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Virtual PPA

Virtual PPA Template for Austria

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Key Requirements PROMPT example:

Virtual PPA

"I need a Virtual PPA agreement governed by Austrian law for a 100MW solar project, where our manufacturing company will be the corporate buyer with a 15-year term starting March 2025, including specific provisions for cross-border settlement within the EU and requirements for Guarantees of Origin."

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Document background
This Virtual PPA template is designed for use in the Austrian market, providing a framework for corporate renewable energy procurement without physical delivery. It is particularly suitable for companies seeking to hedge against electricity price volatility while supporting renewable energy development. The document incorporates essential elements required under Austrian law and EU regulations, including REMIT and MiFID II considerations where applicable. It addresses key aspects such as price mechanisms, settlement procedures, regulatory compliance, and risk allocation between parties. The agreement is structured to accommodate both domestic and cross-border transactions within the EU, making it suitable for international corporations with operations in Austria seeking to meet their sustainability goals through virtual renewable energy procurement.
Suggested Sections

1. Parties: Identification of the contracting parties - typically the generator/seller and the corporate buyer

2. Background: Context of the agreement, including facility details and purpose of the vPPA

3. Definitions: Detailed definitions of technical, financial, and legal terms used throughout the agreement

4. Term and Conditions Precedent: Contract duration, start date, and conditions that must be met before the agreement becomes effective

5. Sale and Purchase Obligations: Core obligations including settlement mechanics, volume commitments, and pricing structure

6. Metering and Reporting: Requirements for measuring and reporting electricity generation

7. Billing and Payment: Payment terms, invoicing procedures, and settlement calculations

8. Contract Price and Settlement: Detailed pricing mechanisms, settlement calculations, and true-up provisions

9. Environmental Attributes: Treatment of renewable energy certificates and other environmental benefits

10. Force Majeure: Events excusing performance and associated procedures

11. Default and Termination: Events of default, remedies, and termination procedures

12. Representations and Warranties: Standard and specific representations by both parties

13. Liability and Indemnification: Allocation of risks and responsibilities between parties

14. Confidentiality: Protection of confidential information and permitted disclosures

15. Governing Law and Dispute Resolution: Choice of law and procedures for resolving disputes

Optional Sections

1. Change in Law: Provisions addressing regulatory changes - include when regulatory environment is uncertain or contract term is long

2. Market Disruption: Procedures for handling market disruption events - include when market is volatile or illiquid

3. Credit Support: Requirements for performance security - include when counterparty credit risk is a concern

4. Planned/Unplanned Maintenance: Provisions for facility maintenance - include when specific operational guarantees are required

5. Assignment and Change of Control: Transfer restrictions and procedures - include when parties anticipate potential corporate changes

6. Insurance: Insurance requirements - include when specific risk coverage is needed

7. Anti-corruption and Sanctions: Compliance with anti-corruption laws - include for international transactions

8. Physical Delivery Fallback: Options for physical delivery - include when physical backup arrangements are desired

Suggested Schedules

1. Facility Description: Technical specifications of the generating facility

2. Pricing and Settlement Mechanisms: Detailed pricing formulas, settlement calculations, and worked examples

3. Production Guarantees: Expected generation profiles and any guaranteed volumes

4. Metering Specifications: Technical requirements for metering and monitoring

5. Form of Guarantees: Templates for any required performance security or parent guarantees

6. Operating Procedures: Detailed procedures for communications, settlements, and dispute resolution

7. Insurance Requirements: Specific insurance coverage requirements and minimums

8. Form of Notices: Templates for various required notices under the agreement

9. Calculation of Liquidated Damages: Methodology for calculating damages for various breaches

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Actual Generation
As-Generated Profile
Austrian Market Price
Balancing Group
Billing Period
Business Day
Change in Law
Commercial Operation Date
Contract Price
Contract Quantity
Control Room
Delivery Point
E-Control
EFET
Environmental Attributes
Expected Annual Output
Facility
Financial Settlement
Fixed Price
Floating Price
Force Majeure Event
Generation Attributes
Generation License
Governmental Authority
Green Certificates
Grid Connection
Grid Operator
Guarantees of Origin
Imbalance Charges
Insolvency Event
Interconnection Agreement
Market Disruption Event
Market Operator
Market Price
Measurement Period
Metering Device
Minimum Generation
Network Loss Factor
Notional Quantity
Operating Parameters
Performance Security
Planned Maintenance
Point of Delivery
Production Tax Credits
Project
Project Documents
Reference Price
Regulatory Approvals
REMIT
Renewable Energy Certificates
Replacement Cost
Settlement Amount
Settlement Period
Strike Price
System Operator
Term
Termination Payment
Trading Day
Trading Interval
Trading Period
Transmission System
Unit Contingent
Variable Generation Resource
Clauses
Interpretation
Conditions Precedent
Term and Duration
Sale and Purchase
Delivery Obligations
Price and Payment
Settlement Mechanism
Metering
Environmental Attributes
Regulatory Compliance
Force Majeure
Change in Law
Market Disruption
Representations and Warranties
Covenants
Events of Default
Termination
Indemnification
Liability
Credit Support
Assignment
Confidentiality
Notices
Dispute Resolution
Governing Law
Anti-Corruption
Data Protection
Insurance
Financial Settlement
Tax
Counterparty Rights
Title Transfer
Operating Requirements
Reporting Obligations
Market Communications
Balancing Obligations
Relevant Industries

Renewable Energy

Manufacturing

Technology

Financial Services

Industrial

Retail

Healthcare

Data Centers

Telecommunications

Food and Beverage

Automotive

Chemical

Relevant Teams

Legal

Finance

Procurement

Sustainability

Risk Management

Treasury

Operations

Trading

Compliance

Corporate Strategy

Environmental Affairs

Relevant Roles

Chief Financial Officer

Energy Procurement Manager

Sustainability Director

Legal Counsel

Risk Manager

Treasury Manager

Environmental Compliance Officer

Power Trading Manager

Corporate Strategy Director

Renewable Energy Project Manager

Energy Operations Manager

Procurement Director

Commercial Manager

Sustainability Manager

Industries
Austrian Electricity Industry and Organisation Act (ElWOG): Main legislation governing electricity market organization, trading, and supply in Austria
Austrian Civil Code (ABGB): Fundamental law governing contracts and obligations in Austria, relevant for the basic contractual framework of the vPPA
Austrian Financial Market Authority Act (FMABG): Regulatory framework for financial instruments and derivatives trading, which may apply to vPPAs depending on their structure
Green Electricity Act (Ökostromgesetz): Legislation governing renewable energy generation and support mechanisms in Austria
EU Regulation No. 1227/2011 (REMIT): European regulation on wholesale energy market integrity and transparency, affecting energy trading contracts
EU MiFID II Directive 2014/65/EU: European financial instruments directive that may classify certain vPPAs as financial instruments requiring specific regulatory compliance
Austrian Energy Emergency Data Regulation (Energielenkungsdaten-Verordnung): Regulation concerning energy data reporting and emergency measures that might affect vPPA operations
Austrian E-Control Act: Law establishing and governing the national energy regulator's authority over electricity markets and trading
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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