with a view to increasing or reducing the strike price guaranteed by the Contract for Difference. 595 It follows that, although the payments which will be made pursuant to the Contract for Difference will concern the operation of Hinkley Point C and its generation and sale of nuclear energy, that is not capable of calling in question the link between those payments and the initial investment decision. 596 Therefore, even if NNBG were to use part of the payments it will receive because of the Contract for Difference to cover the ongoing operating costs of Hinkley Point C, that could not break the link that exists between the measures at issue and the public interest objective pursued, that is to say, the creation of new nuclear energy generating capacity. 597 Accordingly, the arguments of the Republic of Austria and the Grand Duchy of Luxembourg aimed at establishing that that contract is inextricably linked to the operation of Hinkley Point C cannot be accepted. 598 In the second place, the Republic of Austria submits that the costs linked to the outage of a nuclear power plant and disposal of waste or the liability or follow-up costs of such a plant constitute expenditure that usually flows from the ongoing operation of a nuclear power plant. Taking responsibility for the costs of disposing of radioactive waste should, in particular, be regarded not as investment aid but as operating aid. 599 That argument, too, must be rejected. As has been stated in paragraphs 593 and 594 above, the costs linked to the outage of a nuclear power plant, disposal of waste or the liability or follow-up costs of such a plant that were taken into account by the Commission in the contested decision (see paragraphs 354 to 359 above) have had an influence on the rates of return, on which the decision to invest in the construction of Hinkley Point C depends. Therefore, taking those costs into account in determining the strike price is not capable of calling in question the link between payments made under the Contract for Difference, on the one hand, and the public interest objective pursued by the United Kingdom, namely the creation of new nuclear energy generating capacity, on the other. 600 In the third place, the Court must reject the argument of the Republic of Austria that, in recital 358 of the contested decision, the Commission itself acknowledged that the Contract for Difference constituted operating aid. It must be noted in this regard that, in recital 358 of the contested decision, which appears in Section 9.1 of that decision, the Commission examined whether the measures at issue were compatible with existing market regulation and stated that the Contract for Difference for Hinkley Point C did not qualify as a public contract or as a procurement activity, because it merely established the conditions for the exercise of the activity of electricity generation through use of nuclear technology. As has been explained in paragraphs 577 to 599 above, the mere fact that the Contract for Difference will have an influence on the conditions in which Hinkley Point C will generate nuclear electricity is not capable of calling in question its compatibility with the internal market. 601 In the fourth place, in so far as the Republic of Austria argues that the Contract for Difference will incentivise NNBG to generate electricity even when prices are lower than marginal costs or are negative, suffice it to recall that that argument has already been examined and rejected in the assessment of the sixth plea (see paragraphs 481 to 488 above) and that it is not capable of calling in question the compatibility of the Contract for Difference with Article 107(3)(c) TFEU. 602 Consequently, the Court must reject all of the arguments of the Grand Duchy of Luxembourg and of the Republic of Austria concerning the Contract for Difference. (b) The arguments relating to the Secretary of State Agreement 603 As regards the Secretary of State Agreement, the Republic of Austria merely claims that, in the event of the early closure of Hinkley Point nuclear power station, the transfer of NNBG would also involve the public authorities taking overall responsibility for the management of irradiated materials. In that regard, it is sufficient to refer to paragraphs 280 to 282 and 354 to 359 above, from which it is apparent that, in the contested decision, the Commission did not authorise State aid for overall responsibility to be taken by the public authorities for the management of irradiated materials in that situation. Consequently, that argument must also be rejected. (c) The arguments relating to the compensation provided for in the measures at issue 604 In support of the third plea, the Republic of Austria and the Grand Duchy of Luxembourg submit arguments relating to the compensation provided for. 605 In the first place, the Grand Duchy of Luxembourg claims that the operating aid will, in all likelihood, reach an exorbitant amount. It is, it claims, highly likely that market prices for electricity will continue to fall and that the aid paid pursuant to the Contract for Difference will constitute a very high subsidy over the 35 years of energy generation, much higher than envisaged and assessed when the aid mechanism was being established. 606 In that regard, it should be noted that, in support of its argument that the amount of the aid paid on the basis of the Contract for Difference is exorbitant, the Grand Duchy of Luxembourg merely claims that, most probably, market prices for electricity will continue to fall. That circumstance, however, is not capable of demonstrating by itself that the payments are exorbitant. In the light of the public interest objective pursued by the United Kingdom, that is, the creation of new nuclear energy generating capacity, the amount of the aid could be regarded as exorbitant only if it were demonstrated that a lower amount would have been sufficient to trigger a decision to invest in such new capacity. By contrast, the mere fact that the price paid on the basis of the Contract for Difference could potentially be lower than the future market price does not in itself demonstrate the existence of overcompensation. In any event, in that context, it should be recalled that there are to be two dates on which the operating expenditure is to be revised (‘opex reopener’ dates), the first of which will be 15 years, and the second, 25 years after the date on which the first reactor becomes operational. The opex reopeners would allow for an increase or decrease of the strike price, on the basis of known actual costs and revised predictions of those costs, for certain cost line items determined in the Contract for Difference (see recital 31 of the contested decision). Therefore, that argument must be rejected. 607 In the second place, the Republic of Austria maintains that the investment costs are permissible only up to the amount necessary for the purpose of implementing the common interest and that it may be concluded from the coexistence of several separate aids that the measures at issue relate to the actual operation of Hinkley Point C rather than to its construction. 608 In that regard, it is sufficient to note that the arguments concerning the existence of overcompensation have been examined and rejected in paragraphs 392 to 398 above and that, in this context, the Republic of Austria has not put forward any additional arguments that might demonstrate that such overcompensation exists. In particular, it has not put forward any detailed argument that might demonstrate that the payments which will be made under the Contract for Difference will exceed the level necessary to encourage investment in new nuclear energy generating capacity. In that context, it should also be pointed out that, when the reference price is higher than the strike price, NNBG will be obliged to pay the difference between those two prices to its contracting partner. 609 Accordingly, the arguments relating to the compensation provided for in the measures at issue must also be rejected. (d) The argument that the Commission should have made a clear distinction between operating aid and investment aid 610 The Republic of Austria submits that it is apparent from paragraph 77 of the judgment of 26 September 2002, Spain v Commission (C‑351/98, EU:C:2002:530), that the Commission should have made a clear distinction between operating aid and investment aid. 611 That argument must also be rejected. 612 As is clear from paragraphs 76 and 77 of the judgment of 26 September 2002, Spain v Commission (C‑351/98, EU:C:2002:530), in the case giving rise to that judgment, the Community guidelines on State aid for environmental protection (OJ 1994 C 72, p. 3) were applicable and those guidelines explicitly distinguished between investment aid, on the one hand, and operating aid, on the other. In that case, the Commission, which was bound by those guidelines, was required to classify the aid at issue on the basis of the categories laid down by those guidelines. 613 It cannot, however, be inferred from the judgment of 26 September 2002, Spain v Commission (C‑351/98, EU:C:2002:530), that the Commission is required to refer to those categories outwith the scope of the Community guidelines on State aid for environmental protection. 614 Consequently, that argument must also be rejected, as, therefore, must all the arguments aimed at demonstrating that the measures at issue are incompatible with the internal market because they constitute operating aid. 2. The obligation to state reasons 615 In the context of the third plea and the first complaint in the third part of the ninth plea, the Republic of Austria argues that the reasons given for the contested decision are not sufficient as regards the characterisation of the measures at issue. The fact that the Commission abruptly departed from its own practice in taking decisions without any comprehensive justification represents an infringement of the obligation to state reasons. According to the Republic of Austria, if the Commission intended to exercise its discretion in a radically different way, it should have given detailed reasons for doing so. In that context, it also submits that the Commission did not sufficiently explain why, after having characterised those measures as operating aid in the decision to initiate the formal investigation procedure, it subsequently characterised them as investment aid in the contested decision. 616 The Commission, the Czech Republic, Hungary, the Republic of Poland and the United Kingdom contest those arguments. 617 In the first place, it should be borne in mind that, in recitals 344 to 347 of the contested decision, the Commission did, admittedly, find that, in principle, operating aid did not satisfy the requirements of Article 107(3)(c) TFEU. In that context, it referred to the first paragraph of Section 8.1 of the decision to initiate the formal investigation procedure, in which it mentioned the case-law cited in paragraph 579 above. It cannot, therefore, be inferred from that consideration that the Commission concluded that aid which pursues a public interest objective, which is appropriate to and necessary for the attainment of that goal and which does not adversely affect trading conditions to an extent contrary to the common interest, and which therefore satisfies the requirements laid down by that provision, cannot be declared compatible with the internal market under that provision. Furthermore, in those recitals, the Commission stated that the measures at issue had to allow NNBG to commit to invest in the construction of Hinkley Point C, taking into account the characteristics and risk profile of the project and minimising the amount of aid necessary and the additional measures essential to incentivise the investment. It also stated that, from a financial modelling point of view, the net present value of the strike price payments could be thought of as the equivalent of a lump sum payment which allowed NNBG to cover construction costs. 618 In the second place, it must be noted that the statement of reasons for the contested decision as regards the characterisation of the measures at issue is not limited to recitals 344 to 347 of that decision and that, in Section 9 of that decision, the Commission explained why the conditions of Article 107(3)(c) TFEU were met, setting out in detail the objective of the measures at issue, namely the creation of new nuclear energy generating capacity (see Section 9.2 of that decision), the circumstances that made State intervention necessary (see Section 9.3 of the decision) and the proportionate nature of those measures (see Sections 9.5 and 9.6 of the decision in question). 619 Therefore, the Commission did not infringe its obligation to state reasons as regards the characterisation of the measures at issue. 620 None of the arguments put forward by the Republic of Austria is capable of calling that conclusion in question. 621 In the first place, the Republic of Austria submits that, given that, in the Guidelines on State aid for environmental protection and energy 2014-2020 and in its earlier practice in taking decisions, the Commission laid down the principle that operating aid was not compatible with the internal market, the Commission should have set out in greater detail the reasons for its departure from that principle. 622 In that regard, first, it should be recalled that it cannot be inferred from the case-law that aid which satisfies the requirements of Article 107(3)(c) TFEU cannot be considered to be compatible with the internal market, irrespective of its classification as operating aid or investment aid (see paragraphs 577 to 586 above). 623 Second, the arguments raised by the Republic of Austria in relation to the earlier practice of the Commission must be rejected. 624 On the one hand, contrary to what is claimed by the Republic of Austria, no support for its argument is to be found in recitals 396 and 397 of the Commission’s decision of 4 June 2008 on the State aid C 41/05 awarded by Hungary through Power Purchase Agreements (OJ 2009 L 225, p. 53), which, moreover, concerned the application of Article 107(3)(a) TFEU, not the application of Article 107(3)(c) TFEU. It is true that, in recital 396 of that decision, the Commission found that some of the subsidies at issue in that case, which were paid only after the nuclear power station had been brought into operation, and which covered current expenses, were operating aid that was incompatible with the internal market. However, as is apparent from recital 397 of that decision, it was aid in respect of which the Hungarian authorities and the interested parties had neither demonstrated that there were regional handicaps relating to specific regions, nor established that the principle of proportionality had been complied with. 625 On the other hand, in so far as the Republic of Austria submits that the Commission laid down in the Guidelines on State aid for environmental protection and energy 2014-2020 the principle that operating aid was not compatible with the internal market, suffice it to note that, contrary to what is argued by that Member State, those guidelines do not show that aid linked to operational matters cannot be considered to be compatible with the internal market. On the contrary, it is apparent from Section 3.3.2.1 of those guidelines that the Commission considers that, under certain conditions, aid which is linked to operational matters may be consistent with Article 107(3)(c) TFEU. In any event, it must be recalled that, in the contested decision, the Commission took account of the objective of promoting nuclear energy, which is not among the objectives covered by those guidelines. 626 In the second place, the Republic of Austria argues that, in Section 8.1 of its decision to initiate the formal investigation procedure, the Commission found that the measures at issue were operating aid which could be incompatible with the internal market. The Commission should, moreover, have set out the reasons why it no longer had those doubts in the context of the contested decision. 627 In that regard, as a preliminary point, it should be borne in mind that, as is apparent from Article 6(1) of Regulation No 659/1999, the findings made by the Commission in Section 8.1 of the decision to initiate the formal investigation procedure are preliminary assessments. The reasons given for the contested decision cannot, therefore, be considered insufficient on the ground that they are not identical to those given in a decision to initiate the formal investigation procedure. Accordingly, in the contested decision, which was adopted at the end of the formal investigation procedure, the Commission was not obliged to present an analysis covering all the considerations contained in the decision to initiate the formal investigation procedure, to which the Republic of Austria refers (see paragraph 569 above). 628 Furthermore, it should be noted that, as has been stated in paragraph 617 above and in Section 8.1 of the decision to initiate the formal investigation procedure, the Commission merely referred to the case-law mentioned in paragraph 579 above, which relates to operating aid which, for the reasons set out in paragraph 580 above, does not satisfy the requirements of Article 107(3)(c) TFEU. At the time when the Commission adopted the decision to initiate the formal investigation procedure, it had doubts as to whether the measures at issue were compatible with the internal market under that provision. Following an in-depth examination and changes to the measures at issue (adjustment of the Credit Guarantee fee rate and of the gain-share mechanism), the Commission’s doubts were dispelled. 629 Consequently, the argument relating to Section 8.1 of the decision to initiate the formal investigation procedure must also be rejected as, therefore, must all the arguments alleging infringement of the obligation to state reasons with regard to the characterisation of the measures at issue. 630 It follows that the third plea must be rejected in its entirety, as must the argument put forward in connection with the fourth plea, alleging that the measures at issue constitute operating aid that is incompatible with the internal market (see paragraph 125 above), and the first complaint in the third part of the ninth plea. H. Seventh plea, relating in particular to the Commission’s considerations concerning the compatibility of the measures at issue with existing market regulation 631 The present plea relates to the Commission’s considerations in recitals 348 to 365 of the contested decision, in which it examined whether the measures at issue were compatible with existing market regulation. 632 In recitals 350 to 358 of the contested decision, the Commission stated, in particular, that the public procurement rules enshrined in Directive 2004/17 coordinating the procurement procedures of entities operating in the water, energy, transport and postal services sectors, and in Directive 2004/18 on the coordination of procedures for the award of public works contracts, public supply contracts and public service contracts were not applicable to the measures at issue, as these did not involve any procurement of supply, works or services. On the basis of the available information it would not have been possible to conclude that the Contract for Difference concerned the acquisition of any works, services or supplies and that it thus qualified as a public contract or concession. According to the Commission, that contract did not establish any specific requirements on the supply, to the contracting authority or to third parties, of any type of services, goods or works. The measures at issue did not cater for mutually binding obligations which could be enforceable before a court. In addition there was no selectivity on the number of contracts for difference that could be entered into by nuclear electricity generators other than those resulting from the limited number of sites available for the construction of nuclear power stations. 633 In recitals 359 to 364 of the contested decision, the Commission stated that Article 8 of Directive 2009/72/EC of the European Parliament and of the Council of 13 July 2009 concerning common rules for the internal market in electricity and repealing Directive 2003/54/EC (OJ 2009 L 211, p. 55) had not been infringed. That article did not prescribe the use of a tendering procedure, but established that equivalent procedures in terms of transparency and non-discrimination, and on the basis of published criteria, could be followed. The selection procedure used by the United Kingdom to identify a contractor prepared to invest in new nuclear energy generating capacity and to enter into a contract for difference was based on a clear, transparent and non-discriminatory framework, which could be considered equivalent to a tendering procedure in terms of transparency and non-discrimination. 634 The Republic of Austria contends that those considerations are erroneous. 635 It is appropriate, first, for the Court to examine the arguments of the Republic of Austria to the effect that the United Kingdom did not launch a tendering procedure in respect of the Hinkley Point C project. Second, it will examine the argument of the Republic of Austria that the procedure followed by the United Kingdom was discriminatory. 1. The arguments aimed at establishing that the United Kingdom should have launched a tendering procedure for the Hinkley Point C project 636 The Republic of Austria maintains that, under Directives 2004/17 and 2004/18, Article 8 of Directive 2009/72 and the principles of transparency, equal treatment and non-discrimination inherent in the FEU Treaty, the United Kingdom should have launched a public procurement procedure for the Hinkley Point C project. Those rules are, it claims, inextricably linked to the object of the measures at issue and their infringement means that the Court is obliged to annul the contested decision. 637 The Commission, Hungary and the United Kingdom contest those arguments. In that context, the Commission argues, in particular, that the legality of the measures at issue does not depend on compliance with public procurement legislation. 638 The Court will begin by examining the arguments alleging infringement of Directives 2004/17 and 2004/18. It will then go on to examine the arguments alleging infringement of Article 8 of Directive 2009/72 and breach of the principles of transparency, equal treatment and non-discrimination inherent in the FEU Treaty. (a) The arguments alleging infringement of Directives 2004/17 and 2004/18 639 The Republic of Austria submits that, in the circumstances of the present case, in accordance with Directives 2004/17 and 2004/18, the United Kingdom was obliged to launch a call for tenders for the Hinkley Point C project. The project in question constituted a public contract or, at the very least, a concession within the meaning of those directives. That project should have been assessed as a whole, taking into account all the stages envisaged and the purpose of the project. Such an examination would have revealed that the measures at issue constituted a mutually binding obligation in relation to the supply of a service. The construction of Hinkley Point C and the resulting feed-in of electricity into the public network would serve to cover a specific need of the United Kingdom as contracting authority. The consideration offered by the United Kingdom would be the agreed aid. The Republic of Austria maintains that it does not have sufficient information to assess whether the measures at issue should be characterised as a contract or a concession. 640 The Commission, Hungary and the United Kingdom contest those arguments. In that context, the Commission submits, in particular, that, in accordance with its Decision 2006/211/EC of 8 March 2006 establishing that Article 30(1) of Directive 2004/17 applies to electricity generation in England, Scotland and Wales (OJ 2006 L 76, p. 6), that directive is not applicable to the measures at issue. 641 It is appropriate, first, to examine the arguments aimed at establishing the existence of a contract within the meaning of Directive 2004/17 or of a public contract within the meaning of Directive 2004/18. 642 As a preliminary point, it should be noted that, under Article 1(2)(a) of Directive 2004/17, supply, works and service contracts are contracts for pecuniary interest concluded in writing between one or more contracting entities and one or more contractors, suppliers, or service providers. According to Article 1(2)(a) of Directive 2004/18, public contracts are contracts for pecuniary interest concluded in writing between one or more economic operators and one or more contracting authorities and having as their object the execution of works, the supply of products or the provision of services. 643 Article 1(2)(b) of Directive 2004/17 and Article 1(2)(b) of Directive 2004/18 state that works contracts (Directive 2004/17) and public works contracts (Directive 2004/18) are contracts having as their object either the execution, or both the design and execution, of works related to certain defined activities or a work, or the realisation, by whatever means, of a work corresponding to the requirements specified by the contracting entity (Directive 2004/17) and the contracting authority (Directive 2004/18). 644 According to the first subparagraph of Article 1(2)(c) of Directive 2004/17 and the first subparagraph of Article 1(2)(c) of Directive 2004/18, supply contracts (Directive 2004/17) and public supply contracts (Directive 2004/18) have as their object the purchase, lease, rental or hire purchase, with or without option to buy, of products. 645 The first subparagraph of Article 1(2)(d) of Directive 2004/17 and the first subparagraph of Article 1(2)(d) of Directive 2004/18 state that service contracts (Directive 2004/17) and public service contracts (Directive 2004/18) are contracts other than works or supply contracts (Directive 2004/17) and public works or supply contracts (Directive 2004/18). 646 The Court must examine in the light of those provisions the arguments of the Republic of Austria aimed at establishing that the measures at issue should have been characterised as a contract within the meaning of Directive 2004/17 or as a public contract within the meaning of Directive 2004/18. 647 In that context, in the first place, it should be noted that the Credit Guarantee and the Secretary of State Agreement constitute neither a contract within the meaning of Article 1(2)(a) of Directive 2004/17 nor a public contract within the meaning of Article 1(2)(a) of Directive 2004/18. 648 In the second place, the Court must examine whether the Commission should have characterised the Contract for Difference as a contract within the meaning of Article 1(2)(a) of Directive 2004/17 or as a public contract within the meaning of Article 1(2)(a) of Directive 2004/18. 649 In that regard, it should be noted that, as is apparent in particular from recitals 219, 312, 313 and 356 of the contested decision, the Contract for Difference does not enable the United Kingdom to require NNBG either to build Hinkley Point C or to supply electricity. The Contract for Difference does not lay down any specific requirement either as regards the works to be carried out by NNBG, or as regards the electricity to be supplied. Nor, if NNBG were to fail to complete the construction of that reactor or to generate electricity, would the United Kingdom be entitled to payment of compensation by NNBG. The United Kingdom can, however, terminate the Contract for Difference unilaterally, if construction is not completed by the longstop date. 650 In the light of those features of the Contract for Difference, contrary to what is claimed by the Republic of Austria, it cannot be held that it aims to cover a specific need of the United Kingdom as contracting authority. On the contrary, the object of the Contract for Difference is the award of a subsidy and, by that subsidy, the United Kingdom merely incentivises NNBG and its investors to achieve the public interest objective of that Member State, namely the creation of new nuclear energy generating capacity. 651 It follows that the Contract for Difference does not impose a binding obligation on NNBG in relation to the execution of works, the supply of products or the provision of services within the meaning of Directive 2004/17 or Directive 2004/18. Therefore, the Court must reject the argument of the Republic of Austria that the measures at issue constitute a contract within the meaning of Article 1(2)(a) of Directive 2004/17 or a public contract within the meaning of Article 1(2)(a) of Directive 2004/18. 652 Next, it is appropriate to examine the argument of the Republic of Austria that the Commission disregarded the fact that the measures at issue constituted a works concession within the meaning of Directive 2004/17 or a public works concession within the meaning of Directive 2004/18. 653 In that regard, it should be noted that, under Article 1(3)(a) of Directive 2004/17 and Article 1(3) of Directive 2004/18, a works concession (Directive 2004/17) and a public works concession (Directive 2004/18) are contracts of the same type as a works contract (Directive 2004/17) or a public works contract (Directive 2004/18) except for the fact that the consideration for the works to be carried out consists either solely in the right to exploit the work or in that right together with payment. 654 Under Article 1(3)(b) of Directive 2004/17 and Article 1(4) of Directive 2004/18, a service concession is a contract of the same type as a service contract (Directive 2004/17) or a public service contract (Directive 2004/18) except for the fact that the consideration for the provision of services consists either solely in the right to exploit the service or in that right together with payment. 655 The Court must examine in the light of those provisions the arguments of the Republic of Austria aimed at establishing that the measures at issue should have been characterised as a works concession within the meaning of Directive 2004/17 or as a public works concession within the meaning of Directive 2004/18. 656 In that context, in the first place, it should be noted that the Credit Guarantee and the Secretary of State Agreement constitute neither a works concession within the meaning of Article 1(3)(a) of Directive 2004/17 nor a public works concession within the meaning of Article 1(3) of Directive 2004/18. 657 In the second place, the Court must examine whether the Commission should have characterised the Contract for Difference as a works concession within the meaning of Directive 2004/17 or as a public works concession within the meaning of Directive 2004/18. 658 Under Article 1(3)(b) of Directive 2004/17 and Article 1(4) of Directive 2004/18, contracts and public contracts, on the one hand, and concessions, on the other, are distinguished only as regards the consideration owed to the tenderer. As is apparent from the considerations set out in paragraphs 648 to 650 above, it is notably on account of the fact that the Contract for Difference does not lay down any obligation for NNBG to execute works, supply products or provide services that that contract cannot be characterised as a contract or as a public contract. It follows that that contract cannot be characterised as a works concession within the meaning of Directive 2004/17 or as a public works concession within the meaning of Directive 2004/18 either. 659 That interpretation is, moreover, confirmed by recital 12 of Directive 2014/23/EU of the European Parliament and of the Council of 26 February 2014 on the award of concession contracts (OJ 2014 L 94, p. 1), from which it is clear that the mere financing of an activity, in particular through grants, does not constitute a concession within the meaning of that directive. 660 Consequently, it must be concluded that the Commission did not err in finding that the measures at issue did not constitute a works contract or concession within the meaning of Directive 2004/17 or a public works contract or concession within the meaning of Directive 2004/18. 661 None of the arguments put forward by the Republic of Austria is capable of calling that conclusion in question. 662 In the first place, the Republic of Austria submits that, in recital 312 of the contested decision, the Commission noted the existence of contractual obligations on the part of NNBG and the fact that these were typical obligations for a public contract. 663 It should be noted in this regard that, admittedly, in recital 312 of the contested decision, the Commission stated that the ‘[Contract for Difference] seem[ed] to provide a series of such stringent clauses incentivising NNBG to perform its obligations according to the contract’. However, in that recital and in recital 313 of that decision, the Commission also found that NNBG was not obliged to build Hinkley Point C or to supply electricity. Consequently, the contractual obligations to which the Commission referred in recital 312 of that decision do not justify the characterisation of the Contract for Difference as a works contract or concession within the meaning of Directive 2004/17 or as a public works contract or concession within the meaning of Directive 2004/18. 664 Nor, contrary to what is argued by the Republic of Austria, can it be inferred from the Commission’s consideration in recital 312 of the contested decision, according to which the contractual obligations laid down in the Contract for Difference are ‘typical contractual obligations that any contractual parties would try to include in a similar deal’, that these are obligations which might justify characterising the Contract for Difference as a contract, a works contract or concession within the meaning of Directive 2004/17 or as a public works contract or concession within the meaning of Directive 2004/18. It is clear from that recital and its context that, in referring to a ‘similar deal’, the Commission was not referring to the conclusion of an agreement concerning a contract, a public contract or a concession, but to the conclusion of an agreement providing for an incentive, in the form of a subsidy, to achieve a public interest objective. The obligations in question are, therefore, obligations normally contained in subsidy agreements. 665 Consequently, the Republic of Austria’s argument in relation to recital 312 of the contested decision must be rejected. 666 In the second place, the Republic of Austria submits that the Commission did not take sufficient account of the fact that it would be de facto impossible for NNBG to withdraw from the contracts because of the potential amount of the investment costs that would be lost. The theoretical possibility of the unilateral termination of the contract cannot, it argues, entirely rule out the application of Directives 2004/17 and 2004/18. 667 In that regard, it should be noted that that argument is not capable of calling in question the point mentioned in paragraph 649 above, that the Contract for Difference does not lay down any specific requirement either as regards the works to be carried out by NNBG, or as regards the electricity required to be produced or supplied by NNBG. In that context, the Court must reject the argument of the Republic of Austria that it may be inferred from recital 13 of the contested decision that NNBG will be obliged to maintain a predetermined minimum level of performance, and that, even if a failure to achieve that minimum level would not necessarily result in loss of the aid, it would be equivalent, in view of the substantial sums invested, to an obligation to build and to operate Hinkley Point C. It is clear from that recital and from recital 313 of that decision that NNBG is not obliged to guarantee a predetermined level of production, since those recitals merely state that, if it does not achieve a load factor of 91%, it will not achieve the revenues which it is expecting to receive from the project. NNBG does not therefore have a contractual obligation to achieve that load factor. 668 In the absence of specific contractual requirements concerning works to be carried out by NNBG or electricity to be produced or supplied by NNBG, there was no reason to apply the provisions of Directive 2004/17 and Directive 2004/18. 669 In any event, in the absence of a contractual obligation to execute works, supply products or provide services within the meaning of Directive 2004/17 or Directive 2004/18, the possibility cannot be ruled out that, notwithstanding the economic incentives designed to ensure that NNBG would build and operate Hinkley Point C, NNBG would decide not to complete it or not to operate it, on economic grounds. 670 In the light of those considerations, the argument of the Republic of Austria, that, de facto, NNBG was committed to producing a certain output level, must be rejected. 671 In the third place, the Republic of Austria submits that it cannot be the case that the public procurement rules are not applied merely because the project to build and operate Hinkley Point C was substantially conceived and defined by EDF. 672 That argument must be rejected. 673 Suffice it to recall in this regard that the Commission did not rule out the application of Directives 2004/17 and 2004/18 because the project to build and operate Hinkley Point C had been substantially defined by EDF, but because of the fact that the Contract for Difference did not lay down a contractual obligation to execute works, supply products or provide services within the meaning of those directives. 674 In the fourth place, as regards the assertion by the Republic of Austria that it does not have sufficient information to determine whether the measures at issue must be characterised as a contract, public contract or concession, suffice it to note that the Republic of Austria has sufficient information to comment on whether the Contract for Difference lays down an obligation for NNBG to execute works, supply products or provide services and that, given that there is no such obligation, in any event, for the reasons set out in paragraphs 639 to 660 above, the measures at issue cannot be characterised either as a works contract or concession within the meaning of Directive 2004/17 or as a public works contract or concession within the meaning of Directive 2004/18. 675 In the fifth place, the Republic of Austria submits that the Commission should have examined the project as a whole, taking into account the complexity of the contractual provisions encompassing the building and operation of Hinkley Point C. That argument must be rejected. In the absence of an obligation for NNBG to execute works, supply products or provide services, even an overview of the measures at issue as a whole would not have permitted the inference that they should have been characterised as a contract, public contract or concession within the meaning of Directive 2004/17 or Directive 2004/18. 676 In the light of the foregoing considerations, it is necessary to reject all the arguments put forward by the Republic of Austria to establish that the Commission should have treated the measures at issue as a works contract or concession within the meaning of Directive 2004/17 or as a public works contract or concession within the meaning of Directive 2004/18, and there is no need to rule on the Commission’s argument that Directive 2004/17 is not applicable to those measures, in accordance with Decision 2006/211. (b) The arguments alleging infringement of Article 8 of Directive 2009/72 and breach of the principles of equal treatment, non-discrimination and transparency inherent in the FEU Treaty 677 The Republic of Austria maintains that the object of the service was the building and operation of Hinkley Point C, with, by way of consideration, the financial support of the United Kingdom. Therefore, under Article 8 of Directive 2009/72 concerning common rules for the internal market in electricity, and the principles of equal treatment, non-discrimination and transparency inherent in the FEU Treaty, the United Kingdom should, it argues, have launched a call for tenders in relation to the project for the construction and operation of Hinkley Point C, expressed in clear, precise and unequivocal terms, containing all the specific details of the conduct of the entire procedure and guaranteeing all tenderers the same opportunity. Such a procedure should have been launched, since there was a cross-border interest, even if authorisation to carry out an activity did not oblige the recipient to carry out the activity assigned. The Commission’s consideration, set out in recital 357 of the contested decision, that the contract for difference system is open to all potential interested parties and is not, therefore, selective, is not convincing. The choice of NNBG had resulted in other operators being excluded from the construction and operation of Hinkley Point C. 678 The Commission, Hungary and the United Kingdom contest those arguments. 679 As a preliminary point, it should be noted that, by those arguments, the Republic of Austria does not dispute the fact that a selection procedure took place. It merely contends that the procedure organised by the United Kingdom (see paragraph 633 above) was not sufficient, as there was no call for tenders in relation to the construction and operation of Hinkley Point C. 680 In the first place, the Court must examine the argument of the Republic of Austria alleging infringement of Article 8 of Directive 2009/72. 681 It should be recalled that, according to the first sentence of Article 8(1) of Directive 2009/72, Member States must ensure the possibility, in the interests of security of supply, of providing for new energy production capacity or energy efficiency or demand-side management measures through a tendering procedure or any procedure equivalent in terms of transparency and non-discrimination, on the basis of published criteria. 682 It must be noted that the first sentence of Article 8(1) of Directive 2009/72 does not necessarily require a Member State to launch a tendering procedure but also allows it to adopt a different procedure, if it is conducted on the basis of published criteria and if it is equivalent to a tendering procedure in terms of transparency and non-discrimination. That article does not, therefore, preclude a Member State from opting for an instrument which constitutes a subsidy to incentivise undertakings to achieve a particular public interest objective, instead of launching a tendering procedure. 683 Accordingly, contrary to the Republic of Austria’s contention, the first sentence of Article 8(1) of Directive 2009/72 did not require the construction and operation of Hinkley Point C necessarily to be the subject of a tendering procedure. 684 Consequently, the argument of the Republic of Austria alleging infringement of Article 8 of Directive 2009/72 must be rejected. 685 In the second place, the Court must examine the argument of the Republic of Austria alleging breach of the principles of equal treatment, non-discrimination and transparency inherent in the FEU Treaty. 686 In that context, it should be borne in mind that the principles of equal treatment, non-discrimination and transparency are applicable to public contracts, to concessions, to exclusive authorisations and to exclusive licences granted by a public authority and for which the EU legislature has not laid down special rules. Where such contracts or such rights are awarded, the principles of equal treatment, transparency and non-discrimination require that the Member States ensure a degree of advertising sufficient to enable the competition selection procedure to be open and the impartiality of the award procedures to be reviewed (see, to that effect, judgments of 7 December 2000, Telaustria and Telefonadress, C‑324/98, EU:C:2000:669, paragraph 62; of 3 June 2010, Sporting Exchange, C‑203/08, EU:C:2010:307, paragraph 41; and of 14 November 2013, Belgacom, C‑221/12, EU:C:2013:736, paragraph 28). 687 However, in that context, it should be noted that the principles of equal treatment, non-discrimination and transparency do not necessarily require a tendering procedure in order for a particular project to be launched (see, to that effect, judgment of 3 June 2010, Sporting Exchange, C‑203/08, EU:C:2010:307, paragraph 41). They do not therefore limit the right of a Member State to choose between a public contract and the grant of a subsidy to encourage undertakings to achieve a particular public interest objective. 688 The Court must therefore reject the argument of the Republic of Austria alleging breach of the principles of equal treatment, non-discrimination and transparency, without there being any need to determine whether the measures at issue may be treated in the same way as an exclusive authorisation or licence as referred to in the case-law mentioned in paragraph 686 above. 689 Consequently, the Court must reject all the arguments of the Republic of Austria aimed at establishing that the United Kingdom should have launched a tendering procedure for the Hinkley Point C project, without there being any need to determine whether an infringement of Directives 2004/17 and 2004/18, Article 8 of Directive 2009/72 or breach of the principles of transparency, equal treatment, and non-discrimination inherent in the FEU Treaty would have been capable of calling in question the legality of the contested decision. 2. The argument that the Contract for Difference is discriminatory 690 In connection with the seventh plea, the Republic of Austria puts forward an argument relating to recital 549 of the contested decision. In that recital, the Commission stated, with regard to the compliance of the measures at issue with Articles 30 and 110 TFEU, that, for so long as the Contract for Difference was not open to electricity generators located outside Great Britain, the United Kingdom had committed itself to adjusting the way in which electricity suppliers’ liabilities for Contract for Difference payments were calculated so that eligible nuclear electricity generated in the European Union but outside Great Britain and supplied to customers in Great Britain would not be counted towards suppliers’ markets shares. In that context, the Commission noted that the United Kingdom would remove that exemption once generators from other Member States were eligible to apply for contracts for difference. 691 The Republic of Austria submits that it is apparent from recital 549 of the contested decision that the system of contracts for difference was discriminatory, since it was not open to electricity generators located outside the United Kingdom. 692 The Commission contests that argument. 693 In that regard, in the first place, it should be noted that, as is apparent from recitals 359 to 364 of the contested decision, the selection procedure used by the United Kingdom to identify the contractor ready to invest in new nuclear capacity in the United Kingdom was open to developers, generators and investors from other Member States. There was, therefore, no discrimination on grounds of nationality in that respect. 694 In the second place, in so far as the Republic of Austria seeks to claim that the instrument of the Contract for Difference was not yet open to electricity generators located outside Great Britain, that argument too must be rejected. In that regard, it must be pointed out that the construction and operation of a nuclear power station covers the generation of baseload energy with a view to ensuring security of supply. In those circumstances, the United Kingdom cannot be criticised for requiring such a power station to be built in Great Britain, in order to ensure that it is not limited by the physical capacity of the interconnections. 695 Accordingly, all the arguments put forward in connection with the seventh plea must be rejected. I. Tenth plea, alleging infringement of the right to submit observations pursuant to Article 108(2) TFEU and Article 6(1) of Regulation No 659/1999 696 The Republic of Austria claims that the Commission infringed Article 108(2) TFEU and Article 6(1) of Regulation No 659/1999, which require the Commission to give interested parties the opportunity to submit comments. The Member States thus have a subjective right to be heard in the formal investigation procedure. They have the right to be involved in the administrative procedure to the extent appropriate in the light of the circumstances of the case. A decision to initiate the procedure should give interested parties the opportunity effectively to participate in the formal investigation procedure, during which they would have the opportunity to put forward their arguments. 697 The Republic of Austria submits that, given that, when it was able to submit comments, the amount of the aid and the specific terms thereof had not yet been determined, it was not in a position to comment sufficiently and adequately on the various measures specifically envisaged. In its view, if it had had further, accurate information regarding the scope and modalities of the measures envisaged, it would have been able to put forward additional, cogent arguments concerning the reservations which it had about those measures. 698 The Commission and Hungary claim that those arguments must be rejected. The Commission submits in particular that the Republic of Austria merely refers to the contested decision, and not to the decision to initiate the formal investigation procedure. 699 In that regard, it should be noted that, in accordance with the first subparagraph of Article 108(2) TFEU, if the Commission decides to initiate a formal investigation procedure, it is obliged to give notice to the parties concerned to submit their comments. 700 As is apparent from the case-law, the purpose of the first subparagraph of Article 108(2) TFEU is to oblige the Commission to take steps to ensure that all persons who may be concerned are notified and given an opportunity to put forward their arguments and to allow the Commission to be fully informed of all the facts of the case before taking its decision (judgment of 25 June 1998, British Airways and Others v Commission, T‑371/94 and T‑394/94, EU:T:1998:140, paragraph 58). 701 In that context, it should be recalled that the case-law confers on the parties concerned essentially the role of information sources for the Commission in the administrative procedure instituted under Article 108(2) TFEU. It follows that, far from enjoying the same rights of defence as those which individuals against whom a procedure has been instituted are recognised as having, interested parties have only the right to be involved in the administrative procedure to the extent appropriate in the light of the circumstances of the case (judgments of 25 June 1998, British Airways and Others v Commission, T‑371/94 and T‑394/94, EU:T:1998:140, paragraphs 59 and 60, and of 30 November 2009, France and France Télécom v Commission, T‑427/04 and T‑17/05, EU:T:2009:474, paragraph 147). 702 In the procedure for reviewing State aid, interested parties have only the opportunity to send to the Commission all information intended for the guidance of the latter with regard to its future action and they cannot themselves seek to engage in an adversarial debate with the Commission in the same way as is offered to the Member State concerned (judgment of 15 November 2011, Commission and Spain v Government of Gibraltar and United Kingdom, C‑106/09 P and C‑107/09 P, EU:C:2011:732, paragraph 181). 703 In addition, it has been held that the Commission cannot be required to present a complete analysis of the aid at issue in its notice of intention to initiate the formal investigation procedure. It must, however, define sufficiently the framework of its investigation so as not to render meaningless the right of interested parties to submit their comments (judgment of 30 November 2009, France and France Télécom v Commission, T‑427/04 and T‑17/05, EU:T:2009:474, paragraph 148). 704 As regards paragraph 1 of Article 6 of Regulation No 659/1999, entitled ‘Formal investigation procedure’, this provides that the decision to initiate the formal investigation procedure is to summarise the relevant issues of fact and law, include a preliminary assessment of the Commission as to the aid character of the proposed measure, set out the doubts as to its compatibility with the internal market and call upon the Member State concerned and upon other interested parties to submit comments within a prescribed period. 705 Thus, a decision to initiate the formal investigation procedure must give interested parties the opportunity effectively to participate in that procedure during which they will have the opportunity to put forward their arguments. For that purpose, it is sufficient for the parties concerned to be aware of the reasoning which has led the Commission to conclude provisionally that the measure in issue might constitute new aid incompatible with the internal market (judgment of 12 May 2011, Région Nord-Pas-de-Calais and Communauté d’agglomération du Douaisis v Commission, T‑267/08 and T‑279/08, EU:T:2011:209, paragraph 81). 706 For that reason, the right of the interested parties to information does not go beyond the right to be heard by the Commission. In particular, it cannot extend to the general right to comment on all the potentially key points raised during the formal investigation procedure (judgment of 30 November 2009, France and France Télécom v Commission, T‑427/04 and T‑17/05, EU:T:2009:474, paragraph 149). 707 It is in the light of the foregoing that the Court must examine the arguments put forward by the Republic of Austria, alleging that the Commission did not respect its right to submit comments because, in the decision to initiate the formal investigation procedure, the Commission had not sufficiently specified the measures at issue. 708 As a preliminary point, it should be noted that, in support of the present plea, the Republic of Austria refers to recitals 16, 73 and 551 of the contested decision. In itself, a reference to the considerations in the contested decision is not capable of demonstrating that the Commission failed to respect the right of the Republic of Austria to submit comments. Article 108(2) TFEU and Article 6(1) of Regulation No 659/1999 cover the right of interested parties to submit comments during the administrative procedure, and the decisive question in this context is thus whether the decision to initiate the formal investigation procedure contained sufficient information. By contrast, the question whether the contested decision, which was adopted after the administrative procedure, contains sufficient information is not directly relevant in this context. 709 However, it is sufficiently clear from the arguments of the Republic of Austria that that Member State claims, in essence, that the decision to initiate the formal investigation procedure did not contain sufficient information to enable it to exercise its right to submit comments in an appropriate manner, and that that lack of information is also reflected in the contested decision. 710 In the first place, the Republic of Austria puts forward arguments to establish that the decision to initiate the formal investigation procedure did not contain sufficient information to enable it to submit comments effectively. 711 First, the Republic of Austria claims that certain questions regarding the Contract for Difference remained open. Thus, the nature of the Contract for Difference mechanism and, in particular, the terms on the basis of which the difference would be calculated, notably a reference for the strike price, had not yet been set. 712 In that regard, it should be pointed out at the outset that the Commission described the Contract for Difference in recitals 43 to 49 and 53 to 89 of the decision to initiate the formal investigation procedure. As is apparent from recital 67 of that decision, prior to the notification of the measures at issue, the United Kingdom and EDF had reached an agreement on the key terms of that contract, including the strike price, the duration of the contract and the rate of return. Those particulars were communicated to the interested parties. It is apparent from recital 70 of that decision that the strike price envisaged by the United Kingdom would be set at 92.50 pounds sterling (GBP) per MWh, and from recital 78 of that decision that it was envisaged that payments would be made for a period of 35 years. It is stated in recital 71 of the decision in question that the post-tax rate of return, on the basis of which the funding gap was calculated, corresponded to a margin of between 9.75% and 10.15% and, in the notice of the relevant decision in the Official Journal, it was stated to be 9.87%. In recital 72 of that decision, it is stated that the difference between the strike price and the reference price had been calculated to vary between GBP 3.5 and GBP 9 billion, depending on the carbon price in the United Kingdom. In that context, account should also be taken of recital 361 of that decision, from which it is apparent that the overall amount of the aid depended on assumptions as to future wholesale prices and the discount rate, and, according to different scenarios, came to GBP 4.78 billion, GBP 11.17 billion or GBP 17.62 billion. In that regard it should be borne in mind that the total amount of the aid depended on the reference price, which is a market price, the future amount of which is difficult to predict. 713 Next, account must be taken in particular of recitals 126 to 145, and 163 to 178 of the decision to initiate the formal investigation procedure, concerning the characterisation of the Contract for Difference as State aid. In that context, the Commission described in detail how that contract would operate. 714 Last, it should be noted that, in recitals 349 to 362 of the decision to initiate the formal investigation procedure, the Commission explained that, on the basis of the information available to it, it could not conclude that the Contract for Difference was a proportionate aid measure. In that context, it set out in detail the factors that made it difficult to determine the adequate strike price and profitability of the Hinkley Point C project. 715 In the light of those factors, it must be concluded that, contrary to what is argued by the Republic of Austria, the information contained in the decision to initiate the formal investigation procedure concerning the amount of the aid element in the Contract for Difference, the terms thereof and the doubts of the Commission were sufficient to enable the Republic of Austria to exercise its right to submit comments. 716 Second, as regards the Credit Guarantee, the Republic of Austria submits that that guarantee was described in extremely vague and uncertain terms, as the Commission merely indicated that that guarantee was linked to the credit that NNBG would actually obtain and that the overall amount could be GBP 17.6 billion. 717 In this regard, it should be noted that it is indeed the case that, in the description of the Credit Guarantee in recitals 50 to 52 of the decision to initiate the formal investigation procedure, the Commission merely indicated that the details of that guarantee had not yet been set but that it seemed that that guarantee would be linked to the level of credit actually obtained by NNBG. 718 However, in that context, account should also be taken of recitals 146 and 147 and 179 to 187 of the decision to initiate the formal investigation procedure, in which the Commission commented on the status of that measure as State aid. In that context, the Commission explained that, according to the information provided by the United Kingdom, the Credit Guarantee did not constitute State aid because the guarantee would be provided on commercial terms and would comply with the Guarantee Notice, in particular in relation to its pricing terms. It also indicated that it was not convinced that the methodology proposed by the United Kingdom to determine the price of that guarantee could ensure that that price would be consistent with the price which a market investor would offer. In that regard, it stated that certain elements of the methodology proposed did not correspond to the approach which a market investor would have taken. Furthermore, in recitals 342 to 348 of that decision, it stated that, on the basis of that information, it could not exclude the possibility that the grant of the guarantee in question might lead to overcompensation. 719 In the light of those factors, it must be concluded that, contrary to what is argued by the Republic of Austria, the information concerning the Credit Guarantee, which was contained in the decision to initiate the formal investigation procedure, was sufficiently precise to enable the Republic of Austria to exercise its right to submit comments. 720 Third, as regards the compensation for the early shutdown of Hinkley Point nuclear power station, the Republic of Austria submits that the information in the decision to initiate the formal investigation procedure was limited to the information that the owners were entitled to compensation, but that the level and exact circumstances of that compensation were still being negotiated and were not yet fully known. 721 In that regard, it is necessary to take into account recitals 47 and 48 of the decision to initiate the formal investigation procedure, from which it is apparent that the Secretary of State Agreement dealt with the eventuality of the nuclear power plant being shut down as a result of a political decision. It is stated there that, in those circumstances, NNBG’s investors would, on the one hand, be entitled to compensation, the level and scope of which were not yet known and, on the other, be entitled to transfer NNBG to the United Kingdom, which in turn would have the right to require NNBG to be transferred to it. 722 Account should, moreover, be taken of recitals 192 to 195 of the decision to initiate the formal investigation procedure, concerning the characterisation of such indemnification as State aid. In that context, the Commission stated that damages paid to compensate for damage caused by public authorities did not constitute State aid. It mentioned, however, that before a definitive conclusion could be reached, it needed further information on whether the compensation provided for resulted from a general principle and whether it would also be available to other market operators in a similar situation. 723 In the light of those factors, it must be stated that the decision to initiate the formal investigation procedure contained sufficient information to enable the Republic of Austria to exercise its right to submit comments. In that context, it must be noted that, as is apparent from paragraphs 275 to 282 above, the only aid element which the Commission identified in the contested decision in relation to the Secretary of State Agreement was the right to prompt and certain payment. The Commission does not, however, in that decision, authorise aid elements that might result from the method of calculating compensation. 724 Fourth, it must be recalled that, as has been explained in paragraphs 247 to 362 above, the Commission was entitled to adopt the contested decision even though it did not have knowledge at the time of all of the clauses concerning the financing of Hinkley Point C, since those clauses had not yet been agreed by the parties. It follows that, contrary to what is argued by the Republic of Austria, the fact that the particular clauses were not known at the stage of the decision to initiate the formal investigation procedure either cannot have rendered meaningless the right of the Republic of Austria to submit comments. 725 In the light of the foregoing considerations, the Court must reject the arguments of the Republic of Austria alleging that the decision to initiate the formal investigation procedure did not contain sufficient information to enable it to exercise effectively its right to be involved in that procedure. 726 In the second place, the Court must reject the argument of the Republic of Austria that, in certain situations, the Commission is obliged to inform the interested parties again. 727 In that context, it should be borne in mind that the formal investigation procedure must enable a more in-depth examination and clarification of the questions raised in the decision to initiate that procedure and must enable the Member State that notified the project to adapt that project on the basis of any comments by the Commission. Accordingly, any difference between that decision and the final decision cannot be regarded in itself as constituting a defect rendering the final decision unlawful (judgment of 4 September 2009, Italy v Commission, T‑211/05, EU:T:2009:304, paragraph 55). Only an amendment affecting the nature of the measures at issue would therefore be capable of triggering an obligation on the Commission to inform the interested parties again. 728 It must be noted, however, that the Republic of Austria does not invoke any amendment or indeed any detail that may have come to light during the formal investigation procedure and that would have been capable of triggering such an obligation. 729 In the third place and in any event, even if the Commission had failed to respect the right of the Republic of Austria to submit comments, the present plea could not succeed. An infringement of that right could result in an annulment only if, had it not been for that irregularity, the outcome of the procedure might have been different (judgment of 12 May 2011, Région Nord-Pas-de-Calais and Communauté d’agglomération du Douaisis v Commission, T‑267/08 and T‑279/08, EU:T:2011:209, paragraph 85). However, it must be noted that the Republic of Austria has not put forward anything which, had it been taken into account by the Commission, could have changed the conclusion that it reached in the contested decision. 730 Having regard to the foregoing considerations, the 10th plea must be rejected in its entirety. J. Ninth plea, alleging an insufficient statement of reasons 731 The ninth plea alleges infringement of the obligation to state reasons. 732 In that context, it should be noted that the ninth plea may be broken down into six parts, which cover elements of the contested decision that are also covered by other pleas and that have already been examined in conjunction with those pleas (see above, for the first part, paragraph 234; for the second part, paragraphs 153 to 157; for the first and second complaints in the third part, paragraphs 626 to 629 and paragraphs 567 to 574; for the fourth part, paragraphs 363 to 366; for the fifth part, paragraphs 61 to 68; for the sixth part, paragraphs 532 to 566). 733 It follows that the ninth plea must also be rejected in its entirety. 734 Having regard to all the foregoing considerations, the action must be dismissed. Costs 735 Under Article 134(1) of the Rules of Procedure, the unsuccessful party is to be ordered to pay the costs if they have been applied for in the successful party’s pleadings. Since the Republic of Austria has been unsuccessful, it must be ordered to pay the Commission’s costs, in accordance with the form of order sought by the Commission. 736 Under Article 138(1) of the Rules of Procedure, Member States which have intervened in the proceedings are to bear their own costs. Accordingly, on the one hand, the Grand Duchy of Luxembourg and, on the other, the Czech Republic, the French Republic, Hungary, the Republic of Poland, Romania, the Slovak Republic and the United Kingdom shall bear their own costs. On those grounds, THE GENERAL COURT (Fifth Chamber) hereby: 1. Dismisses the action; 2. Orders the Republic of Austria to bear its own costs and to pay those incurred by the European Commission; 3. Orders the Czech Republic, the French Republic, the Grand Duchy of Luxembourg, Hungary, the Republic of Poland, Romania, the Slovak Republic and the United Kingdom of Great Britain and Northern Ireland to bear their own costs. Gratsias Dittrich Xuereb Delivered in open court in Luxembourg on 12 July 2018. [Signatures] Table of contents I. Background to the dispute II. Procedure before the General Court and forms of order sought III. Law A. The arguments alleging that the statement in intervention submitted by Hungary is inadmissible B. Fourth plea, alleging that the promotion of nuclear energy does not constitute an objective of ‘common’ interest, and fifth part of the ninth plea in law, alleging an insufficient statement of reasons for the contested decision 1. Fifth part of the ninth plea, alleging that the statement of reasons for the contested decision is insufficient 2. Fourth plea, relating to the merits of the Commission’s considerations (a) The application of Article 107 TFEU to measures concerning the field of nuclear energy and the taking into account of the objectives of the Euratom Treaty in the context of the application of that provision (b) The arguments calling in question the Commission’s conclusion that the promotion of nuclear energy constitutes an objective of ‘common’ interest C. Second plea, relating to the allegedly erroneous nature of the Commission’s finding that the technology used in Hinkley Point C was new D. First plea and first and second parts of the ninth plea, relating to the definition of the market and the Commission’s considerations based on the existence of a market failure 1. The arguments calling in question the Commission’s conclusion regarding the necessity of intervention by the United Kingdom (a) Complaint that insufficient reasons were given as regards the specific nature of the investment in Hinkley Point C (b) Complaint that material and formal errors could be shown to have affected the Commission’s considerations in Section 9.3 of the contested decision (c) Complaint that the objectives of security of supply and decarbonisation could be achieved without State aid (d) Complaint that the Commission did not make sufficiently clear the extent to which Hinkley Point C would be using new technologies 2. The arguments relating to the Commission’s market definition 3. The argument as to bias in favour of nuclear energy E. Fifth and eighth pleas, alleging insufficient determination of the aid elements and infringement of the Guarantee Notice, and fourth part of the ninth plea, alleging infringement of the obligation to state reasons in that respect 1. The question as to whether, and to what extent, the Commission is obliged to quantify the grant equivalent of an aid measure 2. The arguments aimed at establishing that the aid elements contained in the measures at issue were not sufficiently determined (a) The argument that the detailed terms of the measures at issue had not all been determined when the contested decision was adopted (b) The arguments alleging insufficient determination of the aid elements contained in the measures at issue (1) The Contract for Difference (2) Advantages granted in the event of an early shutdown (3) The Credit Guarantee (i) The argument that the Commission should not have found that the project to build and operate Hinkley Point C was a sound project with a relatively low likelihood of failure (ii) The argument that the Commission should have evaluated the risk category of the Credit Guarantee without taking the other measures at issue into account (iii) The arguments that the Commission did not take sufficient account of the criteria laid down by the Guarantee Notice – The duration of the guarantee – The amount covered by the loan – The existence of EDF’s financial difficulties – The argument that the fee rate should have been at least 400 basis points (4) Aggregation of the measures at issue (c) The costs related to the management and disposal of nuclear waste (d) The possible grant of future State aid 3. The arguments relating to infringement of the obligation to state reasons F. Sixth plea, second complaint in the third part of the ninth plea and sixth part of the ninth plea, concerning the review of the proportionality of the measures at issue 1. Sixth plea, concerning the review of the proportionality of the measures at issue (a) Whether the measures at issue are appropriate (b) Whether the measures at issue are necessary (c) Weighing up the positive and negative effects of the measures at issue (1) The positive effects of the measures at issue identified by the Commission (i) The arguments calling in question the existence of a future energy generation capacity deficit (ii) The arguments alleging that the concept of a large baseload capacity is anachronistic (iii) The arguments relating to uranium supply (iv) The argument relating to the sensitivity of nuclear power plants to temperature rises (v) The argument relating to the possible consequences of outages (vi) The classification of nuclear energy as energy producing low carbon dioxide emissions (vii) The argument that completion of Hinkley Point C will be delayed (2) The negative effects taken into account by the Commission (3) The balancing exercise carried out (4) The argument that the Commission failed to take into account information that was relevant 2. Second complaint in the third part of the ninth plea, and sixth part of that plea, alleging, in particular, an insufficient statement of reasons G. Third plea and first complaint in the third part of the ninth plea, concerning the characterisation of the measures at issue 1. The arguments relating to the characterisation of the measures at issue (a) The arguments relating to the Contract for Difference (b) The arguments relating to the Secretary of State Agreement (c) The arguments relating to the compensation provided for in the measures at issue (d) The argument that the Commission should have made a clear distinction between operating aid and investment aid 2. The obligation to state reasons H. Seventh plea, relating in particular to the Commission’s considerations concerning the compatibility of the measures at issue with existing market regulation 1. The arguments aimed at establishing that the United Kingdom should have launched a tendering procedure for the Hinkley Point C project (a) The arguments alleging infringement of Directives 2004/17 and 2004/18 (b) The arguments alleging infringement of Article 8 of Directive 2009/72 and breach of the principles of equal treatment, non-discrimination and transparency inherent in the FEU Treaty 2. The argument that the Contract for Difference is discriminatory I. Tenth plea, alleging infringement of the right to submit observations pursuant to Article 108(2) TFEU and Article 6(1) of Regulation No 659/1999 J. Ninth plea, alleging an insufficient statement of reasons Costs * Language of the case: German.