Regulating access to the TransAdriaticPipeline. Clara Poletti Head of the Department for Regulation AEEGSI
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1 Regulating access to the TransAdriaticPipeline Clara Poletti Head of the Department for Regulation AEEGSI
2 The TAP AG Application for exemption 1. From the requirement of TPA & regulated tariffs, for the Initial Capacity of 10 bcm/year 2. From regulated tariffs, for the Expansion Capacity (10 bcm/year) 3. From regulated tariffs for Reverse Flow 4. From the unbundling provisions of the Third Gas Directive 5. From the provisions of the Gas Regulation For 25 years from the Commercial Operation Date no later than
3 The Cooperation The exemption decision is a result of the continuous cooperation between the Italian, Albanian and Greek energy regulators for a period of almost 2 years. The exemption decision provides for this cooperation to continue. The three energy regulators are to decide jointly on any aspect that stemming from the decision (eg tariff regulation, network code, TAP certification etc)
4 The challenge Pioneering case The first of its kind under the Third Package The first between two MS s (Italy and Greece) and one Contracting Party of the Energy Community How to accommodate the TAP-business case and in the same time achieve as many benefits for the regional gas market as possible?
5 The TAP business case 10 bcm of Caspian (Azeri gas) to Italy Potential supply of gas to the region Expandable to 20 bcm Possibility for reverse flow Part of 5 projects SDII, SCP, TANAP, TAP, Snam Rete Gas Crossing 6 nations 4,000 km
6 Impact on the Italian market TAP improves the diversification of gas sources to Italy and to Europe (SoS and competition) TAP contributes to the establishment of a new potential market (Albania) and to the further development of the market in Greece and in SEE stakeholders are not dominant in Italy and they would not become dominant even if all the gas were allocated to a single shipper
7 The challenge to move from a point to point pipeline towards a fully fledged interconnector integrated in the European gas transportation network to allow market operators to buy capacity to transport gas not only from SDII but also from other sources to allow for effective competition in emerging markets (eg virtual reverse flow) To prevent the withholding of exempted capacity To guarantee that a share of total capacity is offered to the market on a short term basis
8 The vision
9 Key aspects of the exemption decision: initial capacity (10 bcma) Is allocated to TAP shareholders, To be used to bring gas from the Republic of Azerbaijan to Italy, Greece and Albania Is exempted from TPA access and forward flow tariff regulation for a period of 25 years
10 Key aspects of the exemption decision: initial capacity (10 bcma) BUT the decision ensures that all buyers of SD gas will have capacity in TAP (not only TAP s shareholders) TAP shareholders obliged to transfer the capacity rights and obligations allocated to them under the exemption decision to SD gas buyers (or their nominated shippers),
11 Key aspects of the exemption decision: expansion capacity 3 months after FID, TAP is obliged to perform the first Booking phase and build the capacity requested. The capacity will be allocated to all those who participated in the Expression of Interest (EoI) of the market test Starting no later than the Commercial Operations Date and subsequently at least every two years. Additional Market Tests. TAP builds new capacity subject to economic test. The interest for new interconnection points must be tested Throughout the 25 year exemption period, TAP makes available to the market products of up to one year duration and of a volume that, cumulatively, at least amounts to 5% of the Initial Capacity, and ˆ 10% of the actually built Expansion Capacity
12 Other key aspects of the exemption decision exemption from regulated tariffs: forward flow exempted but TAP Tariff Code approved by NRAs physical reverse flows: at least 5 bcma Exemption from ownership unbundling: yes but certification coherent with an ITO Network Code: approved by NRAs Additional entry and exit points: built at any time if needed. 3 (2Greece and 1 in Albania) will operate from Commercial Operations Date
13 TAP project milestones TAP Resolution to Construct (RtC) Mid Nov Construction to start end 2014/early 2015 Shah Deniz Final Investment Decision (FID) Mid Dec 2013 Ready to receive first gas from Shah Deniz 2019
14 Conclusions The selection of TAP as the route for Azeri gas to Europe and the first Union PCI list provide positive signals about the the realisation of the Southern Corridor in the not too distant future. First booking phase: we ll see if there is real interest for additional capacity
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