Subject to compliance with Union competition law and with Regulations (EU) No 648/2012 (
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) and (EU) No 600/2014 (
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) of the European Parliament and of the Council and Directive 2014/65/EU, market operators may 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. Member States shall not require that such hedging activity may be limited to trades within a Member State or bidding zone.