Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law
Application of Anti-manipulation Law to EU Wholesale Energy Markets and Its Interplay with EU Competition Law

Author: Huseyin Cagri Corlu

Publisher: Kluwer Law International B.V.

Published: 2018-06-05

Total Pages: 280

ISBN-13: 9041196048

DOWNLOAD EBOOK

In the course of energy liberalisation, electricity and natural gas contracts have been separated from physical delivery, and these contracts are now traded as commodities in multilateral trading facilities. Although designed to render energy trading standardised and efficient, this system raises serious questions as to whether existing regulatory and antitrust provisions are sufficient to address market abuses that cause imbalances in demand and supply. The European Union’s (EU’s) Regulation on Wholesale Energy Market Integrity and Transparency (REMIT), adopted to combat such market manipulation, is still lacking in significant case law to bolster its effectiveness. Addressing this gap, this invaluable book provides the first in-depth analysis of market manipulation in the energy sector, offering a deeply informed understanding of the new anti-manipulation rules and their implementation and enforcement. Focusing on practices that perpetrators employ to manipulate electricity and natural gas markets and the applicability of anti-manipulation rules to combat such practices, the analysis examines such issues and topics as the following: – factors and circumstances that determine when and what market misconduct can be subject to enforcement; – the European Commission’s criteria to determine whether a particular market is susceptible to regulation; – jurisdiction of REMIT and the Market Abuse Regulation (MAR) with respect to the prohibitions of insider trading in financial wholesale energy markets; – to what extent anti-manipulation rules and EU competition law may be applied concurrently; and – types of physical and financial instruments that market participants have employed in devising their manipulative schemes. Because market manipulation is rather new in the EU context but has been prohibited and prosecuted under US law for over a century, much of the case law analysis is from the United States and greatly clarifies how anti-manipulation rules may be enforced. A concluding chapter offers policy recommendations to mitigate legal uncertainties arising from REMIT. Energy market participants, such as energy producers, wholesale suppliers, traders, transmission system operators and their counsel, and legal practitioners in the field will welcome this book’s extensive legal analysis and its clear demarcation of the objectives that REMIT seeks to accomplish with respect to energy market liberalisation.

Capacity Mechanisms in EU Energy Law
Capacity Mechanisms in EU Energy Law

Author: Kaisa Huhta

Publisher: Kluwer Law International B.V.

Published: 2019-07-17

Total Pages: 323

ISBN-13: 9403514531

DOWNLOAD EBOOK

Many states – including European Union (EU) Member States – subsidise energy producers in order to guarantee the uninterrupted availability of affordable electricity. This book presents the first in-depth examination of how these so-called capacity mechanisms are addressed in EU law and how they affect the functioning of the EU energy markets. Focusing on the existing legal framework as well as the new provisions of the Clean Energy for All Europeans package for capacity mechanisms, the author addresses and analyses such aspects as the following: the structure and functioning of the EU electricity markets; EU’s competence to address security of supply and Member States’ margin of discretion; sector-specific rules for security of supply; legal conditions for subsidising generation adequacy; capacity remuneration under the EU State aid regime; free movement rules that address generation adequacy measures; balancing different interests of EU energy law in the context of generation adequacy; and the requirement of proportionality in State intervention to ensure generation adequacy. The analysis draws on relevant sources of EU law (treaties, regulations and directives) as well as the case law of the European Court of Justice and the General Court, together with soft law instruments such as Commission guidelines. Scholarly sources include not only legal literature but also work on energy policy, energy engineering and energy economics. As a detailed analysis of how capacity mechanisms address issues arising in the context of the enegy transition – and how the system of EU law applicable to capacity mechanisms should be interpreted to further the objectives of EU energy law – the book will help policymakers and legislators in Member States to understand the changing legal setting for capacity mechanisms. Lawyers, academics and other professionals who deal with EU electricity markets in the EU and beyond are sure to welcome its detailed description and analysis.

European Union Case Law on the Birds and Habitats Directives
European Union Case Law on the Birds and Habitats Directives

Author: Nina Claudia Miron

Publisher: Kluwer Law International B.V.

Published: 2023-12-11

Total Pages: 461

ISBN-13: 9403525673

DOWNLOAD EBOOK

Energy and Environmental Law and Policy Series Despite the remarkable scope of EU conservation policy, and notwithstanding 30 years of relevant case law, nature in the EU continues to decline. This comprehensive book, focusing on the EU’s core legislation on nature, the Birds and Habitats Directives, presents a detailed summary and analysis of the two directives as interpreted by the Court of Justice of the European Union. The book’s systematic structure provides the crucial details of a large body of cases decided by the Court following legal actions taken by the European Commission or preliminary references submitted by national courts. It enables a clear procedural understanding of how nature cases are brought before the Court and how the Court approaches matters such as the burden of proof and the entitlement of environmental associations to litigate disputes. Among the salient areas of analysis are the following: the requirements for including sites within Natura 2000, the largest network of protected nature areas in the world; the obligations to conserve Natura 2000 sites and protect them from damage, including through procedural and substantive assessment requirements for plans and projects; requirements concerning unlawful or illegal activities; the strict protection requirements that apply to wild birds and other species, together with related derogation provisions; requirements to protect habitats in the wider countryside and interlinkages between the nature directives and directives on impact assessment, water, and environmental liability; challenges addressed or influenced by the Court, such as defects in Member State transposition, problems of monitoring and enforcing compliance, and dealing with harmful and benign subsidies; procedures used to bring cases to the Court, including direct actions by the Commission and preliminary references from national courts. According to the 2020 Global Risk Report of the World Economic Forum, biodiversity loss will be one of the biggest threats facing humanity in the next ten years. If nature is to have any hope of recovering and prospering, strict application of existing nature conservation rules is of utmost importance, especially as a recent evaluation shows that, although the EU nature directives are fit for purpose, implementation on the ground is lagging behind. By setting out the case law systematically and explaining what compliance with specific requirements entails, this book makes a signal contribution to nature conservation practice. Lawyers, policymakers, and NGOs working in the domain of nature conservation will greatly benefit.

Practical Considerations to Negotiate an Enforceable Joint Operating Agreement under Civil Law Jurisdictions
Practical Considerations to Negotiate an Enforceable Joint Operating Agreement under Civil Law Jurisdictions

Author: Damilola S.Olawuyi

Publisher: Kluwer Law International B.V.

Published: 2019-12-18

Total Pages: 693

ISBN-13: 9403506652

DOWNLOAD EBOOK

Because agreements concerning oil and gas upstream activities have historically been developed in common law jurisdictions, a growing concern for the petroleum industry is that a some upstream investment might not be enforceable in a civil law jurisdiction to the extent the same standards/concepts are used without any adaptation. This is why it is essential to understand and analyse how to implement a Joint Operating Agreement in civil law countries. This new edition of this unique in-depth treatment of JOAs under civil law offers a new abundance of practical considerations addressing enforceability issues in a wide variety of civil law jurisdictions likely to be conducting joint operations among two or more parties. The country-by-country analysis helps greatly in ensuring that such issues and topics as the following will be covered in a contract subject to civil law: obligations and liabilities; relationship of the parties; exclusive operations; force majeure; hardship; and host granting instrument. A useful appendix to this new edition is dedicated to a wealth of short practical comments and specific guidance. The first edition of this book presented the first JOA edited book to address the essential requirements from a large variety of civil law perspectives. This new edition offers a broader and more complete discussion of the latest legal developments with respect to the legal framework and principles underpinning JOAs in more civil law countries. It analyses the main issues that the petroleum industry and its investors might face in civil law jurisdictions with actual or potential large oil and gas reserves, and as such it is a unique and immensely valuable source of information and guidance for oil and gas law practitioners, legal counsel, and business and commercial negotiators involved in transnational operating agreements around the world.

Petroleum, Industry and Governments
Petroleum, Industry and Governments

Author: Bernard Taverne

Publisher: Kluwer Law International B.V.

Published: 2022-05-13

Total Pages: 389

ISBN-13: 9403532319

DOWNLOAD EBOOK

The grave concern of governments for the negative impact on the world climate caused by the release into the atmosphere of CO2 resulting from human activity, and under human control, such as the burning and combustion of oil products from the refinery, of natural gas and coal (the fossil fuels) made it possible for the international community to agree to and establish a global climate agreement, viz. The Paris Agreement of 1915. In order to meet the objectives of this Agreement, governments will try (among other measures) to curb the consumption of fossil fuels. This will not be easy since, in particular in less advanced economies, fossil fuels are for the coming decades indispensable. In more advanced economies, there are alternatives available, but as long as a possible switching to nuclear fission energy meets with public opposition, even the more advanced economies will remain dependent on fossil fuels for the coming decades. In its deeply informed discussion of the involvement of industry and governments with the production and use of petroleum, the prodigious scope of the coverage encompasses the following and much more: technical and environmental aspects of the production of oil and natural gas; position and function of petroleum and natural gas in the economy; government policies and attitudes towards fossil fuels, particularly with respect to climate change; national and international regulation of onshore or offshore petroleum operations; how oil and natural gas markets work; old and new forms and manifestations of political risk; distinction between licence-based and contract-based petroleum legislation; production sharing agreements; and petroleum taxation. The author draws on laws, contracts, government policy documents, trade journals, and statistical data available from international organizations and institutes and international oil companies. Underlying much of the review and discussion are governmental concerns with the prospects for economic alternatives and control of CO2 emissions. The often conflicting policy options open to governments and the consequences, if any, for both oil and natural gas and the petroleum industry are reviewed and discussed. All statistics and projections regarding reserves, production and consumption of oil and natural gas have been updated. Because so much continues to happen in the realm covered by this book, all who depend on its previous editions will need this updated and significantly rewritten edition. An indispensable resource for petroleum policymakers at every level, this book is of special importance and interest to petroleum venture managers, as well as for lawyers, independent consultants, and other professionals who are required to give advice with respect to the economic, regulatory, and cooperative aspects of petroleum operations.

EU Supervision of Energy Derivative Trading
EU Supervision of Energy Derivative Trading

Author: Liebrich Hiemstra

Publisher: Edward Elgar Publishing

Published: 2023-09-06

Total Pages: 215

ISBN-13: 1035317028

DOWNLOAD EBOOK

This timely book provides a detailed analysis of the regulatory landscape of energy derivatives trading in the EU. Liebrich Hiemstra argues that current supervision of the sector is too opaque and identifies how more effective legal remedies can be created to safeguard important legal values.

Reconciling Energy, the Environment and Sustainable Development
Reconciling Energy, the Environment and Sustainable Development

Author: Maria João C. Pereira Rolim

Publisher: Kluwer Law International B.V.

Published: 2019-08-13

Total Pages: 491

ISBN-13: 9403514655

DOWNLOAD EBOOK

Challenged by sustainability imperatives, the world faces a transition in how it uses and produces energy. Yet, despite the indisputable interdependence between energy and the environment, law in these two areas has developed separately, with little consideration for how the logic and aims of each might be reconciled. This innovative book addresses this crucial nexus, exploring the role that law must inevitably play as the effects of fossil fuel–induced climate change continue to radically affect every aspect of life on Earth. Focusing on the emerging concept of reflexive regulation, the analysis takes giant steps in paving the way for effective legal engagement in the energy transition process. Issues and topics explored in detail include the following: energy’s distinctive characteristic as an economic activity that works in a chain; relation of physical aspects of energy to its legal and social dimensions; main aspects of regulation, environmental law and the concept of sustainability; specific security of supply challenges faced by the industry; and emergence and worldwide adoption of the environmental impact assessment as a procedural mechanism and its connection with Reflexive Regulation. The author supports her arguments with detailed and critical examination of the regulation theoretical framework and includes citations of case law, rules and regulations from diverse jurisdictions. A case study on the development of the Brazilian electricity sector – an exemplary case, considering the country’s abundance of natural energy resources, industrial efficiency prerogatives, regulatory incentives to ensure investment in supply expansion, and increasing demands in meeting sustainability objectives, all as highlighted by ongoing litigation – illustrates the arguments put forward. This book makes a substantial contribution to developing a framework aimed at linking potential divergent policy objectives in diverse and distinct interdependent fields. It will be welcomed by energy and environmental lawyers and policy makers, as well as by economists, scholars and other professionals concerned with the meaning of law and regulation in relation to energy, the environment and development, and the possible roles law and regulation may play in a pressing scenario of change.

International Food Law
International Food Law

Author: Cinzia Caporale

Publisher: Kluwer Law International B.V.

Published: 2021-05-21

Total Pages: 511

ISBN-13: 940351812X

DOWNLOAD EBOOK

estation, habitat destruction and zoonoses; food naming and labelling; and food risk management. Throughout there is reference to an abundance of legislation, treaties, conventions, and case law at domestic, regional, and international levels, with particular attention to European, US, and World Trade Organization law and the work of the FAO. The book clearly demonstrates the necessity for reform of the global system of food production in the direction of a more sustainable and environment-friendly model. In its authoritative discussion of the relations among fields of law that are rarely discussed together – food law and the environment, food law and human rights, food law and animal welfare – this collection of chapters will prove a valuable resource both for officials working in food governance and security and for lawyers and scholars concerned with environmental management, sustainable development, and human rights around the world.

Climate Clubs for a Sustainable Future
Climate Clubs for a Sustainable Future

Author: Rafael Leal-Arcas

Publisher: Kluwer Law International B.V.

Published: 2021-08-23

Total Pages: 330

ISBN-13: 9403537205

DOWNLOAD EBOOK

Energy and Environmental Law and Policy Series #41 We know the science of climate change; we know the economics of climate change; we also know the law of climate change. However, we do not know how countries may come together to cooperate on climate change mitigation. In this connection, the role of international trade in climate change, although universally acknowledged, is not well understood. This groundbreaking book by one of the world’s foremost authorities on international economic law not only investigates this role in great depth, but also explains how free trade agreements can be used as a powerful tool to help mitigate climate change. Focusing on the idea of climate clubs—namely the coalition of the willing—among governments, companies, and/or international institutions, the book offers insightful analysis on aspects of the trade–climate linkage such as: formation of climate clubs; legitimacy and accountability; technological cooperation; green patents; how competition law hinders effective cooperation between companies seeking to produce sustainable goods; domestic policy preferences; recognizing States that should legitimately be allowed to be free riders; and sanctions for noncompliance. Three detailed case studies are included: a comparison of the U.S. and European Union (EU) Generalized System of Preferences (GSP) programs, energy security in the Arab world, and EU–Russia energy trade relations. With the author’s conviction that global access to energy, mitigating climate change, and benefit from international trade and investment all can be achieved, this book offers a fresh understanding of the international trading system as a way to reach a prosperous, modern, and sustainable society that will help decarbonize the economy effectively. It will be welcomed by all professionals and policymakers concerned with climate change mitigation, and particularly by those active at its nexus with international trade.

A Tale of Two Cities: A Comparison of Air Pollution Governance in the Los Angeles Area of the USA and the Beijing-Tianjin-Hebei Area of China
A Tale of Two Cities: A Comparison of Air Pollution Governance in the Los Angeles Area of the USA and the Beijing-Tianjin-Hebei Area of China

Author: Xi Wang

Publisher: Kluwer Law International B.V.

Published: 2023-12-11

Total Pages: 178

ISBN-13: 9403542470

DOWNLOAD EBOOK

The successful reduction of urban air pollution is among the notable achievements of modern environmental law and policy. This remarkable study, focusing on two of the world’s most prominent cases, explores how people in the areas of Los Angeles and Beijing-Tianjin-Hebei (BTH) established governance processes to combat air pollution and how the major actors in each area worked to make their region a better place to live. Employing the expertise of teams of knowledgeable environmental law experts from both China and the United States, the authors identify and analyze similarities and differences in the respective legal and policy experiences as actors succeeded in greatly improving the air quality of their areas. Underpinned by a model of environmental governance developed by the authors and presenting an abundance of first-hand information from both areas, the study finds that, despite broad political and cultural differences in both regions, three political relations in governance processes emerge as enablers of effective reduction of air pollution: relation between regulators and the regulated communities; relation between all the supervisory political entities, such as legislatures, etc., and regulators; and relation between civil society (including news media and nongovernmental organizations) and polluters. Specific areas of regulation covered include transportation, ports, energy efficiency, utilities, oil refineries, building efficiency, renewable energy, coal dependency, and optimizing energy structure. With its sound, replicable model, its solid findings, and its enlightening conclusions, this incomparable work will prove of immeasurable value to administrative authorities and counsel worldwide engaged in combating air pollution. Moreover, its creative methodology is a signal contribution to the comparative study of environmental law and policy.