natgillin/translations-raw huggingface dataset:
exposure to political risk; and
Vlada Združenega kraljestva vztraja pri stališču, da je kombinacija pogodbe na razliko in kreditnega jamstva ustrezen instrument.
unhedged exposure to electricity price risk, which would be a more acute version of the broader market failure highlighted under point d above due to the extremely high levels of investment needed in nuclear energy generation.
Po mnenju Združenega kraljestva kreditno jamstvo samo po sebi ne bi zmanjšalo negotovosti vlagateljev v zvezi s prihodnjimi veleprodajnimi cenami, kar bi po njegovem mnenju vodilo do potrebnih višjih ravni podpore, to pa do višjih stroškov za potrošnike.
The UK observes that these market failures are not purely theoretical, as would be proven by the fact that no investment in new nuclear power stations has taken place in the UK since market liberalisation.
Kreditno jamstvo bi bilo namenjeno obravnavi težav pri zadolževanju na kapitalskih trgih po visokih ravneh, ki jih zahtevajo naložbe v novo jedrsko elektrarno.
The UK states that modelling work referred to in the Opening Decision, and in particular the Redpoint and the UK Department for Energy and Climate Change (‘DECC’) forecasts, which indicated that new nuclear would come online by 2027 or 2030, is not reliable.
Kreditno jamstvo imetnikom lastniškega kapitala ne bi zagotavljalo dodatne zaščite pred tveganji projekta v primerjavi s tem, kaj bi lahko ponudil trg, zato ne obravnava potrebe po iskanju vlagateljev lastniškega kapitala.
The UK has updated its modelling with more recent data, which would point to new nuclear coming forward on a commercial basis in 2032 at the earliest, and possibly not before 2050.
Vlagatelji brez zagotovljenih prihodkov, ki izhajajo iz pogodbe na razliko, ne bi bili pripravljeni vložiti velikih denarnih vsot, niti lastniškega niti pogojnega kapitala.
The UK stresses that modelling work necessarily simplifies reality and cannot take account of all the risks and uncertainties facing investors in the real world.
Združeno kraljestvo še pripomni, da je bil projekt HPC edini jedrski projekt v Združenem kraljestvu, o katerem so potekale primerne razprave, zato ne bi bilo praktično vzpostaviti pristnega konkurenčnega postopka.
The UK concludes that relying on market forces alone would imply running the risk of postponing the contribution of new nuclear to achieving the UK objectives for several years and at a potentially higher cost.
Združeno kraljestvo je v svojem odgovoru vztrajalo, da je bila izvršilna cena določena na najnižji možni ravni, da bi spodbudili želeno naložbo, ter na podlagi natančnega postopka odkrivanja in preverjanja stroškov, ocene stopnje donosa, ki bi bila razumna za vlagatelje v zvezi s projektom HPC, in zahtevnih pogajanjih z družbo EDF.
Even short delays of three to four years would impose a welfare loss which the UK estimates at up to GBP 30 billion.
Združeno kraljestvo je navedlo, da so po pogodbi na razliko vlagatelji v jedrsko elektrarno HPC ohranili precejšnja tveganja, zlasti tveganja gradbenih stroškov, pa tudi nekaj tveganj v zvezi z obratovanjem in tveganje obsega v zvezi z razpoložljivostjo.
Finally, the UK disputes that other projects in similar markets would be deployed without some level of State intervention or support.
Vlagatelji bi nosili tveganje presežkov gradbenih stroškov in zamud, saj bodo do plačila iz pogodbe na razliko upravičeni šele, ko se električna energija proda, tj. ko bo elektrarna delovala.
In its response to the Opening Decision, the UK maintains its view that the CfD is the most appropriate instrument to bring forward investment in new low-carbon generation, and in new nuclear in particular.
Če podjetje NNBG elektrarne ne izgradi v določenih ciljnih obdobjih začetka obratovanja, bi s tem povzročilo tveganje skrajšanja trajanja pogodbe na razliko, ki se izračuna od datuma začetka obratovanja.
The CfD would remove the inability to share efficiently, or transfer, price volatility risk due to incomplete risk transfer markets and the lack of adequate market-based hedging instruments.
Če gradnja ne bi bila zaključena do skrajnega datuma zaključka, bi Združeno kraljestvo lahko enostransko prekinilo pogodbo na razliko.
CfDs would mitigate against the risk of unhedged wholesale price volatility by reducing uncertainty over the sale price of the electricity generated which NNBG will receive.
Kreditno jamstvo od vlagateljev še vedno zahteva vlaganje precejšnjega kapitala v projekt in kritje presežkov stroškov, saj lastniški kapital v zvezi s takimi tveganji ni zavarovan.
In so doing, the CfD provides confidence that an acceptable level of return will be realised post-investment.
Izvršilna cena bi bila izračunana glede na pričakovane stroške podjetja NNBG za projekt in bi omogočala primerni dobiček.
The UK observes that the CfD would address the market failures highlighted at a lower cost to consumers compared to alternative mechanisms such as a standard feed-in premium, since it caps price levels and thus reduces state support when wholesale prices are higher than the SP.
Vendar pa Združeno kraljestvo navaja, da so lahko stroški višji ali prihodki nižji od pričakovanj, kar bi podjetje NNBG izpostavilo tveganju doseganja dobička.
Whereas a fixed feed-in premium regime would pay the same amount for each unit of electricity regardless of the wholesale price level, CfDs would mitigate the risk of overcompensation in high wholesale price scenarios.
Združeno kraljestvo navaja, da pogodba na razliko ščiti pred prekomerno odškodnino, saj bodo proizvajalci, ko bodo veleprodajne tržne cene višje od izvršilne cene, razliko plačali dobaviteljem.
The UK also emphasises that the CfD would be a market-based instrument, given that it requires the beneficiary to sell into the market at the prevailing wholesale prices.
Opozarja tudi na dodatne zaščitne ukrepe pred prekomerno odškodnino, in sicer v obliki delitve prihranka pri gradbenih stroških in dobička, kar bi zagotovilo, da bi podjetje NNBG vse presežke delilo z dobavitelji in tudi potrošniki, hkrati pa bi imelo dovolj spodbud za uresničevanje teh presežkov.
It therefore would retain commercial incentives on NNBG to sell its electricity consistent with standard market functioning.
Vendar pa bi vsako izgubo nosilo izključno podjetje NNBG.
In particular, if NNBG were to deviate from the RP, for example by selling electricity at below the RP, it would lower its revenues since the difference payment will be calculated based on the RP.
Združeno kraljestvo vztraja, da bi se prihodnje prilagoditve izvršilne cene, recimo prilagoditve po QCIL in po ponovnih pogajanjih o odhodkih iz poslovanja, uporabile le v omejenih in predhodno določenih okoliščinah ter bi se nanašale na izbrane stroške.
Beneficiaries would still be subject to some degree of competitive pressure from other market participants.
Ponovna pogajanja o odhodkih iz poslovanja bi bila hkrati tudi omejitev prekomerne odškodnine, saj bi se izvršilna cena prilagodila navzdol, če bi ti stroški bili nižji od predvidenih.
The UK Government also maintains the view that the combination of the CfD and the Credit Guarantee is the appropriate instrument.
Združeno kraljestvo ponavlja svoje stališče, da bo jamstvo dano pod komercialnimi pogoji, zato ne bi vključevalo državne pomoči.
In the UK's view, a Credit Guarantee on its own would not reduce investors' uncertainty about future wholesale prices, which the UK considers would lead to the need for higher support levels, hence higher costs to consumers.
PRIPOMBE, PREJETE V ZVEZI Z MOREBITNIM IZKRIVLJANJEM KONKURENCE IN TRGOVINE MED DRŽAVAMI ČLANICAMI
The Credit Guarantee would be aimed at addressing difficulties in raising debt in the capital markets at the substantial levels required by investment in new nuclear.
Združeno kraljestvo je vztrajalo, da pogodba na razliko ne vpliva pomembno na konkurenco in trgovino med državami članicami, in svoje navedbe podprlo s poročili podjetij KPMG, Oxera in Pöyry.
The Credit Guarantee would not offer additional protection to equity holders from the project risks compared to what the market would be likely to offer, and hence does not address the need to find equity investors.
Instrument pogodbe na razliko bi zmanjšal izkrivljanje konkurence med proizvajalci s tem, ko bi ohranil izpostavljenost podjetja NNBG tržnim silam in podjetju dajal spodbudo za konkuriranje na veleprodajnem trgu z električno energijo.
Investors would not be prepared to commit very large sums of money, as both equity and contingent equity, without the revenue certainty provided by a CfD.
Podjetje NNBG ne bi imelo zagotovljenega doseganja referenčne cene in bi proizvedeno električno energijo moralo prodajati na trgu po najboljši možni ceni, s čimer bi se soočalo z enakimi spodbudami kot drugi udeleženci na trgu.
Finally, the UK observed that the HPC project was the only nuclear project in the UK at an appropriate stage for discussions, hence it would have been impractical to set up a genuine competitive process.
Združeno kraljestvo je navedlo, da pogodba na razliko ne povzroča pomembnega izkrivljanja konkurence, saj podjetje NNBG ali družba EDF ne bi imela spodbude ali zmožnosti, da bi vplivala na referenčno ceno, na podlagi katere se izračunajo razlike v plačilih.
In its response the UK maintained its view that the SP was set at the minimum level possible to incentivise the investment sought, and on the basis of a rigorous cost discovery and verification process, an assessment of the level of returns that would be reasonable for investors to seek in relation to the HPC project, and a challenging set of negotiations with EDF.
Če bi podjetje NNBG poskušalo strateško znižati referenčno ceno, bi se s tem odmaknilo od svoje strategije zmanjševanja tveganja, tj. prizadevanja za uresničevanje referenčne cene.
The UK claimed that, under the CfD, investors in HPC retain substantial risks, in particular construction cost risks but also some operating risks and volume risk on availability.
Združeno kraljestvo tudi dvomi o tem, da bi v primeru vplivanja na referenčno ceno podjetje NNBG imelo koristi na nabavnem trgu oziroma da bi v tem primeru od tega imela koristi podjetje NNBG ali družba EDF na prodajnem trgu.
Investors would bear the risk of construction costs overruns and delays, as the CfD remuneration will only start when electricity is sold, i.e. when the plant is operational.
Združeno kraljestvo je navedlo, da bi tudi regulatorji britanskega in evropskega regulativnega režima podjetju NNBG preprečili strateško delovanje v smeri vplivanja na referenčno ceno.
Should NNBG not construct the plant within the pre-determined target commissioning windows, it would also run the risk of the shortening of the CfD duration, which is calculated from that date.
Pogodba na razliko prav tako ne bi zmanjšala blaginje potrošnikov ali privedla do višjih maloprodajnih cen; zaradi te pogodbe bi bilo dejansko manj verjetno, da bi dobavitelj naprej prenesel le povišanja stroškov, saj stabilizira veleprodajne cene.
If construction were not completed by the long stop date, the UK would have the right to terminate the CfD unilaterally.
Združeno kraljestvo trdi, da ostaja zavezano povezljivosti ter da pogodba na razliko ne bi pomembno vplivala na tokove povezovalnih vodov in spodbude za vlaganja v povezovalne vode, saj bi te bile spodbujene z razlikami v ceni med britanskim in drugimi trgi.
Moreover, the Credit Guarantee would still require investors to contribute significant equity to the project and to cover cost overruns, with equity left unprotected by the guarantee in relation to such risks.
Analiza podjetja Pöyry naj bi pokazala, da bo jedrska elektrarna HPC imela omejen vpliv na razlike v ceni med britanskim in sosednjimi trgi, ki so sedaj z Združenim kraljestvom povezani s povezovalnimi vodi, zato projekt ne bi izkrivljal trgovine med državami članicami.
The SP level would have been calculated by reference to NNBG's expected costs for the project, allowing for a reasonable profit.
Združeno kraljestvo je izrazilo mnenje, da manjše znižanje maloprodajnih cen, do katerega bi lahko prišlo zaradi obratovanja elektrarne HPC, ne bi bistveno spremenilo spodbud za energetsko učinkovitost, ter da možni energijski prihranki, ki jih ponujajo alternative za novo jedrsko elektrarno, kot sta prilagajanje odjema ali energetska učinkovitost, ne bi bilo dovolj visoki, da bi veljali za realno možnost.
However, the UK submits that costs may be higher or revenues lower than expected, which would expose NNBG to profit risks.
PRIPOMBE, KI JIH JE POSLALA DRUŽBA EDF
The UK observes that the CfD protects against overcompensation, given that when wholesale market prices are higher than the SP generators will make a payment to suppliers.
Glavni argumenti družbe EDF so na kratko opisani v nadaljevanju, ponovno združeni po načelih ocene državne pomoči.
However any downside would be borne solely by NNBG.
V zvezi s prvim merilom iz sodbe Altmark družba navaja, da SSGP elektrarne HPC ne zajema zagotavljanja pasovne električne energije s strani podjetja NNBG.
The UK maintains that future adjustments to the SP, such as those following a QCIL and the opex reopeners, would apply only in limited and pre-determined circumstances and relate to selected costs.
SSGP namreč obstaja v naložbi v jedrsko elektrarno nove generacije, zgrajeno v določenem časovnem okviru.
Opex reopeners would also function as a limit on overcompensation, as the SP would be adjusted downwards if those costs turned out to be lower than estimated.
Zato pomisleki Komisije v zvezi s tem, ali lahko zagotavljanje pasovne električne energije pomeni SSGP, niso pomembni.
The UK reiterates its view that the guarantee will be provided on commercial terms, hence it would not involve State aid.
Jedrska elektrarna HPC naj bi obravnavala cilje dekarbonizacije, varnosti in raznolikosti oskrbe ter dostopnosti energije.
COMMENTS RECEIVED ON THE POTENTIAL FOR DISTORTIONS TO COMPETITION AND TRADE BETWEEN MEMBER STATES
V zvezi z zadnjimi tremi merili iz sodbe Altmark podjetje NNBG zaradi ukrepa domnevno ne bo imelo prednosti.
The UK maintained that the CfD has no significant effect on competition and trade between MSs, and provided reports by KPMG, Oxera and Pöyry in support of its claim.
Parametri za izračun odškodnine bodo določeni v pogodbi na razliko.
The CfD instrument would minimise any distortion to competition between generators by preserving NNBG's exposure to market forces and incentives on it to compete in the wholesale electricity market.
Do prekomerne odškodnine ne bo prišlo iz več razlogov, zlasti zaradi formalnega postopka odkrivanja in preverjanja stroškov, ki je bil izveden že pred določitvijo izvršilne cene.
NNBG would not be guaranteed to achieve the RP and would have to sell its output competing for the best possible price, facing the same incentives as other market participants.
Poleg tega bi morala podrobna analiza finančnih parametrov pogodbe na razliko za elektrarno HPC, ki jo je izvedla vlada Združenega kraljestva, pomiriti dvome o tem, da raven odškodnine temelji na analizi stroškov, ki bi jih imelo običajno podjetje, ki je dobro upravljano in ima primerna potrebna sredstva.
The UK claimed that the CfD does not give rise to any significant distortion of competition, as NNBG or EDF would be unlikely to have the incentive or the ability to engage in a strategy to influence the RP according to which difference payments are calculated.
V zvezi s kreditnim jamstvom družba EDF navaja, da jamstvo ne vključuje državne pomoči, saj izpolnjuje načelo vlagatelja v tržnem gospodarstvu.
If NNBG were to try to strategically reduce the RP, it would deviate from its risk minimising strategy, i.e. seeking to realise the RP.
V zvezi z dogovorom z ministrstvom glede tveganja politične zaustavitve družba EDF navaja, da določbe, ki obravnavajo tveganje politične zaustavitve, ne pomenijo pomoči.
The UK also questions whether there would be benefits to NNBG in the upstream market, or to NNBG or EDF in the downstream retail markets, from engaging in such a strategy.
Po navedbah družbe EDF splošna načela prava Združenega kraljestva in prava EU dajejo možnost odškodnine, če je prišlo do odvzema lastninske pravice.
The UK mentioned that regulators under the UK and EU regulatory regimes, would also prevent NNBG to act strategically and influence the RP.
Ta splošna načela veljajo za vse akterje na trgu, čeprav so določeni načini vložitve odškodninskih zahtevkov na voljo le akterjem iz držav članic ali držav, ki so pogodbenice Pogodbe o energetski listini.
The CfD would also not reduce consumer welfare or lead to higher retail prices, and it would actually make it less likely that supplier might pass on only cost increases since it stabilises wholesale prices.
Zadevne določbe pogodbe na razliko naj bi zagotavljale pravno varnost v zvezi z delovanjem splošnih načel.
The UK claimed to remain committed to interconnection, and that the CfD would not have any significant impact on interconnector flows and incentives to invest in interconnectors, since these would be driven by price differentials between the UK and other markets.
Na podlagi tega družba EDF ugotavlja, da dogovora ni mogoče šteti za državno pomoč.
The Pöyry's analysis would indicate that HPC will have a limited impact on price differentials between the UK and those neighbouring markets which are currently connected to the UK via interconnectors, hence the project would not distort trade between MSs.
Družba EDF vztraja, da bo Združeno kraljestvo potrebovalo približno 60 gigavatov novih proizvodnih zmogljivosti, vključenih v sistem med letoma 2021 in 2030, da bi obravnavalo pomanjkanje električne energije, ki bo posledica zaprtja obstoječih elektrarn na fosilna goriva in jedrskih elektrarn.
The UK also considered that the small reduction in retail prices which might be caused by the deployment of HPC would not substantively change incentives for energy efficiency, and that the potential energy savings offered by alternatives to new nuclear, such as demand-side response or energy efficiency, would not be not high enough to be considered a realistic option.
Po navedbah družbe EDF tega pomanjkanja ne bi bilo mogoče obravnavati zgolj s povečanjem povezljivosti in energetske učinkovitosti, temveč bi bilo treba zgraditi precej novih proizvodnih zmogljivosti.
COMMENTS RECEIVED FROM EDF
Družba EDF je navedla, da modeliranje ministrstva za energijo in podnebne spremembe kaže, da se bodo težave s primernostjo proizvodnih zmogljivosti pojavile na začetku 20. let, ter da bo jedrska elektrarna HPC, ki naj bi začela obratovati leta 2023, prispevala k reševanju te težave.
EDF, jointly with EDF S.A. and NNBG, submitted its response on 7 April 2014.
Družba EDF je pripomnila, da bodo nove zmogljivosti morale biti predvsem nizkoogljične, da se dosežejo cilji dekarbonizacije, ki so skladni z energetskim načrtom Komisije za leto 2050 [28].
In its response, EDF provides substantial additional evidence and analysis in support of their argument that none of the doubts raised by the Commission in its Opening Decision would not be founded.
Nova jedrska elektrarna bi bila ključni del stroškovno učinkovite dekarbonizacije sektorja električne energije.
The main arguments provided by EDF will be briefly described below, again grouped by the principles of State aid assessment.
Jedrska elektrarna HPC bi nenazadnje pripomogla tudi k uresničevanju nadaljnje diverzifikacije oskrbe z energijo, saj bi omejila odvisnost Evrope od uvoza plina iz držav zunaj EU.
EDF claims that the CfD meets the Altmark criteria and thus the measure does not constitute State aid under Article 107(1) TFEU.
To bi bilo skladno z diskrecijsko pravico Združenega kraljestva v skladu s členom 194 PDEU, da v prihodnjo mešanico energetskih virov vključi tudi jedrsko energijo, skupaj z drugimi oblikami nizkoogljične proizvodnje.
As regards the first Altmark criterion, they argue that the HPC SGEI does not encompass the provision of baseload electricity by NNBG.
Ta strateška odločitev bi bila skladna tudi s Pogodbo Euratom.
Rather, the SGEI consists in investing in a new generation nuclear plant to be delivered within a specific time-frame.
PRIPOMBE, PREJETE V ZVEZI S POTREBO PO POSREDOVANJU DRŽAVE IN NEDELOVANJEM TRGA
The concerns expressed by the Commission as to whether the provision of baseload electricity may be regarded as a SGEI are not, therefore, relevant.
Družba EDF je navedla, da trg sam ne bi mogel izpolniti skupnih ciljev, saj zahtevane naložbe pomenijo dvakratnik naložb, ki so bile izvedene v dveh desetletjih po privatizaciji leta 1990.
HPC is allegedly necessary to address the objectives of decarbonisation, security/diversity of supply and energy affordability.
Zlasti bi se v zvezi s proizvodnjo električne energije in zlasti jedrsko energijo pojavil skupek preostalega nedelovanja trga.
As regards the three last Altmark criteria, allegedly NNBG will not derive any advantage from the measure.
Za natančnejšo opredelitev tega nedelovanja trga je bilo priloženo poročilo svetovalnega podjetja Compass Lexecon [29]:
The parameters for calculating the compensation will be set out in the CfD.
Nedelovanje trga v zvezi z emisijami ogljika, saj emisije ogljika po ETS ne bi imele ustrezne cene, spodnja meja cene ogljika pa ne bi zadostovala glede na politično tveganje, da se bodo stopnje v prihodnosti znižale.
Overcompensation is avoided by way of several methods and, in particular, by way of the formal cost discovery and verification process that was undertaken before the SP was determined.
Nedelovanje trga v zvezi z varnostjo in raznolikostjo oskrbe zaradi dejstva, da vlagatelji socialnih koristi iz varnosti in raznolikosti oskrbe ne bi ustrezno vrednotili.
Moreover, reportedly, the detailed analysis of the financial parameters of the HPC CfD carried out by the UK Government should address any concerns that the level of compensation is based on an analysis of the costs which a typical undertaking, well run and adequately provided with the necessary means would have incurred.
Naložbe v velike proizvodne zmogljivosti ne bi bile izvedene na podlagi pričakovanih donosov v obdobjih najvišjih cen, saj so te nepredvidljive, kar bi privedlo do „manjkajočega denarja“ in pomanjkanja raznolikosti v energetski mešanici.
In relation to the Credit Guarantee, EDF claims that is does not entail State aid as it meets the MEIP.
Nepopolni trgi prenosa tveganja, glede na to, da ne bi bilo gotovo, da bodo veleprodajne cene električne energije povezane s fiksnimi stroški nizkoogljičnih proizvajalcev.
As regards the Secretary of State agreement concerning the risk of political shut down EDF claims that the provisions dealing with the risk of political shutdown do not constitute aid.
Posledično tveganje nihanja cen samo po sebi ne bi bilo nedelovanje trga, lahko pa to postane, če je tveganja mogoče učinkovito prenesti, deliti ali zbrati, česar pa sedanji tržni pogoji ne omogočajo.
According to EDF, the general principles underpinning UK and EU law give rise to a right to compensation where there has been deprivation of a property right.
Politična tveganja in tveganja „oviranja“ zaradi precejšnjih političnih in regulativnih tveganj, ki lahko pomembno vplivajo na donose, ki jih vlagatelji lahko uresničijo v projektu, kar bi vlagatelje v novo elektrarno izpostavilo možni težavi „oviranja“, tj. tveganju, da vlagatelji, ki so izvedli naložbo, zaradi ukrepanja vlade ne bi mogli uresničiti donosov.
These general principles apply to all market operators, although certain routes to make compensation claims are available only to market operators from EU Member States or from States which are members of the Energy Charter Treaty.
Tveganja, povezana s financiranjem, zaradi omejitev v sedanjih razmerah na finančnem trgu, na katerem posojilodajalci ne bi bili pripravljeni tvegati v povezavi z novo jedrsko elektrarno.
The relevant provisions of the CfD allegedly give contractual certainty to the operation of the general principles.
Družba EDF na podlagi zgornjih argumentov ugotavlja, da je za doseganje ciljev skupnega interesa potrebna državna pomoč.