The document discusses the development of gas hubs in Europe according to EU regulations aiming to integrate the European gas market. It covers the EU's gas target model of entry-exit systems and virtual trading points, the need for wholesale gas markets and network codes, and defines key concepts like natural gas hubs and virtual trading points. The presentation then focuses on Spain's gas market and the proposal for an Iberian gas hub, outlining its potential legal framework.
Presentación que tuvo lugar en el Seminario "El funcionamiento de los mercados mayoristas y minoristas del gas y la electricidad a nivel europeo", organizado conjuntamente por Funseam y Aelec. 09/19
Presentación que tuvo lugar en el Seminario "El funcionamiento de los mercados mayoristas y minoristas del gas y la electricidad a nivel europeo", organizado conjuntamente por Funseam y Aelec. 09/19
Blue Corridor NGV Rally 2013 - EU Action on Natural Gas and BiomethaneBlueCorridorRally
Gazprom Germania hosted a roundtable discussion on the use of natural gas for transportation in Hamburg, Germany.
This presentation was a part of this roundtable and given by Antonio Tricas-Aizpun regarding the development and growth of the natural gas vehicle industry within the European Union.
European Union is willing to acheive its internal market for gas as soon as 2014. It comes as a logical conclusion in the implementation of the third energy package. However this package does not give a comprehensive vision of what could be or should be its gas internal market. Florence School of Regulation is providing a basic market design for this: it is the FSR Gas Target Model. This Target Model has been largely discussed by the Europen association of energy regulators (CEER) as well as the European agency for energy regulation (ACER).
Internal electricity market (dir 2009/72/EC) and progress reports on internal...Leonardo ENERGY
The third package of energy liberalization has set up the milestone of completion of internal energy market (IEM) by year 2014, for both gas and electricity. In order to do so, targets were established and rules and process specified in order to achieve the targets. The lecture will explore the definition, meaning, content and perspectives of the internal energy market target for the power sector, focusing on the requirements set up by directive 2009/72/EC and on the monitoring activity to fulfil it.
Leadership is a contingent; contextual; and political henomenon. It involves, inter alia, working with power, culture, mental models, various interests.
Attorney Christopher Stender has practiced law for more than two decades. His work focuses primarily on immigration law. As such, Christopher Stender maintains membership with related organizations, including the State Bar of Arizona Immigration Section and American Immigration Lawyers Association.
California immigration attorney Christopher Stender earned his juris doctor at Syracuse University College of Law in 1990. Since that time, he has dedicated his career to representing citizen and non-citizen clients in U.S. immigration and naturalization matters.
Fluent in German and Spanish, immigration attorney Christopher Stender currently handles a variety of immigration cases at his law firm, Stender and Associates, PC, in San Diego, California. To stay at the forefront of his field, immigration attorney Christopher Stender remains updated on immigration developments and legislation in California.
Leadership And Cooperation In Academia. Reflecting on the Roles and Responsib...Orkestra
Leadership and Cooperation in Academia focuses on the place and the role of universities in different societies, including their influence on the socio-economic development of those societies.
Across the world academic institutions are being questioned by their stakeholders and pressured to change. Answering these questions requires that academics and professional managers in universities think about their work, its value and organisation. The book highlights the need for space and stimulus to reflect on the responsibilities, roles and expectations that they identify for themselves, and that others place upon them – then, they might be better able to understand and to act. Similarly, policymakers and higher education commentators need the space and stimulus to reflect on the role of universities. This book will provide this space and an invaluable contribution to the stimulus.
This innovative volume will be enriching to academics and professional managers who are interested in leading, managing and contributing in an academic environment. Policymakers and higher education commentators concerned with the development and impacts of universities will also find plenty of insightful information in this timely study.
Christopher Stender is an immigration attorney who is fluent in both Spanish and German. With more than a decade of experience practicing immigration law, he has successfully argued numerous cases on behalf of clients facing deportation before the Board of Immigration Appeals and the 9th Circuit Court of Appeals. In his spare time, Christopher Stender has donated his time or financial support to several charities including Homeless Outreach, Cesar Chavez School Mission, and the Florence Immigrant & Refugee Rights Project (FIRRP).
Christopher Stender is an immigration attorney with more than two decades of experience practicing immigration law. In conjunction with his everyday immigration law practice, Christopher Stender is also an active member of the American Immigration Lawyers Association.
Blue Corridor NGV Rally 2013 - EU Action on Natural Gas and BiomethaneBlueCorridorRally
Gazprom Germania hosted a roundtable discussion on the use of natural gas for transportation in Hamburg, Germany.
This presentation was a part of this roundtable and given by Antonio Tricas-Aizpun regarding the development and growth of the natural gas vehicle industry within the European Union.
European Union is willing to acheive its internal market for gas as soon as 2014. It comes as a logical conclusion in the implementation of the third energy package. However this package does not give a comprehensive vision of what could be or should be its gas internal market. Florence School of Regulation is providing a basic market design for this: it is the FSR Gas Target Model. This Target Model has been largely discussed by the Europen association of energy regulators (CEER) as well as the European agency for energy regulation (ACER).
Internal electricity market (dir 2009/72/EC) and progress reports on internal...Leonardo ENERGY
The third package of energy liberalization has set up the milestone of completion of internal energy market (IEM) by year 2014, for both gas and electricity. In order to do so, targets were established and rules and process specified in order to achieve the targets. The lecture will explore the definition, meaning, content and perspectives of the internal energy market target for the power sector, focusing on the requirements set up by directive 2009/72/EC and on the monitoring activity to fulfil it.
Leadership is a contingent; contextual; and political henomenon. It involves, inter alia, working with power, culture, mental models, various interests.
Attorney Christopher Stender has practiced law for more than two decades. His work focuses primarily on immigration law. As such, Christopher Stender maintains membership with related organizations, including the State Bar of Arizona Immigration Section and American Immigration Lawyers Association.
California immigration attorney Christopher Stender earned his juris doctor at Syracuse University College of Law in 1990. Since that time, he has dedicated his career to representing citizen and non-citizen clients in U.S. immigration and naturalization matters.
Fluent in German and Spanish, immigration attorney Christopher Stender currently handles a variety of immigration cases at his law firm, Stender and Associates, PC, in San Diego, California. To stay at the forefront of his field, immigration attorney Christopher Stender remains updated on immigration developments and legislation in California.
Leadership And Cooperation In Academia. Reflecting on the Roles and Responsib...Orkestra
Leadership and Cooperation in Academia focuses on the place and the role of universities in different societies, including their influence on the socio-economic development of those societies.
Across the world academic institutions are being questioned by their stakeholders and pressured to change. Answering these questions requires that academics and professional managers in universities think about their work, its value and organisation. The book highlights the need for space and stimulus to reflect on the responsibilities, roles and expectations that they identify for themselves, and that others place upon them – then, they might be better able to understand and to act. Similarly, policymakers and higher education commentators need the space and stimulus to reflect on the role of universities. This book will provide this space and an invaluable contribution to the stimulus.
This innovative volume will be enriching to academics and professional managers who are interested in leading, managing and contributing in an academic environment. Policymakers and higher education commentators concerned with the development and impacts of universities will also find plenty of insightful information in this timely study.
Christopher Stender is an immigration attorney who is fluent in both Spanish and German. With more than a decade of experience practicing immigration law, he has successfully argued numerous cases on behalf of clients facing deportation before the Board of Immigration Appeals and the 9th Circuit Court of Appeals. In his spare time, Christopher Stender has donated his time or financial support to several charities including Homeless Outreach, Cesar Chavez School Mission, and the Florence Immigrant & Refugee Rights Project (FIRRP).
Christopher Stender is an immigration attorney with more than two decades of experience practicing immigration law. In conjunction with his everyday immigration law practice, Christopher Stender is also an active member of the American Immigration Lawyers Association.
Presentation by researchers Henar Alcalde and M. Davide Parrilli at the European Academy of Management Annual Conference, Valencia (Spain) 4-7 June 2014
Immigration attorney Christopher Stender received his JD degree from Syracuse University School of Law in New York before becoming a partner attorney at a southern California law firm. Concentrating his law practice in immigration and deportation matters, Christopher Stender is fluent in Spanish and German. He studied abroad in Wuerzburg, Germany while earning his undergraduate degree from the University of Buffalo.
Christopher Stender has been working in immigration law as an attorney since 1990, and is on the list of pro bono lawyers at the United States Department of Justice. One of Christopher Stender’s cases as an immigration attorney involved Lawrence Eneh, a native of Nigeria.
Alternative fuels for sustainable mobility in Europe: Directive 2014/94/EULeonardo ENERGY
On 24th January 2013, the European Commission proposed an ambitious set of measures, known as the “Clean Power for Transport package”, to solve the chicken-or-egg problem hampering the market uptake of clean (and in particular electric) vehicles in Europe.
The initiative aimed at ensuring the necessary build-up of alternative fuel stations across Europe with common standards for their design and use and included a proposal for a Directive on the deployment of alternative fuels recharging and refuelling infrastructure.
After extensive inter-institutional negotiations between the Commission, the Council and the European Parliament, the Directive was finally adopted on 29th September 2014. It requires Member States to develop national policy frameworks for the market development of clean vehicles, foresees the use of common technical specifications for recharging and refuelling stations and requests the setting up of consumer information on alternative fuels.
Auctioning of emission allowances under the EU ETSLeonardo ENERGY
The European Union’s Emissions Trading Scheme (EU ETS) is designed to reduce greenhouse gas emissions in Europe in a cost-effective manner. It is based on the cap-and-trade approach where a carbon market is created on which emission allowances are auctioned. Although today auctioning does not cover the totality of the emission allowances in the EU, it represents the main allocation principle.
To create the carbon market and allow auctioning to happen, the European legislators have put in place a system classically involving an auction platform, a monitoring, reporting and verification system, as well as rules regarding transparency and market abuse.
This system results in a carbon price which is key to the current structure of the EU climate and energy policy and is a matter of interest for a series of stakeholders.
The course will look into the structure and functioning of auctioning under the EU ETS and bring some practical perspectives based on experience before reflecting on the expected evolution of the system.
Development of India's Carbon Credit Market.pptxmsounak95
Provides an overview of the development of Carbon Markets since Kyoto Protocol with a special focus on the compliance markets. It also explores the various global ETS instruments currently operational and its impact on the economy and corporates. It also examines the regulatory development of India's Carbon Credit Trading Scheme and provides critical analysis of various provisions.
Overview of the state and trend of carbon market developmentUNFCCC
This presentation was delivered by UNFCCC Director John Kilani at the Asia Development Bank's session on linking emission trading systems, held directly before the Carbon Forum Asia 2013 in Bangkok, Thailand.
Sharpen existing tools or get a new toolbox? Contemporary cluster initiatives...Orkestra
UIIN Conference, Madrid, 27-29 May 2024
James Wilson, Orkestra and Deusto Business School
Emily Wise, Lund University
Madeline Smith, The Glasgow School of Art
El 24 de noviembre se celebró en el Kursaal la conferencia del Informe de Competitividad de 2021. A continuación se muestra la presentación utilizada durante el evento.
PLAYING THE LONG GAME: Experimenting Smart Specialisation in the Basque CountryOrkestra
Power Point presentation related to the main conclusions of the publication PLAYING THE LONG GAME: Experimenting Smart Specialisation in the Basque Country written by Edurne Magro, James Wilson, Mari Jose Aranguren, Mikel Navarro and Kevin Morgan. The work analyses the implementation of the Smart Specialisation Strategy RIS3 in The Basque Country. It focuses on the changes that had taken place since 2016 in (i) the actors involved, (ii) the activities underlying the strategy & (iii) the evaluation mechanisms.
Agustín Zubillaga, coordinador del lab de Economía Digital, habla sobre la transición digital partiendo de los aprendizajes y las reflexiones compartidas sobre las tendencias en digitalización. La tribuna parte de los principales resultados del Informe Economía y Sociedad Digitales en el País Vasco realizado por Orkestra partiendo del Índice Europeo en Digitalización (DESI). Fue publicado en la edición País Vasco de elEconomista.
En Bizkaia, la empresa industrial vasca goza de una buena salud financieraOrkestra
Las firmas guipuzcoanas y alavesas presentan menor riesgo de crédito que las vizcainas debido a su mayor economía y capacidad financiera publica Deia el 16 de febrero de 2020. Se trata de los resultados del último proyecto sobre financiación empresarial de Orkestra realizado en colaboración con el Instituto Vasco de Finanzas.
En Álava la empresa industrial vasca goza de una buena salud financieraOrkestra
Las firmas alavesas y guipuzcoanas presentan un menor riesgo de crédito que las vizcaínas debido a su mayor autonomía y capacidad financiera. Noticia publicada en Noticias de Álava el 16 de febrero dentro del proyecto sobre financiación empresarial promovido por Orkestra con la colaboración del Instituto Vasco de Finanzas.
Las empresas industriales vascas gozan de una buena salud financiera y tienen...Orkestra
Las firmas guipuzcoanas y alavesas presentan un menor riesgo de crédito que las vizcaínas debido a su mayor autonomía y capacidad financiera. Artículo publicado en Noticias de Gipuzkoa el 16 de febrero y que hace referencia a la última publicación del proyecto sobre financiación empresarial que se realiza con la financiación del Instituto Vasco de Finanzas.
Asko hitzegiten da trantsizio energetikoari buruz. Aldaketa klimatikoak norabide berri bat eskatzen du energia sare, iturri eta kontsumoari dagokionez. Nola egin aurre honi, nola ekidin pobrezia energetikoan bizi direnak are pobreago izatea. Macarena Larrea, orkestrako energia arloko aditua da, Berriako erreportai honetan trantsizioan pobrezia energetikoari dagokionez kontutan hartu beharrekoen inguruan hitzegiten du.
Colaboración y resiliencia ante el nuevo contexto competitivoOrkestra
Susana Franco, investigadora de Orkestra, aborda el DAFO de la competitividad partiendo del Informe de Competitividad del País Vasco 2019. En el artículo de opinión escrito para la Guía de Innovación de Estrategia Empresarial e Innobasque, señala aquellos aspectos a trabajar desde el punto de vista de resiliencia y colaboración a fin de poder hacer frente a los retos futuros.
Mari Jose Aranguren aboga por más cooperación que nunca en su artículo de opinión publicado en El Correo el 31 de diciembre de 2019. Aquí señala cuál es el contexto socioeconómico vasco actual y cómo nos tenemos que preparar ante los retos futuros en materia de envejecimiento, digitalización y transición energética entre otros aspectos.
Las pymes desaprovechan el comercio electrónicoOrkestra
Cinco Días cubre en un extenso reportaje las principales conclusiones del informe sobre el estado de la digitalización en Euskadi, "Economía y sociedad digitales en el País Vasco" (DESI 2018)
Euskadi ya tiene 16.000 empresas exportadoras, el doble que hace 10 añosOrkestra
El ‘Informe de Competitividad del País Vasco 2018’, elaborado por Orkestra –Instituto Vasco de Competitividad– destaca, como un rasgo notable, que a pesar de la recuperación de la demanda interna española a partir de 2017 "las empresas vascas no se hayan concentrado en el mercado español y hayan mostrado un comportamiento exportador tan positivo". El colectivo exportador vasco supone más del 22% de las empresas con asalariados y concentra alrededor de un 9% de las exportaciones totales españolas.
La mitad de los vascos que trabajan ahora estarán jubilados en 2030Orkestra
¿Cómo hacer frente a ese envejecimiento de la población y a la falta de relevo generacional?El Informe de Competitividad del País Vasco 2019 recoge los claroscuros del envejecimiento de la población dese el punto de vista de la necesidad creciente de atracción del talento a las oportunidades que ofrecerá la economía plateada. Diario Vasco lo recoge en este amplio reportaje.
Accede a la presentación del Informe de Competitividad del País Vasco 2019. Allí encontrarás los principales puntos tratados a lo largo de la Conferencia de Competitividad en lo que respecta al Diagnóstico y al cuaderno de competencias. Ikus ezazu Lehiakortasunerako txostenari buruz egindako aurkezpena. Bertan aurkituko dituzu zeintzuk diren gure erronkak.
Redes inteligentes para la transición energética. Iván Martén, presidente de ...Orkestra
Las redes inteligentes son una fuente de oportunidad desde el punto de vista de la competitividad del País Vasco. Su desarrollo no supondrá sólo la mejora de la eficiencia en términos económicos, sino que también desde el punto de vista del bienestar, las redes inteligentes contribuirán a disminuir los efectos medioambientales y a que el consumidor tome un papel activo a la hora de gestionar su energía. Orkestra, Tecnalia y el Ente Vasco de la Energía (EVE) celebran el 2 y 3 de octubre las jornadas JIEEC sobre redes inteligentes/smartgrids. Este es el discurso de apertura de Iván Martén, presidente de Orkestra.
Las empresas de Gipuzkoa son las que mayor rentabilidad tienen de la CAVOrkestra
Las empresas de Gipuzkoa se muestran más rentables en comparación con otros territorios como Bizkaia o Álava. Se trata de uno de los principales resultados del Observatorio Económico Financiero de la Empresa Vasca que Orkestra realiza, en colaboración con el Instituto Vasco de Finanzas. Las conclusiones y recomendaciones sobre este trabajo se recogen en este artículo de Noticias de Gipuzkoa publicado el 14 de julio de 2019.
La rentabilidad de las empresas alavesas coincide con la media de las firmas ...Orkestra
Las empresas alavesas se situan entre las guipuzcoanas y las vizcaínas en lo que respecta a su rentabilidad. Esta es una de las conclusiones del Observatorio Económico Financiero de la Empresa Vasca, que Orkestra realiza junto con la colaboración del Instituto Vasco de Finanzas. El artículo publicado en Noticias de Álava recoge la situación de las empresas alavesas y las compara según su tamaño.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Abhay Bhutada Leads Poonawalla Fincorp To Record Low NPA And Unprecedented Gr...Vighnesh Shashtri
Under the leadership of Abhay Bhutada, Poonawalla Fincorp has achieved record-low Non-Performing Assets (NPA) and witnessed unprecedented growth. Bhutada's strategic vision and effective management have significantly enhanced the company's financial health, showcasing a robust performance in the financial sector. This achievement underscores the company's resilience and ability to thrive in a competitive market, setting a new benchmark for operational excellence in the industry.
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Webinar Exploring DORA for Fintechs - Simont Braun
Legal Aspects for the Development of Iberian Gas Hub-José Mª Martínez Valverde
1. Seminar
"INSTITUTIONAL AND ORGANIZATIONAL DESIGNS OF THE GAS
HUBS IN EUROPE: AN INTRODUCTION TO THE IBERIAN GAS HUB“
Bilbao, 24th June 2014
LEGAL ASPECTS FOR THE DEVELOPMENT
OF IBERIAN GAS HUB
Vicente López-Ibor Mayor
President of Estudio Jurídico Internacional
Former Commissioner of the National Energy Commission (CNE)
José María Martínez Valverde
Lawyer- PartnerLawyer Partner
Estudio Jurídico Internacional
Vice-Secretary Iberian Gas Hub Board
1
2. Index
• 1.- Towards an integrated EU Gas Market
• 2 - The European Gas Target Model• 2. The European Gas Target Model
• 3.- A Wholesale Natural Gas Market
• 4.- Spanish Gas Market
• 5.- An Iberian Gas Hub
• 6.- Iberian Gas Hub Legal Framework
2
3. TOWARDS AN INTEGRATED GAS MARKET
Th hi t f i t t d E k t i b d EU l ti th t h b• The achievement of an integrated European gas market is based on EU regulations that have been
progressively introduced through different “packages”:
• DIRECTIVE 1998/30/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 22 June
8 i l f h i l k i l1998 concerning common rules for the internal market in natural gas
• Directive 2003/55/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 26 June 2003
concerning common rules for the internal market in natural gas and repealing Directive 98/30/EC
• “Third package”
• The Third Package for gas markets is composed of three measures:
a. Regulation (EC) 715/2009 on conditions for access to the natural gas transmission networks anda. Regulation (EC) 715/2009 on conditions for access to the natural gas transmission networks and
repealing Regulation (EC) No 1775/2005,
b. Regulation 713/2009 establishing an Agency for the Cooperation of Energy Regulators,
c. Directive 2009/73/EC concerning common rules for the internal market in natural gas and repealing
Directive 2003/55/ECDirective 2003/55/EC
• On Regulation 715/2009 is stated: “To enhance competition through liquid wholesale markets for gas, it is
vital that gas can be traded independently of its location in the system. The only way to do this is
to give network users the freedom to book entry and exit capacity independently therebyto give network users the freedom to book entry and exit capacity independently, thereby
creating gas transport through zones instead of along contractual paths”.
3
4. TOWARDS AN INTEGRATED GAS MARKET (2)
• 1.- CREATING AN EUROPEAN GAS TARGET MODEL AND EUROPEAN NET WORK CODES
The implementation of the Third Package launched a process for the creation of a target model for a
European gas market including pan-European Network Codes (NC) In particular Regulation 715/2009European gas market, including pan-European Network Codes (NC). In particular, Regulation 715/2009
indicates that Member States have to implement “entry-exit gas systems”. National system operators
(through ENTSOG) and national regulators (ACER - CEER) have to co-operate to create network codes that
facilitate cross-border exchanges and integration among “entry-exit systems”.
• 2.- DEVELOPING WHOLESALE NATURAL GAS MARKETS
Third Package of legislation leads all countries to develop a daily balancing market which will require both
improved third party network access and increased trading. A ‘full’ entry-exit system needs to be equipped
ith “ i t l t di i t” h b t d d i d d tl f it l ti Th i t l t diwith a “virtual trading point” where gas can be traded independently of its location. The virtual trading
point offers the users the possibility to bilaterally transfer title of gas and/or swap imbalances between
network users.
• 3 - PROMOTING GAS REGIONAL INITIATIVES3. PROMOTING GAS REGIONAL INITIATIVES
Third Package promotes Gas Regional Initiatives for regional co-operation among private and public actors.
The first three regions had been identified (North West, South, South-East). Afterwards, other specific
compositions have been created, (Spanish Enagas, Portugese REN).p p g g
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5. THE EUROPEAN GAS TARGET MODEL
• On the basis of the regulatory commitments, the Council of European Energy Regulators (CEER)
delivered a Target Model for an European gas market to the European Commission (CEER Vision
for a Gas Target Model, Conclusions Paper 1 December 2011).
• The Gas Target Model (GTM) provides a vision for 2014 and beyond, and contains a suite of
recommended steps to achieve a single EU Gas Market by 2014, deadline set by the European
Council, based on following premises:
a. Enable functioning Wholesale Gas Markets
b. Promoting a limited number of “entry-exit” systems with the horizon scope of one European
entry-exit system.
c. Promoting Market Connections.
d. Enable secure supply patterns.
The Gas Target Model aims at facilitating the creation of a well functioning EU Gas Market• The Gas Target Model aims at facilitating the creation of a well-functioning EU Gas Market,
consisting of cross-border interconnected entry-exit zones with virtual trading points (so-called gas
“hubs”)
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6. THE EUROPEAN GAS TARGET MODEL (2)
• The Gas Target Model launches for a competitive European Gas Market as
a combination of “entry-exit” zones with virtual hubs, based in the
following principles:
a) Market integration should be served by efficient use of infrastructures, allowing
market players to freely ship gas between market areas and respond to price signals
to help gas flowing to where it is valued most”
b) A functional and transparent European Gas Market will contribute to solve theb) A functional and transparent European Gas Market will contribute to solve the
problem of diversification of supply (as more transparency should attract more
actors) and availability.
c) The development of competition should be based on the promotion of liquidc) The development of competition should be based on the promotion of liquid
hubs across Europe in which gas can be traded (these may be national or cross-
border).
d) The establishment of a gas exchange with a spot and forward market that provides a
reliable price signal is considered to be a key attribute of a competitive natural gas
market.
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7. THE EUROPEAN GAS TARGET MODEL (3):
Th t t d l f E k t i l d th i t d ti f E N t k C d• The target model for a European gas market includes the introduction of pan-European Network Codes
(NC).
• COMMISSION REGULATION (EU) No 312/2014, of 26 March 2014, approved a Network Code on Gas
B l i f T i i N k iBalancing of Transmission Networks, stating:
a. Rules on Gas Balancing facilitate gas trading across balancing zones, thus contributing towards the
development of market liquidity.
b. Network Users shall take primary responsibility to balance their Portfolios in order to minimize the
need for TSOs to undertake balancing actions.
c. Network Users bear the responsibility of balancing their inputs against their off-takes, with the
balancing rules designed to promote a short term wholesale gas market, with trading platforms to
facilitate gas trade between Network Users and the Transmission System Operators (TSO’s).
d. Transmission System Operators should aim to maximize the amount of their gas balancing needs
through the purchase and sale of short term standardized products on the short term
wholesale gas market.
e. National Regulatory Authorities and Transmission System Operators should harmonize processes for
the implementation of legal framework to support this Regulation.
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8. A WHOSALE NATURAL GAS MARKET
1. A Wholesale Natural Gas Market, can be defined as: “a single price zone accessible to incumbents and new entrants on equal
terms and where trading is liquid, so that it creates a reliable price signal in the forward and spot markets which are notterms and where trading is liquid, so that it creates a reliable price signal in the forward and spot markets which are not
distorted.” (Dengel, 2011).
2. To support competition in a Whole Natural Gas Market, previously some institutional requirements need to be met:
• A Hands-off government approach to natural gas markets,
• Separation of transport and commercial activities,
• Wholesale price deregulation,
3 The go ernmental role ill then shift from acti e participant to reg lator setting r les and monitoring the sector3. The governmental role will then shift from active participant to regulator, setting rules and monitoring the sector:
• Sufficient network capacity and non-discriminatory access to networks:
• Competitive number of market participants:
• Involvement of financial institutions: enabling a market to efficiently service supply and demand will requireInvolvement of financial institutions: enabling a market to efficiently service supply and demand will require
investments throughout the natural gas value chain (upstream development, transport, storage and distribution capacity).
4. Structural requirements (available capacity, third party access, a competitive number of market participants and a link with
financials) are essential for a kick-start a Wholesale Natural Gas Market.
5. A transparent natural gas price that reflects the current and future state of the market will not be realized unless a platform for
the ownership exchange of natural gas is developed: a GAS HUB.
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9. A WHOLESALE NATURAL GAS MARKET (2):A WHOLESALE NATURAL GAS MARKET (2):
NATURAL GAS HUBS
A N l G H b i h h i l f l i h d b• A Natural Gas Hub is where the title for natural gas is exchanged between a
number of buyers and sellers.
• Natural Gas Hubs serve two main objectives:
a to be a delivery point of gas entering a systema. to be a delivery point of gas entering a system,
b.to offer a place for balancing portfolios, as hubs serve companies to sell gas
in excess with respect to demand needs or to buy if they are “short” over
the balancing periodthe balancing period,
• Natural Gas Hubs offers a counterpart for transactions and give a price signal
t k t ti i tto market participants.
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10. A WHOLESALE NATURAL GAS MARKET ( )A WHOLESALE NATURAL GAS MARKET (3 )
VIRTUAL TRADING POINTS
• Two types of Natural Gas Hubs have emerged: a physical and a virtual hub.
• A physical hub is a geographical point in the network where a price is set for natural gas• A physical hub is a geographical point in the network where a price is set for natural gas
delivered on such specific location. The best functioning and most liquid natural gas
market in the world, which consists of a physical trading point (the Henry Hub in
Lousiana).
• Virtual hubs show the gradual disconnection between physical transport of gas and
commercial activity (eased by the unbundling process) and the construction of
reference markets”,
• Currently, the European Union prefers to continue to integrate its natural gas markets
th h th t bli h t f i t l ( i l) t di h bthrough the establishment of virtual (regional) trading hubs.
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11. A WHOLESALE NATURAL GAS MARKET ( )A WHOLESALE NATURAL GAS MARKET (4 )
PHYSICAL AND FINANCIAL TRADING
• There are two primary types of natural gas marketing:
• Physical natural gas trading, that involves buying and selling the physical
commodity.commodity.
• Financial natural gas trading, that involves derivatives and sophisticated financial
instruments in which the buyer and seller never take physical delivery of the natural
gas, albeit futures in order to avoid any misunderstanding, futures with physical
delivery also exists.
• Physical natural gas trading:
• can be regulated in exchange trade or OTC;
• can be spot, long-term or future
• When done in exchange trade gas, the exchange is operating as the clearing house.
• Exchange trade is normally fully anonymous and standardized.
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12. A WHOLESALE NATURAL GAS MARKET ( )A WHOLESALE NATURAL GAS MARKET (5 )
PHYSICAL AND FINANCIAL TRADING
Main terms and conditions for Physical Contracts:
• Quality of the gas• Quality of the gas
• Point of delivery and delivery pressure
• Commitment and Date of Delivery
Transfer of Ownership• Transfer of Ownership
• Pricing
• Duration
M t d t ti f l• Meters and computations of volumes
• Volume Flexibility
• Take or Pay (in gas hub traded contracts such clause loose part of its credibility
given that the buyer could take the gas and sell it at that hub with a small risk to hisgiven that the buyer could take the gas and sell it at that hub with a small risk to his
revenue).
• Payment
• Force Majeure• Force Majeure
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13. A WHOLESALE NATURAL GAS MARKET (6 )A WHOLESALE NATURAL GAS MARKET (6 )
PHYSICAL AND FINANCIAL TRADING
• One of the main reason for Financial Trading is to financially hedge a future position
(the trader takes a futures position that is equal but opposite to a position held in the
physical market, managing the risks of a total portfolio, diversifying physical products,p y , g g p , y g p y p ,
clients, counterparts is obviously also possible). Another reason is pure financial
trading without any physical interest, simply to generate profit based on speculation, in
which case, obviously, the settlement is made in cash
• Futures Main Terms and Conditions:
T di S h d l (h f t di )• Trading Schedule (hours for trading)
• Trading Unit
• Minimum Fluctuation
• Position Limits
• Measurement
• Delivery and Delivery Procedure or Settlement Price
• Initial Margin (as defined in the ICE Clear Europe Clearing Rules, the Initial Margin is calculated on all open
contracts, and is a deposit held by ICE Clear Europe in order to cover the costs that may be incurred in closing
out a position in default It is returned upon the closing of the position or at expiry with interest)out a position in default. It is returned upon the closing of the position, or at expiry, with interest).
• Daily Margin (as defined in the ICE Clear Europe Clearing Rules, all open contracts are 'marked-to-market' daily
with Variation Margin being called for as appropriate).
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14. SPANISH GAS MARKET (1)SPANISH GAS MARKET (1)
Si th i t d ti f th lib li ti t i d b th l t1. Since the introduction of the liberalization process triggered by the new regulatory
framework (1998 Hydrocarbons Law transposing Directive 98/30/EC), Over-the-
Counter (OTC) natural gas trade in Spain has taken place.
2.In Spain historically most of the gas supply contracts of all Spanish marketers have
been long-term contracts with producing countries. OTC long-term bilateral contracts
constitute the most common form of trading.g
3.Buyers and sellers enter into non-standard OTC long terms contracts with each other.
Bilaterally negotiated contracts are contracts on no standard terms with many
variations Every aspect of each contract will need to be negotiated: quality locationvariations. Every aspect of each contract will need to be negotiated: quality, location,
quantity, volume and all relevant terms and conditions. These agreements cover all
aspects of mutual trading and credit exposure, as well as the physical and financial
settlement of trades.
4.It became a “separated” “contracted” market with exceptional additional “trading”.
OTC contracts are made without a public price signal.
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15. SPANISH GAS MARKET (2)
1. In 2005 Spanish Transmission System Operator (TSO-Enagás) implemented the
exchange platform, connected to TSO logistic system. All transactions in the system are
tracked by this platform.y p
2. OTC gas market takes place linked to the transmission network, LNG plants and
underground storages. For that reason distinction must be made between contracts for
the commodity (gas) and for the capacity (transport and storage)the commodity (gas) and for the capacity (transport and storage)
3. The Royal Decree-Law 13/2012, of March 30th, partially transposing the third
package attributes Regulator (CNMC) new duties among other respecting contractualpackage, attributes Regulator (CNMC) new duties, among other, respecting contractual
freedom with regard to interruptible supply contracts as well as with regard to long-
term contracts provided that they are compatible with Community law and consistent
with Community policies.
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16. AN IBERIAN GAS HUB
1. The development of the organized gas market (an Iberian Gas Hub) would help to
i h li idi d f h OTC k d ldincrease the liquidity and transparency of the OTC market and would promote an
exchange market based on short-term contracts (they would co-exist).
2. An appropriate development and consolidation of an Iberian Gas Hub needs:2. An appropriate development and consolidation of an Iberian Gas Hub needs:
• Legal and technical requirements compatible with European trends through the
d l t f h b hi h f ilit t t ti b t t di t t kidevelopment of a hub which facilitates transactions between trading centers, taking
into account the three basic infrastructures: transmission system, LNG plants and
underground storages
• A progressive adaptation of the national regulatory framework in order top og ess e adaptat o o t e at o a egu ato y a e o o de to
implement European regulation.
• Priority on the promotion of liquidity in short-term transactions and its flexibility
and transparency, seeking a similar model to other European hubs.
S i ith l dd d l f t k• Services with a real added value for network users.
• To be open to the integration of REN (Portuguese TSO) to advance into the creation
of the Iberian Gas Market within the Gas Target Model.
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17. AN IBERIAN GAS HUB (2)
Th i t d ti f Ib i G H b l k ft t t k t i i3.The introduction of an Iberian Gas Hub looks after a more transparent market pricing,
increasing liquidity and competitiveness and traded volumes
4 The initial services offered and the value provided for an Iberian Gas Hub would4.The initial services offered and the value provided for an Iberian Gas Hub would
include:
Standardized short-term contracts for exchange trading (versus long-term
contracts)contracts)
Title transfer through validation of transaction by TSO.
Listed “Forward” range products embracing the traded markets
Daily market for imbalance management.
Gas loaning and nominations.
Daily monitoring of guarantees and deposits, through a “Clearing house”.
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18. IBERIAN GAS HUB LEGAL FRAMEWORK
Th f ll i t t t f th SPANISH ENERGY REGULATOR’S NATIONAL REPORT1. The following statements from the SPANISH ENERGY REGULATOR’S NATIONAL 2013 REPORT
TO THE EUROPEAN COMMISSION can summarized as follows:
• In April 2010, CNE published a road map to develop a gas exchange in Spain. The objective is top , p p p g g p j
accelerate the creation of a gas hub in the Spanish Gas System in order to promote competitiveness,
transparency, and reduce the lack of transparency of the current OTC market.
• The analysis concluded that the current conditions experienced in the Spanish Market are sufficient• The analysis concluded that the current conditions experienced in the Spanish Market are sufficient
for the development of the hub, with similar services to those offered in other gas hubs in Europe.
However the wholesale market is facing problems regarding lack of liquidity and transparency in
price issues.
• In 2012, the Spanish Regulator, CNE, has created a new working group, working in parallel with the
South Gas Regional Initiative in order to analyze and discuss the regulatory measures needed to
remove all the regulatory barriers to develop this gas hub between Spain and Portugal
• The final regulatory proposals of this group will be submitted to the Government, upon prior
consultation to the Hydrocarbons Advisory Board.
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19. IBERIAN GAS HUB LEGAL FRAMEWORK (2)
2. In 2014 a modification of 1998 Hydrocarbons Law to introduce an Iberian4 99 y
Gas Hub is expected, based in the regulatory proposals to be submitted to the
Government.
3. After the legal modification, further regulatory developments are needed,
mainly:
/ / l d i i i l i RD 949/2001, RD 1434/2002 gas related activities regulation.
Approving new Transmission Operator System Technical rules:
Balancing rules
New EU Balancing network codes to be introduced on this package New EU Balancing network codes to be introduced on this package
Regulating “Third party Access Contracts”
4 Future framework development legislation: Upgrades on the France-Spain4. Future framework development legislation: Upgrades on the France Spain
gas interconnections are contemplated for 2015; are likely to add to gas price
pressure in the south of France, as greater gas volumes will flow to Spain.
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