natgillin/translations-raw huggingface dataset:
To assess this possibility, the Commission requested the UK to apply the formula presented in recital 11 to historic market conditions (prices and quantities) for the period winter 2012 to winter 2014 to generate a simulated historic RP curve.
Pärast EDF-i pakutud kohustuste põhjalikku kaalumist ja nende arvesse võtmist jõudis komisjon järeldusele, et HPC käikulaskmisest tulenevad konkurentsimoonutused jäävad vajalikult minimaalseks ning neid tasakaalustab meetmete positiivne mõju.
The Commission matched the obtained RP curve with data on one- and two-seasons-ahead electricity prices for delivery dates in the same time interval [72].
Mis puudutab kooskõla Euroopa Liidu toimimise lepingu artikliga 30 ja 110, siis on Ühendkuningriik kohustunud kogu selle aja jooksul, kui hinnavahelepingud ei ole avatud väljaspool Ühendkuningriiki asuvatele elektritootjatele, korrigeerima elektritarnijate hinnavahelepingu kohaste kohustuste arvutamist sellisel viisil, et väljaspool Ühendkuningriiki asuvates ELi liikmesriikides toodetud ja Ühendkuningriigi klientidele tarnitud toetuskõlblikku tuumaenergiat ei võeta arvesse tarnijate turuosade puhul.
The result is displayed in Figure 2 in Annex A.
Kohe kui väljaspool Suurbritanniat asuvad tootjad saavad taotleda hinnavahelepinguid, lõpetab Ühendkuningriik selle erandi.
Figure 2 reveals that although on occasions there were trading days where the two-seasons-ahead baseload price may have been higher than the one-season-ahead price and the RP, the difference is neither particularly large, nor does the relationship appear systematic.
JÄRELDUS
Furthermore, to systematically realise higher profits than the RP, EDF would very likely have to sell most of its output outside the reference market.
Käesoleva juhtumi eripära arvestades tehtud hinnangu põhjal järeldab komisjon, et Ühendkuningriigi teatatud meetmete pakett hõlmab riigiabi, mis muudetuna ettepaneku kohaste kohustustega on Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti c alusel siseturuga kokkusobiv.
Doing so would likely involve a higher level of risk for EDF than selling in the reference market, making it less profitable to engage into such a strategy.
Komisjon märgib, et talle on hindamiseks esitatud HPC projekti rahastamise seni kokkulepitud põhilised rahastamistingimused.
Potential incentives for EDF to withhold capacity
Kuna komisjonil ei olnud võimalust seda kontrollida, peavad Ühendkuningriigi ametiasutused juhul, kui lõplikes dokumentides muudetakse praegu komisjonile esitatud meedet mis tahes suhtes, sellest komisjoni teavitama.
In theory strategic withholding can lead to increased profits for generators even if they have very low market shares.
Kui aga lõplikud rahastamisdokumendid sisaldavad täiendavaid riigiabi elemente, siis asjade nii olles ei saa neid heaks kiita, kuna riigiabi meetmete praegune pakett sisaldab kogu abi, mis on vajalik HPC investeerimisprojekti teostamise võimaldamiseks,
The key factor enabling them to exert market power in this way is their position on the merit order curve.
ON VASTU VÕTNUD KÄESOLEVA OTSUSE:
Given that EDF owns both flexible and baseload plants, the commissioning of HPC may allow EDF to withhold capacity from its flexible plants in order to drive wholesale prices higher and to gain higher prices on the sale of electricity from its baseloads plants (including HPC).
Artikkel 1
The UK has put forward [73] that HPC would confer EDF neither the ability nor the incentives to withhold flexible capacity.
Abi, mida antakse Hinkley Point C-le hinnavahelepingu, ministeeriumiga sõlmitud lepingu ja krediidigarantii vormis, ning ka seonduvad elemendid, mida Ühendkuningriik kavakohaselt rakendab, on siseturuga kokkusobivad Euroopa Liidu toimimise lepingu artikli 107 lõike 3 punkti c tähenduses.
In particular, the UK states that by 2025 the share of EDF in the market for generating flexible capacity will be only 6,5 per cent (taking into account the closure of a coal plant approaching the end of its useful life as well as the potential opening of a new plant).
Seega on lubatud kõnealust abimeedet rakendada.
After having acknowledged that market shares may be a weak indicator of a generator's ability to influence prices by withholding capacity, various indices of ‘pivotality’ (i.e. the extent to which a particular generation unit or company is needed for demand to be satisfied, which makes that unit or company potentially able to influence the market price by curtailing capacity) are computed to show that EDF's flexible capacity is not expected to be pivotal in 2025.
Artikkel 2
Assuming various counterfactuals, it is further shown that the construction of HPC will not in any event increase this pivotality.
Käesolev otsus on adresseeritud Suurbritannia ja Põhja-Iiri Ühendkuningriigile.
The Commission considers that the CfD instrument limits the incentives for withholding by its nature.
Brüssel, 8. oktoober 2014
Depending on its relative position on the supply curve, even withholding a small capacity from the market may shift the supply curve towards the left, leading to equilibrium with higher prices.
Tuumajaamad on baaskoormuselektrienergia tootjad ja samuti iseloomustab neid suhteliselt vähe varieeruv kulu ning seetõttu asuvad nad tavajuhul pakkumiskõvera alguses.
Given that the construction of HPC may increase the potential gains from withholding, EDF may have more incentives to engage in it post-aid.
Hinnavahelepingus kasutatav valem on järgmine:di1ej1BPi,jBQi,jej1BQi,j1Nd,kus d on eelmise hooaja kauplemispäevade arv, e on allikate arv, BP on iga allika päevahind ja BQ on iga allika päevamaht.
The UK simulation uses an expected generation mix in 2025 in the UK very much in line with DECC EMR scenarios.
EDF/NNBG vastus küsimustele võimaliku mõju kohta turu likviidsusele, 8. september 2014, tabel 3.
This exercise shows that the plausible levels of demand for which a withholding strategy would be profitable occur with a low probability.
[80] Vt joonis 43, Ofgem – State of the Market Assessment (turu hindamise olukord), 27. märts 2014.
In conclusion, the Commission believes that competition distortions in respect of potential withholding of capacity are kept to the minimum.
[81] Kohustuse üksikasjalik kirjeldus – vt C lisa.
Advantage to EDF through reduction in hedging costs
Jaotuse üksikasjalikku kirjeldust vaata C lisast.
The wholesale electricity markets are uncertain for both generators and suppliers due to the particular features of supply and demand.
Eelkõige HPC IUK mudel […].
In order to get more certainty over revenues from the sale of electricity and over the costs of electricity, generally suppliers and generators buy or sell electricity forward and use spot and near-term markets to fine-tune their positions.
Alusstsenaariumi tingimus sisaldab piisavate tõendite esitamist Flamanville 3 katselise käitamisperioodi lõpuleviimise kohta ja tagatise andja toimivusnõuete täitmist selle perioodi jooksul.
Forward trading (or hedging) is therefore, used to provide a degree of protection from price volatility.
Tagatise andjal on võimalus pikendada alusstsenaariumi tingimuse täitmise tähtaega, suurendades algse omakapitali summat ja kandes hoolt, et sellisel suurendamisel oleks nõutav krediiditoetus.
Hedging costs are primarily determined by the bid-offer spread on forward rates, which is the difference between the bid price (the price at which buyers are prepared to buy) and the offer price (the price at which sellers are willing to sell).
Alusstsenaariumi tingimuse tähtaeg ei saa olla hilisem kui 31. detsember 2020.
The larger the number of participants and the volumes traded, the lower the bid-offer spread and hence the lower the transaction costs for both sellers and buyers.
FFSi nurjumise tingimus on, et:a) […];b) […]; jac) […].
The Commission had a preliminary concern that the additional baseload capacity provided by HPC and sold by EDF Energy might allow the latter to lower its hedging costs, gaining a competitive advantage over its peers, in particular in respect of its potentially better ability to optimise its risk portfolio.
Fikseeritud tagatis seotakse asjaomase kindlaksmääratud ja konkreetse varaga kohe tagatise andmisel ja pandiandja ei või tagatud vara ilma toetusesaaja nõusolekuta müüa ega tagatisvaraga muul viisil kaubelda.
The Commission raised an additional preliminary concern that EDF Energy might be in a better position to increase its share of specific segments, such as energy intensive users.
Tagatisega seotud huvid, mis annavad toetusesaajale õiguse tagatud varale.
The Commission assessed the evidence produced by EDF in terms of capacity supplied in the post-aid scenario.
Pant on tagatisega seotud huvi vorm, millega ei anta toetusesaajale omanikuõigusi ega omandiõigusi.
EDF already has a net generation of 22,9 TWh in 2013, i.e. the difference between the amount generated through own assets and the amount sold through its retail operations.
Selle asemel on pant tagatud varal lasuv koormatis, mis annab toetusesaajale õiguse kasutada vara selle realiseerimiseks, eesmärgiga tasuda tagatud võlg.
It estimates that in 2020 it will have a […] TWh net generation position and in 2025 a […] TWh net generation position with HPC.
Sellega tekib toetusesaajale vara suhtes võrdväärne varaline huvi, mis annab toetusesaajale õiguse see vara omandada ja alustada tagatud võla tasumiseks selle müügitoiminguid.
The Commission therefore concludes that hedging costs are not likely to change as a result of the aid.
Muutuva väärtusega kommertspant ettevõtja kõigi (või peaaegu kõigi) varade ulatuses, millega antakse sellise pandi valdajale volitus määrata haldur või pankrotihaldur ja mis on kinnitatud kui nõuetekohane kommertspant 1986. aasta maksejõuetust käsitleva seaduse tähenduses.
Moreover, the supply of electricity to non-domestic customers, including energy intensive users, can be considered competitive.
Tagatisega kindlustatud pooled on tagatise andja, emitent ning energeetika ja kliimamuutuse ministeerium ning tuumajaamade dekomisjoneerimise fondi äriühing (Nuclear Decommissioning Fund Company Limited).
EDF's share is less than 25 per cent of the market, despite the high baseload generation capacity that it currently holds.
Energeetika ja kliimamuutuse ministeerium ja tuumajaamade likvideerimise fondi äriühing seoses Hinkley Point C dekomisjoneerimise korraga.
In its recent referral to the Competition and Markets Authority for a full investigation of the electricity markets, Ofgem [74] notably excluded the non-domestic sector on the grounds that the sector could be considered broadly competitive [75].
Euroopa Parlamendi ja nõukogu direktiiv 2009/72/EÜ, 13. juuli 2009, mis käsitleb elektrienergia siseturu ühiseeskirju ning millega tunnistatakse kehtetuks direktiiv 2003/54/EÜ (ELT L 211, 14.8.2009, lk 55).
In spite of the uncertainties inherent to predicting strategies and market outcomes over a relatively long time horizon, namely until the time HPC will be running, the Commission considers these arguments sufficiently sound to dispel its concerns as regards this particular type of potential distortion of competition.
[19] Ühtlustatud elektrikulude abil mõõdetakse elektrienergia tootmise kulusid erinevate tehnoloogialahenduste puhul, eesmärgiga võrrelda neid võimalikke kulusid erinevate eelduste suhtes.
Potential reductions in wholesale market liquidity
Leveque, F. ja Robertson, A., Future Electricity Series Part 3: Power from Nuclear, Carbon Connect, Policy Connect, London, 2014.
The mere fact of being able to access additional own electricity may result in a negative impact on wholesale market liquidity levels, which are in turn likely to negatively impact on independent suppliers.
Kohtuasi T–17/02: Fred Olsen vs. komisjon, [2005] EKL II-2031, punkt 216, ja kohtuasi T–289/03: BUPA ja teised vs. komisjon [2008] EKL II-81, punktid 166 ja 220.
While this does not automatically imply that vertical integration leads to less liquid markets or foreclosure, it does imply that where most of generation capacity is owned by suppliers, markets can become increasingly less liquid.
Euroopa Parlamendi ja nõukogu direktiiv 2004/18/EÜ, 31. märts 2004, ehitustööde riigihankelepingute, asjade riigihankelepingute ja teenuste riigihankelepingute sõlmimise korra kooskõlastamise kohta (ELT L 134, 30.4.2004, lk 114).
The Commission had some preliminary concerns as to whether having increased access to own generation may translate into a decreased need for EDF to access forward markets to obtain capacity.
Vt komisjoni 30. oktoobri 2001. aasta otsus riigiabi nr N 6/A/2001 kohta – Iirimaa, K(2001) 3265 (lõplik), põhjendus 56.
The extent to which EDF would need to trade post-aid would be offset by its ability to access HPC-produces generation.
[28] Kombineeritud tsükliga gaasiturbiinid on moodsa põlvkonna energiatootmise gaasitehnoloogia.
In reply to Commission's questions regarding the potential impact that HPC may have on market liquidity, EDF responded that it would have neither incentives nor the ability to reduce it.
KOM(2011) 885 (lõplik), „Energia tegevuskava aastani 2050”, lk 6.
EDF Energy claims that its supply business is wholly independent of the building or otherwise of HPC [76].
Kohtuasi C-280/00: Altmark Trans GmbH ja Regierungspräsidium Magdeburg vs. Nahverkehrsgesellschaft Altmark GmbH, punktid 87–93.
As explained in the previous section, the policy of the EDF generation and supply business is to reduce market price risk.
Komisjoni teatis Euroopa riigiabi eeskirjade kohaldamise kohta üldist majandushuvi pakkuvate teenuste osutamise eest makstava hüvitise suhtes (2012/C 8/02) (ELT C 8, 11.1.2012, lk 4).
There is no policy to systematically supply internally as this is not the best way to reduce market price risk.
Otsus kohtuasjas T-289/03: BUPA vs. komisjon (EKL 2008, II-81, punkt 165).
On the contrary, the best way to reduce market price risk is to buy and sell in the market (or at a market price).
Vt SA.
EDF Energy explained further that it does not operate its business in a manner aimed at netting off volumes between supply and generation.
36196, SA.
EDF does not even specifically identify trades which are transferred between its generation and supply businesses without being routed through the market.
38812, SA.
In support of the claim that the extent of internal netting is limited, EDF presented figures on its traded volumes and churn amounts [77].
38763, SA.
Finally EDF explained that given recent regulatory developments, it does not even have the ability to reduce liquidity of the wholesale market.
38761, SA.
In order to enhance the liquidity of a range of market segments, Ofgem has introduced a mandatory ‘market making’ obligation into the licences of the largest six energy suppliers in the UK, including EDF Energy.
38759 and SA.
The requirement is to post bid and offer prices in the market, with the aim of supporting price discovery and ensuring regular opportunities to trade.
38758.
The Commission assessed the degree to which the measure might be likely to result in lower liquidity in wholesale markets.
Teatis üldist majandushuvi pakkuvate teenuste hüvitamise kohta, punkt 51.
It noted that EDF Energy's ratio of traded volume compared to its generated volume has been steadily decreasing from a churn ratio (traded volume/generation) of 3 in 2010 to a churn ratio of 2 in 2014.
Kohtuasi 76/78: Steinike & Weinlig vs. Germany, EKL 1977, 595, punkt 21; kohtuasi C-379/98: PreussenElektra, EKL 2001, I-2099, punkt 58.
Moreover, this ration is the lowest amongst the main six vertically integrated energy producers in the UK [78].
Kohtuasi C-677/11: Doux Elevage, veel avaldamata, punkt 34, kohtuasi T-139/09: France vs. komisjon, veel avaldamata, punkt 36.
The Commission notes that Ofgem's regulatory ‘market making’ obligations might limit the extent to which vertically integrated suppliers could willingly or unwillingly engage in strategies which result in lower liquidity levels.
Kohtuasi C-262/12: Vent de Colère, veel avaldamata, punkt 21.
However it is unclear to the Commission the extent to which such obligations are likely to stay in place, or indeed to what extent they may prevent the netting off of internal positions (i.e. using own generation assets to serve own customers).
Komisjoni teatis „Euroopa Liidu raamistik riigiabi jaoks, mida antakse avalike teenuste eest makstava hüvitisena” (2012/C 8/03) ( ELT C 8, 11.1.2012, lk 15).
The Commission therefore requested further safeguards, in order to fully dispel any concern in relation to potential detriment to market liquidity in a post-aid scenario.
[42] Vt algatamisotsuse punkti 8.1 esimene lõik.
Record trades for HPC forecast output in a separate NNBG book;
Vt eelkõige B lisa.
Price trades for HPC forecast output conducted with EDF at the market price for the product concerned at the time of trading;
Saadaval aadressil: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/48253/3884-planning-electric-future-technical-update.pdf.
Undertake at market price all HPC forecast output bilateral trades with any other asset portfolios owned by or traded by EDF; and
Vt näiteks komisjoni otsus 2005/407/EÜ, 22. september 2004, riigiabi kohta, mida Ühendkuningriik kavatseb anda äriühingule British Energy plc, (ELT L 142, 6.6.2005, lk 26).
Provide a report to the CfD Counterparty and the European Commission on a yearly basis to evidence compliance with the above commitments.
Vt pressiteade järgmisel aadressil: http://europa.eu/rapid/press-release_IP-14-865_en.htm.
The UK will remove this exemption once non-GB generators are eligible to apply for CfDs.
Eelkõige esitab Ühendkuningriigi rahandusministeerium kolm võrdlusaluste kogumit: hiljutised piiratud mahuga pangalaenud projektide rahastamisele (süsinikuvaene energia), ettevõtete võla (reitinguga BB+) intressimäärade vahe seisuga 21. august 2014; ja 10aastaste krediidiriski vahetustehingute keskmine ning iTraxx Europe XOver (BB+ vahemiku lähedal).
CONCLUSION
IUK märkus 26. augustist 2014.
Based on the assessment conducted and in light of the specific circumstances of this case, the Commission finds that the package of measures notified by the UK involves State aid which, as amended by the commitments provided, is compatible with the internal market pursuant to Article 107(3)(c) TFEU.
[56] Eelkõige tehti karistavas stsenaariumis järgmised eeldused iga-aastaste maksejõuetuse tõenäosuste ja tagasimaksemäärade kohta:Makseviivitusest tingitud kahjumäär on 1.–6. aastal null ja kui alusstsenaariumi tingimus ei ole detsembriks 2020 täidetud, makstakse tagasi kogu võlg 100 % ulatuses.Eeldatavalt ei teki makseviivitust 7.–10. aastal, kuna ei ole põhiosa tagasimaksmise kohustust ning kõik ehitusaegsed intressid (sealhulgas garantiitasud) kaetakse kas algse omakapitali summast või algse ja/või tingimusliku omakapitaliga.Ehitusetapp 14 aastat (hõlmab 4aastast viivitust) ja käitusetapp 30 aastat.Kumulatiivne makseviivituse tõenäosus 10 protsenti 4aastase ehitusviivituse ajal (null protsenti 11. ja 12. aastal ning 5 protsenti 13. ja 14. aastal) ning makseviivitusest tingitud 100 protsendline kahjumäär.
The Commission notes that it has been provided, for assessment, with the financing head of terms agreed to date as regards the project financing of HPC.
See versioon kujutas endast teatatud finantsmudeli ajakohastamist ja hiljem tehti veel ajakohastamisi.
As the Commission did not have the opportunity to verify this, in case the final documents amend the measure as currently presented to the Commission in any respect, they will have to be notified by the United Kingdom authorities to the Commission.
Eelkõige nähtub versioonist 21.10 (29. augustist 2014), et projekti sisemine tulumäär on […] protsenti ja omakapitali sisemine tulumäär on […] protsenti kasutamise alusel ja […] protsenti (maksustamisjärgne nominaalne) eraldamise alusel.
However, if the final financing documents contain further State aid elements then, rebus stantibus, they cannot be approved since the present package of State measures represents all the aid that is necessary to allow the HPC investment project to be undertaken,
NNBG dokument nr HPC-NNBGPCP-XX-000-EST-000069, 27.6.2014.
Article 1
Vt näiteks juhtum SA.31107 (11/N), kus vastuvõetavaks peeti kapitali tulumäära vahemikus 9,6–11 %.
This Decision is addressed to the United Kingdom of Great Britain and Northern Ireland.
Pärast hinnavahelepingu 35aastast kehtivust ei tähenda tulud enam täitmishinna vähenemist, kuna siis ei ole enam täitmishinda.
Done at Brussels, 8 October 2014.
Seega jagatakse tulud pärast hinnavahelepingu lõppemist otse hinnavahelepingu vastaspoole ja NNBG vahel.
For the Commission
Analüüsi tegi komisjon, võttes arvesse DECC mudelit ja Pöyry koostatud mudeleid.
Vice-president
Ühendkuningriigi vastus komisjoni algatamisotsusele, 8. lisa, 31. jaanuar 2014.
Baseload generation is typical of plants which have the ability to produce output continuously, and can therefore be relied upon to address the core of demand at any point in time.
Ofgem, Decision to make a market investigation reference in respect of the supply and acquisition of energy in Great Britain, 26. juuni 2014.
Nuclear plants are baseload generators and are also characterised by a relatively low variable cost, hence they typically occupy the initial positions in the supply curve.
Saadaval aadressil: https://www.ofgem.gov.uk/publications-and-updates/decision-make-market-investigation-reference-respect-supply-and-acquisition-energy-great-britain.
For a detailed description of the commitment please see Annex C.
A LISA
In particular, HPC IUK Model […].
HINNAVAHELEPINGU TULUMÄÄR
The issuance relates to an initial 16 billion pounds of debt and a further 1 billion pounds of debt related to the Sizewell C Adjustment under the CfD (the ‘SZC Bond’).
Tabel 3
The Base Case Condition is that satisfactory evidence has been provided that Flamanville 3 has completed the trial operation period and that the requirements of the Guarantor in respect of performance during such period have been met.
NNBG finantsriski hinnang – HPC tulemuseks saadud kogukulude hinnanguline tõenäosusjaotus
The Guarantor has the option to extend the date for meeting the Base Case Condition into the future by increasing the amount of Base Equity and procuring that such increase benefits from the required credit support.
Allikas: TESLA4, lk 12
The Base Case Condition date cannot fall later than 31 December 2020.
Joonis 2
The FFS Failure Condition is that:(a) […];(b) […]; and(c) […].
Ühendkuningriigi varasemad forvardhinnad ja võrdlushind
Fixed security attaches to the relevant identified and specific asset immediately upon grant and the chargor may not dispose of the secured asset or otherwise deal with the secured asset without the beneficiary's consent.
Tabel 4
Instead, a charge is an encumbrance over the secured asset which gives the beneficiary the right to resort to the asset in order to realise it towards payment of the secured debt.
Tulumäärade vahemik (projekti sisemine tulumäär, maksustamisjärgne nominaalne)
The secured parties are the Guarantor, the issuer and the Secretary of State for Energy and Climate Change and the Nuclear Decommissioning Fund Company Limited.
8,5–11
The Secretary of State for Energy and Climate Change and The Nuclear Decommissioning Fund Company Limited in relation to the arrangements in respect of decommissioning Hinkley Point C.
(projekti põhjal)
Leveque F and Robertson A, Future Electricity Series Part 3: Power from Nuclear, Carbon Connect, Policy Connect, London, 2014.
Võrdlusanalüüs
Commission Notice on the application of Articles 87 and 88 of the EC Treaty to State aid in the form of guarantees (OJ C 155, 20.6.2008, p.
6–13
10).
Ühendkuningriigi reguleeritud teenuste/avaliku ja erasektori parterluste/integreeritud vee- ja energiaprojektide/võrreldavate tuumaprojektide võrdlus
Communication from the Commission on the European Union framework for State aid in the form of public service compensation (OJ C 8, 11.1.2012, p.
Projekti tasuvusläve analüüs
15).
10,5–14,5
1).
6–9,5 – tegevusetapp
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 L 134, 30.4.2004, p.
Võimalike rahastamisstruktuuride analüüs nii ehitus- kui tegevusetapi kohta