State Aid Law Blog

State Aid Uncovered Blog

In Lexxion’s State Aid Uncovered blog, Prof. Phedon Nicolaides publishes weekly critical analyses of recent State aid judgments and decisions. Each post presents the key points of a court judgment or EU Commission decision, places it in the context of similar case law or practice, assesses the underlying reasoning and highlights any inconsistencies or contradictions.

Guest contributions from other State aid experts will also be published on the blog at irregular intervals to complement the content of the blog posts.

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State Aid Uncovered ×

18. August 2020  |   State Aid Uncovered by Phedon Nicolaides

MEIP-Compliant Bank Recapitalisation: CEC Bank
State Aid Blogs - money 1064126 1920
An investor who is already a shareholder would take into account not only the return on new investment but also the impact on the overall profitability of the company in which capital is injected. Update on Temporary Framework: Number of approved and published covid-19 measures, as of 14 August 2020: 252* Legal basis: Article 107(2)(b): 27; Article 107(3)(b): 211; Article […]
read more
No Comments
28. August 2019  |   State Aid Uncovered by Phedon Nicolaides

A Curious Case of Port Concessions
State Aid Blogs - StateAidHub blogpost35 port concessions
The obligations of a concessionaire may be made less onerous in order to enable it to remain in operation. Any adjustment of the obligations takes into account the possible legal defences of the concessionaire. Introduction The Market Economy Investor Principle [MEIP] is a powerful concept. Its many variations attest to its versatility [e.g. market economy investor, operator, vendor, creditor]. It […]
read more
No Comments
9. October 2018  |   State Aid Uncovered by Phedon Nicolaides

Ex ante Assessment of Future Profitability is Absolutely Necessary
State Aid Blogs - m 1 1
A private investor assesses the prospects of future profitability before it invests. The burden of proof lies with the Member State that claims it has acted as a private investor.   Introduction The market economy investor principle is based on a simple premise: before you commit your money you need to check how much you are likely to get back. […]
read more
No Comments
5. December 2017  |   State Aid Uncovered by Phedon Nicolaides

Imputability of an Aid Measure to the State Does not Require a Counterfactual
State Aid Blogs - 05.12.Imputability of Aid State aidz
The fact that the state owns an undertaking is not enough to prove that the decisions of that undertaking can be attributed to the state. However, it is sufficient that the state was involved in the particular decision that transferred state resources for the benefit of another undertaking.   Introduction Several recent articles on this blog have examined the concept […]
read more
No Comments
20. June 2017  |   State Aid Uncovered by Phedon Nicolaides

The Effectiveness of Clear Guidance: The Case of Broadband Networks
State Aid Blogs - m 13
This blog examines how much aid goes to support broadband networks and what lessons can be drawn from the Commission’s decisional practice.   Introduction A principal objective of the State Aid Modernisation was to free Commission resources from the time-consuming task of checking the conformity of routine measures of State aid. Consequently, the General Block Exemption Regulation was extended to […]
read more
No Comments
1. March 2016  |   State Aid Uncovered by Phedon Nicolaides

How to Apply the Market Economy Investor Principle and what Mistakes to Avoid: The Long-running Case of EDF
State Aid Blogs - 17.10. imputability stateaid
A market investor carries out a thorough ex ante analysis of the prospects of an investment before it commits any money.     Introduction In 2004, the European Commission concluded, in decision 2005/145, that France granted incompatible aid to Electricite de France [EDF]. The French government had converted tax liability into share capital in EDF. The Commission was of the […]
read more
No Comments
24. November 2015  |   State Aid Uncovered by Phedon Nicolaides

Market Economy Investor Principle
State Aid Blogs - m 3 4
Public investment is free of State aid when it is made at the same time and on equal terms with investments by private investors. In the absence of an equivalent private investment, public investment does not constitute State aid when it is demonstrated ex ante that it is capable of generating market rates of return.   Introduction Public authorities are […]
read more
No Comments
22. October 2015  |   Guest State Aid Blog by Emanuela Matei

A new misnomer in State aid law: single economic unit with separate legal personality (C 357/14 P, Dunamenti Erőmű/Commission)
electricity grid cables
The following blog post is a contributory piece by Emanuela Matei, Associate Researcher at the Centre of European Legal Studies, Bucharest. Matei holds a Juris Master in European Business Law (Lund University, June 2012), a Magister legum (Lund University, June 2010) and a BSc in Economics & Business Administration (Lund University, June 2009). We are very glad to welcome her […]
read more
No Comments
28. July 2015  |   State Aid Uncovered by Phedon Nicolaides

The Market Economy Investor Principle Applies also to Avoidance of Losses
State Aid Blogs - m 11 2
A public authority can act as a private investor in paying to avoid costly contractual clauses. A public authority can act as a private investor in paying to bring forward future revenue. Introduction   When a market operator invests to make profit, its underlying logic is the same as when it pays to avoid losses. In both cases it is […]
read more
1 Comment
21. July 2015  |   State Aid Uncovered by Phedon Nicolaides

Application of the MEIP to Transactions between Parent and Subsidiary Companies
State Aid Blogs - m 1 4
The Market Economy Investor Principle also applies to transactions between related companies. A private investor enjoys a margin of discretion in deciding in favour or against an investment. However, despite that margin of discretion, a prudent private investor always carries out an assessment of the potential profitability of the investment before it commits any money.   Introduction When a public […]
read more
No Comments
Next Page »

State Aid Uncovered ×

18. August 2020  |   State Aid Uncovered by Phedon Nicolaides

MEIP-Compliant Bank Recapitalisation: CEC Bank
State Aid Blogs - money 1064126 1920
An investor who is already a shareholder would take into account not only the return on new investment but also the impact on the overall profitability of the company in which capital is injected. Update on Temporary Framework: Number of approved and published covid-19 measures, as of 14 August 2020: 252* Legal basis: Article 107(2)(b): 27; Article 107(3)(b): 211; Article […]
read more
No Comments
28. August 2019  |   State Aid Uncovered by Phedon Nicolaides

A Curious Case of Port Concessions
State Aid Blogs - StateAidHub blogpost35 port concessions
The obligations of a concessionaire may be made less onerous in order to enable it to remain in operation. Any adjustment of the obligations takes into account the possible legal defences of the concessionaire. Introduction The Market Economy Investor Principle [MEIP] is a powerful concept. Its many variations attest to its versatility [e.g. market economy investor, operator, vendor, creditor]. It […]
read more
No Comments
9. October 2018  |   State Aid Uncovered by Phedon Nicolaides

Ex ante Assessment of Future Profitability is Absolutely Necessary
State Aid Blogs - m 1 1
A private investor assesses the prospects of future profitability before it invests. The burden of proof lies with the Member State that claims it has acted as a private investor.   Introduction The market economy investor principle is based on a simple premise: before you commit your money you need to check how much you are likely to get back. […]
read more
No Comments
5. December 2017  |   State Aid Uncovered by Phedon Nicolaides

Imputability of an Aid Measure to the State Does not Require a Counterfactual
State Aid Blogs - 05.12.Imputability of Aid State aidz
The fact that the state owns an undertaking is not enough to prove that the decisions of that undertaking can be attributed to the state. However, it is sufficient that the state was involved in the particular decision that transferred state resources for the benefit of another undertaking.   Introduction Several recent articles on this blog have examined the concept […]
read more
No Comments
20. June 2017  |   State Aid Uncovered by Phedon Nicolaides

The Effectiveness of Clear Guidance: The Case of Broadband Networks
State Aid Blogs - m 13
This blog examines how much aid goes to support broadband networks and what lessons can be drawn from the Commission’s decisional practice.   Introduction A principal objective of the State Aid Modernisation was to free Commission resources from the time-consuming task of checking the conformity of routine measures of State aid. Consequently, the General Block Exemption Regulation was extended to […]
read more
No Comments
1. March 2016  |   State Aid Uncovered by Phedon Nicolaides

How to Apply the Market Economy Investor Principle and what Mistakes to Avoid: The Long-running Case of EDF
State Aid Blogs - 17.10. imputability stateaid
A market investor carries out a thorough ex ante analysis of the prospects of an investment before it commits any money.     Introduction In 2004, the European Commission concluded, in decision 2005/145, that France granted incompatible aid to Electricite de France [EDF]. The French government had converted tax liability into share capital in EDF. The Commission was of the […]
read more
No Comments
24. November 2015  |   State Aid Uncovered by Phedon Nicolaides

Market Economy Investor Principle
State Aid Blogs - m 3 4
Public investment is free of State aid when it is made at the same time and on equal terms with investments by private investors. In the absence of an equivalent private investment, public investment does not constitute State aid when it is demonstrated ex ante that it is capable of generating market rates of return.   Introduction Public authorities are […]
read more
No Comments
22. October 2015  |   Guest State Aid Blog by Emanuela Matei

A new misnomer in State aid law: single economic unit with separate legal personality (C 357/14 P, Dunamenti Erőmű/Commission)
electricity grid cables
The following blog post is a contributory piece by Emanuela Matei, Associate Researcher at the Centre of European Legal Studies, Bucharest. Matei holds a Juris Master in European Business Law (Lund University, June 2012), a Magister legum (Lund University, June 2010) and a BSc in Economics & Business Administration (Lund University, June 2009). We are very glad to welcome her […]
read more
No Comments
28. July 2015  |   State Aid Uncovered by Phedon Nicolaides

The Market Economy Investor Principle Applies also to Avoidance of Losses
State Aid Blogs - m 11 2
A public authority can act as a private investor in paying to avoid costly contractual clauses. A public authority can act as a private investor in paying to bring forward future revenue. Introduction   When a market operator invests to make profit, its underlying logic is the same as when it pays to avoid losses. In both cases it is […]
read more
1 Comment
21. July 2015  |   State Aid Uncovered by Phedon Nicolaides

Application of the MEIP to Transactions between Parent and Subsidiary Companies
State Aid Blogs - m 1 4
The Market Economy Investor Principle also applies to transactions between related companies. A private investor enjoys a margin of discretion in deciding in favour or against an investment. However, despite that margin of discretion, a prudent private investor always carries out an assessment of the potential profitability of the investment before it commits any money.   Introduction When a public […]
read more
No Comments
Next Page »

State Aid Uncovered ×

18. August 2020  |   State Aid Uncovered by Phedon Nicolaides

MEIP-Compliant Bank Recapitalisation: CEC Bank
State Aid Blogs - money 1064126 1920
An investor who is already a shareholder would take into account not only the return on new investment but also the impact on the overall profitability of the company in which capital is injected. Update on Temporary Framework: Number of approved and published covid-19 measures, as of 14 August 2020: 252* Legal basis: Article 107(2)(b): 27; Article 107(3)(b): 211; Article […]
read more
No Comments
28. August 2019  |   State Aid Uncovered by Phedon Nicolaides

A Curious Case of Port Concessions
State Aid Blogs - StateAidHub blogpost35 port concessions
The obligations of a concessionaire may be made less onerous in order to enable it to remain in operation. Any adjustment of the obligations takes into account the possible legal defences of the concessionaire. Introduction The Market Economy Investor Principle [MEIP] is a powerful concept. Its many variations attest to its versatility [e.g. market economy investor, operator, vendor, creditor]. It […]
read more
No Comments
9. October 2018  |   State Aid Uncovered by Phedon Nicolaides

Ex ante Assessment of Future Profitability is Absolutely Necessary
State Aid Blogs - m 1 1
A private investor assesses the prospects of future profitability before it invests. The burden of proof lies with the Member State that claims it has acted as a private investor.   Introduction The market economy investor principle is based on a simple premise: before you commit your money you need to check how much you are likely to get back. […]
read more
No Comments
5. December 2017  |   State Aid Uncovered by Phedon Nicolaides

Imputability of an Aid Measure to the State Does not Require a Counterfactual
State Aid Blogs - 05.12.Imputability of Aid State aidz
The fact that the state owns an undertaking is not enough to prove that the decisions of that undertaking can be attributed to the state. However, it is sufficient that the state was involved in the particular decision that transferred state resources for the benefit of another undertaking.   Introduction Several recent articles on this blog have examined the concept […]
read more
No Comments
20. June 2017  |   State Aid Uncovered by Phedon Nicolaides

The Effectiveness of Clear Guidance: The Case of Broadband Networks
State Aid Blogs - m 13
This blog examines how much aid goes to support broadband networks and what lessons can be drawn from the Commission’s decisional practice.   Introduction A principal objective of the State Aid Modernisation was to free Commission resources from the time-consuming task of checking the conformity of routine measures of State aid. Consequently, the General Block Exemption Regulation was extended to […]
read more
No Comments
1. March 2016  |   State Aid Uncovered by Phedon Nicolaides

How to Apply the Market Economy Investor Principle and what Mistakes to Avoid: The Long-running Case of EDF
State Aid Blogs - 17.10. imputability stateaid
A market investor carries out a thorough ex ante analysis of the prospects of an investment before it commits any money.     Introduction In 2004, the European Commission concluded, in decision 2005/145, that France granted incompatible aid to Electricite de France [EDF]. The French government had converted tax liability into share capital in EDF. The Commission was of the […]
read more
No Comments
24. November 2015  |   State Aid Uncovered by Phedon Nicolaides

Market Economy Investor Principle
State Aid Blogs - m 3 4
Public investment is free of State aid when it is made at the same time and on equal terms with investments by private investors. In the absence of an equivalent private investment, public investment does not constitute State aid when it is demonstrated ex ante that it is capable of generating market rates of return.   Introduction Public authorities are […]
read more
No Comments
22. October 2015  |   Guest State Aid Blog by Emanuela Matei

A new misnomer in State aid law: single economic unit with separate legal personality (C 357/14 P, Dunamenti Erőmű/Commission)
electricity grid cables
The following blog post is a contributory piece by Emanuela Matei, Associate Researcher at the Centre of European Legal Studies, Bucharest. Matei holds a Juris Master in European Business Law (Lund University, June 2012), a Magister legum (Lund University, June 2010) and a BSc in Economics & Business Administration (Lund University, June 2009). We are very glad to welcome her […]
read more
No Comments
28. July 2015  |   State Aid Uncovered by Phedon Nicolaides

The Market Economy Investor Principle Applies also to Avoidance of Losses
State Aid Blogs - m 11 2
A public authority can act as a private investor in paying to avoid costly contractual clauses. A public authority can act as a private investor in paying to bring forward future revenue. Introduction   When a market operator invests to make profit, its underlying logic is the same as when it pays to avoid losses. In both cases it is […]
read more
1 Comment
21. July 2015  |   State Aid Uncovered by Phedon Nicolaides

Application of the MEIP to Transactions between Parent and Subsidiary Companies
State Aid Blogs - m 1 4
The Market Economy Investor Principle also applies to transactions between related companies. A private investor enjoys a margin of discretion in deciding in favour or against an investment. However, despite that margin of discretion, a prudent private investor always carries out an assessment of the potential profitability of the investment before it commits any money.   Introduction When a public […]
read more
No Comments
Next Page »

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