Changes from report parliamentary committee draft to plenary report

Added(a) the contact details of the competent authority of the Member State;

Added(b) the contact details of the relevant transmission system operators of the Member State (if relevant);

Added(c) the contact details of the third party acting on behalf of the Member State (if relevant);

Added(d) the delivery period including the timing of the first possible delivery and the anticipated duration of deliveries;

Added(e) delivery and interconnection points;

Added(f) the gas volume in kWh for each interconnection point;

Added(g) the gas quality.

Added2. The solidarity request shall be sent, simultaneously, to Member States that are potentially able to provide solidarity measures, to the Commission and to the crisis managers designated pursuant to Article 10(1), point (g).

Added3. The Member States receiving a solidarity request shall send a response that indicates the contact details referred to in paragraph 1, points (a), (b) and (c), and the volume that can be supplied to the interconnection points and at the time requested as referred to in paragraph 1, points (d) to (g). The response shall indicate the volume resulting from possible curtailment, or, where strictly indispensable, release of strategic stocks where the volume that can be supplied by voluntary measures is insufficient.

Added4. Solidarity requests shall be submitted at least 72 hours before the indicated delivery time for LNG and at least 24 hours before the indicated delivery time for gas transported by pipeline. The response to solidarity requests shall be effected within 12 hours. The confirmation of receipt and of the volume to be taken by the Member State requesting solidarity shall be effected within four hours of receipt of the solidarity offer.

Added5. The request may be submitted for a period of one day or several days, and the response shall match the requested duration.

Added6. Where there are several Member States providing solidarity and bilateral solidarity arrangements are in place with one or several of them, those arrangements shall prevail between the Member States having agreed bilaterally. The default rules provided for in this Article shall be applicable only in relation to the other Member States providing solidarity.

Added7. The Commission may facilitate the implementation of solidarity agreements, in particular by a template in the form of a secured online platform to enable real-time transmission of requests and offers.

AddedBy 1 July 2025, the Commission shall assess the applicability and efficiency of the LNG solidarity and the feasibility of solidarity involving Member States not directly connected. The Commission shall submit a report on the main findings of that assessment to the European Parliament and to the Council, and shall, if appropriate, propose amendments to the solidarity provisions of this Regulation.’;

Added(15) In Article 14(3), the first subparagraph is replaced by the following:

Added‘After an emergency, the competent authority referred to in paragraph 1 shall, as soon as possible and at the latest six weeks after the lifting of the emergency, provide the Commission with a detailed assessment of the emergency and the effectiveness of the measures implemented, including an assessment of the economic impact of the emergency, the impact on the electricity sector and the assistance provided to or received from, the Union and its Member States. Where relevant, the assessment shall include a detailed description of the circumstances that led to activating the mechanism in Article 13 and the conditions under which the missing gas supplies were received, including the price and financial compensation paid, and – where relevant – the reasons why the solidarity offers were not accepted and /or gas was not supplied. Such assessment shall be made available to the GCG and shall be reflected in the updates of the preventive action plans and the emergency plans.’;

Added(15a) The following articles are inserted:

Added'Article 14a Intra-day volatility management mechanism

Added1. By ... [one month after the entry into force of this Regulation], each trading venue on which energy-related commodity derivatives are traded shall set up, for each energy-related commodity derivative traded on it, an intra-day volatility management mechanism based on an upper and lower price boundary (price boundaries) that defines the prices above and below which orders may not be executed (intra-day volatility management mechanism). Trading venues shall ensure that the intra-day price volatility management mechanism prevents excessive movements of prices within a trading day for energy-related commodity derivatives. When setting up the intra-day volatility management mechanism, trading venues shall also ensure that the implementation of these measures does not prevent the formation of reliable end-of-day closing prices.

Added2. For each energy-related commodity derivative traded on them, trading venues shall establish the applicable calculation method to determine the price boundaries relative to a reference price. The first reference price of the day shall be equal to the price determined upon the opening of the relevant trading session. The subsequent reference prices shall be the last market price observed at regular intervals. In the case of an interruption in trading during the trading day, the first reference price after the interruption shall be the opening price of the resumed trading.

Added3. The price boundaries shall be expressed either in absolute value, or in relative terms in the form of a percentage variation relative to the reference price. Trading venues shall adjust that calculation method to the specificities of each energy-related commodity derivative, the liquidity profile of the market for such derivative and its volatility profile. The trading venue shall inform the competent authority of the method without undue delay.

Added4. Trading venues shall renew the price boundaries at regular intervals during trading hours, based on the reference price.

Added5. Trading venues shall without undue delay make public the features of the intra-day volatility management mechanism they have put in place or whenever they have applied a modification.

Added6. Trading venues shall implement the intra-day volatility management mechanism either by integrating it into their existing circuit breakers already established in accordance with Directive 2014/65/EU or as an additional mechanism thereto.

Added7. Where a trading venue intends to modify the calculation method for the price boundaries applicable to a given energy-related commodity derivative, it shall inform the competent authority of the intended modifications without undue delay.

Added8. Where the information collected by the European Securities and Market Authority (ESMA) in accordance with Article 14b(3) show that further consistency of implementation of the mechanism is needed to ensure more efficient management of excessive price volatility across the Union, the Commission may adopt implementing acts specifying the uniform principles for the implementation of the intra-day volatility management mechanism, taking into account the specificities of each energy-related commodity derivative, the liquidity profile of the market for such derivative and its volatility profile. In particular, in order to ensure the smooth operation of trading venues that offer trading in energy-related commodity derivatives, the Commission may specify the intervals at which the price boundaries will be renewed or the measures to be taken if trading moves outside those price boundaries including provisions to ensure the formation of reliable closing prices. Those implementing acts shall be adopted in accordance with the examination procedure referred to in Article 18a(2).

Added1. Competent authorities shall supervise the implementation of the intra-day volatility management mechanism. Competent authorities shall ensure that divergences in the implementation of the intra-day volatility management mechanisms by trading venues established in their Member States are duly justified by the specificities of the trading venues or energy-related commodity derivative concerned.

Added2. Competent authorities shall ensure that trading venues implement appropriate preliminary mechanisms ensuring that excessive volatility in energy-related commodity derivatives markets is mitigated until the set-up of the intra-day volatility management mechanism as referred to in Article 14a(1).

Added3. Competent authorities shall report to ESMA on the implementation of the intra-day volatility management mechanism by trading venues they supervise within three weeks from the date referred to in Article 14a(1) and at least on a quarterly basis.

Added1. ESMA shall coordinate and monitor the implementation of the intra-day volatility management mechanisms on the basis of reports submitted to it by the competent authorities in accordance with Article 14b(3).

Added2. ESMA shall document any divergences in the implementation of the intra-day volatility management mechanisms across jurisdictions in the Union based on the reports from competent authorities. By 30 June 2023 and periodically thereafter, ESMA shall submit a report to the Commission evaluating the efficiency of the intra day volatility management mechanisms. On the basis of that report, the Commission shall consider whether to submit a legislative proposal for the amendment of this Regulation to the Council.’;

Added(15b) In Article 17a, the following paragraph is added:

Added'2. The Commission shall, when it submits its report pursuant to paragraph 1, by 28 February 2025, include a general assessment of the application of Articles 6a to 6d, Article 7(1) and (4)(g), Article 16(3), Article 17a, Article 18a, Article 20(4), and Annexes Ia and Ib. The report shall be accompanied, if appropriate, by a legislative proposal.';

Added(16) Article 19 is amended as follows:

Added(a) the first sentence of paragraph 2 is replaced by the following:

Added‘The power to adopt delegated acts referred to in Article 3(8), Article 7(5), Article 8(5) and Article 8a(2) shall be conferred on the Commission for a period of five years from [the date of adoption of the amendments].’;

Added(b) the first sentence of paragraph 3 is replaced by the following:

Added‘3. The delegation of power referred to in Article 3(8), Article 7(5), Article 8(5) and Article 8a(2) may be revoked at any time by the European Parliament or by the Council.’;

Added(c) the first sentence of paragraph 6 is replaced by the following:

Added‘6. A delegated act adopted pursuant to Article 3(8), Article 7(5), Article 8(5) and Article 8a(2) shall enter into force only if no objection has been expressed either by the European Parliament or the Council within a period of two months of notification of that act to the European Parliament and the Council or if, before the expiry of that period, the European Parliament and the Council have both informed the Commission that they will not object.’;

Added(16a) In Article 22, paragraph 4 is deleted;

Added(17) Annex VI is amended as follows:

Added(a) in section 5(a), second subparagraph, the following indent is inserted after the second indent ‘Measures to diversify gas routes and sources of supply,’

Added‘- Measures to prevent capacity hoarding;’;

Added(b) in section 11.3, point (a), second subparagraph, the following indent is inserted after the second indent ‘Measures to diversify gas routes and sources of supply,’;

Added‘- Measures to prevent capacity hoarding,’;

Added(17a) The following Annexes are inserted:

Added‘ANNEX VIIIa

Added(1) The figures in Annex I, parts (a) and (b), are based on data from the winter adequacy assessment pursuant to Article 9 of Regulation (EU) 2019/941 by the European Network of Transmission System Operators for Electricity (ENTSO-E), except for Malta for which the electricity generation relies exclusively on LNG deliveries with no significant storage capacities. Given the specificity of the low-calorific gas, the values for the Netherlands in this table should be multiplied with a conversion factor of 37,89 divided by 35,17. Annex I, part (a), represents the individual monthly volumes calculated by ENTSO-E for the months December 2022 to March 2023; the figures in Annex I, part (b), for the months April 2023 to December 2023 represent the average of the values in the period between December 2022 and March 2023.

AddedSecurity of supply critical infrastructure pursuant to Article 13a(2), point (d)

AddedInfrastructures and facilities for generation and transmission of electricity in respect of supply electricity

AddedOil production, refining, treatment, storage and transmission by pipelines

AddedGas production, refining, treatment, storage and transmission by pipelines

AddedLNG terminals

AddedII Transport

Added’;

Added(18) The text set out in Annex II to this Regulation is added as Annex IX to Regulation (EU) 2017/1938.

AddedRegulation (EC) No 715/2009 is repealed. References made to the repealed Regulation shall be construed as references to this Regulation and shall be read in accordance with the correlation table in Annex II.

AddedThis Regulation shall enter into force on the twentieth day following that of its publication in the Official Journal of the European Union.

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