Despite strong opposition from the Greens/EFA, the European Parliament adopted, with 445 votes in favour, 102 against and 24 abstentions, two resolutions recommending a decision not to raise objections to the European Commission’s measures to alleviate the liquidity problems of the energy sector, on Thursday 24 November, in plenary session.
On the recommendations of the European Securities and Markets Authority (ESMA), the Commission has indeed decided, by delegated act, to raise the threshold for commodity clearing from €3 billion to €4 billion to combat high energy prices and ensure security of supply (see EUROPE 13045/10). This will allow energy companies to engage in more over-the-counter transactions without being subject to margin requirements.
The Parliament will also not oppose the other delegated act, which provides for a temporary extension of the list of eligible assets that can be used as collateral to meet margin calls. Public guarantees and uncollateralised bank guarantees can therefore be used, subject to certain conditions.
The Member States’ deputy ambassadors to the European Union (‘Coreper’) discussed these delegated acts on Wednesday 16 November. They are invited to recommend to the Council of the EU to confirm that it does not intend to object to the delegated act.
To consult the resolutions: https://aeur.eu/f/49r ; https://aeur.eu/f/49z (Original version in French by Anne Damiani)