Publication
Blue Bonds: Making a splash in the Capital Markets
In 2018, the Republic of Seychelles launched the first-ever “blue bond”, with the support of the World Bank Group and the Global Environment Facility.
Deadlines for the first MACSE auction procedure in Italy are approaching
Italy | Publication | May 2025
Potential bidders will be interested to know that the auction procedure for the Mercato a termine degli stoccaggi (“MACSE”) is about to commence.
The MACSE regulation encompasses a comprehensive framework aimed at allowing BESS operators to enter long-term fixed price capacity contracts for storage capacity. This mechanism is designed to ensure fair competition, transparency, and optimal resource allocation within the market.
On 7 March 2025, Terna published the timeline for the first auction procedure. Interested bidders must submit their applications between 13 May 2025 and 3 June 2025, and by 17 July 2025, they will be informed whether their plant has been qualified. By 21 August 2025, they must submit a pre-auction guarantee, and by 26 August 2025, they must submit declarations attesting to the meeting of the requirements to participate in the MACSE auction procedure.
Bidders need to carefully evaluate the risk and potential return of their investment. Capacity Market auctions provide long-term contracts with relatively stable prices, ensuring security and predictability. On the other hand, MACSE might yield higher returns because of the increasing demand for energy storage and the particular incentives for cutting-edge technologies.
To provide comprehensive support and insights to help you navigate the MACSE regulation effectively, we have prepared a manual outlining specific guidelines, including a description of the regulatory framework, practical tips for the first auction procedure, and possible forecasts based on a few case studies.
Please reach out to our team to get additional information regarding the MACSE guidelines we have prepared.
Senior Associate
Email
stefania.casini@nortonrosefulbright.com
Recent publications
Publication
Marine Money Week New York 2025
We are delighted to be participating in Marine Money Week New York 2025. As one of the landmark events for the global shipping finance community, and with the global shipping and maritime industry at such a pivotal juncture, we look forward to catching up with clients and contacts to continue discussions around navigating the current challenges and opportunities.
Publication
The parallel imposition requirement in exclusive distribution systems: key takeaways from the CJEU’s ruling in Beevers Kaas
On 8 May 2025, the Court of Justice of the European Union (the CJEU) delivered its ruling in case C-581/23 (the Ruling), providing guidance on one of the conditions for an exclusive distribution agreement to benefit from the block exemption under Article 4(b)(i) of the 2010 Vertical Block Exemption Regulation (the VBER)1, notably the so-called ‘parallel imposition requirement’.
Subscribe and stay up to date with the latest legal news, information and events . . .