Article 9 Forward markets

F1... Transmission system operators shall issue long-term transmission rights or have equivalent measures in place to allow for market participants, including owners of power-generating facilities using renewable energy sources, to hedge price risks across bidding zone borders, unless an assessment of the forward market on the bidding zone borders performed by the F2regulatory authority shows that there are sufficient hedging opportunities in the concerned bidding zones.

Long-term transmission rights shall be allocated in a transparent, market based and non-discriminatory manner through F3an allocation platform.

Subject to compliance with F4... competition law, market operators shall be free to develop forward hedging products, including long-term forward hedging products, to provide market participants, including owners of power-generating facilities using renewable energy sources, with appropriate possibilities for hedging financial risks against price fluctuations. F5The regulatory authority shall not require that such hedging activity be limited to trades within a F6... bidding zone.