Utility firms struggle to fend off Emir clearing

Europe's renewable energy targets and economic woes have made life extremely tough for utilities during the past few years. But utility executives say they now face a stark and equally alarming threat from European Union financial legislation – the most imminent piece of which is the European Market Infrastructure Regulation (Emir).

Drawn up in the wake of the financial crisis, Emir aims to strengthen the market for over-the-counter derivatives – most notably, by requiring the mandatory clearing