We would like to inform you about the following development on the (nascent) gas market in the Republic of Moldova:

On 10 August, Natural Gas Law 108/2016 was modified by the Moldovan legislator and a new type of “gas trading license” was introduced in primary legislation. Previously, the only type of license available on the Moldovan gas market was the “end-supply license”.

As per the definition in the legislation, the natural gas trading license covers wholesale sale & purchase of natural gas, as well as import / export operations on the territory of Moldova.

Gas Trading Licenses will be issued by ANRE Moldova for a period of 10 years. Secondary legislation is now being prepared at ANRE Moldova to prepare for issuing gas trading licenses. Holders of the gas trading license in Moldova will have an obligation to submit semi-annual reports to ANRE Moldova regarding the activity carried out on the wholesale natural gas market.

A gas exchange has also been licensed in Moldova – BRM East Energy – a daughter company of the Romanian Commodities Exchange BRM. The gas exchange is operational from an IT perspective, and holders of the gas trading license will be able to sell & purchase gas (with delivery in Moldova) on this exchange as soon as the gas trading license is obtained.

For any further questions on this subject, please reach out to: l.indries@correggio-consulting.eu

We wanted to draw your attention to the bill aimed at strengthening gas security in Poland. The draft was very quickly adopted by the Polish Parliament and is now awaiting the signature of the President. The key changes worth noting are:

• description of the process on declaring emergency (as per EU SofS Regulation) and a new definition of gas security of supply that relates to affordability of gas as such;
• suspension of the obligation to trade gas via the exchange for the duration of the gas emergency – the obligation to sell natural gas via the exchange will be automatically suspended during the gas crisis;
• empowering the ministry to reduce the size of the exchange trading obligation in 2022 and/or 2023 through issuing a decree;
• extension to 50 days of the period in which the mandatory gas reserves of natural gas should be delivered to the gas system (currently it is 40 days) – this is to remain in force by October 2024.

For more information, please consult our website:
https://www.correggionet.eu/2018/04/12/poland-pmeg-gas/.

We would like to inform you about the following change in the CorreggioNET system:

As per Law 226/2009 on the functioning of the Statistical Office in Romania, the monthly reporting of the COM-E form is mandatory starting 2022. The monthly COM-E reporting has to evidence transactions with natural gas and / or power in the following way:

For import transactions:

– The country of origin:

• the country of origin of the gas producer
• the neighbouring connection country for power

– The shipping country:

• the country from which the natural gas has been shipped
• the neighbouring connection country for power

For export transactions:

– The country of origin:

• the country of origin of the gas producer
• the neighbouring connection country for power

– The country of destination – for natural gas

– The neighbouring connection country – for power

All the methodological details for filling-in the forms are found in the COM-E forms themselves, which are available in English in CorreggioNET: import form and export form.

The deadline for submitting this for is 10 days after the end of the reference month (the month for which the reporting is performed).

The forms with the statistical information have to be send by e-mail to florentina.dragnea@insse.ro and roxana.maftei@insse.ro both in editable formal as well as signed and scanned.

For more information, please consult our Romania page on the CorreggioNET website

We would like to inform you about the following change in the CorreggioNET system:

As per Law 226/2009 on the functioning of the Statistical Office in Romania, the monthly reporting of the COM-E form is mandatory starting 2022. The monthly COM-E reporting has to evidence transactions with natural gas and / or power in the following way:

For import transactions:

– The country of origin:

• the country of origin of the gas producer
• the neighbouring connection country for power

– The shipping country:

• the country from which the natural gas has been shipped
• the neighbouring connection country for power 

For export transactions:

– The country of origin:

• the country of origin of the gas producer
• the neighbouring connection country for power

– The country of destination – for natural gas

– The neighbouring connection country – for power

All the methodological details for filling-in the forms are found in the COM-E forms themselves, which are available in English in CorreggioNET: import form and export form.

The deadline for submitting this for is 10 days after the end of the reference month (the month for which the reporting is performed).

The forms with the statistical information have to be send by e-mail to florentina.dragnea@insse.ro and roxana.maftei@insse.ro both in editable formal as well as signed and scanned.

For more information, please consult our Romania page on the CorreggioNET website

We would like to inform you about the following development on the Greek electricity market:

Law 4951/2022 and Ministerial Decision ΥΠΕΝ/ΔΗΕ/70248/2434 (Date 06/07/2022) officially establish the imposition of a mechanism regarding the calculation of the wholesale electricity price in the Day Ahead market. The mechanism includes a price cap on the producers’ compensation, determined by a complex mathematical method, a calculation that will be taking place on a monthly basis, based on the data provided by HenEx, the Greek Clearing House. 

Afterwards the Greek NRA, RAE, will be publishing the respective remuneration amounts per source for producers.

The mechanism will in principle apply until 1st June 2023.

More information and caps for July (in Greek): https://www.rae.gr/michanismos/

We are developing CorreggioNET in line with the business needs of our subscribers – therefore we are glad to inform you that we have added Albania (Power) to CorreggioNET.

Full-package CorreggioNET subscribers get automatic access to the new market.

Other subscribers can elect to subscribe to Albania (Power) separately.

If you would like to expand your subscription to include Albania (Power), please send us an e-mail to info@correggionet.eu or l.indries@correggio-consulting.eu and we will be glad to process your request.

We would like to inform you about the following public consultation initiated by ANRE on revising the regulation governing the gas trading license in Romania (link, in Romanian only). The deadline for submitting comments / suggestions is Monday, 27 June.

The proposed amendments are detailed below:

• Extended timeline for considering applications (30 to 60 days) both for ANRE to request further documents from the applicant and for the applicant to deliver them ;  effectively extending the duration of the entire application process
• New requirement for the applicants to submit an affidavit (template is part of the draft) that they have not been shareholders of any license holder in Romania that has defaulted on the power/gas market or breached some of the obligations under the Energy Law.
• The affidavit on the applicants estimated turnover in the first year of trading activities will no longer be required
• Documents attesting that financial resources come from applicant’s shareholders (from loans/agreements) will no longer be accepted as a prof of financial resources.
• New requirement to provide evidence of hiring adequate staff (at least 3 employees tasked in charge of gas trading with at least one of them holding at least 5 years of experience) is to be introduced. An excerpt from the Romanian register of employees is required (there is no guidance provided on any potential equivalents in other countries).

Correggio Consulting is pleased to share with you the June edition of the Gas Storage and Security of Gas Supply Briefing Note concerning upcoming supply support measures and storage obligations across EU, Germany, Austria, Poland, Czechia, Slovakia, Iberia (link).

We would like to inform you about the following development on the Greek electricity market:

Earlier this week, the EU Commission gave the green light to the Greek government’s plan for the application of a new mechanism regarding the calculation of the wholesale electricity price. The mechanism will also include a price cap imposition for each of the four source technologies (hydro, natural gas, RES and lignite).

The draft legislation includes a temporary DayAhead (DA) mechanism with a duration from 1st July 2022- 1st June 2023. According to the mechanism, HEnExClear will withhold part of the producers’ revenues from the DA market, giving them to a dedicated fund for the support of consumers towards the high electricity bills.

More specifically, the mechanism will be as follows:

A) If the clearing price per market time unit in the DA market is lower than or equal with the “administratively” defined price per generation unit zero amount will be withheld.

B) If the clearing price per market time unit in the DA market is higher than the “administratively” defined price per generation unit:

Ba) the remuneration of the producer for each transaction results from multiplying the energy quantity of the transaction and the “administratively” defined price and

Bb) the amount withheld from the producer results from multiplying the energy quantity of the transaction with the difference between the clearing price and the “administratively” defined price per generation.

This  “administratively” defined price per generation is yet to be defined by Ministerial Decisions, following the voting of the Law itself. I expect them early next week, as the mechanism will begin the 1st of July.

CorreggioNET will keep you posted once the Ministerial Decisions are published.

We are developing CorreggioNET in line with the business needs of our subscribers – therefore we are glad to inform you that the Pre-Market Entry Report for Moldova (for the gas sector) is now available to purchase as a PDF file. Please find the table of contents of this report annexed to this email.

If you would like to purchase this report, please send us an e-mail to info@correggionet.eu or l.indries@correggio-consulting.eu and we will be glad to process your request.

For more information, please consult our website.