As regards the new REPowerEU Plan published yesterday, we have serious concerns about several of the proposed short-term emergency measures as they risk threatening the integrity and functioning of the Internal Energy Market.
Imposing restrictions on who may or may not participate in the EU ETS would significantly weaken the market, putting at risk the EU’s ability to meet its climate goals in a cost-efficient manner.
This response has been compiled by EACH, EFET, Eurelectric, Eurogas and Europex and reflects the views of their respective memberships
We do not agree with the view that a system where on one side of any trade (buy side or sell side) there is always the same party should be considered multilateral simply because the system is operated by a third party (draft ESMA opinion no. 24).
Europex explicitly welcomes and fully supports the Commission’s legislative proposal to extend the derogation in Article 199a of the VAT Directive allowing Member States to apply the domestic reverse charge mechanism (DRCM) to transactions in electricity, gas, emission allowances and Guarantees of Origin (GOs).
Europe is currently facing a severe shock to its energy markets, the reasons for which are diverse, ranging from global demand and supply fundamentals in the early stages and now strongly influenced by the Russian invasion of Ukraine.
In response to the Russian government’s actions against Ukraine, the General Assembly of Europex has decided to exclude the Saint Petersburg International Mercantile Exchange (SPIMEX) from Europex, effectively terminating their associate membership as of today.
We would like to express our concern that the European Commission may be considering intervention in the ETS, either through position limits or some other action, ahead of the publication of ESMA’s final report on the EU Carbon Market.
Europex is fully aligned with the core objectives of the Principles to ensure that commodity derivatives markets can serve their fundamental role of facilitating fair and efficient price discovery and hedging in a transparent, secure and well-regulated trading environment, while remaining free from market manipulation and other abusive practices.
ETPA, Energy Trading Platform Amsterdam, has joined Europex as a Full Member as of today. With the inclusion of ETPA, Europex now counts 30 members across Europe.
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