Publications

Despite geopolitical tensions, fears of recession and strong inflationary pressures across the EU, as well as the fiscal tightening needed to contain them, M&A in the CEE region has remained reasonably buoyant. Findings from the CMS Emer­ging Europe M&A 2023/24 report, published in cooperation with EMIS, demonstrate the resilience of the Emerging Europe deals market as activity holds firm against a backdrop of geopolitical tensions and strong inflationary pressures. Welcome to the 2023/24 edition of the Emerging Europe report.

The year 2022 started with various challenges, including rising inflation and energy prices. Then the Russian invasion of Ukraine added yet another one. Nonetheless, the M&A market in emerging European countries proved to be extremely resilient. The region saw M&A activity maintain a steady pace, though deal values were notably lower. Also, variations could be observed across territories and sectors. While 2022 brought a unique set of challenges, dealmaking largely compared favourably to pre-pandemic levels. Welcome to the 2022/23 edition of the Emerging Europe report.

Piotr Ciołkowski, partner, and Ada Szon, senior associate in the Energy and Projects practice, have authored the Polish chapter of The Renewable Energy Law Review, edition 5.

A guide for large energy users Across Europe there is a clear and consistent trend for large scale commercial and industrial users of electricity adopting on-site power solutions. This is the result of a range of factors, in­clud­ing:re­new­able on-site generation being one of the most clear-cut ways to help “green” a site’s electricity supply and help the com­mer­cial/in­dus­tri­al user achieve their climate change targets;on-site power solutions having the ability to provide resilience of electricity supply during times of system outage or con­straint;avoid­ance of the network and policy charges typically associated with electricity taken from the grid; andthe commercial opportunities from leveraging flexible on-site power solutions to reduce consumption from the grid and/or to export electricity onto the grid. However, while such opportunities mean that on-site power solutions are often an attractive option, on-site projects will generally come with a complex array of legal options and considerations. These range from:the fundamental point that such projects inherently involve participation in a typically heav­ily-reg­u­lated arena (and often the backdrop of a set of regulations rapidly evolving to keep pace with the sector), toa range of pro­ject/agree­ment structures and parties (without a “cookie cutter” approach) involved in project ownership, operation and electricity sale and purchase, with significant co-dependence between such parties, toa government policy context that (while at face value often pro-green) is often increasingly concerned about grid and policy charges being avoided through these types of project and wishes to see all market participants paying a perceived fair share of such costs. In this guide we provide an overview of these challenges and opportunities in Europe, with a view to assisting you in reviewing, upfront, the key issues often associated with on-site power solutions of this nature. 

Following global trends, the M&A market in emerging Europe surged in 2021— more money was spent on acquisitions and investments than in any of the previous seven years. After a relatively poor showing in 2020, transaction volume also bounced back to pre-pandemic levels. Not only did direct acquisitions and investments fare well, but stock market listings also reached unprecedented levels. Has the M&A market in emerging Europe scaled new heights?Welcome to the 2021/22 edition of the Emerging Europe report.

Piotr Ciołkowski, partner and head of the regulation practice for the energy sector at CMS Poland, and Ada Szon, associate in the energy and projects practice, have recently authored the Polish chapter...

Piotr Ciołkowski, partner and head of the Regulatory practice for the energy sector at CMS Poland, and Ada Szon, associate in the Energy and Projects practice, have recently authored the Polish chapter of the 2021 edition of The Renewable Energy Law Review. The chapter gives a comprehensive overview of the Polish renewable energy market, providing an in-depth look at the policies, legal structures and state of play in the renewable energy industry in Poland. It also offers a wide-ranging guide to the legal frameworks and current status and challenges in structuring, financing and investing in renewable energy projects in Poland.  

Piotr Ciołkowski, partner, head of regulation practice for the energy sector at CMS Poland, and Ada Szon, associate in the energy and projects practice, have recently authored the Polish chapter of the...

Marcin Bejm, partner and head of the Energy and Projects team, and partner Łukasz Szatkowski, have contributed to the newly published report by Investment Reports – Poland’s Energy Industry. They...

CMS has advised PSE, a Polish power transmission system operator, on negotiating a cooperation agreement with Litgrid AB, a Lithuanian transmission system operator, for the construction of Harmony Link...