Joint Associations’ Letter: Call for an urgent expansion of the collateral requirements in energy markets
The objective of this letter is to present the views of EACH, EFET, Eurelectric and Eurogas1 on the proposals by the European Commission – the Delegated Regulation of 21/10/2022 amending the regulatory technical standards laid down in Delegated Regulation (EU) No 153/2013 as regards temporary emergency measures on collateral requirements2 – and the European Securities and Markets Authority (ESMA) – the Draft Technical Standards amending Commission Delegated Regulation (RTS) 153/2013 3 – (henceforth ‘the Authorities’) related to the emergency measures on collateral requirements and in particular their suggestions on bank guarantees and public guarantees.
We, the European Social Partners in the gas sector, Eurogas, representing the employers, and EPSU and industriAll Europe representing the trade unions, acknowledge the importance of the third energy package and the need to create the essential conditions for the emergence of a competitive sector for renewable and low carbon gases.
In light of the current COREPER discussions on the EED draft general approach and in view of the upcoming Energy Council, key stakeholders have gathered to recall the importance of adopting a multitechnology and multi-energy vector approach to decarbonisation across all sectors to be reflected into the entire Fit for 55 package, including the EED.
E.U. – U.S. LNG Industry Joint Statement of Support and Recommendations for the Achievement of the RePowerEU and U.S. – E.U. Energy Security Taskforce U.S. LNG Targets
Following the Russian invasion of Ukraine in February 2022 the European Commission issued a Communication for More Affordable, Secure and Sustainable Energy calling for an additional 50bcm of LNG in 2022 and the complete phase out of Russian natural gas supplies to the EU by 2027.
Eurogas and GIE are firmly committed to ensure an efficient, effective, and just transition. We believe that a mix of gaseous energy and other heating solutions will be needed to ensure the successful and cost-effective decarbonisation of the building sector.
Eurogas recognises the need to ensure that renewable electricity capacities increase to respond to the growing European electricity demand. It is crucial to ensure that the renewable character of electricity and RFNBO is properly demonstrated.
Eurogas welcomes the recent Communication from the European Commission (EC) on Sustainable carbon cycles and intention to develop a legislative framework for the certification of carbon removals by the end of 2022. This recent push for CCUS-dedicated ambitions and policies is a strong indicator of the renewed EU commitment toward CCUS.
Our operators are committed to pursuing and intensifying their contribution to reducing emissions. We understand the need for such a Regulation and support the deployment of an appropriate and cost-effective action plan. We welcome the proposal of the European Commission.
Both the Communication on More Affordable, Sustainable and Secure Energy and the Draft Regulation on Security of Supply make reference to joint purchasing of gaseous fuels: natural gas, LNG and hydrogen. The current combination of high prices in the gas wholesale market and the war in Ukraine have driven political attention on to the issue of gas purchasing.
Eurogas recognises that the current market dynamics emerging from the geopolitical situation requires particular attention. The negative summer/winter spread limits incentives for market participants to put gas into storage and may not provide sufficient incentives for suppliers to factor in possibly security of supply risks.
Gas system operators in joint effort to continue curbing emissions and to support the Global Methane Pledge
Brussels 15.12.21: Eurogas broadly welcomes the Decarbonised Gas Market Package, alandmark in decarbonisation efforts. At the same time the association notes theframework needs fine tuning
Letter to the European Commission following the RED II consultation on implementing rules for voluntary schemes – Union Database
Eurogas, GIE, ENTSOG, EFET, EBA, NGVA Europe, GERG, SEA-LNG and GD4S would like to share their concerns with the proposed RED II implementing rules for for voluntary schemes laying down provisions of the Union Database published for the public consultation on 29 June 2021.