natgillin/translations-raw huggingface dataset:
For example, if the group were to benefit from 10-year-ahead prices being higher or lower, HPC might be instrumental in achieving this result.
Jedrska tehnologija je tehnologija za osnovno obremenitev s stalnim in primerljivo zanesljivim profilom proizvodnje, zato bi lahko jedrska elektrarna HPC teoretično prodajala velike količine električne energije tudi za več kot eno sezono vnaprej.
Third, and linked to the above, HPC might increase EDF's profitability by allowing it to lower its hedging costs, in particular if the supplier were able to ‘net off’ internal trading positions using the vast and stable output provided by HPC.
Če so cene, ki veljajo več kot eno sezono naprej, sistematično in znatno višje od cen za naslednjo sezono (osnove krivulje referenčne cene), bi lahko jedrska elektrarna HPC v povprečju realizirala efektivno ceno na MWh, višjo od izvršilne cene.
Fourth, the project might have a negative impact on wholesale market liquidity, given that it would add to the generation assets of a vertically integrated company, potentially leading to foreclosure of independent suppliers or barriers to entry for prospective entrants at the supply level.
Da bi Komisija ocenila to možnost, je od Združenega kraljestva zahtevala, naj formulo iz uvodne izjave 11 uporabi za pretekle tržne pogoje (cene in količine) za obdobje od zime 2012 do zime 2014, s čimer je dobila simulirano krivuljo preteklih referenčnih cen.
The Sections below will assess each of these issues.
Komisija je dobljeno krivuljo referenčnih cen primerjala s podatki o cenah električne energije za naslednji dve sezoni, da bi dobila datume dobave v istem časovnem intervalu [73].
Distortions of investment and trade flows
Rezultat je prikazan na sliki 2 Priloge A.
The Commission considered the questions of whether the aid would distort energy flows or electricity prices.
Iz slike 2 je razvidno, da je bila cena osnovne obremenitve za naslednji dve sezoni na nekatere trgovalne dneve morda višja od cene za naslednjo sezono in referenčne cene, vendar razlika ni zelo velika, razmerje pa se ne zdi sistematično.
As a preliminary remark, the Commission notes that a widespread use of CfDs can substantially interfere with, or altogether remove, the role of prices as investment signals, and to effectively lead to price regulation of electricity generation at government-chosen levels.
Poleg tega bi morala družba EDF, da bi sistematično realizirala prihodke, višje od referenčne cene, verjetno prodati večino svoje proizvedene količine izven referenčnega trga.
The Commission recognises that CfDs require generators to sell on the market, thereby preserving some of the incentives which apply to unsupported market operators.
Pri tem bi bilo za družbo EDF prisotno tveganje, višje kot pri prodaji na referenčnem trgu, izvajanje take strategije pa bi bilo manj dobičkonosno.
However such incentives are mainly preserved at the operational level, and not at the level of investment decisions, which will likely be determined by the revenue stability and certainty provided by the CfD.
Morebitne spodbude za družbo EDF za zadrževanje zmogljivosti
In any event, market distortions deriving from the CfD at the operational level are very limited for nuclear energy generators, which are characterised by low marginal operating costs and are therefore likely to sell on the market regardless of price levels and, as will be explained further, occupy the initial positions in the supply merit curve.
V teoriji lahko strateško zadrževanje proizvajalcem prinese višji dobiček, tudi če so njihovi tržni deleži zelo majhni.
In terms of interconnector build and the direction and intensity of trade flows, the analysis by the Commission confirms that the provision of the aid, and the resulting construction of the HPC plant, are estimated to have a minimal impact on UK wholesale prices.
Ključni dejavnik, ki jim omogoča tak način uporabe tržne moči, je njihov položaj na krivulji razvrščanja po pomembnosti.
In particular, the modelling work carried out [70] suggests that GB prices will decrease by less than 0,5 per cent as a result of the operation of the HPC plant.
Družba EDF ima v lasti prilagodljive obrate in obrate za osnovno obremenitev, zato bi lahko zagon jedrske elektrarne HPC družbi EDF omogočil, da zadrži zmogljivost svojih prilagodljivih obratov in s tem vpliva na zvišanje veleprodajnih cen ter dobi višje cene pri prodaji električne energije iz svojih obratov za osnovno obremenitev (vključno z jedrsko elektrarno HPC).
This will in turn translate into a cumulative and overall decrease in interconnector revenues of less than 1,7 per cent up to 2030.
Združeno kraljestvo je trdilo [74], da zaradi jedrske elektrarne HPC družba EDF ne bi mogla zadržati prilagodljive zmogljivosti oziroma je k temu ne bi nič spodbudilo.
This result stems from the fact that the marginal cost of HPC-produced electricity will be lower than the price of existing plants, but that its overall capacity will be a small fraction of overall GB capacity.
Združeno kraljestvo zlasti trdi, da bo imela družba EDF do leta 2025 na trgu za proizvodnjo prilagodljive zmogljivosti le 6,5-odstotni delež (ob upoštevanju zaprtja termoelektrarne, katere življenjska doba se bo počasi iztekla, in morebitnega odprtja novega obrata).
This result is based on a worst-case scenario, since in the absence of HPC the UK can be expected to pursue other types of low-carbon production, up to the extent which will be feasible (and not up to the overall capacity provided by HPC, which would be too large to replace through low-carbon sources only, as discussed in recital 199).
Komisija meni, da instrument pogodbe na razliko spodbude za zadrževanje omejuje po svoji naravi.
Hence a decrease in wholesale prices and in interconnector revenues can be expected to take place also in the absence of HPC.
Na podlagi učinkov prvega reda pogodbe na razliko bi se večina energije iz jedrske elektrarne HPC prodala na referenčnem trgu zaradi zmanjšanja osnovnega tveganja na najmanjšo možno stopnjo v skladu s strategijo varovanja, ki sta jo skupaj določili podjetje NNBG in oddelek IUK.
In terms of trade distortions, the Commission found that HPC has a negligible impact on non-GB prices, which was quantified in 0,1 per cent at most.
Na podlagi tega bo družba EDF Energy za ponudbo iz jedrske elektrarne HPC pridobila izvršilno ceno, njeni prihodki pa se ne bi zvišali, če bi se zvišale veleprodajne promptne cene zaradi začasnega zadrževanja zmogljivosti.
This would translate into a decrease in cross-border flows of less than 1 per cent.
Strategija prodaje velike količine zmogljivosti na promptnem trgu v tem okviru verjetno ne bi bila donosna.
The results of this analysis suggest that the displacement of alternative investments is limited.
Odvisno od njenega relativnega položaja na krivulji ponudbe se lahko, tudi če se pred trgom zadržuje le majhna zmogljivost, krivulja ponudbe obrne v levo, kar vodi do uravnoteženja z višjimi cenami.
In particular, the forecasts of shrinking supply leave ample room for other generators and generation technologies to enter and/or expand capacity regardless of investment in HPC, in particular given the timing of the closure of existing nuclear and coal plants.
Izgradnja jedrske elektrarne HPC bi lahko povečala morebitni dobiček zaradi zadrževanja, zato je morda prisotnih več spodbud, da se družba EDF tega loti po prejeti pomoči.
The UK will need about 60 GW of new generation capacity to come online between 2021 and 2030, of which HPC will provide 3,2 GW.
Komisija je zato spodbude družbe EDF za zadrževanje zmogljivosti ocenila prek simulacije, ki jo je pripravilo Združeno kraljestvo na podlagi krivulje razvrščanja po pomembnosti za leto 2025.
It would be impossible for low-carbon sources only to fill this gap.
Iz te simulacije je razvidno, da zagon jedrske elektrarne HPC tudi v hipotetičnem in nerealnem scenariju, ki odstopa od učinka pogodbe na razliko, ne bi povečal nobene teoretične spodbude za zadrževanje prilagodljive zmogljivosti, ki bi jo družba EDF lahko imela ob odsotnosti pogodbe na razliko.
The Commission therefore concludes that the aid has an insignificant impact on trade flows, on prices and on investment.
Združeno kraljestvo je pri simulaciji uporabilo pričakovano mešanico virov za proizvodnjo energije leta 2025 v Združenem kraljestvu, kar je bilo v skladu s scenariji ministrstva za energijo in podnebne spremembe pri reformi trga električne energije.
Attempts to manipulate the RP
Iz navedenega je razvidno, da so ravni povpraševanja, pri katerem bi se strategija zadrževanja obrestovala, malo verjetne.
The Commission raised initial concerns that NNBG or EDF might have incentives to act strategically to keep the RP low in order to maximise the difference payments.
Komisija zato meni, da so izkrivljanja konkurence v zvezi z morebitnim zadrževanjem zmogljivosti na najnižji možni ravni.
In reply to the Opening Decision, the UK has submitted a KPMG report [71] which analysed whether NNBG or EDF had the incentive and the ability to strategically reduce the RP in the way envisaged by the Commission.
Prednost za družbo EDF prek znižanja stroškov varovanja
NNBG will only have an incentive to lower the RP if it was able to sell substantial volumes at a price that is higher than the RP.
Veleprodajni trgi z električno energijo so zaradi posebnosti ponudbe in povpraševanja negotovi za proizvajalce in dobavitelje.
If NNBG sells electricity below the RP the difference payments might not compensate it fully up to the Strike Price.
Da bi dobavitelji in proizvajalci dosegli večjo gotovost glede prihodkov od prodaje električne energije in glede stroškov električne energije, električno energijo običajno prodajajo terminsko, za podrobnejšo določitev svojih položajev pa uporabljajo promptne in kratkoročne trge.
The Commission considers that NNBG's risk-minimising strategy will be to sell HPC-produced capacity on the season-ahead markets so that the price is as close as possible to the RP.
Terminsko trgovanje (ali varovanje) se zato uporabi za zagotavljanje določene stopnje zaščite pred nestanovitnostjo cen.
Seeking to strategically reduce the RP will increase the risk that HPC capacity is sold at a price below the RP and therefore involves NNBG moving away from its risk minimising strategy.
Stroški varovanja se določijo zlasti na podlagi razlike med povpraševanjem in ponudbo po terminskih obrestnih merah, kar je razlika med nakupno ceno (cena, po kateri so kupci pripravljeni kupiti) in ponudbeno ceno (cena, po kateri so prodajalci pripravljeni prodati).
Even if EDF and NNBG had an incentive to engage in a strategy to reduce the RP, the ability for them to do so is limited.
Večje je število udeležencev in količin, s katerimi se trguje, manjša je razlika med povpraševanjem in ponudbo, posledično pa so nižji tudi stroški posla za prodajalce in kupce.
This is so because market forces and arbitrage by other electricity sellers will counteract any strategic reduction in the RP.
Komisija je imela predhodne pomisleke, da bi dodatna osnovna zmogljivost, ki bi jo zagotovila jedrska elektrarna HPC in prodala družba EDF Energy, slednji omogočila znižanje njenih stroškov varovanja, s čimer bi pridobila konkurenčno prednost pred konkurenti, zlasti v zvezi z njeno morebitno izboljšano zmogljivostjo, da optimizira svoj portfelj tveganja.
Should the RP be lower, other generators would be encouraged to sell their capacity elsewhere.
Komisija je imela predhodno tudi pomisleke, da bi lahko bila družba EDF Energy v boljšem položaju za povečanje svojega deleža posebnih segmentov, kot so energetsko intenzivni uporabniki.
The Commission tested the extent to which EDF could have the possibility to systematically realise higher prices in the market.
Komisija je dokaze, ki jih je predložila družba EDF, ocenila glede zagotovljene zmogljivosti v scenariju po prejeti pomoči.
As explained in recital 11, the RP curve is based on prices one season (i.e. six months) ahead of delivery, or a ‘season-ahead’ price.
Neto proizvodnja družbe EDF, tj. razlika med količino, proizvedeno prek njenih lastnih sredstev, in količino, prodano prek njenih maloprodajnih dejavnosti, je leta 2013 že znašala 22,9 TWh.
As nuclear is a baseload technology with a steady and comparably reliable output profile, HPC could in theory sell large quantities of electricity further ahead than one season.
Ocenjuje, da bo njena neto proizvodnja z jedrsko elektrarno HPC leta 2020 znašala […] TWh, leta 2025 pa […] TWh.
If prices longer than one season ahead are systematically and significantly higher the season-ahead prices — the basis of the RP curve — then on average HPC could realise a higher effective price per MWh than the strike price.
Komisija zato ugotavlja, da se stroški varovanja zaradi pomoči najverjetneje ne bodo spremenili.
To assess this possibility, the Commission requested the UK to apply the formula presented in recital 11 to historic market conditions (prices and quantities) for the period winter 2012 to winter 2014 to generate a simulated historic RP curve.
Poleg tega se lahko oskrba negospodinjskih odjemalcev z električno energijo, vključno z energetsko intenzivnimi uporabniki, šteje za konkurenčno.
The Commission matched the obtained RP curve with data on one- and two-seasons-ahead electricity prices for delivery dates in the same time interval [72].
Tržni delež družbe EDF kljub visoki proizvodnji osnovne zmogljivosti znaša manj kot 25 %.
The result is displayed in Figure 2 in Annex A.
Energetski regulator Ofgem [75] je v svoji najnovejši predložitvi organu za konkurenco in trge za popolno raziskavo trgov z električno energijo izključil sektor negospodinjskih odjemalcev, saj se po njegovem mnenju ta sektor lahko šteje za zelo konkurenčnega [76].
Figure 2 reveals that although on occasions there were trading days where the two-seasons-ahead baseload price may have been higher than the one-season-ahead price and the RP, the difference is neither particularly large, nor does the relationship appear systematic.
Komisija kljub negotovostim pri predvidevanju strategij in rezultatov na trgu v razmeroma dolgem časovnem obdobju, tj. do začetka obratovanja jedrske elektrarne HPC, meni, da so te trditve ustrezno utemeljene in odpravljajo njene pomisleke glede tega načina morebitnega izkrivljanja konkurence.
Furthermore, to systematically realise higher profits than the RP, EDF would very likely have to sell most of its output outside the reference market.
Morebitna zmanjšanja likvidnosti veleprodajnega trga
Doing so would likely involve a higher level of risk for EDF than selling in the reference market, making it less profitable to engage into such a strategy.
Samo dejstvo, da je možen dostop do dodatne lastne električne energije, lahko negativno vpliva na stopnje likvidnosti veleprodajnega trga, te pa bi lahko negativno vplivale na neodvisne dobavitelje.
Potential incentives for EDF to withhold capacity
To sicer samodejno ne pomeni, da vertikalna integracija prinaša manj likvidne trge ali omejevanje dostopa, vendar pa pomeni, da lahko trgi, kadar je večina proizvodne zmogljivosti v lasti dobaviteljev, postanejo vedno manj likvidni.
In theory strategic withholding can lead to increased profits for generators even if they have very low market shares.
Komisija je imela nekaj predhodnih pomislekov glede tega, ali bi lahko večji dostop do lastne proizvodnje pomenil zmanjšano potrebo družbe EDF po dostopu do terminskih trgov zaradi pridobivanja zmogljivosti.
The key factor enabling them to exert market power in this way is their position on the merit order curve.
Obseg trgovanja, ki ga bi morala družba EDF opravljati po prejeti pomoči, bi se izravnal z njeno zmožnostjo, da dostopa do proizvodnje jedrske elektrarne HPC.
Given that EDF owns both flexible and baseload plants, the commissioning of HPC may allow EDF to withhold capacity from its flexible plants in order to drive wholesale prices higher and to gain higher prices on the sale of electricity from its baseloads plants (including HPC).
Družba EDF je v odgovoru na vprašanja Komisije glede morebitnega učinka, ki bi ga jedrska elektrarna lahko imela na likvidnost trga, odgovorila, da za njegovo zmanjšanje ne bi imela niti spodbud niti možnosti.
The UK has put forward [73] that HPC would confer EDF neither the ability nor the incentives to withhold flexible capacity.
Družba EDF Energy trdi, da je njena dejavnost oskrbe popolnoma neodvisna od gradnje jedrske elektrarne HPC in drugih dejavnikov, povezanih z njo [77].
In particular, the UK states that by 2025 the share of EDF in the market for generating flexible capacity will be only 6,5 per cent (taking into account the closure of a coal plant approaching the end of its useful life as well as the potential opening of a new plant).
Kot je bilo pojasnjeno v prejšnjem oddelku, je politika dejavnosti družbe EDF glede proizvodnje in oskrbe zmanjšanje tveganja, povezanega s tržnimi cenami.
After having acknowledged that market shares may be a weak indicator of a generator's ability to influence prices by withholding capacity, various indices of ‘pivotality’ (i.e. the extent to which a particular generation unit or company is needed for demand to be satisfied, which makes that unit or company potentially able to influence the market price by curtailing capacity) are computed to show that EDF's flexible capacity is not expected to be pivotal in 2025.
Nima politike za sistematično interno oskrbo, saj to ni najboljši način za zmanjšanje tveganja, povezanega s tržnimi cenami.
Assuming various counterfactuals, it is further shown that the construction of HPC will not in any event increase this pivotality.
Oziroma nasprotno, najboljši način za zmanjšanje tveganja, povezanega s tržnimi cenami, je nakup in prodaja na trgu (ali po tržni ceni).
The Commission considers that the CfD instrument limits the incentives for withholding by its nature.
Družba EDF Energy je nadalje pojasnila, da ne posluje na način, ki bi bil namenjen izravnavi količin med oskrbo in proizvodnjo.
In particular, as a first order effect of the CfD, most HPC energy would be sold on the Reference Market to minimise basis risk, according with the hedging strategy defined by NNBG together with IUK.
Družba EDF niti posebej ne ugotavlja, katera trgovanja se prenašajo med njenimi dejavnostmi proizvodnje in oskrbe, ne da bi potekala prek trga.
As a result, EDF Energy will obtain the SP for the HPC supply and its revenues would not increase if wholesale spot prices were to increase as a result of a temporary capacity withholding.
Družba EDF je za podporo trditvi, da je interni pobot omejen, predložila podatke o količinah, s katerimi je trgovala, in o prodanih/proizvedenih količinah [78].
A strategy of selling a high amount of capacity on the spot market is unlikely to be profitable in this context.
Nazadnje je družba EDF pojasnila, da glede na najnovejši razvoj na področju regulacije niti ne bi imela možnosti zmanjšati likvidnosti veleprodajnega trga.
However, given the specificities of the merit curve, the Commission considers that even if a certain flexible capacity is not pivotal, it can nevertheless have an influence on the price.
Da bi se povečala likvidnost več tržnih segmentov, je energetski regulator Ofgem v dovoljenja največjih šestih dobaviteljev energije v Združenem kraljestvu, vključno z družbo EDF Energy, vključil obvezno zavezo glede „ustvarjanja trga“.
Depending on its relative position on the supply curve, even withholding a small capacity from the market may shift the supply curve towards the left, leading to equilibrium with higher prices.
V skladu s tem je treba na trg dajati ponudbe in na njem nuditi cene, s čimer se podpre oblikovanje cen in zagotovijo redne priložnosti za trgovanje.
Given that the construction of HPC may increase the potential gains from withholding, EDF may have more incentives to engage in it post-aid.
Komisija je ocenila, v kolikšni meri bi lahko bila posledica ukrepa zmanjšana likvidnost na veleprodajnih trgih.
The Commission therefore assessed EDF's incentives to withhold capacity through a simulation produced by the UK based on the 2025 merit order curve.
Ugotovila je, da se delež prodane količine družbe EDF Energy v primerjavi s količino, ki jo proizvede, stalno manjša, saj se je razmerje med prodano in ustvarjeno količino („churn ratio“) s 3 leta 2010 zmanjšalo na 2 leta 2014.
This simulation shows that, even in the hypothetical and unrealistic scenario abstracting from the effect of the CfD, the commissioning of HPC would not increase any theoretical incentive to engage in the withholding of flexible capacity which EDF Energy might have in the absence of the CfD.
Poleg tega je ta delež najmanjši med glavnimi šestimi vertikalno integriranimi proizvajalci električne energije v Združenem kraljestvu [79].
The UK simulation uses an expected generation mix in 2025 in the UK very much in line with DECC EMR scenarios.
Komisija ugotavlja, da bi lahko regulativne zaveze glede „ustvarjanja trga“, ki jih je uvedel energetski regulator Ofgem, omejile obseg, v katerem bi lahko vertikalno integrirani dobavitelji namerno ali nenamerno izvajali strategije, ki bi privedle do nižjih stopenj likvidnosti.
This exercise shows that the plausible levels of demand for which a withholding strategy would be profitable occur with a low probability.
Vendar Komisija ni seznanjena s tem, v kolikšni meri naj bi te zaveze veljale, oziroma, v kolikšni meri bi lahko preprečile izravnavo internih položajev (tj. uporabo sredstev lastne proizvodnje za oskrbovanje svojih odjemalcev).
In conclusion, the Commission believes that competition distortions in respect of potential withholding of capacity are kept to the minimum.
Komisija je zato zahtevala vzpostavitev dodatnih varoval, da bi se popolnoma odpravili pomisleki glede morebitnega škodovanja likvidnosti trga v scenariju po prejemu pomoči.
Advantage to EDF through reduction in hedging costs
Družba EDF se je strinjala, da bo preglednost povečala tako, da bo z električno energijo trgovala in jo prodajala na trgu, s čemer se bo zmanjšal obseg, v katerem bi lahko neupravičeno izboljšala svojo donosnost in negativno vplivala na likvidnost.
The wholesale electricity markets are uncertain for both generators and suppliers due to the particular features of supply and demand.
Družba EDF se je kot edini dobavitelj tržnih storitev podjetju NNBG za napovedano proizvodnjo jedrske elektrarne HPC zavezala [80], da bo
In order to get more certainty over revenues from the sale of electricity and over the costs of electricity, generally suppliers and generators buy or sell electricity forward and use spot and near-term markets to fine-tune their positions.
beležila trgovanja za napovedano proizvodnjo jedrske elektrarne HPC v ločeni knjigi za podjetje NNBG;
Forward trading (or hedging) is therefore, used to provide a degree of protection from price volatility.
ceno za trgovanja za napovedano proizvodnjo jedrske elektrarne HPC, ki se bodo izvajala z družbo EDF, določila po tržni ceni za zadevni produkt v času trgovanja;
Hedging costs are primarily determined by the bid-offer spread on forward rates, which is the difference between the bid price (the price at which buyers are prepared to buy) and the offer price (the price at which sellers are willing to sell).
po tržni ceni izvajala vsa dvostranska trgovanja za napovedano proizvodnjo jedrske elektrarne HPC z vsemi drugimi portfelji sredstev, ki so v lasti družbe EDF ali ta z njimi trguje, in
The larger the number of participants and the volumes traded, the lower the bid-offer spread and hence the lower the transaction costs for both sellers and buyers.
nasprotni stranki pogodbe za razliko in Evropski komisiji letno predložila poročilo za dokazovanje skladnosti z navedenimi zavezami.
The Commission had a preliminary concern that the additional baseload capacity provided by HPC and sold by EDF Energy might allow the latter to lower its hedging costs, gaining a competitive advantage over its peers, in particular in respect of its potentially better ability to optimise its risk portfolio.
Sklepna ugotovitev o izkrivljanjih konkurence