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Compensations for energy prices in Slovakia
On 21 February 2023, the Ministry of Economy of the Slovak Republic (“the Ministry”) published a call for the submission of applications for a subsidy to cover additional costs due to the increase in gas and electricity prices (“the Call”). The aim of the Call is to compensate qualifying companies and natural persons (entrepreneurs) for excessive energy prices from January to March 2023. In this article, we present an overview of the key information. Basis The Call was published in accordance with the state aid scheme approved by the European Commission under No. SA. 104846 under the State aid Temporary Crisis Framework (“the Scheme”). The Ministry has allocated a total amount of EUR 279,820,623
Compensations for energy prices in Slovakia
On 1 December 2022, the Ministry of Economy of the Slovak Republic (“the Ministry”) published a call for the submission of applications for the provision of a subsidy to cover additional costs due to the increase in gas and electricity prices (“the Call”). The aim of the Call is to compensate qualifying companies and natural persons (entrepreneurs) for excessive energy prices in August and September 2022. In this article, we present an overview of the related key information. 1 Basis The Call was published in accordance with the state aid scheme approved by the European Commission under No. SA. 104846 under the State aid Temporary Crisis Framework (“the Scheme”). The Ministry
Žurić i Partneri (ŽiP) Kinstellar assists the European Commission Directorate General for Energy (DG ENER) in the transposition process of Directive 2018/2001
ŽiP Kinstellar — together with Grimaldi Studio Legale as the lead law firm and the Grimaldi Alliance network of highly skilled national experts from law firms Collegium Bitai & Partners, Dimitrov, Petrov & Co., Drakopoulos, Kirm Perpar, Wardynski & Partners and Vojčík & Partners, s.r.o. — is assisting the European Commission Directorate General for Energy (DG ENER) in reviewing the transposition status and conformity of the RED II Directive into Member States’ legal systems. In particular, ŽiP Kinstellar is verifying the transposition and conformity of the RED II Directive into Croatia’s legal framework. RED II is part of the EU's ambitious 2030 climate plan, which includes renewable
Kinstellar and Gen Temizer Özer advise Torunlar Group on the acquisition of a 50% stake in AKCEZ—a joint venture between ČEZ Group and Akkök Group in Turkey
Kinstellar and Gen Temizer Özer are delighted to have supported Başkent Doğalgaz Dağıtım Gayrimenkul Yatırım Ortaklığı A.Ş., the second-largest gas distributor in Turkey and publicly listed on the Istanbul stock exchange, and Torunlar Enerji Sanayi ve Ticaret A.Ş., a Turkish investment holding company and the majority owner of Başkentgaz, on the acquisition of a 50% stake in AKCEZ Enerji A.Ş. (AKCEZ) from ČEZ Group, which following final closure of the deal will exit its existing joint venture with Akkök Group. The transaction is subject to, inter alia, approval by the Turkish antitrust authority and local energy regulator. AKCEZ—a joint venture of ČEZ Group and the Akkök Group—owns the
Kinstellar contributes to the Clean Energy Tool launched by Simmons & Simmons
Kinstellar is honoured and delighted to have contributed, as exclusive authors, to the Czech, Hungarian and Kazakhstan sections of the Clean Energy Tool launched by international law firm Simmons & Simmons. The Clean Energy Tool provides reliable, consistent and easy-to-manage information to support investments in clean energy projects around the world. It gives investors online access to important legal and regulatory information concerning renewable energy projects. The tool is constantly expanding and already covers 44 jurisdictions. Information is developed in collaboration with premiere local counsel selected by Simmons & Simmons from across Africa, Asia, Europe, Latin America, Australia and the Middle East.
Long term renewable power purchase agreements with renewable energy generators
The sale of the generated electricity by renewable energy generators through market-based long-term power purchase agreements (PPAs) is a fairly new phenomenon in the Hungarian electricity market. Whilst PPAs have already been concluded between conventional power plants and off-takers in the past, the interest towards renewable PPAs has only started to increase recently, primarily for the following reasons: Firstly, over the last few years the economics of renewable energy generation has substantially improved, and renewable energy generation has become more and more competitive with conventional forms of power generation. Secondly, the governments started to gradually phase out many of the formerly existing “old school”
Kinstellar advises MVM Group on the acquisition of a direct stake in two leading energy utility construction companies in Serbia
Kinstellar is proud to have advised MVM Group, one of the leading regional energy groups, on entering into a share purchase agreement with the Serbian Maneks Group in connection with the acquisition of a 33.4% stake in Energotehnika Južna Bačka and Elektromontaža Kraljevo, two leading Serbian utility construction companies. The acquisition enhances MVM Group’s ability to increase its presence in Serbia and in the western Balkan region, in line with its regional expansion strategy. The transaction is expected to close in the second quarter of 2022. The Kinstellar team was led by Branislav Marić, Managing Partner of our Belgrade office, with the support of Andreja Vražalić and Nikola Stojiljković (Managing
Romanian energy regulator adopts rules for setting fines applied as a percentage of turnover
Further to the transposition into Romanian law of the Internal Market in Electricity Directive (EU) 2019/944 in December 2021 (that we previously wrote about here), the Romanian Energy Regulatory Authority (“ANRE”) has recently adopted Order no. 12/2022 for the approval of the procedure on the method of setting administrative sanctions as a percentage of turnover following control activities (“Order no. 12/2022”) and Order no. 13/2022 for the approval of the procedure on the method of setting administrative sanctions as a percentage of turnover following investigation activities (“Order no. 13/2022”) (together the “Orders”). The Orders should provide more predictability to energy market participants as to
The REPowerEU Plan: European Commission’s Communication for a Joint European Action for more affordable, secure and sustainable energy and what it means for Romania
The European Commission published, on 8 March 2022, its REPowerEU Communication addressed to the European Parliament, the European Council, the Council, the European Economic and Social Committee and the Committee of the Regions on Joint European Action for more affordable, secure and sustainable energy (the “Communication”). Context and aim of the Communication The Communication outlines the need for a REPowerEU plan meant to address the EU’s need for energy independence, given the current geo-political context. The Commission declares itself ready to implement the plan by this summer, in cooperation with the Member States. Against this background, the Communication highlights the upmost importance
Good news for renewable energy producers following amendments to the Romanian Energy Law
On 31 December 2021, Government Emergency Ordinance no. 143/2021 amending the Romanian Energy Law no. 123/2012 (the “Energy Law”) and other normative acts was published in the Official Gazette (“GEO no. 143/2021”) and entered into force. GEO no. 143/2021 represents a significant redrafting of some of the principles and provisions of the Energy Law and was mainly intended to transpose under local law Directive (EU) 2019/944 on common rules for the internal market for electricity and amending Directive 20212/27/EU (“Directive 2019/944”), which should have been transposed by 31 December 2020. Among the most anticipated changes to the Energy Law is the repeal of the restrictions for electricity producers to conclude
Business Decarbonisation Dialogue
The British Embassy Kyiv, the Office of National Investment Council, and Kinstellar are announcing an open dialogue to discuss rapid and early reductions in emissions. Business Decarbonisation Dialogue - hybrid event Date: 15 December 2021Time: 2 pm - 6 pm EET (registration starts at 1.30 pm EET)Where: Unit.City and online Participants will learn more and talk about balanced and sustainable development, best practices to accelerate the transition to zero carbon, and develop replicable net zero approaches in business and beyond. Olena Kuchynska, Co-Managing Partner in Kyiv, will moderate a panel session on energy. It will be a hybrid event (at Unit.City and online), followed by networking opportunities.
Kinstellar advises the joint-lead managers on the USD 700 million debut Eurobond of Uzbekneftegaz
Kinstellar is pleased to announce that our team in Taskent has advised the joint-lead managers—Bank GPB, Citi, J.P. Morgan and MUFG—on the debut USD-denominated Eurobond, with a tenor of seven years, of the Uzbek state-owned oil and gas producer Uzbekneftegaz. The proceeds will be used by Uzbekneftegaz to refinance existing indebtedness and for several proposed large-scale investment projects in the country. The Kinstellar team was led by Joel Benjamin (Partner) and Muborak Kambarova (Counsel), with assistance of Associates Iroda Sadikova, Kamilla Ubaydullaeva and Legal Assistant Sabina Sharipova.