Our Services
From analysing physical and financial regulations to offering strategic advice on corporate structuring and portfolio optimisation, our expertise spans the entire spectrum of energy market intricacies. Whether it is devising market entry strategies, coordinating pan-European registration procedures, or conducting due diligence for asset purchases, we are dedicated to facilitating seamless operations for our clients.
We offer our knowledge and expertise across 4 core areas:
Regulatory compliance and implementation
Legal support and contract negotiation
Technical assistance projects
Regulatory Compliance and Implementation
Energy markets and energy market regulation increasingly shape and impact on how, when and where business is done. A number of EU directives and regulations are in the process of overlaying current business standards and practices. We provide a comprehensive service to assist clients in anticipating and responding to energy regulation at EU and national levels.
Analysis of sector-specific regulation available in the market place from an implementation perspective, utilising the latest market intelligence; identification of concrete impacts of a radical regulatory business overhaul; continuous monitoring of the regulatory environment and client alerts. Bespoke training and assessment on regulatory developments in the energy industry
Overview of relevant sector regulations, including obligations and legislative timelines:
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REMIT; EMIR; MiFID II/ MiFIR; MAD/MAR; Dodd-Frank Act, CBAM, REMIT II
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Other market reforms affecting the energy industry
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Applicable national regimes and business conduct rules
Assessment of the regulatory impact on organisations, corporate strategy, risk management and deal valuation; resulting in a gap-analysis and recommendations for implementation, including:
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Classification of products and analysis of business structure, trading regulatory classification assessment
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Implementation projects with a specific focus on strategy, processes, IT, organisation and change
Legal Support and Contract Negotiation
Our team draws on vast legal experience and provides a range of legal services tailored to suit the needs of each client
Preparation of negotiation packages and standard master agreement templates for counterparties, including manuals for election sheets/schedules, appendices and annexes. We advise on the following spectrum of industry documentation:
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European Federation of Energy Traders ("EFET") General Agreements for Electricity and Gas
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International Swaps and Derivatives Association ("ISDA") Master Agreements
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Cross Product Master Agreements ("CPMA")
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EFET Master Netting Agreements ("MNA")
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Grid Trade Master Agreements ("GTMA")
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Levy Exemption Certificates Agreements ("LECs")
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Guarantee of Origin Transactions
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Power Purchase Agreement (PPA)
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Analysis of deal flow and documentation guidelines; analysis of contractual enforcement in EU countries
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Legal assistance for energy OTC business and support for different products, due diligence and compliance verification services
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Assistance with licensing requirements and procedural steps relating to wholesale trading operations and registration, according to national law
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Advice on contractual arrangements with trading platforms, hub operators, TSOs and brokers
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Analysis of legal risks pertaining to clearing rules: ISDA and EFET Documentation Implications of EMIR Compliance including credit support provisions, clearing issues, key elections, coverage of clearing relationships, confidentiality waivers relating to EMIR's reporting and record keeping obligations
Business Services & Corporate Strategy
We work with senior management to upgrade their commercial strategies in line with market conditions
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Strategic orientation guide and “best practice” solutions to support our clients in formulating and facilitating a cost-effective compliance strategy to adapt to new business and regulatory requirements.
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As new industry regulation becomes more detailed, we develop client-specific audits, action points and guidance on specific areas.
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In-house training sessions and implementation workshops for institutional officials and corporate staff.
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Professional consultancy services on all aspects of trading and risk management of commodities, including:
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Regulatory, credit and operational risk assessment.
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Back office and IT solutions.
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Contractual portfolio management.
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Technical Assistance Projects
We provide high level strategic advice to governments on market development
Republic of Azerbaijan
The project, funded by the Ministry of Energy of Azerbaijan, focuses on developing market regulations aligned with the target model to foster a competitive environment among electricity producers and suppliers. We collaborate closely with Azerbaijani stakeholders on the electricity market unbundling initiative, with particular emphasis on understanding the functioning of the electricity market. Our contributions include sharing insights on various critical topics such as wholesale market efficiencies, deregulation, and the implementation of market reforms in both EU and non-EU contexts. Additionally, we examine the roles of power market operators, power exchanges, and transmission system operators in driving market dynamics. (2024)
USAID C4G, Republic of Moldova
We assist the Moldova State Company Energocom to develop towards wholesale energy market participant in the EU, providing high level strategy advice on corporate reform and basic risk management policies to migrate from a state organization to a commercial enterprise. We give support in energy procurement activities for the Republic of Moldova and assistance to the top Energoatom management and government departments. (Present)
Ukraine
We provided assistance in advising the National Securities and Stock Market Commission (NSSMC) and relevant government bodies in Ukraine to align legislation for modernizing financial and commodity products trading. Our consulting involved assessing the legal framework, particularly in explaining spot and forward trading activities, title transfer, settlement functionalities, and conducting gap analysis for market development. (EU Funded Project, 2018-2019)
European Commission
We provided consulting services to develop and implement a Gas Trading Platform (GTP) for the Turkish Ministry of Energy and Natural Resources, with BOTAŞ as the main beneficiary. Our recommendations covered organizational management, financial management, natural gas supply security, and the establishment of a Turkish natural gas hub, with a focus on capacity building activities. (EU Funded Project, 2015-2017)
European Commission
As a key expert in a comprehensive project, contributed to establishing a gas balancing and wholesale gas market platform, serving as a blueprint for future gas offerings at EPIAS (Turkish Energy Exchange), we provided detailed explanations on the functionalities of physical and financial platforms. Additionally, we conducted training sessions for Turkish gas traders, covering financial regulation application, commodity derivative market operations, and principles of effective risk management in commodity and capital markets. Acting as the main point of contact, we addressed inquiries from the Turkish Ministry of Energy and BOTAŞ regarding Turkey's deregulation of the national gas market. (EU Funded Project, 2013 - 2016)
European Commission
As a consultant supporting the Cyprus Transmission System Operator (TSO) in the consultation process for the Trading and Settlement Rules, we ensured efficient presentation and explanation of the new market rules to relevant stakeholders. Our responsibilities included consulting with all market stakeholders on the specifics of the new Electricity Market Trading and Settlement Rules (TSR) and coordinating their feedback and inputs. This was done with the aim of producing the final draft of the market rules to be adopted by the Ministry of Energy and the Energy Regulatory Authority of Cyprus. (2016)
