natgillin/translations-raw huggingface dataset:
Furthermore, besides the WACC-IRR comparison, the brief analysis of the LCOE also confirmed that the levelised costs of electricity produced by Paks II would not be covered by the forecasted prices.
Komisijina procjena LCOE-a
Based on those results, the Commission concludes that the project would not produce sufficient returns to cover the costs of a private investor who could only obtain financing at market prices.
Radi potpunosti te kako bi uključila sve informacije koje joj je Mađarska dostavila [vidjeti uvodne izjave 69. i 81. – 82.], Komisija je ukratko razmotrila i gospodarsku održivost nuklearne elektrane Paks II uporabom mjere LCOE-a (vidjeti odjeljak 3.1.1.3).
Even though the February 2017 data is the most relevant for running the MEIP test, the results derived from the analysis of this data are valid even when the analysis is made using data available at the time of the initial investment decision in December 2014.
Procjenjujući LCOE mađarske nuklearne elektrane kao što je Paks II, Komisija je kao početnu točku upotrijebila studiju OECD-a/IEA-e/NEA-e iz 2015.
Based on the assessment developed in this, the Commission concludes that a private investor would not have invested in the project under the same terms and conditions.
[vidjeti uvodnu izjavu 81.]
Therefore, since Paks II benefits fully from a new asset with an economic value, the Commission finds that the measure entails an economic advantage for Paks II.
U toj se studiji procjenjuje da je LCOE mađarske nuklearne elektrane 80,95 EUR/MWh za kamatnu stopu od 7 % i 112,45 EUR/MWh za kamatnu stopu od 10 %, uz faktor opterećenja od 85 %.
TRANSFER OF STATE RESOURCES AND IMPUTABILITY
Budući da su ti podaci objavljeni u kolovozu 2015., oni se mogu upotrijebiti samo za procjenu LCOE-a za 2017., ali ne za 2014.
As explained in the Opening Decision, Hungary would finance the construction of the project with State funds, of which 80 % is a loan from the Russian Federation and 20 % is Hungary’s own funds.
Komisija primjećuje da se povećanjem faktora opterećenja na [90 – 95] %, odnosno središnjeg podatka o faktoru opterećenja u dopisima Mađarske, iznosi LCOE-a u prethodnoj uvodnoj izjavi mijenjaju na 74 EUR/MWh i 103 EUR/MWh.
Hungary would directly finance all investments which are necessary for the commission, design and construction of power units 5 and 6, as set out in the Financing IGA.
Komisija zaključuje na temelju navedenog da je LCOE mađarske nuklearne elektrane viši od 74 EUR/MWh, što je više od predviđene cijene od 73 EUR/MWh izračunane 2015. ili od predviđene cijene od 68 EUR/MWh izračunane 2016..
Therefore, the Commission concludes that the measure would entail a transfer of resources by the Hungarian State.
Zaključci o gospodarskoj prednosti
The Commission also recalls that the measure is imputable to the Hungarian State as Hungary has taken the decision to invest in the project and it will decide on the disbursement of the necessary funds for the payment of the EPC Contract Purchase Price and the equity financing of the two new reactors of Paks II.
Komisija upotrebljava procjene WACC-a i unutarnje stope povrata iz odjeljaka 5.1.1.1 i 5.1.1.2 kako bi procijenila je li ispunjen MEIP.
SELECTIVITY
U tablici 13 u nastavku sažete su relevantne informacije za oba trenutka:
A measure is deemed selective if it favours only certain undertakings or the production of certain goods.
Tablica 13.
The Commission reiterates that the measure is selective because it concerns only one undertaking insofar as Hungary appointed Paks II under Government Resolution 1429/2014 (VII.
Usporedba WACC-a i unutarnje stope povrata
31.), as the Hungarian Authorised Organisation will be the owner and operator of the new nuclear generation units.
Raspon unutarnje stope povrata
Therefore, the advantage is deemed to be selective.
Srednja vrijednost WACC-a
EFFECT ON TRADE AND DISTORTION OF COMPETITION
Srednja vrijednost unutarnje stope povrata
As it was pointed out by the Commission in the Opening Decision, the electricity market has been liberalised in the Union and electricity producers are engaged in trade between Member States.
Postotak slučajeva simulirane unutarnje stope povrata kada je IRR<min(WACC)
In addition, the Hungarian electricity infrastructure is relatively strong, containing robust interconnections (equal to 30 % of domestic installed capacity) with its neighbouring Member States.
U tablici 13 prikazani su sljedeći glavni zaključci:
Although Hungary is a net importer, Figure 5 in recital 49 illustrates that Hungary also exports electricity not only to the coupled Czech-Slovak-Hungarian-Romanian day-ahead market (operational since 2014) but also to Austria and Croatia.
srednja vrijednost unutarnje stope povrata znatno je niža od srednje vrijednosti raspona WACC-a (8,79 % u odnosu na 9,66 % i 7,35 % u odnosu na 7,88 %), u oba razdoblja,
The notified measure would enable the development of significant capacity which might otherwise have been subject to private investment by other market operators using alternative technologies, from either Hungary or other Member States.
srednja vrijednost unutarnje stope povrata još je niža od donje granice raspona WACC-a (8,79 % u odnosu na 9,15 % i 7,35 % u odnosu na 7,40 %) u oba razdoblja,
Furthermore, as electricity is traded across borders, any selective advantage to a company has the potential to affect trade within the Union.
unutarnja stopa povrata je ispod relevantnog raspona WACC-a za većinu slučajeva, odnosno procijenjene vrijednosti unutarnje stope povrata iz Monte Carlo simulacije niže su od donje granice raspona WACC-a za većinu slučajeva (85 % za prosinac 2014. i 55 % za veljaču 2017.),.
Therefore, the Commission reiterates that the measure threatens to distort competition.
Komisija ističe da su ti rezultati konzervativni jer:
CONCLUSION ON THE EXISTENCE OF STATE AID
Komisija nema sredstava za točnu procjenu mogućnosti dodatnih troškova, posebno onoliko velikih troškova koji se spominju u primjedbama zainteresiranih strana koje je zaprimila nakon objave odluke o pokretanju postupka, razlike u troškovima koje su uključene u Monte-Carlo simulacije bile su znatno manje od razlika navedenih u primjedbama,
Given that the Commission concludes that the measure entails an economic advantage for Paks II and that the rest of the elements for the existence of State aid are present, the Commission concludes that in the project, the Hungarian State is granting aid to Paks II which is State aid within the meaning of Article 107(1) TFEU.
predviđanja cijena za buduće scenarije niskih cijena nafte navedena u primjedbama koje je zaprimila Komisija nisu uključena u analizu osjetljivosti, a nije unesen ni ispravak kako bi se uzelo u obzir odstupanje budućih cijena električne energije dogovorenih u ugovorima sklopljenim na burzama energije od razmatranih predviđenih cijena,
LEGALITY OF THE AID
nije uključena dodatna premija rizika za nuklearne elektrane povrh standardne premije rizika za proizvodnju energije i komunalije,
As found in the Opening Decision (see recital 116), the Commission maintains its assertion that although a series of agreements have already been signed and the initial investment decision has already been taken, the final investment decision by which Paks II commissions irrevocably the construction works of the two new reactors is still to be taken and no payments have been made as of yet under the EPC Contract.
u analizi referentnih vrijednosti WACC-a za 2014. nisu bile dostupne procjene WACC-a za sektor „zelene i obnovljive energije”.
Therefore by notifying the measure before its implementation, the Hungary has fulfilled its stand-still obligation in accordance with Article 108(3) TFEU.
To upućuje na činjenicu da će u stvarnosti moguća razlika između vrijednosti unutarnje stope povrata i WACC-a u svakom trenutku vjerojatno biti još veća.
COMPATIBILITY
Nadalje, izračuni za procjenu unutarnje stope povrata projekta, zajedno s procijenjenim vrijednostima WACC-a, mogu se upotrijebiti i za određivanje neto sadašnje vrijednosti (NPV) ukupnih gubitaka za koje se očekuje da će nastati tijekom provedbe projekta kada bi ga financirao ulagač u tržišnom gospodarstvu.
Given that the measure was found to entail State aid, the Commission has further examined whether the measure could be considered compatible with the internal market.
Očekuje se da će se provedbom projekta ostvariti gubici od 600 milijuna EUR u osnovnom slučaju s 7,88 % tržišnog WACC-a i 7,35 % unutarnje stope povrata, što su srednje vrijednosti za podatke iz 2017..
The Commission notes that Hungary considers that the measure does not constitute State aid, nonetheless it submitted arguments as regards the compatibility of the measure with the internal market as a response to the Opening Decision and to the observations of third parties received by the Commission following the publication of the Opening Decision (see Section 3.2).
Nadalje, osim usporedbom WACC-a i unutarnje stope povrata, kratkom analizom LCOE-a također je potvrđeno da uravnoteženi troškovi električne energije koju proizvodi nuklearna elektrana Paks II ne bi bili pokriveni predviđenim cijenama.
LEGAL BASIS FOR ASSESSMENT
Na temelju tih rezultata Komisija zaključuje da se projektom ne bi ostvarili dostatni povrati za pokrivanje troškova privatnog ulagača koji bi mogao dobiti samo financiranje po tržišnim cijenama.
As explained in Section 3.3.1 of the Opening Decision, the Commission may declare a measure compatible directly under Article 107(3)(c) TFEU if the measure contributes to the achievement of a common objective, it is necessary and proportionate for the attainment of that objective and it does not adversely affect trading conditions to an extent contrary to the common objective.
Iako su podaci iz veljače 2017. najrelevantniji za provođenje testa MEIP-a, rezultati dobiveni analizom tih podataka valjani su čak i kada se analiza provodi uporabom podataka koji su dostupni u vrijeme donošenja izvorne odluke o ulaganju iz prosinca 2014.
The measure needs to satisfy the following conditions: (i) it aims to facilitate the development of economic activities or economic areas in accordance with point (c) of Article 107(3) TFEU; (ii) it is targeted at bringing about a material improvement that the market alone cannot deliver (for example addressing a market failure); (iii) the proposed measure is an appropriate policy instrument to address the objective of common interest; (iv) it has an incentive effect; (v) it is proportional to the needs based on which it is deployed; and (vi) it does not unduly distort competition and trade between Member States.
Na temelju ovdje izrađene procjene Komisija zaključuje da privatni ulagač ne bi pod tim uvjetima uložio u projekt.
In their response to the Opening Decision, the Hungarian authorities argued that State aid rules, and in particular the general prohibition from granting State aid, do not apply to measures falling under the Euratom Treaty.
Budući da nuklearna elektrana Paks II dobiva novu imovinu s gospodarskom vrijednošću, Komisija zaključuje da se mjerom društvu Paks II osigurava gospodarska prednost.
The Commission acknowledges that the investment at hand is an industrial activity falling within the scope of the Euratom Treaty (see Annex II thereof); however, this very fact does not render Articles 107 and 108 TFEU inapplicable when assessing the financing method of such activity.
PRIJENOS DRŽAVNIH SREDSTAVA I ODGOVORNOST
In fact, whilst Article 2(c) of the Euratom Treaty creates an obligation on the Union to facilitate investments in the field of nuclear energy and Article 40 of the Euratom Treaty obliges the Union to publish illustrative programmes in order to facilitate the development of nuclear investments, the Euratom Treaty does not foresee any specific rules to control the financing, by a Member State, of such investments.
Kako je objašnjeno u odluci o pokretanju postupka, Mađarska bi financirala izgradnju projekta državnim sredstvima, od kojih 80 % čini kredit Ruske federacije, a 20 % vlastita sredstva Mađarske.
According to Article 106a(3) of the Euratom Treaty, the provisions of the TFEU shall not derogate from the provisions of the Euratom Treaty.
Mađarska bi izravno financirala sva ulaganja koja su nužna za puštanje u pogon, projektiranje i izgradnju reaktora 5 i 6, kako je utvrđeno u međuvladinom sporazumu o financiranju.
Indeed, Articles 107 and 108 TFEU do not derogate from any of the provisions of the Euratom Treaty, as no different State aid control rules are foreseen in the Euratom Treaty, nor the State aid control performed by the Commission pursuant to Articles 107 and 108 TFEU impedes the fulfilment of the objective of promotion of new nuclear investments enshrined in the Euratom Treaty.
Komisija stoga zaključuje da bi mjera uključivala prijenos sredstava mađarske države.
COMPLIANCE WITH UNION LAW OTHER THAN STATE AID RULES
Komisija podsjeća i da se mjera može pripisati mađarskoj državi jer je Mađarska donijela odluku o ulaganju u projekt i odlučit će o isplati nužnih sredstava za plaćanje ugovorne cijene ugovora o EPC-u i za financiranje vlasničkim kapitalom dvaju novih reaktora nuklearne elektrane Paks II.
Numerous interested parties raised comments regarding the compliance of the measure under Directives 2014/24/EU and 2014/25/EU (especially with Directive 2014/25/EU due to the sector specific rules) and Article 8 Directive 2009/72/EC (the Electricity Directive); the Commission, therefore, has assessed to what extent a (possible) incompatibility with the provisions of Directives 2014/24/EU and 2014/25/EU and Article 8 Directive 2009/72/EC concerning the direct award to an undertaking for the construction of the two new reactors of Paks II could impact the State aid assessment under Article 107(3)c TFEU.
SELEKTIVNOST
According to the settled case-law, ‘when the Commission applies the State aid procedure, it is required, in accordance with the general scheme of the Treaty, to ensure that provisions governing State aid are applied consistently with specific provisions other than those relating to State aid and, therefore, to assess the compatibility of the aid in question with those specific provisions.
Mjera se smatra selektivnom ako se njome pogoduje samo određenim poduzećima ili proizvodnji određenih proizvoda.
However, such an obligation is imposed on the Commission only where the aspects of aid are so inextricably linked to the object of the aid that it is impossible to evaluate them separately. (…) If the Commission were required to adopt a definitive position, irrespective of the link between the aspect of the aid and the object of the aid at issue, in a procedure relating to State aid, on the existence or absence of an infringement of provisions of EU law distinct from those coming under Articles 107 TFEU and 108 TFEU, (…) that would run counter to, first, the procedural rules and guarantees — which in part differ significantly and imply distinct legal consequences — specific to the procedures specially established for control of the application of those provisions and, second, the principle of autonomy of administrative procedures and remedies. (…) Accordingly, although the aspect of aid at issue is inextricably linked to the object of that aid, the Commission must assess its compatibility with provisions other than those relating to State aid in the context of the procedure provided for in Article 108 TFEU and that assessment may result in a finding that the aid concerned is incompatible with the internal market.
Komisija ponavlja da je mjera selektivna jer se odnosi samo na jedno poduzeće koje je Mađarska nazvala Paks II u skladu s Odlukom Vlade 1429/2014 (VII.
By contrast, if the aspect at issue can be separated from the object of the aid, the Commission is not required to assess its compatibility with provisions other than those relating to State aid in the context of the procedure provided for in Article 108 TFEU’.
31.) budući da će mađarska ovlaštena organizacija biti vlasnik i operater novog nuklearnog reaktora.
In light of the above, as regards the notified measure, its assessment on compatibility could be affected by a possible incompliance with Directive 2014/25/EU if it produced additional distortion of competition and trade on the electricity market (market on which the beneficiary of the aid — Paks II — will be active).
Stoga se prednost smatra selektivnom.
On this point, the Commission notes that Directive 2014/25/EU is of relevance as regards the direct award of construction works for the two new reactors to one specific undertaking.
UTJECAJ NA TRGOVINU I NARUŠAVANJE TRŽIŠNOG NATJECANJA
In the case at hand, while JSC NIAEP, an undertaking active in the nuclear construction sector, has been directly granted the construction works of the two reactors by the IGA, JSC NIAEP is not the beneficiary of the aid.
Kako je Komisija istaknula u odluci o pokretanju postupka, tržište električne energije u Uniji liberalizirano je i proizvođači električne energije sudjeluju u trgovini među državama članicama.
Indeed, the beneficiary of the aid is Paks II, a market participant in the electricity market, which will own and operate the two new nuclear reactors.
Nadalje, mađarska infrastruktura za proizvodnju električne energije relativno je jaka i dobro je međusobno povezana (30 % domaćeg instaliranog kapaciteta) sa susjednim državama članicama.
As already stated in the Opening Decision, JSC NIAEP is not deemed a potential beneficiary of the measure at hand.
Iako je mađarska neto uvoznik, u grafikonu 5. u uvodnoj izjavi 49. prikazano je da Mađarska izvozi električnu energiju ne samo na objedinjeno tržište Češke-Slovačke-Mađarske-Rumunjske za dan unaprijed (koje radi od 2014.), već i u Austriju i Hrvatsku.
Thus, a possible inobservance of public procurement rules in the case at hand might produce distortive effects on the market of nuclear construction works.
Prijavljenom mjerom omogućio bi se razvoj znatnog kapaciteta u koji bi u protivnom mogli ulagati drugi privatni subjekti na tržištu koji upotrebljavaju alternativne tehnologije iz Mađarske ili drugih država članica.
However, the object of the investment aid to Paks II is to enable it to generate electricity without bearing the investment costs for the construction of nuclear installations.
Nadalje, budući da se električnom energijom trguje preko granica, svakim davanjem selektivne prednosti nekom trgovačkom društvu moglo bi se utjecati na trgovinu u Uniji.
Therefore, no additional distortive effect on the competition and trade on the electricity market has been identified that would be created by the non-compliance with Directive 2014/25/EU, as regards the direct award of the construction works to JSC NIAEP.
Komisija stoga ponavlja da bi se mjerom moglo narušiti tržišno natjecanje.
Therefore, in absence of ‘indissoluble link’ between the possible infringement of Directive 2014/25/EU and the object of the aid, the compatibility assessment of the aid may not be affected by this possible infringement.
ZAKLJUČAK O POSTOJANJU DRŽAVNE POTPORE
In any event, Hungary’s compliance with Directive 2014/25/EU has been assessed in a separate procedure by the Commission where the preliminary conclusion on the basis of available information is that the procedures laid down in Directive 2014/25/EU would be inapplicable to the entrustment of construction works of two reactors on the basis of its Article 50(c).
Budući da Komisija zaključuje da mjera podrazumijeva gospodarsku prednost za društvo Paks II i da postoje drugi elementi povezani s postojanjem državne potpore, Komisija zaključuje da mađarska država projektom društvu Paks II dodjeljuje potporu koja se smatra državnom potporom u smislu članka 107. stavka 1.
As regards the possible breach of Article 8 of Directive 2009/72/EC, the Commission considers that the requirement of applying a tendering procedure or any procedure equivalent in terms of transparency and non-discrimination for providing new capacity is not an absolute one.
UFEU-a.
In fact, the first sentence of Article 8(1) requires Member States to provide in domestic law for possibility to use tendering procedure for new capacity.
ZAKONITOST POTPORE
Hungary has complied with this requirement by transposing this requirement within its Act on Electricity.
U skladu sa zaključkom iz odluke o pokretanju postupka [uvodna izjava 116.]
In addition, in accordance with the second sentence of Article 8(1), a tendering procedure must not be required if the generation capacity to be built on the basis of the authorisation procedure laid down in Article 7 of Directive 2009/72/EC were sufficient to ensure security of supply.
Komisija potvrđuje da, iako je već potpisan niz sporazuma i već je donesena izvorna odluka o ulaganju, još nije donesena konačna odluka o ulaganju kojom društvo Paks II neosporivo naručuje izgradnju dva nova reaktora i još nisu izvršena plaćanja na temelju ugovora o EPC-u.
This is the case at hand: the project has been authorised (following the authorisation procedure described in Article 7) precisely to cover, inter alia, the gap in the envisaged future domestic total installed capacity and the Commission does not have elements available showing that the installed capacity would be insufficient.
Stoga je Mađarska, prijavivši mjeru prije njezine provedbe, ispunila svoju obvezu neprimjenjivanja mjere u skladu s člankom 108. stavkom 3.
Thus the tendering or equivalent procedure requirement pursuant to Article 8 Directive 2009/72/EC does not seem to apply to the project at hand.
UFEU-a.
In light of the above, the Commission does not have sufficient element to point at a possible applicability of Article 8 of Directive 2009/72/EC.
SPOJIVOST
Therefore, the Commission considers that the assessment of the notified measure under State aid rules is not affected by the compliance with other provisions of Union law.
Budući da je utvrđeno da mjera uključuje državnu potporu, Komisija je dalje ispitala može li se mjera smatrati spojivom s unutarnjim tržištem.
OBJECTIVE OF COMMON INTEREST
Komisija napominje da Mađarska smatra da mjera ne čini državnu potporu, ali je svejedno dostavila argumente o spojivosti mjere s unutarnjim tržištem kao odgovor na odluku o pokretanju postupka i na opažanja trećih strana koje je Komisija zaprimila nakon objave odluke o pokretanju postupka (vidjeti odjeljak 3.2.).
As explained in Section 3.3.2 of the Opening Decision, the measure must aim to achieve a well-defined objective of common interest.
PRAVNA OSNOVA ZA PROCJENU
When an objective has been recognised by the Union as being in the common interest of the Member States, it follows that it is an objective of common interest.
Kako je objašnjeno u odjeljku 3.3.1. odluke o pokretanju postupka, Komisija može mjeru proglasiti spojivom izravno u skladu s člankom 107. stavkom 3. točkom (c) UFEU-a ako se mjerom pridonosi ostvarenju zajedničkog cilja te ako je nužna i proporcionalna za ostvarenje tog cilja i ako nema negativni utjecaj na uvjete trgovanja u mjeri koja je protivna zajedničkom cilju.
The Commission noted that the measure entails specific support for nuclear technology.
Mjera mora ispuniti sljedeće uvjete: i. njome se nastoji olakšati razvoj gospodarskih djelatnosti ili gospodarskih područja u skladu s člankom 107. stavkom 3. točkom (c) UFEU-a; ii. usmjerena je na ostvarenje znatnog poboljšanja koje tržište ne može samo ostvariti (primjerice otklanjanjem tržišnog nedostatka); iii. predložena mjera potpore primjeren je instrument politike namijenjen ostvarenju cilja od zajedničkog interesa; iv. ima učinak poticaja; v. razmjerna je potrebi zbog koje se provodi vi. njome se izbjegava neopravdano narušavanje tržišnog natjecanja i trgovine među državama članicama.
In this regard, the Commission noted that Article 2(c) of the Euratom Treaty provides that the Union shall ‘facilitate investment and ensure, particularly by encouraging ventures on the part of undertakings, the establishment of the basic installations necessary for the development of nuclear energy in the Community’.
U svojem odgovoru na odluku o pokretanju postupka mađarska tijela tvrdila su da se pravila o državnim potporama, a posebno opća zabrana odobravanja državne potpore, ne primjenjuju na mjere obuhvaćene Ugovorom o Euratomu.