Aecoute° advises clients on the preparation of contracts for direct supply, other direct marketing, market premium marketing and contracts for the marketing of unsubsidised capacity via long-term PPAs, both physical and virtual. We advise on access to exchanges and over-the-counter trading centres and on the drafting of framework agreements for electricity, gas, guarantees of origin, EUAs and other energy derivatives. Our advice covers financial and physical trading, including the associated regulatory requirements under European law (MiFID II, MAR, EMIR) and the implementing legislation in Germany (KWG, WpHG, WpIG). We also advise on national and European emissions trading. European emissions trading is well established; national emissions trading is not yet market-based, and trading is constantly evolving as it moves from the start-up phase to the auctioning phase.
Specifically, we provide consultation in the following focus areas:
Drafting contracts
We advise on the drafting of standard templates for ISDA, EFET, MNA, CSA, EMIR, RMTA including appendices for trading in guarantees of origin and EUA/EUAA as well as nEHS certificates. The drafting of contracts also raises the question of which parts are subject to supervision and which are not. Again, we advise on the regulatory requirements of MiFID II, EMIR, MAR and KWG, WpHG, WpIG
- Standard templates (ISDA, EFET, MNA, CSA, EMIR RMTA)
- Appendices for trading with guarantees of origin
- Regulatory / non regulatory agreements
- Regulatory requirements (MiFID II, EMIR, MAR and KWG, WpHG, WpIG)
Direct Marketing
We advise on all three forms of direct marketing: subsidised direct marketing under the EEG, direct supply in a geographical context and direct marketing without subsidies in the form of other direct marketing (also known as PPA). We assist operators, purchasers, intermediaries and traders in the design of master templates and in the negotiation and selection of the possible forms of marketing.
- Subsidised direct marketing / EEG
- Direct supply in a geographical context
- Non-subsidised direct marketing / PPA
- Design of master templates
- Negotiation and selection of possible marketing forms
PPA
PPAs refer to other forms of direct marketing, whether under the EEG or completely outside the EEG. Sometimes direct supply is also referred to as such on the market. We advise operators or purchasers, intermediaries and wholesalers on the selection of appropriate contracts and also combine different contract forms for our clients, from purely financial/virtual to physical via a direct line from producer to consumer.
- EEG
- Operators or buyers, intermediaries and wholesalers
- Financial/virtual and physical
Pricing and price escalation clauses
Prices and government-imposed levies and surcharges are closely intertwined. Do they apply in certain structures and how are they allocated? We advise clients on a structure that avoids contact with the grid, so that fees and grid-side levies and charges are not incurred. We assess whether there are opportunities to implement a project without electricity tax. If there are government charges, there may be privileges that we can take advantage of. Finally, the burdens must be allocated contractually. We assist our clients in drafting and negotiating contracts.
- Avoiding grid fees and charges
- Privileges
- Drafting and negotiating contracts
Guarantees of origin
We advise on all issues relating to national and European regulations for guarantees of origin. We advise on the procurement and sale of guarantees of origin through wholesale contracts, both financial and physical. We assist with hedging transactions and regulatory issues relating to registration, transfer, issuance, recognition and cancellation.
- National and European regulations
- Procurement and sale of guarantees of origin, financial and physical
- Hedging transactions
- Regulatory issues (registration, transfer, issuance, recognition, cancellation)
BEHG / TEHG
We advise on all issues relating to national and European emissions trading, the purchase and sale of EUAs/EUAA via wholesale contracts, both financially and physically. We assist with hedging transactions and regulatory issues relating to the purchase, trading and sale of nEHS and EUA/EUAA.
- National and European Emissions Trading
- Hedging transactions
- Purchase, trade and sale of nEHS and EUA/EUAA
Contact persons
If you have any questions about Energy trading , please contact:
