natgillin/translations-raw huggingface dataset:
The Commission assessed the issue of potential market failures looking at the evidence provided by the respondents and carrying out extensive economic analysis [46].
Nezmožnost ustrezne porazdelitve tveganj, ki izhajajo iz obsežne naložbe prek tržnih instrumentov, precej bolj kot na druge tehnologije vpliva na jedrsko tehnologijo.
There is merit in UK's claims that a residual market failure exists in carbon emissions in the long run since there are no long-term price signals for carbon and a lack of a sufficiently precise and stable regulatory framework for carbon reductions in the long term.
Komisija je proučila tudi vprašanje, ali bi se naložba v novo jedrsko elektrarno izvedla, tudi če pomoč ne bi bila prisotna.
This argument justifies some sort of government intervention to foster low-carbon generation, which includes nuclear.
Pri modeliranju je bilo uporabljenih več hipotetičnih scenarijev z različnimi predpostavkami glede cen fosilnih goriv in političnega okolja, ki bi lahko prevladovalo, če za novo jedrsko elektrarno ne bi bila sklenjena pogodba na razliko [49].
However these two potential market failures do not appear to justify investment specifically in nuclear generation, but more broadly investment in low-carbon generation and remedies to internalise the positive externality of electricity availability, respectively.
Modeliranih je bilo še osem scenarijev, vsak scenarij pa je bil nato spremenjen v največ osem različic.
The latter market failure is addressed specifically by the creation of a capacity mechanism.
Povzetek ključnih rezultatov iz nekaterih scenarijev je na voljo v preglednici 9 v Prilogi.
There are however two market failures which are more relevant specifically to nuclear energy.
Tega na podlagi predloženih dokazov in izvedene analize sicer ni mogoče sklepati, vendar s sorazmerno visoko stopnjo zaupanja in v okviru neizogibnih omejitev, ki jih uvajajo napovedi v tem časovnem okviru, kažejo, da se zgolj poslovna naložba v novo jedrsko elektrarno ne bi izvedla pravočasno, da bi izpolnila potrebe energetske politike, ki bi jih ob odsotnosti državne pomoči imelo Združeno kraljestvo.
First, investment in nuclear energy is subject to significant risk given the combination of high upfront capital costs, long construction times and a long period of operation to recover the investment costs.
Poleg tega drugi mehanizmi ne zadoščajo za spodbujanje naložb v novo jedrsko elektrarno.
The lack of market-based financial instruments, as well as other types of contracts, to hedge against such substantial risk constitutes a market failure which is specific to few technologies among which nuclear energy.
Niti spodnja meja cene ogljika niti trg proizvodnih zmogljivosti ne zadoščata za ustvarjanje naložb v jedrsko energijo.
The instruments currently available from the market do not provide time horizons in excess of 10 or 15 years, either in the form of long-term contracts or as risk-hedging instruments.
Operaterji jedrskih elektrarn so lahko do sodelovanja na trgu proizvodnih zmogljivosti upravičeni šele, ko se odpovedo drugim oblikam podpore, vključno s pogodbo na razliko ali kreditnim jamstvom, trg proizvodnih zmogljivosti pa zagotavlja obdobje, ki bi bilo prekratko za zagotovitev naložb v jedrsko energijo.
In particular, nuclear energy production has extremely long and complex life cycles, unlike most other energy infrastructure and indeed unlike most infrastructure investments in general.
Spodnja meja cene ogljika tako obsežni in dolgotrajni naložbi kot v primeru nove jedrske elektrarne ne zagotavlja zadostne gotovosti glede prihodnjih veleprodajnih cen.
It normally takes 8 to 10 years to construct a nuclear power plant, with costs to be incurred before any revenues are generated and with risks borne only by the investor.
Na podlagi opravljenega modeliranja druge oblike ne bi zadoščale za zagotovitev naložbe v novo jedrsko elektrarno v realnem časovnem okviru in v obsegu, kot ga potrebuje Združeno kraljestvo.
The 60-year operational life is characterised by the generation of revenues, but these are based on an uncertain evolution of wholesale prices.
Z nobenim ukrepom podpore se ne odpravita visoka negotovost veleprodajnih cen ter pomanjkanje možnosti za zavarovanje in sklenitev dolgoročnih dogovorov.
The ensuing decommissioning period can last forty years, with funds to be set aside for the shutdown of the installation.
Komisija na podlagi navedenega in v kolikor je naložba v novo jedrsko elektrarno usmerjena v cilj skupnega interesa EU, kot je navedeno v oddelku 9.2, ugotavlja, da so predlagani ukrepi državne pomoči zaradi te posebne vrste naložbe v novo jedrsko elektrarno ter zaradi stanja in delovanja finančnih trgov, kakršna sta bila v času sprejetja tega sklepa v Združenem kraljestvu, nujni.
Finally, high-level nuclear waste storage and treatment is typically carried out on site before transfer to a repository, where waste is expected to be stored for thousands of years.
USTREZNI INSTRUMENTI IN SPODBUJEVALNI UČINEK
Second, there is the risk of (predominantly political) ‘hold-up’ once the investment is made and the investor is in a weaker bargaining position.
Komisija je v sklepu o začetku postopka podvomila, da se bi lahko pogodba na razliko štela za ustrezen instrument za dodelitev državne pomoči, saj se z njo odpravi cenovni signal in posega v zasnovo sedanjega trga, trg električne energije pa je konkurenčni trg, na katerem se naložbe izvajajo na podlagi predvidenih prihodkov od prodaje električne energije na veleprodajni ravni.
Given the controversial nature of nuclear technology, successive governments can take different views on its desirability, which can compound uncertainty for private investors.
Komisija je izrazila tudi dvome glede trajanja ukrepa in dejstva, da zagotavlja zaščito prihodkov z odpravo cenovnega tveganja, kar je dodatno okrepljeno, če se pogodba na razliko izvaja v povezavi s kreditnim jamstvom.
The Commission is not convinced that this issue may qualify as a market failure, but it recognises that it can be a factor in making investment in new nuclear more difficult, in particular given the long timelines needed for constructing, operating and decommissioning nuclear power plants.
Komisija je imela pomisleke tudi glede pomanjkanja odprtega in preglednega razpisnega postopka, s čimer je bila med drugim kršena tehnološka nevtralnost, saj so lahko glede projekta, ki temelji na posebni tehnologiji, potekala zasebna pogajanja med Združenim kraljestvom in družbo EDF.
These issues are unique to nuclear technology.
Trditve Združenega kraljestva v podporo pogodbi na razliko so povezani z glavnimi načini nedelovanja trga iz oddelka 9.3, zlasti z nezmožnostjo zasebnih vlagateljev, da tveganje nestanovitnosti cen učinkovito porazdelijo ali prenesejo zaradi nepopolnih trgov prenosa tveganja v sedanjih okoliščinah.
All technologies can in principle suffer from a political ‘hold-up’, however given the longer time horizon and the greater investment size, nuclear projects can be expected to suffer more.
Če je takšno dolgoročno nedelovanje trga prisotno na kapitalskem trgu, zagotavljanje kreditnega jamstva samo po sebi ne bi zadoščalo za spodbujanje naložbe v novo jedrsko elektrarno, saj rešuje le potrebo po zadolževanju za projekt, ne obravnava pa posebnih vprašanj v zvezi z jedrsko energijo, kot so posebna tveganja, ki izhajajo iz gradnje, ter dolg in zapleten življenjski cikel.
And the impossibility of adequately sharing the risks stemming from the high investment through market instruments impacts disproportionately more on nuclear than on other technologies.
Kreditno jamstvo vlagatelju omogoča, da se zadolži, pogodba na razliko pa mu omogoča, da na projekt veže lastniški kapital.
The Commission also considered the question of whether investment in new nuclear would come forward in the absence of aid.
Poleg tega je kreditno jamstvo samo po sebi vezano na obstoj pogodbe na razliko in je z njo neločljivo povezano, saj se njen obstoj upošteva pri oceni projekta.
The modelling work undertaken used a variety of counterfactual scenarios with different assumptions on fossil fuel prices and on the policy landscape that may prevail in the absence of a CfD for new nuclear [48].
Le zajamčeni prihodki na podlagi pogodbe na razliko bi lahko izravnali dolgoročni profil tveganja projekta.
While the UK maintains that modelling in and of itself, and in particular over such long time horizons, can only provide useful indications based on the necessary simplification of real-world dynamics, the Commission believes that such modelling work can be helpful in informing its view on key aspects of the assessment
Dodatni pogoji iz pogodbe na razliko za jedrsko elektrarno HPC in dogovora z ministrstvom in zlasti nadomestila, dodeljena v primeru političnih ali zakonodajnih oblik diskriminatornega kaznovanja jedrske tehnologije, obravnavajo dodatna tveganja, ki se lahko štejejo za značilna za jedrsko elektrarno, tj. morebitno zadrževanje naložbe zaradi sprememb zakonodajnega okvira, na primer iz političnih razlogov.
In a scenario where no CfDs are deployed and the Capacity Market is put in place, using DECC's central fossil fuel price assumptions, private investment initiatives in new nuclear do not come forward until 2037.
Po javnem razpisu za prijavo interesa, ki ga je začelo Združeno kraljestvo, je naložbeni predlog predložila samo družba EDF.
Under high fossil fuel prices, new nuclear investment decisions come forward in 2032 and under low fossil fuel prices and flat carbon prices they do not come forward at all before the end of the modelling horizon in 2049.
Združeno kraljestvo je zagotovilo dokaze [51], da v času pogajanj z družbo EDF noben drug projekt ni bil pripravljen konkurirati jedrski elektrarni HPC.
Eight further scenarios were modelled, each of which was then further modified in up to eight variants.
Zaradi posebnosti jedrske tehnologije so stroški predhodno prevzetih obveznosti precejšnji, znanje in finančno moč za izvedbo naložbe v obsegu jedrske elektrarne HPC pa ima le manjše število subjektov.
A summary of the key results from a selection of the scenarios can be found in Table 9 in the Annex.
Združeno kraljestvo je pojasnilo, da bi bilo bolje, če bi si ponudniki medsebojno konkurirali, vendar za novo jedrsko elektrarno ni bilo drugih zavezujočih ponudb.
The key finding of the modelling work undertaken is that there is significant uncertainty around the issue of whether private investment in new nuclear would take place in the absence of State aid, with dates ranging from the early 2030s to not earlier than 2049.
Komisija priznava, da je jedrska energija glede pogojev, ki jih morajo vlagatelji izpolniti, na splošno v drugačnem položaju kot druge tehnologije.
Also, the provision of CfDs for new nuclear appears to be welfare-improving for society as a whole and for consumers specifically, except if decarbonisation targets are dismissed and fossil fuel prices are low.
Glede življenjske dobe in obsega naložbe se z jedrsko elektrarno ne more primerjati noben projekt.
The analysis undertaken by the Commission confirms that there is high uncertainty over the question of whether the market would deliver investment in new nuclear within a realistic time-frame.
Projekt jedrske elektrarne HPC je zelo poseben.
While the evidence provided and the analysis carried out are not conclusive, they indicate with a reasonably high level of confidence, and within the inevitable constraints which forecasts over this time horizon impose, that purely commercial investment in new nuclear would not come forward in time for addressing the energy policy needs the UK is facing in the absence of State aid.
Je infrastrukturni projekt, ki je v energetskem pa tudi v katerem koli drugem sektorju skoraj brez primere.
Moreover, alternative mechanisms are insufficient to incentivise investment in new nuclear.
Komisija zato priznava, da razpisni postopek v zadevnem primeru glede na omejitve projekta ne bi bil smiseln.
Neither the Carbon Price Floor, nor the Capacity Market, is sufficient to generate investments into nuclear energy.
Komisija meni tudi, da se z zagotavljanjem pogodbe na razliko za novo jedrsko naložbo drugih tehnologij ne diskriminira v preveliki meri in da za novo jedrsko elektrarno ni ugodnejša kot za druge tehnologije.
In particular, nuclear operators can be eligible to participate in the Capacity Market only when they renounce other forms of support, including a CfD or a Credit Guarantee and the Capacity Market provides for a term that would be too short to ensure investment into nuclear energy.
Tudi druge tehnologije so lahko deležne podobne podpore s pogodbami na razliko, pri čemer se uporabi enaka vrsta instrumenta, razen prilagoditev, ki se lahko štejejo za nujne zaradi razlik med tehnologijami (kot so dogovor z ministrstvom ali določbe za ponoven začetek pogajanj, vezane na operativne stroške).
The Carbon Price Floor does not provide sufficient certainty on future wholesale prices to investment of the size and the duration of new nuclear to proceed.
Številne tehnologije za proizvodnjo energije iz obnovljivih virov zaradi svoje nestalne narave niso ustrezna alternativa tehnologiji za osnovno obremenitev, kakršna je jedrska energija.
Based on the modelling work undertaken, other forms of support would not be enough to secure investment in new nuclear in a realistic time horizon and as needed by the UK.
Kot je bilo pojasnjeno v uvodni izjavi (199), je nadomestitev zmogljivosti, ki naj bi jo imel projekt jedrske elektrarne HPC, enaka 14 GW kopenske vetrne energije ali 11 GW zmogljivosti vetrne energije na morju, česar pa v enakem časovnem okviru ne bi bilo mogoče zagotoviti.
Neither of the support measures tackles the high uncertainty of wholesale prices and the lack of possibility to hedge and conclude long terms agreements.
Pogodba na razliko za novo jedrsko elektrarno ne diskriminira obstoječih jedrskih elektrarn, pri katerih spodbude za gradnjo niso potrebne in ki so bile zgrajene v drugačnih okoliščinah, npr. pred liberalizacijo trga.
For the reasons highlighted above, and to the extent that investment in new nuclear aims at the objective of common EU interest highlighted in Section 9.2 above, the Commission therefore concludes that the proposed State aid measures are necessary, on the basis of this specific type of new nuclear investment and on the basis of the State and functioning of financial markets observable in the UK at the time of this decision.
Komisija zato v okviru omejitev tega posebnega primera in projekta ugotavlja, da sta pogodba na razliko, skupaj s kreditnim jamstvom, in dogovor z ministrstvom, kakor sta bila strukturirana v priglašenih ukrepih, ustrezna instrumenta za zagotavljanje pomoči in nudenje ustreznega spodbujevalnega učinka upravičencu.
APPROPRIATE INSTRUMENTS AND INCENTIVE EFFECT
SORAZMERNOST
In its Opening Decision the Commission questioned whether the CfD could be considered an appropriate instrument for delivering State aid, since it removes the price signal and interferes with the current market design, whereby electricity generation is a competitive market and investment takes place on the basis of prospective revenues derived from the sale of electricity at the wholesale level.
Komisija je v sklepu o začetku postopka podvomila, da je stopnja donosa sorazmerna glede na kombinacijo pogodbe na razliko, kreditnega jamstva in drugih elementov ukrepa za zmanjševanje tveganja, ki se zdi združljiva z znatno nižjimi stopnjami donosa od tistih, ki so bile zaradi nižjega tveganja dodeljene podjetju NNBG.
The Commission also questioned the duration of the measure, and the fact that it provides protection of revenues to the extent that it eliminates the price risk, something which is further reinforced when the CfD is deployed in conjunction with a Credit Guarantee.
Pogodba na razliko s svojo zasnovo v bistvu odpravlja tveganja, povezana s tržnimi cenami, sam ukrep pa naj bi z zagotavljanjem nadomestila vlagatelja zaščitil pred več dogodki.
Finally, the Commission raised doubts on the lack of an open and transparent tendering process, which among other things violated technological neutrality by allowing private negotiations between the UK and EDF on a project based on a specific technology.
Izrazila je tudi dvom glede morebitne visoke stopnje donosa in možnosti, da upravičenec pobere nepričakovan dobiček, če se predpostavke izkažejo za napačne.
The UK's arguments in support of the CfD are linked to the main market failures highlighted in Section 9.3 above, mainly the inability of private investors to share efficiently, or transfer, price volatility risk due to incomplete risk transfer markets in the current circumstances.
Glede načrtovanega ukrepa Združenega kraljestva so za oceno, ki jo pripravi Komisija, pomembni trije glavni pomisleki v zvezi s sorazmernostjo.
To the extent that such long-term capital market failures are present, the provision of a Credit Guarantee would not be sufficient on its own to bring forward investment in new nuclear as it only addresses the need to obtain debt for the project, but does not address the specific issues that nuclear energy entails such as the particular risks deriving from its construction and long and complex life cycle.
Prvič, predvidena stopnja donosa se je štela za visoko, zato ob upoštevanju kombinacije pogodbe na razliko in jamstva, kot sta bila priglašena, ni bilo mogoče izključiti prekomernega nadomestila.
The Credit Guarantee allows the investor to raise debt, while the CfD allows the investor to commit equity to the project.
Ko bo elektrarna zgrajena, se lahko šteje, da deluje učinkovito kot regulirano sredstvo v času veljavnosti pogodbe na razliko in ima razmeroma stalen tok prihodkov.
Even more, the Credit Guarantee is itself based on the existence of the CfD and intrinsically linked to it as the project rating takes into account the existence of the CfD.
Drugič, s pogodbo na razliko se prekine povezava med stopnjo donosa in zneskom pomoči.
Only the guaranteed revenues of the CfD could compensate for the long term risk profile of the project.
Izvršilna cena se lahko določi na ravni, ki podjetju NNBG omogoča kritje stroškov in ustvarjanje razumnega dobička, vendar se s tem ne določi znesek pomoči, ki se bo na koncu izplačal, kar je tudi funkcija veleprodajnih cen.
The Commission has already accepted in its decision of 23 July 2014 that CfDs can be an appropriate instrument to support low-carbon technologies and in particular renewable technologies [49].
Zato je treba preskus prekomernega nadomestila razumeti kot preskus glede stopnje donosa, ne pa navajati absolutne stopnje pomoči.
(398) The CfD openly addresses the need to provide price stability and predictability over the project's and the equity's rates of return, which are particularly important for investments of this size and duration and are therefore essential to allow the investment.
Tretjič, ni gotovo, da bo dobiček, ki bo morda višji od pričakovanega in bo ustvarjen po izgradnji, koristil strankam z znižanjem stopnje donosa na najmanjšo in povečanjem splošne blaginje.
In this sense, the CfD addresses the main market failures identified above.
V naslednjih oddelkih so obravnavana vprašanja glede kreditnega jamstva ter pogodbe na razliko in stopnje donosa pred oblikovanjem končnih zaključkov o celotnem paketu.
The additional terms which are specific to the CfD for HPC and the Secretary of State Agreement, and in particular the compensations granted in case of political or legislative forms of discriminatory penalisation of nuclear technology, address the additional risks which might be considered to be specific to nuclear, i.e. the possibility of investment hold-ups due to changes in the legislative framework, for example due to political reasons.
Kreditno jamstvo
Given the objective of the aid measures, i.e. pursuing an investment in nuclear energy, the Commission considers that an open tender where more electricity generating technologies would participate would not have been appropriate, given the time-frame required by the UK.
Obveznice, ki jih bo izdal izdajatelj, bodo podprte s kreditnim jamstvom, kot je opisano v oddelku 2.2.
Following the open call for interest launched by the United Kingdom, only EDF came forward with an investment proposal.
Komisija je ocenila prvotno metodologijo za kreditno jamstvo, ki jo je uporabil oddelek IUK.
The UK has provided evidence [50] that no other project was ready to compete with HPC at the time of the negotiations with EDF.
V skladu s to metodologijo bo provizija za skupno financiranje v času poslovnega dogovora enaka povprečju treh kazalnikov, vendar bo znašala najmanj 225 bazičnih točk.
Given the specificities of nuclear technology, pre-commitment costs are substantial and a limited number of operators has the knowledge and financial strength to undertake investments of the size of HPC.
Združeno kraljestvo je trdilo, da bi bila ob koncu 21. avgusta 2014 višina provizije za kreditno jamstvo določena na 250 bazičnih točk (povprečje 263, 243 in 245 bazičnih točk) [52].
The UK explained that they would have preferred to have competitive tension among bidders, but that there were no other firm offers for new nuclear.
Ker ni podatkov o neposredno ugotovljenih tržnih obrestnih merah za (zadostna) kreditna jamstva za zavarovanje podobnih vrst tveganja, je treba pri ugotavljanju višine provizije za kreditno jamstvo po tržnih pogojih uporabiti druge pristope.
The Commission recognises that nuclear energy is in general in a different situation than other technologies in terms of the requirements investors have to meet.
Prvi pristop je pristop, ki temelji na pričakovani izgubi.
There are simply no comparable projects to a nuclear power plant in terms of the investment lifetime and size.
Pri tem pristopu se na podlagi različnih scenarijev, ki napovejo verjetnost neplačila, poslovni načrt družbe poveže z njeno strukturo kapitala.
The HPC project is very peculiar.
Namesto tega se lahko jamstvo primerja s tržnimi cenami primerljivih instrumentov s podobnim kreditnim tveganjem.
It is an infrastructure project of almost unprecedented scale, in energy as well as any other sector.
Komisija je na podlagi trditev Združenega kraljestva in lastne analize ugotovila, da obstaja utemeljen razlog za domnevo, da sta bili prvotno predlagani minimalna višina provizije za jamstvo (225 bazičnih točk) in višina provizije z dne 26. avgusta 2014 (250 bazičnih točk) nižji od tržnih obrestnih mer.
Therefore, the Commission acknowledges that a tendering process in the case at hand would not have provided meaningful results given the constraints of the project.
Ta ugotovitev je temeljila na dveh presojah: prvič, na metodologijah, ki so se uporabile za določanje provizije; drugič, na oceni, ki jo je Združeno kraljestvo predlagalo za jamstveno shemo.
The Commission also believes that the provision of the CfD for new nuclear investment does not discriminate excessively against other technologies and is not more favourable to new nuclear than it is for other technologies.
Metodologije za določanje višine provizije za jamstvo
Indeed other technologies can be similarly supported by CfDs, with the same type of instrument being used, except for adaptations which can be considered necessary for the differences in technologies (such as the Secretary of State agreements or the opex re-openers).
Ker ni podatkov o tržnih cenah za podobne instrumente, je lahko Komisija višino provizije za jamstvo ocenila na podlagi dveh pristopov.
Moreover, the intermittent nature of many renewables technologies does not allow them to be a suitable alternative to a baseload technology such as nuclear energy.
Oddelek IUK meni, da bi moral projekt jedrske elektrarne HPC zaradi zaščite pri zadolževanju, vključene v sporazume o financiranju, v času gradnje doseči oceno, enakovredno oceni BB+/Ba1 [53].
As explained in recital 199 above, the replacement of the capacity that is expected to be covered by the HPC project corresponds to 14 GW of onshore wind or 11G W of offshore wind capacity, which is unrealistic to be provided in the same time-frame.
V skladu s Prilogo B (Informacije za primerjavo), ki vsebuje pregled posameznega sklopa primerjav, je višina provizije med 243 bazičnimi točkami (pri primerjavi dolga podjetij) in 263 bazičnimi točkami (pri bančnih posojilih za financiranje projektov).