natgillin/translations-raw huggingface dataset:
The equity requirements provide a buffer protecting the Guarantor against default, which in turn reinforces the rating.
Zato se pojavi vprašanje morebitnega prekomernega nadomestila, saj bi že manjše spremembe notranje stopnje donosnosti lastniškega kapitala pri tako obsežnem projektu, kot je jedrska elektrarna HPC, lahko prinesle obsežne donose, ti pa bi bili financirani prek pomoči.
As discussed in Section 9.5.1.2, a fee of 250 basis points can be considered too low for a facility within the broad BB/Ba rating category.
Komisijo je skrbelo tudi, da so bila razmerja glede delitve prihranka pri gradbenih stroških določena na fiksno raven ne glede na znesek morebitnih realiziranih prihrankov.
The Commission therefore considered that the Guarantee fee needs to be adjusted to a higher level, consistent with this rating range.
Komisija je zato zahtevala mehanizme za delitev dobička iz lastniškega kapitala, zlasti v zvezi z delitvijo dobička iz lastniškega kapitala, ki so strožji od tistih, ki jih je prvotno priglasilo Združeno kraljestvo.
To accommodate the Commission's concerns of under-pricing of risk, the Guarantee fee rate was adjusted to a level of 295 basis points, or 45 basis points higher than initially determined by IUK.
Zaveze glede delitve dobička
This will be referred to as the adjusted Guarantee fee rate in the remainder of this decision.
Da bi Združeno kraljestvo upoštevalo pomisleke Komisije, se je zavezalo, da bo znatno prilagodilo mehanizme za delitev dobička, ki jih je prvotno predlagalo.
The rate of 295 basis points can be compared to the rate of 291 basis points, which corresponds to the average of 102 European corporate CDS in the BB category (as of 9 September 2014).
Z novo delitvijo prihranka pri gradbenih stroških [67] se bo zagotovilo, da se bo:
The Commission considers that the median value of 286 basis points for the same category, adjusted upwards to reflect the maturity effect discussed in Section 9.5.1.2, also represents a relevant benchmark for the assessment and justifies the adjusted Guarantee fee rate.
prvih […] milijard GBP prihranka pri gradbenih stroških (nominalna vrednost) razdelilo na pol, pri čemer bosta vsak svojo polovico prihranka prejela nasprotna stranka pogodbe na razliko in podjetje NNBG, in
The adjusted Guarantee fee rate takes into account the Commission's concerns about the project's credit worthiness, the exceptionally long maturity of the bonds to be issued as well as the uncertainty of the gilt rate at bond issuance.
morebiten prihranek pri gradbenih stroških, ki bo presegal […] milijard GBP (nominalna vrednost), razdelil v razmerju 75:25, pri čemer bo 75 % prihranka prejela nasprotna stranka pogodbe na razliko, 25 % pa podjetje NNBG.
It corresponds to a commercial rate reflecting the level of risk of this project, also taking into account the degree of risk which the Guarantor will incur.
Najbolj se je spremenila delitev dobička iz lastniškega kapitala.
In particular, the Commission was able to review part of the financing head of terms agreed to date as regards the project financing of HPC.
Prvotni prag delitve dobička iz lastniškega kapitala je bil v priglasitvi določen na 15 %, vendar se je Združeno kraljestvo zavezalo, da bo prag prilagodilo.
Upon review, the Commission was able to assess the extent to which equity suffers loss before the Guarantor suffers any loss.
To pomeni, da bo moralo podjetje NNBG takoj deliti vsak dobiček, ki bo presegal notranjo stopnjo donosnosti lastniškega kapitala, ki naj bi jo dosegel v času sprejetja tega sklepa.
On the basis of this assessment the Commission concludes that, at least, up to the moment the Base Case Condition is met, the Guarantor will incur limited risks.
Prilagojene stopnje delitve dobička so naslednje [67] Za podroben opis zaveze glej Prilogo C.
Afterwards, there are a series of safeguards set-up that limit the risks of the Guarantor.
prvi prag, določen na ravni predvidene notranje stopnje donosnosti lastniškega kapitala, ki se v času sprejetja tega sklepa dosežejo z najnovejšim finančnim modelom [68], ali 11,4 % na podlagi dodeljenega lastniškega kapitala in nominalno.
The Commission also acknowledges the flexibility the Guarantor has in case of enforcement which appears suitable for the special nature of the project and its specific safety requirements.
Vsak dobiček, ki presega to raven, se bo delil med nasprotno stranko pogodbe na razliko in podjetjem NNBG v razmerju 30:70;
The adjusted Guarantee fee and the methodology underpinning it effectively provide an approximation of a hypothetical market rate for a facility which is not offered by the market.
mehanizem delitve dobička iz lastniškega kapitala ne bo veljal le v času veljavnosti ukrepa, ampak celotno življenjsko dobo objekta jedrske elektrarne HPC.
Once the Guarantee fee rate had been set reflecting market prices for this project, the Commission assessed whether the notified Strike Price, and the underlying rate of return, could be deemed to be commensurate to the level of risk in the project.
Delitev dobička iz lastniškega kapitala se sproži pri vsaki ravni notranje stopnje donosnosti lastniškega kapitala, ki je višja od notranje stopnje donosnosti lastniškega kapitala, ocenjene na datum sprejetja tega sklepa.
Assessment and conclusions on the Strike Price and the rate of return
Dobiček nasprotne stranke pogodbe na razliko bo zajet v prilagoditvi izvršilne cene.
As discussed in Section 9.5.2 above, the IRR of the project can be considered in line with the rate of return which a project of this size and characterised by this level of uncertainty can be expected to attain.
Zlasti pri delitvi dobička iz lastniškega kapitala bo prilagojeni mehanizem verjetno pomenil znatno znižanje izvršilne cene, kar pomeni nižjo podporo, ki jo morajo zagotoviti dobavitelji, in nazadnje odjemalci električne energije, v celotnem obdobju obratovanja obrata [70].
The Commission notes that the project IRR is below that typically granted to large generation projects in the energy sector, or to renewable energy generators funded through State aid, [65] even if the characteristics of these projects are very different.
Poleg tega delitev dobička iz lastniškega kapitala in delitev dobička pri gradnji zagotavljata, da bodo spodbude za učinkovitost za podjetje NNBG prisotne ves čas življenjske dobe projekta, saj vlagatelji podjetja NNBG obdržijo del dobička.
The Commission in particular takes the view that the rate of return proposed for the project is also consistent with the overall set of measures framing it.
Komisija na podlagi dogovorjenih zgornjih mej delitve dobička iz lastniškega kapitala in prihranka pri gradbenih stroških ter ob upoštevanju prilagojene provizije za jamstvo in splošne zasnove ukrepa ugotavlja, da so ukrepi sorazmerni.
While some of these measures, such as the compensation mechanism for QCILs, the opex re-openers and the Secretary of State Agreement, provide an element of advantage to NNBG in addition to the effect of the CfD alone, the project IRR, taking the above elements into account, is consistent with the overall balance of risks and protections granted to the beneficiary.
Finančni nabor projekta v skladu s spremembami, dogovorjenimi s Komisijo, je z zavezami in brez njih prikazan v preglednici 2.
However the Commission remained concerned that the project also needed to provide an adequate incentive structure in terms of both project and equity IRR.
Preglednica 2
In particular, shareholders in the HPC project should retain adequate incentives to decrease costs and produce efficiencies, but they also should not be in a position to unduly benefit from potential gains on their investment which are related to the financing structure only.
Finančni nabor projekta jedrske elektrarne HPC pred spremembami, dogovorjenimi s Komisijo, in po njih
In terms of IRRs, this would mean ensuring that NNBG has sufficient incentives to decrease costs and achieve efficiencies, while at the same time also ensuring that any financing gains are shared adequately between the beneficiary and the CfD Counterparty.
(v odstotkih)
While project IRRs can change for reasons which are linked to the project's overall efficiency levels, equity IRRs could increase as a result of re-financing of the project, hence through changes which affect its capital structure.
Finančni model, različica 21.10
In particular, as mentioned in recital 457 above, it is conceivable that a project characterised by the level of risk which HPC will feature in the initial phase of construction, but which then can be expected to decrease during the operational phase, where NNBG will benefit from relatively stable and certain revenues, will attract re-financing operations of potentially large size.
29. avgust 2014
It is for example conceivable that a part of the debt raised during the construction phase might be re-financed, after the plant has been built, at lower rates than the ones charged initially, precisely reflecting the lower level of risk that NNBG's debt might incur post-construction.
Nižja provizija za jamstvo in višja zgornja meja delitve dobička iz lastniškega kapitala
In other words, the project IRR can stay at the same level while the equity IRR may evolve as a result of changes in the debt/equity ratio and of the cost of debt.
19. september 2014
While the project IRR of [9,25 – 9,75] per cent can be considered proportionate, the equity IRR of [11,0 – 11,5] per cent (based on the adjusted Guarantee fee) could evolve so as to significantly benefit NNBG's shareholders.
Notranja stopnja donosnosti projekta
This raises an issue of potential overcompensation, given that even small changes in the equity IRR may involve vast returns in absolute levels for a project of HPC's size, and that those returns would be funded through aid.
[9,25–9,75]
Also, the Commission was concerned that the construction gain-share proportions were set at fixed levels regardless of the amount of potential savings realised.
Notranja stopnja donosnosti lastniškega kapitala (na podlagi črpanja)
The Commission therefore required more stringent equity gain-share mechanisms, in particular in relation to the equity gain-share, compared to the one initially notified by the UK.
[12,75–13,25]
Gain-share commitments
[12,25–12,75]
The UK committed to substantially amend the gain-share mechanisms it initially proposed to take account of the Commission concerns.
[11,5–12] [11–11,5]
The new construction gain-share [66] will provide that:
MOREBITNA IZKRIVLJANJA KONKURENCE IN TRGOVINE
The largest changes were made to the equity gain-share.
Komisija je v sklepu o začetku postopka navedla, da bi lahko projekt izkrivljal konkurenco na tri načine.
While the original threshold for the equity gain-share was set at a level of 15 per cent in the notification, the UK committed to an adjusted threshold.
Prvič, pomoč lahko izkrivlja odločitve o naložbah in nadomesti druge naložbe.
This implies that NNBG will have to immediately share any gains above the level of equity IRR which it expects to make at the time of the decision.
Drugič, lahko izkrivlja delovanje prodajnega trga, zlasti zaradi nejasnega učinka izvršilne cene na veleprodajne in maloprodajne tržne cene, strateškega ravnanja upravičenca, ki vpliva na referenčno ceno, in drugih vrst strateškega ravnanja, ki ga omogoča velik obseg proizvodnje, ki ga lahko nudita podjetje NNBG in družba EDF Energy kot dobavitelj, ki ga je podjetje NNBG pooblastilo za prodajo proizvedenih količin, kot je manipulacija s cenami na terminskih trgih ali omejitev možnosti drugih dobaviteljev, da električno energijo nabavijo neodvisno.
In particular, the adjusted level of the gain-share are as follows [66] For a detailed description of the commitment please see Annex C.
Zadnje izkrivljanje je bila razporeditev blaginje med končne uporabnike in podjetje NNBG (obravnavano v okviru sorazmernosti).
A first threshold set at the level of forecast equity IRR level produced at the time of this decision by the latest Financial Model, [67] or 11,4 per cent on a committed equity basis and in nominal terms.
Komisija je poleg navedenih točk obsežno ocenila štiri glavne vrste izkrivljanj konkurence na koncu prodajne verige, ki bi jih lahko povzročila pomoč.
Any gain above and beyond this level will be shared by the CfD Counterparty for 30 per cent and by NNBG for 70 per cent.
Prvič, možnost, da družba EDF ali podjetje NNBG spremenita referenčno ceno s strateško prodajo na trgih, ki se uporabijo pri njenem izračunu.
A second threshold set at the higher between 13,5 per cent in nominal terms or 11,5 in real (CPI-deflated) terms, based on the same model as in point (a) above.
Ni na primer jasno, kakšen bi bil vpliv na spodbude za družbo EDF, če bi na trgih želela prodajati zmogljivost po zelo nizki (celo negativni) ceni, zlasti na referenčnih trgih, ob tem pa bi prejemala premijo, ki bi izražala razliko med prevladujočo (celo negativno) referenčno ceno in izvršilno ceno v prejšnjem referenčnem obdobju.
Above this threshold, any gain will be shared by the CfD Counterparty for 60 per cent and by NNBG for 40 per cent.
Sprememba referenčne cene bi vplivala na razlike v plačilih pri vseh drugih tehnologijah, pri katerih se uporablja pogodba na razliko, vključno z obrati družbe EDF, ki imajo korist od drugih pogodb na razliko.
The equity gain-share mechanism will be in place for the entire lifetime of the HPC installation, as opposed to only the duration of the measure.
Drugič, družba EDF kot skupina bi lahko manipulirala s terminskimi trgi s prodajo ali zadrževanjem velikih količin električne energije, proizvedene v jedrski elektrarni HPC, kar bi koristilo trgovanju skupine ali pa bi s tem varovala položaje.
The extension of the duration of the equity gain-share to the lifetime of the project tackles any concerns of overcompensation after the 35 years when the CfD is in place, which is consistent with the view that the measure provides investment aid.
Družba EDF je vertikalno integriran operater, ki je dejaven na proizvodnem (nabavni trg) in dobavnem trgu (prodajni trg) ter na trgovinskih trgih.
Also, the equity gain-share threshold is the one resulting from the increase in the Guarantee fee to 295 basis points — in particular, the [11,0 – 11,5] per cent equity IRR, calculated on the basis of the adjusted fee of 295 basis points, is lower than the initially proposed equity IRR of [11,5 – 12,0] per cent, which was calculated on the basis of the proposed fee of 250 basis points [68].
Na podlagi pogodbe na razliko bi bila lahko prisotna spodbuda za dajanje prednosti svojim končnim odvisnim družbam.
Hence the equity gain-share is triggered for any level of equity IRR higher than the one estimated at the date of this decision.
Na primer, če bi imela skupina korist od višjih ali nižjih cen, določenih za 10 let vnaprej, bi bila lahko jedrska elektrarna HPC ključna za dosego tega rezultata.
(491) Gains by the CfD Counterparty will be reflected in an adjustment of the SP.
Tretjič, in v povezavi z navedenim, jedrska elektrarna HPC bi lahko povečala donosnost družbe EDF, saj bi ta lahko znižala svoje stroške varovanja, zlasti če bi lahko dobavitelji „izravnali“ interne trgovalne pozicije s pomočjo obsežne in stabilne proizvodnje jedrske elektrarne HPC.
In particular for the equity gain-share, the adjusted mechanism is likely to translate into significant decreases in the SP, hence to lower levels of support to be provided by suppliers, and ultimately by electricity consumers, during the entire period of operation of the plant [69].
Četrtič, projekt bi lahko negativno vplival na likvidnost veleprodajnega trga, saj bi prispeval k proizvodni zmogljivosti vertikalno integrirane družbe, kar bi lahko privedlo do omejevanja dostopa neodvisnih dobaviteljev ali oviranja vstopa morebitnih udeležencev na trg na ravni dobave.
Moreover, both the equity gain-share and the construction gain-share ensure that NNBG continues to have efficiency incentives throughout the lifetime of the project, since NNBG's investors retain part of the gains.
Ta vprašanja so ocenjena v naslednjem oddelku.
On the basis of the agreed equity and construction gain-share thresholds, and taking into account the adjusted Guarantee fee and the overall design of the measure, the Commission concludes that the measures are proportionate.
Izkrivljanja naložbenega in trgovinskega toka
As a result of the changes agreed with the Commission, the financial metrics of the project with and without these commitments are displayed in Table 2.
Komisija je proučila vprašanja, ali bi pomoč izkrivljala energetske tokove ali cene električne energije.
Table 2
Komisija predhodno ugotavlja, da lahko obsežna uporaba pogodb na razliko znatno vpliva na vlogo cen kot naložbenih signalov ali pa jo v celoti odpravi, in učinkovito vodi k regulaciji cen proizvodnje električne energije na ravneh, ki jih določi vlada.
Financial metrics of the HPC project before and after the changes agreed with the Commission
Komisija priznava, da so pri pogodbah na razliko za prodajo na trgu potrebni proizvajalci, s čemer se ohranijo nekatere spodbude, ki veljajo za operaterje na trgu, ki ne prejemajo pomoči.
(per cent)
Vendar se take spodbude v glavnem ohranijo na ravni obratovanja in ne na ravni naložb, ki bodo verjetno odvisne od stabilnosti in gotovosti prihodkov, zagotovljenih s pogodbo na razliko.
Financial Model version 21.10
Izkrivljanja trga zaradi pogodbe na razliko na ravni obratovanja so pri proizvajalcih jedrske energije zelo omejena, saj so zanje značilni nizki mejni stroški obratovanja, zaradi česar bodo verjetno prodajali na trgu ne glede na višino cen in bodo, kot je pojasnjeno v nadaljevanju, med prvimi na krivulji razvrščanja ponudbe po pomembnosti.
29 August 2014
Glede gradnje povezovalnih daljnovodov ter smeri in intenzivnosti trgovinskih tokov je analiza Komisije potrdila, da naj bi zagotavljanje pomoči in posledična izgradnja jedrske elektrarne HPC minimalno vplivala na veleprodajne cene v Združenem kraljestvu.
Lower Guarantee fee and higher equity gain-share threshold
Zlasti na podlagi izvedenega modeliranja [71] je mogoče sklepati, da se bodo zaradi obratovanja jedrske elektrarne HPC cene v Veliki Britaniji znižale za manj kot 0,5 %.
19 September 2014
Ta rezultat temelji na najslabšem možnem scenariju, saj bi se ob odsotnosti jedrske elektrarne HPC lahko pričakovalo, da si bo Združeno kraljestvo prizadevalo za druge oblike nizkoogljične proizvodnje v največji možni meri (ne pa tudi do skupne zmogljivosti jedrske elektrarne HPC, ki je zaradi obsega ne bi bilo mogoče nadomestiti le z nizkoogljičnimi viri, kot je navedeno v uvodni izjavi 199).
Project IRR
Zato se lahko pričakuje, da se bodo veleprodajne cene in prihodek od povezovalnih daljnovodov znižali tudi ob odsotnosti jedrske elektrarne HPC.
[9,25 – 9,75]
Glede izkrivljanj trgovine je Komisija ugotovila, da je vpliv jedrske elektrarne HPC na cene drugih držav zanemarljiv, tj. največ 0,1 %.
[12,75 – 13,25]
Komisija je na koncu pripravila druge scenarije, v katerih se projekt jedrske elektrarne ne izvede.
[12,25 – 12,75]
Iz rezultatov te analize je razvidno, da je uporaba drugih naložb omejena.
Equity IRR (committed basis)
Zaradi napovedi glede vedno manjše ponudbe imajo drugi proizvajalci in proizvodne tehnologije dovolj prostora za vstop in/ali povečanje zmogljivosti kljub naložbi v jedrsko elektrarno HPC, zlasti zaradi časovnega okvira za zaprtje obstoječih jedrskih elektrarn in termoelektrarn.
[11,50 – 12,00]
V Združenem kraljestvu bi bilo treba med letoma 2021 in 2030 v sistem vključiti približno 60 GW nove proizvodne zmogljivosti, od tega bo jedrska elektrarna HPC zagotovila 3,2 GW.
[11,00 – 11,50]
Te vrzeli ne bi bilo mogoče zapolniti le z nizkoogljičnimi viri.
POTENTIAL DISTORTIONS TO COMPETITION AND TRADE
Komisija zato ugotavlja, da je vpliv pomoči na trgovinske tokove, cene in naložbo zanemarljiv.
For the aid to be compatible with the internal market, the negative effects of the aid measure in terms of distortions of competition and impact on trade between Member States must be limited and outweighed by the positive effects in terms of contribution to the objective of common interest.
Poskusi manipuliranja z referenčno ceno
In particular, once the objective of the aid has been established, it is imperative to minimise its potential negative effects on competition and trade.
Komisija je imela prvotno pomisleke, da bi lahko bile prisotne spodbude za podjetje NNBG ali družbo EDF, da ravnata strateško in referenčno ceno ohranita na nizki ravni, s čimer bi se čim bolj zvišala razlika v plačilih.
In the Opening Decision the Commission posited that the project might distort competition in three ways.
Združeno kraljestvo je v odgovoru na sklep o začetku postopka predložilo poročilo svetovalnega podjetja KPMG [72], ki je analiziralo, ali je prisotna spodbuda za podjetje NNBG ali družbo EDF in ali bi lahko strateško znižala referenčno ceno na način, ki ga je predvidela Komisija.
First, the aid may distort investment decisions and displace alternative investments.
Za podjetje NNBG bo spodbuda za znižanje referenčne cene prisotna le, če bo lahko prodalo znatno količino po ceni, višji od referenčne cene.
Second, it might distort downstream market functioning, in particular through the unclear impact of the SP on wholesale and retail market prices; through strategic behaviour by the beneficiary to affect the RP; and through other types of strategic behaviour allowed by the large output volumes which NNBG and EDF Energy, as the supplier entrusted by NNBG to sell its output, can offer, such as price manipulation on forward markets or limiting the ability of alternative suppliers to procure electricity independently.
Če podjetje NNBG električno energijo proda po ceni, nižji od referenčne, razlika v plačilih morda ne bo pomenila nadomestila, ki bi v celoti pokril razliko do izvršilne cene.
A final distortion was welfare allocation between end users and NNBG (discussed above in the context of proportionality).In addition to the points above, the Commission extensively assessed four main downstream competition distortions which the aid may cause.
Komisija meni, da bo strategija za zmanjšanje tveganja, ki jo bo uporabilo podjetje NNBG, prodaja zmogljivosti jedrske elektrarne HPC na trgih za naslednjo sezono, tako da bo cena čim bližja referenčni ceni.
First, the possibility for EDF or NNBG to alter the RP by strategic selling in the markets which are used to calculate it.
Zaradi prizadevanj za strateško znižanje referenčne cene se bo povečalo tveganje, da se bo zmogljivost jedrske elektrarne HPC prodala po ceni, nižji od referenčne, kar pomeni, da bi podjetje NNBG odstopalo od svoje strategije za zmanjšanje tveganja.
For example, it is unclear what the effect is on the incentives of EDF to bid in capacity under a very low (even negative) price to markets, and in particular into the reference market(s), in a situation where it receives a premium reflecting the difference between the prevailing (even negative) RP and the SP in the previous reference period.
Tudi če bi bila pri družbi EDF in podjetju NNBG prisotna spodbuda za izvajanje strategije za znižanje referenčne cene, bi lahko to storila le v omejenem obsegu.
Altering the RP would have an impact on difference payments for all other CfD technologies, including on EDF installations benefiting from other CfDs.
Tržne sile in arbitraža drugih prodajalcev električne energije bodo namreč preprečili morebitno strateško znižanje referenčne cene.
Second, EDF as a group might manipulate forward markets by selling, or withholding, large amounts of electricity produced by the HPC plant to the benefit of the group's trading or hedging positions.
Nižja referenčna cena bi druge proizvajalce spodbudila k prodaji svojih zmogljivosti drugod.
EDF is a vertically integrated operator which is active in both generation (upstream), supply (downstream) and trading markets.
Komisija je preverila, v kolikšnem obsegu bi lahko družba EDF sistematično realizirala višje cene na trgu.
Under a CfD, it might have an incentive to favour its own downstream subsidiaries.
Kot je pojasnjeno v uvodni izjavi 11, krivulja referenčne cene temelji na ceni ene sezone (tj. šestih mesecev) pred dobavo ali ceni za „naslednjo sezono“.