Promotion of New Gas Infrastructure Projects Including Elaboration of Criteria to Define Projects of Mutual Interest Between Russia and EU
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1 Promotion of New Gas Infrastructure Projects Including Elaboration of Criteria to Define Projects of Mutual Interest Between Russia and EU
2 New Gas Infrastructure Projects of Mutual Interest: Key Problems of Definition What type of infrastructure? Projects which have physical cross-border element (high-pressure transmission lines or LNG terminals) v. projects with no physical cross-border element (gas fields, gas storage)? What projects are new? (brand new projects v. expansion of existing infrastructure) What projects of mutual interest have already been identified? (experience to the date: Shtokman, Yamal-Europe, Nord Stream).
3 New Gas Infrastructure Projects of Mutual Interest: Key Problems of Definition What constitutes mutual interest? Qualitative criteria: e.g. ensuring security of supply through connection of previously isolated areas or creation of new supply rotes. Quantitative criteria: e.g. volume of project s output dedicated to international trade or volume of investments made by investors of each party to the project.
4 New Cross-Border Gas Infrastructure Projects: Key Problems of Regulation (1) Passing through territories with different political and legal systems: Russian vertically integrated UGS and exclusive export right v. European unbundled system with no exclusive export/import rights. Passing through territories with different economic interests: producing country wishing to preserve natural rent and control over resources v. consuming countries wishing to minimize prices and get direct access to resources. Passing through EU specific area where correlation of national and EU competences is a delicate and complex issue.
5 New Cross-Border Gas Infrastructure Projects: Key Problems of Regulation (2) Exclusive application of legislation of either one side to all aspects of whole cross-border project is against territoriality principle. Application of legislation of each side to its portion of crossborder project leads to conflict of laws and affects investment predictability.
6 New Cross-Border Gas Infrastructure Projects: Key Problems of Regulation (3) Example: NEL pipeline (onshore prolongation of Nord Stream in Germany) was rejected exemption because under EU law it does not qualify as interconnector. Paradox: costly 400 km. import pipeline is put in a much worse situation than 1 km. pipeline between EU Member States. This case underlines that EU energy internal market legislation was never intended to regulate export-import relationships. Norwegian approach: upstream pipelines. To properly regulate new cross-border energy infrastructure an international law instrument is needed.
7 New Cross-Border Gas Infrastructure Projects: Key Problems of Regulation (4) Up to the moment: vast experience of intergovernmental agreements with separate EU Member States on cross-border projects (Yamal-Europe, Nabucco, South Stream, Maghrib, Medgaz, Green Stream, Norwegian North Sea pipelines). Problem with existing agreements: interrelation of international public law with European law is a complicated issue. In the future: agreements with the EU (or mixed), BUT: complexity of internal EU decision-making procedure.
8 New Cross-Border Gas Infrastructure Projects: Key Problems of Regulation (5) Russian proposal to EU of a draft International Agreement on Cross- Border Energy Infrastructure February, No significant progress so far. BUT there is a mutual understanding that an international law rules are needed to regulate cross-border energy infrastructure. Specific agreement v. Energy Chapter of NBA or other instruments?
9 New Cross-Border Gas Infrastructure Projects: Measures of Promotion Use and improvement of accrued international law experience (existing bilateral and multilateral intergovernmental treaties plus Model Agreements developed by EC Secretariat). Fostering of foreign investments (entry right plus protection). Synchronization with and influence on development of EU internal infrastructure policy which by definition already includes transboundary element. Target treatment EU best (min) or EU best plus (max).
10 EU Infrastructure Policy: Measures of Promotion EU Infrastructure Package. European Energy Program for Recovery. Exemption Policy under Article 36 of Third Gas Directive.
11 EU Infrastructure Policy: Infrastructure Package EU Infrastructure Package (TEN-e + CEF): draft regulations published on , to be adopted by the end of 2012 and to come into full effect in Criteria for defining PCI: 12 priority corridors (4 - for gas). Political support (PCI label good for public, governments and banks). Regulatory support (acceleration, unification and simplification of authorization procedures). Financing support (9 Euro bln. for ).
12 EU Infrastructure Policy: EEPR European Energy Program for Recovery of 2009: 59 projects (including 44 gas and electricity) and 4 Euro bln. financial assistance.
13 EU Infrastructure Policy: Exemption Policy Exemption Policy under Article 36 of Third Gas Directive: temporary case by case non-application of rules on TPA, regulated tariffs and FOU to newly built infrastructure in order to attract investments. Eligible objects: interconnectors, LNG and UGS and significant expansions thereof. Experience accrued: 22 gas projects (based on 2d Gas Directive). Criteria: five, among which enhancement of competition in gas supply and security of supply. Procedure: first NRA; second European Commission. Problems: time, money, huge discretion, lack of predictability.
14 Conclusion: Way Forward Contribution of WS 3 to working out proposals for GAC defining: 1. Criteria of mutual interest. 2. Intelligent solutions for creation of an instrument able to avoid conflict of laws and ensure investment predictability for projects of mutual interest being realistically acceptable for both sides. 3. Form and nature of such instrument.
15 THANK YOU FOR ATTENTION
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