Main novelties of Law Decree No. 50/2022 (D.L. Aiuti) on the energy sector

Law Decree 17 May 2022, No. 50 so-called Decreto aiuti (Decree) introduces a set of provisions in the fields of national energy policies, attraction of investments, and permitting procedures. In particular, a number of provisions are aimed at facing the challenges stemming from the Ukraine war both with temporary derogations to the permitting regime (art. 12) and … Read more

THE FUTURE OF THE UK ETS – UK GOVERNMENT PUBLISHED UK ETS CONSULTATION

At the end of March, the UK Government published its long-awaited consultation on the further development of the UK ETS (the “Consultation“), indicating the future capacity and scope of the UK scheme. The UK ETS was launched on 1 January 2021 to replace Great Britain’s participation in the EU ETS after the end of the … Read more

TNFD publishes beta version of Nature-related Risk & Opportunity Management and Disclosure Framework

The Taskforce on Nature-Related Financial Disclosures (TNFD) has published the first draft of its Nature-related Risk & Opportunity Management and Disclosure Framework (TNFD Framework); which, together with subsequent drafts, will be open to feedback from market participants for the next 18 months. The TNFD is aiming to publish a usable framework and set of recommendations … Read more

CBAM NEWS – UPDATE ON THE EU’S CARBON BORDER ADJUSTMENT MECHANISM

Last year, on 14 July 2021, as part of the ‘Fit for 55’ package, the European Commission published its proposed regulation establishing a carbon border adjustment mechanism (CBAM) that would put a carbon price on imports of a targeted selection of products (see here for more). The mechanism is designed to avoid ‘carbon leakage’, in … Read more

REPOWEREU – ENDING THE EU’S DEPENDENCY ON RUSSIAN GAS

On 8 March 2022, in response to Russia’s threat to cut Europe’s gas supplies, the European Commission proposed an outline of the plan to reduce EU demand for Russian gas by two thirds before the end of the year and eliminate dependence on Russian gas well before 2030. By implementing the measures proposed by the … Read more

Herbert Smith Freehills and Transmission Investment examine the construction delay risk of moving to OFTO Build in order to facilitate offshore coordination in transmission

The introduction of coordination between offshore wind generation projects appears to be becoming an imperative to delivering the UK’s aspirations towards Net Zero whilst minimising the impact on affected communities and the environment. However, the current framework for delivery of the offshore transmission network in the UK is not suited to delivering the complexities of … Read more

German energy law violates European law – European Court clarified the term of a vertical integrated undertaking and decided that the federal network agency must become more independent

On 2 September 2021, the European Court decided that the German legislator has not implemented correctly requirements of the EU Electricity Directive and the EU Natural Gas Directive. In particular, the German concept of a vertically integrated undertaking is too narrow. Besides and most notably, the Federal Network Agency must become more independent. BACKGROUND The … Read more

Fit for 55 – EU aims to protect against carbon leakage with a carbon border adjustment mechanism (EU CBAM)

On 14 July 2021, the European Commission (the Commission) published its proposed regulation which would establish a carbon border adjustment mechanism (EU CBAM) (the Regulation), and is intended to come into effect, subject to transitional provisions, from 1 January 2023. The Regulation would require importers of certain goods to purchase a number of electronic certificates, … Read more

The future of lending to the oil and gas sector

Intense, continued focus on sustainability has put pressure on the oil and gas sector to openly demonstrate its efforts to effect change across the environmental, social and governance (ESG) spectrum. The sector is still a  critical one for energy transition, and for ensuring access to energy in developing markets, so it is important that the … Read more