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Brexit

This category contains 40 posts

Brexit update: Ofgem REMIT letter and more documents

The general news around Brexit has been very active in the last few days (for example, see here on the BBC web site). There have also been developments relevant to the energy and commodity trading world since our last post here. Energy market On Tuesday, Ofgem issued this open letter covering contingency arrangements in the … Continue reading

Capacity market suspended in GB

Last Thursday, the European Court of Justice (ECJ) ruled in favour of Tempus Energy, against the European Commission, annulling the Commission’s State aid approval for the UK Capacity Market. As a result the Capacity Market in Great Britain has been suspended. The notice from the UK Department of Business, Energy & Industrial Strategy (BEIS) can … Continue reading

Brexit – Withdrawal Agreement and Commission hard Brexit plan

It has been a busy few days on the Brexit front, with a great deal of activity since our last post here. Withdrawal Agreement The political side of the Brexit discussions has been very busy, with news of a Withdrawal Agreement from both the UK Cabinet and the EU (see for example here on the … Continue reading

Clearing and trading obligation issues – and a Brexit related announcement from ESMA

Last week ESMA issued this statement relating to the upcoming expiry of the temporary carve out provided to certain entities, including those designed as “NFC+” under EMIR, from the clearing obligation under EMIR and resulting trading obligation under MiFID II. Companies in the energy and commodities sector are largely “Non Financial Counterparties” and some are … Continue reading

5 months to Brexit – EMIR announcements, the US joins the fight, UK ETS replacement

In 5 months’ time, the UK will no longer be part of the European Union. With no deal agreed at this stage, many are now preparing for a “hard Brexit” scenario. There have been a few developments since our last post on the topic here. EMIR The UK Government has now published a draft Statutory … Continue reading

New ACER documents reveal more fines and other information – More investigations in China

ACER yesterday issued the follow documents and updates: An updated Questions and Answer document on REMIT (here) An updated list of “accepted EICs”  for use as the delivery point in reports(here) The latest edition of the “REMIT Quarterly” (here) The quarterly reveals several new pieces of information: In particular, it reveals that several smaller fines … Continue reading

Brexit update – Security of supply, MiFID II and more

There has been a great deal of political activity since our last post on Brexit (see here), with the next important summit taking place tomorrow (see here on the Reuters web site). At the same time, there have been several documents and statements released that are relevant for those in energy and commodity trading: Technical … Continue reading

Brexit update: Activity continues but still no certainty

Despite the summer being quiet, the news headlines still continue to be full of material on Brexit, for example this news story on the Sky News web site about EU chief negotiator Michel Barnier not being in favour of the “Chequers” proposal from July (see here). There are also reports that the previously set deadline … Continue reading

Brexit update: REMIT SI announced, and developments on the financial side

There have been a few developments in the Brexit story since our last post here. On the political level, the story continues to dominate the headlines in the UK, with a commitment to continue to negotiate as much as possible (see here on The Guardian web site). The UK’s HM Government Department for Business, Energy … Continue reading

Brexit update – articles and papers

There have been a few more articles relating to Brexit, as seem from  the energy and commodity trading world since our last post on the topic (see here). On the financial side, Simon Lovegrove of Norton Rose Fulbright has published this analysis on the temporary permissions regime drafted by the FCA for the eventuality of … Continue reading