https://doi.org/10.21697/mj.9015
The subject of this article is the notion of the capacity obligation and the rules of functioning of said capacity obligation on the capital market. The capacity obligation was introduced in the Act of 8th December 2017 on the Capacity Market which defines this term as “an obligation of the capacity provider to maintain, during the delivery period, readiness to deliver the specific electrical capacity to the system via a capacity market unit, and to deliver the specific electrical capacity to the system during system stress events”. The main reasons for this regulation include the necessity to secure the state’s electric power system in case the capacity shortage occurs, as well as the need to provide energy producers with new forms of permitted public aid. The capacity obligation can be a subject of both primary trading (as a result of the capacity agreement) and secondary trading. The issue of aforementioned secondary trading, however, has not been sufficiently regulated yet, therefore it still raises concerns. The fundamental problem is the status of the capacity obligation as a potential financial instrument; despite the fact that the capacity obligation has several characteristics of a financial instrument listed in the MiFID II, under the Commission Delegated Regulation 2017/565 it cannot be categorized as such. This issue is of great significance from the energy companies’ point of view, as the solution more beneficial for these would be not to officially consider the capacity obligation a financial instrument
Download files
Citation rules
Cited by / Share
Deutsch
English
Español (España)
Français (France)
Italiano
Język Polski
Русский