REMIT

In December 2011, EU has adopted the Regulation (EU) No. 1227/2011 on wholesale energy market integrity and transparency (REMIT). REMIT applies to trading in wholesale energy products and sets the framework for identifying and prohibiting abusive practices affecting wholesale energy markets. In particular:

  • establishes rules concerning the obligation to publish confidential information (article 4), the prohibition of insider trading (article 3) and market manipulation (article 5),
  • provides for the monitoring of wholesale energy markets by the Agency for the Cooperation of Energy Regulators (ACER) in cooperation with national regulatory authorities (article 7),
  • imposes the obligation to "persons professionally arranging transactions" to maintain effective mechanisms/procedures for identifying abusive market practices and to notify the national regulatory authority in case of suspicious transactions (article 15),
  • provides for the establishment of market participants registers (article 9) by the national regulatory authorities (national registers) and ACER (European register-CEREMP),
  • imposes the obligation to market participants, or third parties acting on their behalf, to provide the ACER with records of wholesale energy transactions (identification of products, prices, quantities, dates, beneficiaries, etc.) including orders to trade (article 8).

 In December 2014, EU adopted the Implementing Regulation (EU) No. 1348/2014, implementing article 8 of REMIT, which sets out rules for the provision of transaction data to ACER, defines the details of the reports and establishes the reporting channels and the timing and regularity of reporting.  In accordance with the Implementing Regulation, market participants have the following obligations:

  • Register with the national regulatory authority in the Member State in which they are established or active. 
  • By the 7th of October 2015, report wholesale energy transactions including orders to trade, either by themselves or via a third parties acting on their behalf.

For more information please see the Announcements section or contact REMIT@lagie.gr .