natgillin/translations-raw huggingface dataset:
As a result of the preliminary analysis, outlined in recitals 180 to 190, the Commission concluded that in order to establish whether an advantage existed, it should be ascertained whether under the conditions prevailing when Hungary joined the European Union, a market operator would have granted the generators a similar guarantee as that enshrined in the PPAs, namely a purchase obligation on the part of MVM of the capacities reserved in the PPAs (corresponding to a substantial proportion and, in many cases, to all the power plant's available capacities), a guaranteed minimum quantity of generated power over a period of 15 to 27 years corresponding to the typical expected lifetime of the assets concerned or their depreciation, at a price covering the plant's fixed and variable costs (including fuel costs) [53].
Kot rezultat predhodne analize, ki je opisana v uvodnih izjavah od 180 do 190, je Komisija zaključila, da mora za presojo, ali je prednost obstajala, najprej ugotoviti, ali bi v okviru pogojev, ki so prevladovali v času, ko se je Madžarska pridružila Evropski uniji, tržni akter dodelil proizvajalcem podobno zagotovilo kot SNEE, in sicer obveznost nakupa s strani MVM rezerviranih zmogljivosti v okviru SNEE (ki ustrezajo večinskemu deležu in v mnogih primerih vsem razpoložljivim zmogljivostim), zagotovljeno najmanjšo količino proizvedene električne energije v obdobju med 15 do 27 let, ki ustreza povprečni pričakovani življenjski dobi zadevnih sredstev ali njihovi amortizaciji, po ceni, ki pokriva fiksne in variabilne stroške elektrarne (vključno s stroški goriva) [53].
As a second step, the Commission analysed the answer to this question in the light of standard commercial practices on European electricity markets.
V drugem koraku je Komisija analizirala odgovor na to vprašanje z vidika standardnih poslovnih praks na evropskih trgih z električno energijo.
Finally, the Commission briefly assessed the impact of the PPAs on the market in the period following Hungary's accession to the European Union.
Na koncu je Komisija na kratko ocenila vpliv SNEE na trg v obdobju, ki je sledilo pristopu Madžarske k Evropski uniji.
Although this analysis is not necessary to determine the existence or otherwise of an economic advantage within the PPAs, it is useful in order to duly address certain comments submitted by interested parties.
Čeprav ta analiza ni nujna za določitev obstoja gospodarske prednosti v okviru SNEE, je uporabna za ustrezno obravnavo določenih pripomb, ki so jih poslale zainteresirane stranke.
Preliminary analysis: the reasoning that should be followed in order to assess the existence or otherwise of an advantage
Predhodna analiza: argumentiranje, ki mu je treba slediti pri presoji obstoja prednosti
In the comments submitted in the course of the procedure, third parties analysed the existence or otherwise of an advantage in the light of the conditions under which the PPAs were signed in the mid-1990s.
V pripombah, ki so bile poslane v teku postopka, so tretje stranke analizirale obstoj prednosti z vidika pogojev, v katerih so bili SNEE podpisani sredi 90-tih let.
In essence, they concluded that in that period, and in the context of the privatisation of the generating companies, an average market operator would have granted similar guarantees to the generators as those enshrined in the PPAs in order to attract investors and thereby ensure security of supply in Hungary.
Ugotovljeno je bilo, da bi v tem obdobju in v okviru privatizacije proizvodnih podjetij povprečen tržni akter dodelil proizvajalcem podobno zagotovilo, kot je bilo tisto v okviru SNEE, z namenom privabiti investitorjev in s tem zagotoviti varnost dobave na Madžarskem.
The Commission analysed the merits of this approach and came to the conclusion that it was inappropriate for two reasons.
Komisija je analizirala zasluge omenjenega pristopa in prišla do sklepa, da je bil pristop neprimeren zaradi dveh razlogov.
First, it does not take into consideration the actual beneficiaries of the measure under assessment.
Prvič, ne upošteva dejanskih upravičencev ukrepa v okviru presoje.
Second, the period considered under the approach is not relevant in assessing the existence of an advantage.
Drugič, obdobje, ki je upoštevano v okviru pristopa, ni pomembno pri ocenjevanju obstoja prednosti.
The beneficiaries of the potential advantage
Upravičenci do potencialne prednosti
The Dunament power plant argues that it received no advantage through its PPA as it paid the market value for the privatisation of its power plants, and the purchase price took into account its rights and obligations under the PPA.
Elektrarna Dunament trdi, da ni imela prednosti v okviru SNEE, saj je plačala tržno vrednost za privatizacijo svojih elektrarn, pri nabavni ceni pa so bile upoštevane njene pravice in dolžnosti v okviru SNEE.
Consequently, it paid for any advantage the PPA may have conferred on it in the privatisation price.
Tako je torej plačala za vsako prednost, ki bi ji jo lahko dodelil SNEE v privatizacijski ceni.
The Commission considers that this reasoning is unsound in the present case.
Komisija meni, da ta argument v tem primeru ni utemeljen.
In the case at issue, the beneficiaries of the aid are the privatised power plants (for those which were indeed privatised) and not the shareholders of those plants.
V zadevnem primeru so upravičenci do pomoči privatizirane elektrarne (tiste, ki so bile zares privatizirane) in ne delničarji omenjenih elektrarn.
The privatisation of the power plants took the form of share deals.
Privatizacija elektrarn se je izvedla v obliki delniških poslov.
The Court of Justice has analysed how a change in the ownership of a company during a share deal affects the existence of unlawful aid granted to the company and its recipient.
Sodišče je analiziralo, kako sprememba lastništva podjetja med delniškim poslom vpliva na obstoj nezakonite pomoči, ki je bila dodeljena podjetju in njenemu prejemniku.
It ruled that the unlawful aid remains with the company that benefited from the aid, despite the change in its ownership [54].
Ugotovilo je, da nezakonita pomoč ostaja pri podjetju, ki je pomoč koristilo, kljub temu, da pride do spremembe lastništva [54].
The transfer of shares at the market price merely ensures that the buyer itself does not benefit from State aid.
Prenos delnic po tržni ceni zgolj zagotavlja, da sam kupec nima koristi od državne pomoči.
However, this does not affect the existence of an advantage for the activity of the beneficiary power plant.
Kljub temu pa to ne vpliva na obstoj prednosti za dejavnost upravičene elektrarne.
In the case under assessment, the beneficiaries of the aid are the Hungarian companies that operate the power plants and signed the PPAs, and not the shareholders of the power plants.
V primeru, ki se presoja, so upravičenci do pomoči madžarska podjetja, ki upravljajo z elektrarnami in so podpisali SNEE, in ne delničarji elektrarn.
Furthermore, the change in the ownership of the power plants occurred before the date from which the existence of State aid is to be assessed and is of no relevance in assessing the existence of State aid to the companies operating the power plant.
Poleg tega je do spremembe lastništva elektrarn prišlo pred datumom, ko naj bi bil ocenjen obstoj državne pomoči, in ni pomembna za presojo obstoja državne pomoči podjetjem, ki upravljajo elektrarno.
The companies that signed the PPAs thus benefited from the advantages contained in the PPAs regardless of their ownership structure.
Podjetja, ki so podpisala SNEE, so torej imela korist od prednosti, ki jih prinašajo SNEE, ne glede na njihovo lastniško strukturo.
Period to be considered for the assessment of the existence of an advantage
Obdobje, ki ga je treba upoštevati pri presoji obstoja prednosti
The Commission is aware that in the market circumstances of the mid-1990s in Hungary, the governing principle of the PPAs, that is the guarantee of the return on investment, was the essential condition under which the necessary investments could take place.
Komisija se zaveda, da je bilo v tržnih okoliščinah 90-tih let na Madžarskem glavno načelo SNEE, tj. zagotavljanje donosnosti naložb, bistveni pogoj, pod katerim bi se lahko izvedle potrebne naložbe.
The fact that, owing to the characteristics of the generation sector and the political and economic context of that period in Hungary, there was the need for the State to intervene in the common interest and the best solution was to award PPAs to a number of generators, does not in any way contradict the fact that the PPAs do confer an advantage on the generators.
Dejstvo, da je zaradi značilnosti proizvodnega sektorja ter političnega in gospodarskega okvira omenjenega obdobja na Madžarskem obstajala potreba po tem, da država intervenira v skupnem interesu, in je bila najboljša rešitev dodelitev SNEE določenemu številu proizvajalcev, na noben način ne nasprotuje dejstvu, da SNEE prinašajo prednosti proizvajalcem.
Most generators argue that the PPAs do not confer any advantage on the generators as they correspond to the normal market behaviour of any market economy operator in both MVM's and the generators’ position.
Večina proizvajalcev trdi, da jim SNEE ne dodeljujejo nobene prednosti, saj so v skladu z običajnim tržnim obnašanjem katerega koli subjekta tržnega gospodarstva, tako z vidika MVM kot tudi proizvajalcev.
They argue that any private actor in the position of MVM (with legal obligation of security of supply, as a single buyer) would have chosen to enter into the PPAs, and that the economic advantage from the PPAs does not go beyond what, in the circumstances of the immature energy market of the 1990s in Hungary, was a normal commercial advantage for the parties.
Trdijo, da bi vsak zasebni akter na mestu MVM (s pravno obvezo varnosti dobave kot pooblaščeni kupec) podpisal SNEE in da ekonomska prednost SNEE ne presega običajne trgovinske prednosti za podpisnike na uveljavljajočem se trgu z električno energijo v sredini 90-tih let na Madžarskem.
Moreover, generators had the legal obligation to enter into an agreement with MVM in order to obtain their operating licence.
Poleg tega so bili proizvajalci zakonsko obvezani, da podpišejo sporazum z MVM, da bi dobili dovoljenje za obratovanje.
The generators argue that applying the private investor principle should lead the Commission to take account of the legal requirements and economic reality of the time of conclusion of the PPAs.
Proizvajalci trdijo, da naj Komisija zaradi uporabe načela zasebnega investitorja upošteva pravne zahteve in ekonomsko realnost časa sklenitve SNEE.
With regard to the interested parties’ arguments on the private investor principle, the Commission refers to the recitals of this Decision concerning the time to be established as relevant for the assessment of the existence or otherwise of State aid under the PPAs.
Ob upoštevanju argumentov zainteresiranih strank glede načela zasebnega investitorja se Komisija sklicuje na uvodne izjave te odločbe glede časa, ki je pomemben za presojo obstoja državne pomoči v okviru SNEE.
The Commission reiterates that it does not intend to call into question the fact that it was necessary to enter into PPAs in the circumstances prevailing at the time those agreements were concluded.
Komisija ponovno poudarja, da v vprašanje ne namerava vključiti dejstva, da je bilo treba podpisati SNEE v okoliščinah, ki so prevladovale v času, ko so bili omenjeni sporazumi sprejeti.
However, as explained above, this does not in any way mean that the PPAs did not confer an advantage on the generators.
Vendar, kot je pojasnjeno zgoraj, to ne pomeni, da SNEE niso omogočali prednosti proizvajalcem.
The interested parties in fact argue only that these agreements corresponded to the market conditions prevailing at the time of their conclusion.
Zainteresirane stranke pravzaprav trdijo samo, da so omenjeni sporazumi ustrezali pogojem, ki so takrat prevladovali na trgu.
None of the interested parties argues that they correspond to current market conditions on the internal market.
Nobena izmed zainteresiranih strank ne trdi, da ustrezajo trenutnim tržnim pogojem na notranjem trgu.
Conclusion of the preliminary analysis
Sklep predhodne analize
The Commission concludes that in order to assess the existence of an advantage within the PPAs, it should be ascertained whether, under the conditions prevailing when Hungary joined the European Union, the average market operator would have granted generating companies a similar guarantee to that enshrined in the PPAs, as described in recital 177.
Komisija zaključuje, da je treba za presojo obstoja prednosti v okviru SNEE dognati ali bi v pogojih, ki so prevladovali, ko se je Madžarska pridružila Evropski uniji, povprečen tržni akter dodelil podjetjem proizvajalcem podobno jamstvo kot SNEE, kot je to opisano v uvodni izjavi 117.
Assessment of the existence of an advantage to the power generators when Hungary joined the European Union
Presoja obstoja prednosti pri proizvajalcih električne energije v času, ko se je Madžarska pridružila Evropski uniji
To answer the question referred to in the previous recital, the Commission identified the main practices of commercial operators on European electricity markets that are relevant for the purpose of this analysis, and assessed whether PPAs are in line with these practices or provide generators with guarantees that a buyer would not accept if it acted on purely commercial grounds.
Da bi odgovorila na vprašanje iz prejšnje uvodne izjave, je Komisija določila glavne prakse komercialnih akterjev na trgih z električno energijo, ki so pomembne za namene te analize, in ocenila, ali so SNEE v skladu s temi praksami ali pa zagotavljajo proizvajalcem jamstvo, ki ga kupec ne bi sprejel, če bi deloval na povsem komercialni osnovi.
As a preliminary remark, it is useful to note that traditionally, electricity markets are divided into four markets: (i) generation/import and wholesale supply, (ii) transmission/distribution, (iii) retail, and (iv) balancing services.
Najprej je koristno poudariti, da so trgi z električno energijo običajno razdeljeni na štiri trge: (i) proizvodnja/uvoz in dobava na debelo, (ii) prenos/distribucija, (iii) maloprodaja in (iv) storitve izravnave.
The relevant markets for the assessment of the PPAs are the first and fourth category, as MVM purchases electricity from domestic generators, imports electricity and sells it to regional distribution companies and commercial suppliers (suppliers on the retail market).
Zadevna trga za presojo SNEE sta prva in četrta kategorija, saj MVM kupuje električno energijo od domačih proizvajalcev, jo uvaža ter prodaja regionalnim distribucijskim podjetjem in komercialnim dobaviteljem (dobaviteljem na maloprodajnem trgu).
MVM also provides reserved capacities to the Transmission System Operator in order to ensure the balancing of the system.
MVM zagotavlja tudi rezervirane zmogljivosti upravljavcu prenosnega omrežja z namenom zagotoviti izravnavanje omrežja.
In Hungary, the retail market is divided into two segments in the period under assessment: (i) a public-utility segment where regional distribution companies supply power at regulated prices to non-eligible consumers and consumers that do not make use of their eligibility; (ii) a free market segment where commercial suppliers provide power to eligible consumers at prices resulting from market mechanisms.
Na Madžarskem je bil v maloprodajni trg v obdobju ocenjevanja razdeljen na dva segmenta: (i) segment javne porabe, kjer podjetja za regionalno distribucijo dobavljajo električno energijo po reguliranih cenah neupravičenim odjemnikom in odjemnikom, ki ne uveljavljajo svoje upravičenosti; (ii) segment prostega trga, na katerem komercialni dobavitelji dobavljajo električno energijo upravičenim odjemnikom po cenah, ki izhajajo iz tržnih mehanizmov.
Under the regime introduced by Energy Act III, the public utility segment is limited to the household and commercial consumers that are covered by a universal supply obligation.
V okviru režima, ki ga je uvedel Energetski zakon III, je segment javne porabe omejen na gospodinjstva in komercialne uporabnike, ki so del splošne obveznosti dobave.
In the period of assessment, MVM supplied power to both the regional distribution companies (suppliers on the public utility segment) and to suppliers on the free market segment.
V obdobju ocenjevanja je MVM dobavljal električno energijo tako regionalnim distribucijskim podjetjem (dobavitelji za segment javne porabe) kot tudi dobaviteljem v segmentu prostega trga.
However, as outlined in recitals 221 to 231, MVM's sales to suppliers on the free segment were only intended to release the surplus quantities purchased under the PPAs and not needed by the public utility segment.
Kot je navedeno v uvodnih izjavah od 221 do 231, je bila prodaja MVM dobaviteljem v segmentu prostega trga namenjena zgolj sprostitvi presežnih količin, ki so bile dobavljene v okviru SNEE in jih segment javne porabe ni potreboval.
It is a consequence of the PPAs themselves rather than an autonomous commercial activity.
To je posledica samih SNEE in ne avtonomna trgovinska dejavnost.
Therefore, the existence of an advantage must be analysed against the primary objective assigned to MVM, which was to supply enough power to the regional distribution companies to fulfil the needs of the public utility segment.
Obstoj prednosti je treba analizirati v okviru primarnega cilja, ki si ga je zadal MVM, ta pa je bil zadostna dobava električne energije regionalnim distribucijskim podjetjem za izpolnjevanje potreb segmenta javne porabe.
Consequently, what needs to be verified is whether, in the absence of PPAs, a market operator entrusted with supplying the regional distribution companies with sufficient amounts of electricity, and acting on purely commercial grounds, would have offered the same guarantee as that enshrined in the PPAs.
Zato je treba preveriti, ali bi v odsotnosti SNEE tržni akter, ki bi regionalnim distribucijskim podjetjem dobavljal zadostne količine električne energije in ki bi deloval na povsem komercialni osnovi, nudil enako jamstvo, kot so ga nudili SNEE.
This assessment has to be carried out in the light of the operation of competitive wholesale markets.
To presojo je treba izvesti v smislu delovanja konkurenčnih veleprodajnih trgov.
The recitals below provide first, an overview of typical commercial practices relevant for this analysis and second, a comparison between the PPAs and these practices.
Spodnje uvodne izjave zagotavljajo najprej pregled značilnih poslovnih praks, ki so pomembne za analizo, in nato primerjavo med SNEE in omenjenimi praksami.
Finally, in the light of this comparison the Commission analysed the consequences of the PPAs that the public authorities could expect when Hungary joined the European Union, and whether they could have expected a better balance between positive and negative consequences from other types of agreements.
Z vidika te primerjave je Komisija analizirala posledice SNEE, ki bi jih javni organi lahko pričakovali, ko se je Madžarska pridružila Evropski uniji. Podala je tudi analizo glede tega, ali bi lahko pričakovali večje ravnovesje med negativnimi in pozitivnimi posledicami v okviru drugih vrst sporazumov.
Short description of commercial practices on European electricity markets relevant for the assessment of the existence of an advantage within the PPAs
Kratek opis poslovnih praks na evropskih trgih z električno energijo, ki so pomembne za presojo obstoja prednosti v okviru SNEE
In its Sector Inquiry on electricity markets in Europe [55], the Commission examined in detail the conditions governing trade in electricity on European wholesale markets.
V svoji analizi trgov z električno energijo v Evropi [55] je Komisija natančno preučila pogoje, ki vladajo na področju trgovanja z električno energijo na evropskih veleprodajnih trgih.
Depending on the delivery period, bulk electricity can be traded on spot and forward markets.
Glede na rok dobave se lahko z velikimi količinami električne energije trguje na promptnih in terminskih trgih.
Spot markets are mainly day-ahead markets, on which electricity is traded one day before physical delivery takes place.
Promptni trgi so večinoma dnevni trgi, na katerih se z električno energijo trguje en dan pred fizično dobavo.
Trade in power on spot market exchanges is always based on marginal pricing, which guarantees only that short-run marginal costs are covered [56].
Trgovanje z električno energijo na promptnem trgu vedno temelji na oblikovanju cen po mejnem načelu, ki zagotavlja, da se krijejo samo kratkoročni mejni stroški [56].
On forward markets, power is traded for delivery further ahead in time.
Na terminskih trgih se z električno energijo trguje v okviru dobave, ki se izvede veliko kasneje.
Forward products include weekly, monthly, quarterly and yearly products.
Terminski proizvodi vključujejo tedenske, mesečne, četrtletne in letne proizvode.
Both spot and forward products can be traded on power exchanges or over-the-counter (OTC) markets.
Tako s promptnimi kot terminskimi proizvodi se lahko trguje na borzi električne energije ali pa na trgih OTC.
As a result of continuous arbitrages, prices of identical products on power exchanges and OTC markets tend to converge.
Kot rezultat stalnih arbitraž prihaja do konvergence cen enakih proizvodov na borzi električne energije in trgih OTC.
Therefore, power exchanges tend to set reference prices for all spot and forward products, and therefore for the entire wholesale market.
Zato borze električne energije običajno določajo referenčne cene za vse promptne in terminske proizvode in torej za celoten veleprodajni trg.
Furthermore, the price of forward products results from the expectations of market players with regard to future price development on spot markets.
Poleg tega cena terminskih proizvodov izhaja iz pričakovanj tržnih akterjev, ob upoštevanju prihodnjega razvoja cen na promptnih trgih.
Since market players engage in forward contracts because they prefer price certainty to unknown spot prices in the future, forward prices also include a risk element.
Ker tržni akterji sodelujejo v terminskih pogodbah, saj imajo raje zanesljive cene kot pa neznane promptne cene v prihodnosti, terminske cene vključujejo element tveganja.
In practice, prices of forward products include a central element which reflects market players’ expectations with regard to the development of spot prices and, depending on whether they attach a high value to price certainty, a risk premium or discount, though in practice it often appears to be a premium.
V praksi cene terminskih proizvodov vključujejo osrednji element, ki odraža pričakovanja tržnih akterjev glede razvoja promptnih cen in, odvisno od tega, ali jim je pomembna zanesljivost cen, premije tržnega tveganja ali popust, čeprav je v praksi to običajno premija.
Consequently, spot prices constitute references for all electricity prices.
Zato promptne cene predstavljajo reference za vse cene električne energije.
If a spot market exchange is in place, prices on that exchange constitute references for the whole market.
Če je vzpostavljena borza promptnega trga, cene na omenjeni borzi predstavljajo referenco za celoten trg.
In many wholesale markets, buyers usually try to cover a large share of their expected needs with forward contracts in order to have visibility over their costs.
Na mnogih veleprodajnih trgih kupci običajno skušajo pokriti velik delež pričakovanih potreb s terminskimi pogodbami z namenom doseganja preglednosti njihovih stroškov.
The needs additional to those met with forward contracts are covered by purchases on spot markets.
Ostale potrebe, ki niso izpolnjene s terminskimi pogodbami, se krijejo z nakupi na promptnih trgih.
The Energy Sector Inquiry noted that apart from standardised exchange and OTC trading there are also ‘bespoke bilateral transactions’.
Analiza energetskega trga je pokazala, da poleg standardizirane borze in OTC trgovanja obstajajo tudi „dvostranske transakcije po meri“.
These contracts can be very different in terms of products delivered or services and the prices of such transactions are usually not reported.
Te pogodbe se lahko zelo razlikujejo v smislu dobavljenih proizvodov ali storitev, cene tovrstnih transakcij pa običajno niso navedene.