ISBN /93. Art Director: NB Production AM140716M23

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4 ISBN /93,,,. -.,. Art Director: : : : NB Production AM140716M23 23, : Fax: info@nb.org : 2, : : , : : 15, : / : 1, : ,

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6 Modern Energy Markets. Legal Framework and Greek Perspective Christina I. Tarnanidou Lecturer of Commercial and Financial Law at AUEB Abstract: The present work refers to the wholesale energy markets as they operate as exchanges under EU law and the market practice (e.g. Nord Pool, EEX). It analyses the interaction between energy and financial sector and the legal framework related to the markets concerned. Considering the monopolistic nature of the Greek energy market (LAGIE, L. 4001/2011), the work examines the legal alternatives under which the market could operate in a more liberalized manner in accordance with the EU harmonisation regime and the market standards. ISBN COPYRIGHT All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, without the prior permission of NOMIKI BIBLIOTHIKI S.A., or as expressly permitted by law or under the terms agreed with the appropriate reprographic rights organisation. Enquiries concerning reproduction which may not be covered by the above should be addressed to NOMIKI BIBLIOTHIKI S.A. at the address below. DISCLAIMER The content of this work is intended for information purposes only and should not be treated as legal advice. The publication is necessarily of a general nature; NOMIKI BIBLIOTHIKI S.A. makes no claim as to the comprehensiveness or accuracy of the information provided; Information is not offered for the purpose of providing individualized legal advice. Professional advice should therefore be sought before any action is undertaken based on this publication. Use of this work does not create an attorney-client or any other relationship between the user and NOMIKI BIBLIOTHIKI S.A. or the legal professionals contributing to this publication. 23, Mavromichali Str., Athens Greece Tel.: Fax: info@nb.org 2016, NOMIKI BIBLIOTHIKI S.A.

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9 ., -, «-».,, ,,., 1993 ( 93/22/ -ISD), ( 2004/39/ -MiFID, 2003/6/ -MAD, 2014/65/ -MiFID II, ( ) 600/2014-MiFIR, 2014/57/ -MAD II, ( ) 596/2014- MAR, (EE) 648/2012-EMIR..) , (2011) ( ( ) 1227/2011-REMIT). - (day-ahead markets), (intra-day markets), (balancing markets), 9

10 . - (,,, -,..)., -,.,,, -.,,, -,, -, -., -,, - (market coupling,. ( ) 2015/1222)...,, (, -..)..,,,..,.,, -, - 10

11 ,. -, «-» (,,..). ( - ). - -, N 4001/2011,. (European Commission, Commission Staff Working Document, Country Factsheet Greece. (Nov. 2015)). -. -,, -. (N 4389/2016), () -, -. - (. 2009/72/, - ( ) /2009), - ( ( ) 2015/1222), -. 11

12 -. -,.., -. «- -» - «1:» -., - European Network of Transmission System Operators for Electricity - ENTSO-E ( ), - ( 2015) - TSOs (Transmission System Operators), -, ENTSO-E. - ENTSO-E.. -, -.,

13 : : )...27 )...29 )...36 ) (market coupling)...37 )...38 )...39 ) II : «;» )...55 )

14 )...72 )...78 )...91 (i)...92 (ii)...92 (iii) REMIT...94 (iv) (v) MiFID II ( ) ( ) ( ) ) ) ) : MiFID II ) 96/92/ ) 2003/54/ ) 2009/72/ ; : «OTC» «trading»

15 : ) (Nord Pool Spot) ) (EPEX Spot, ) ) ) ) ) IV «MiFID, MiFID II/MiFIR» : ) [.5. MiFID II] ) [.6. MiFID II] ) [.7. MiFID II]

16 EMIR : ( ) 2015/1222 «NEMO» V A : 1) ) ) ) ) ) ) )

17 , / / ( 51%)., (HoldingCo) ( 51%), -, 25%, 20%..,., «-»... : 1) -,,.. (. 4389/2016), -,, -, -, 351

18 -., -.,, (,, -,..), -.,. -.,.. «-», 5 ( ) 2015/1222.,.,, - «-.»., -,. -.,, -., 352

19 (Nord Pool Spot, EEX, EPEX Spot, NASDAQ OMX Commodities GmbH..)., -, - (MiFID, MiFID II..). -., -, (,,..), -., ( ), -, 585., -,.,. «mandatory pool». - -,.., ( )., ( TC) -., - ( OTC), - - ( )., ( ). (day ahead market) ,..,

20 ,, ( ). - (OTC ), -.,,,,,.,,., - (REMIT,. 2. 4),.,., -, -.,,,. - (.. )., - : ).,,. 354

21 .,, (spot). - (.. Nord Pool).,,,. -,,,. - (cash-settled energy derivatives), (MiFID/MiFID II). «-», -., (REMIT/MiFID), (MiFID II/MiFIR),, (IV, ),. «REMI carve-out» -.,, MiFID/ MiFID II, , ,. 6 MiFID II. 355

22 -.. ( EEX, Nord Pool), - (cash-settled derivatives). Nord Pool,, (base/peak load futures, monthly average load futures). - EEX, (futures) ( ( )) (options) - EPEX SPOT (.. EPEX Phelix) MiFID (MiFID II/ MiFIR). - MiFIR 588 EMIR , Obert,.., MiFIR CCP (= ) (. 1). (. 2) CCP, ( ). 648/2012, (. 3),,. 1 4 EMIR. - MiFIR EMIR.., 356

23 EMIR (.. 28, 29 MiFID II)., EMIR -,,. EMIR (CCP), EMIR (. 4, 10) EMIR, MiFID II - «-.6». (16) ,, (swaps), -.6 I MiFID II «-». - REMIT. - EMIR MiFID II, (. 1(4) 2014/65/E,,COD2016/0033)- - 4 ( ). 648/ ( ). 648/ ) 6 10 ( ). 648/2012., - 6 ( ). 648/2012., -, (ESMA) 6 ESMA 6. EMIR ( -, EMIR)

24 3606/2007, - MiFID,., -., - ( MiFID II )., -., - ( ). - ( /2007) /2007. EMIR -, 3606/ , ( ) ( /2007) ( 3606/2007) ( ( )-( ) 3606/2007).,, ( EMIR 591 ), ( ) (3) 3606/2007 -, EMIR -» (OTC), ) 2004/39/, /39/. ESMA,. European Securities Markets Authority (ESMA), Questions and Answers, , - 358

25 EMIR.., - - ( EMIR) 592 EMIR : «(a) Derivative contracts traded on MTFs are OTC derivatives in the context of EMIR. (b) The de nition explicitly refers to the place of execution ( a derivative contract the execution of which does not take place on a regulated market ). The characteristics that these contracts have in common with exchange traded derivatives are therefore not relevant for the purpose of the de nition of OTC derivatives. (c) Derivative contracts executed on non-eu exchanges that are equivalent to a regulated market in accordance with Article 19(6) of MiFID do not count for the purpose of the determination of the clearing threshold. Derivatives traded in other non-eu exchanges will count for the determination of the clearing threshold. Article 19(6) states that the European Commission shall publish a list of those exchanges that are to be considered as equivalent. To date, there is no publicly available list of non-eu exchange equivalent to a regulated market, as envisaged under Article 19(6) of MiFID. In the absence of this list, all derivative contracts executed on non EU exchanges should be counted for the purpose of the determination of the clearing threshold. (d) Derivatives transactions, such as block trades, which are executed outside the trading platform of the regulated market, but are subject to the rules of the regulated market and are executed in compliance with those rules, including the immediate processing by the regulated market after execution and the clearing by a CCP, should not be regarded as OTC derivatives transactions. Therefore, these transactions should not be considered for the purpose of the clearing obligation and the calculation of the clearing threshold by NFC that only relates to OTC derivatives. Derivatives transactions that do not meet the conditions listed in the rst paragraph of this subanswer (d) should be considered OTC. For example, derivatives contracts that are not executed on a regulated market and are not governed by the rules of an exchange at the point of execution should be considered OTC even if after execution they are exchanged for contracts traded in a regulated market. However, the replacement contract itself may be considered exchange traded if it meets the relevant conditions.» EMIR /39/, 2006/48/, - 73/239/, /83/, 2005/68/,,, /65/,, 6 ) 2003/41/, 359

26 4. 1( )(i) EMIR, 2. 9 EMIR 593, 10 EMIR - 11 ( ) 149/ ,, 3. - (. 3606/2007).,, -. ( /2007) /2013 ( ) 648/ , 1969/ ,, ( ) 189/ «) : ( /1991, 167) ( )»).. 2 ( ) 2011/61/ EMIR, ,. 1 ( CCP ). 360

27 . (,..) - (,,, /1991)., -, (. 59, 61, /2007, /2005, /2005, /2009..). ) - -, - (EP Spot, APEX/ENDEX..). - (MiFID), - (day-ahead market, intra-day market),, (. 3606/2007) ( ) 2015/1222.,, -. (. 5), /2007 ( 5), MiFID

28 ,,.., -., - (..,..),,.,, / ),. -.. EMIR. (OTC) EMIR,,..,, EMIR (.. -,..). ( ), EMIR. ( ) 2015/1222., - 362

29 ,,, EMIR (..,,,..)., - ( ) 2015/1222 EMIR,,, «-». - EMIR. ( ). - EMIR,, - EMIR,., (. IV,B), EMIR (. ECC). - EMIR. -,,,,., - EMIR., «- -». EMIR - - ( EMIR)

30 , -. ),. (. ). - -.,, EMIR. (MiFID/MiFID II, EMIR) ( - ). -, , - - (horizontal integration). ( ) (MiFID.., 3606/2007)., ( ) 2015/1222, NEMO -, -., -, EMIR.... III,, 2, ) - ECC. IV, B EMIR. 364

31 (MiFID, EMIR..) ( ( ) 2015/1222) -. ) -. ( ) ( 4001/2011). -., ( 3606/2007, MiFID, MiFID II/MiFIR).,, ( ) -.,,,, EMIR -, (. CEER).,,, - (EMIR). - (day-ahead..), NEMO ( 2015/1222),, -., ( ) 2015/1222., 4. 3 «( ), NEMO, 365

32 ,,.., -.». -,. (Ba n), -.,, ( ), , o (.. clearing agents), «disintermediation», ( ). -, -,

33 -. (, ). CEER - (..,, 3 )), -. - ( ( ) 2015/1222). - - (REMIT/MAD, ACER/ESMA..) -. 2.,,. -,,,.., ( ),, ( ).,,,,,, - (business opportunities)., -,

34 , -,,,.,,,,., -., -,. -., -. : ) - REMIT,.,., - 368

35 ., - 596,,,,, ( - ) 597., - -.,,, (soft law), -,, 3606/2007 (. 43.2). -,.,, - (.. ( ) 714/2009, ( ) 2015/1222)., -, -, - (.. ACER) , , 2190/1920, /2007,. 369

36 , -., , -.,., -., , ( / ).,, -, («-» )., - - ( ) ( / - )., Feltkamp-Musialski,..,

37 , /2011 ( ( )) -,. - -.,, -., -,,. -. -,.,,, -. MiFID (MiFID II..),,, - -., (, -, )., -., - 371

38 . -, - ( ). (Nord Pool Spot, EPEX Spot..). -,,, - (....)., -, -. -.,, 599.,,,,, -, -,,,, (EPEX Spot, EEX, Nord Pool..),. Mäntysaari,

39 - MiFID (MiFID II).,,,., -,,.., (REMIT), -., MiFID (MiFID II).. - (.. -,,,,..).., -, /

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