On behalf of the Joint Energy Associations Group (JEAG)
JEAG, composed of BDEW, EFET, Eurelectric, Eurogas, and IOGP, supports the changes proposed by all three EU co-legislators regarding the EMIR 3 proposal. These changes appropriately address the challenges faced by energy market participants during the 2022 energy crisis, ensuring a secure, affordable, and sustainable energy supply, and will contribute to fostering transparent and safe European financial markets.
Key points:
- We fully support the proposals of all three EU co-legislators to install a new calculation methodology for the clearing threshold for non-financial counterparties (NFCs). We urge its immediate application without any delay as this is essential to develop competitive and liquid energy markets and support the energy transition.
- We fully support the further changes proposed by all three EU co-legislators relevant to NFCs, particularly to guarantee the transparency of margin calls, the use of uncollateralised bank guarantees as eligible collateral, and the direct access of NFCs to central clearing.
- We welcome the retention of the exemption for NFCs from intra-group reporting as proposed by the European Parliament and the Council.