What is REMIT?
The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) came into force in 2011 to support open and fair competition in the European wholesale energy markets.
By prohibiting any trading based on inside information and deterring market manipulation, REMIT sets the ground for increased market transparency and integrity, and ultimately protects the interests of companies and consumers.
REMIT also deters market participants from manipulating the market, while ensuring trust in the functioning of these markets and fostering market integration. Doing so also protects the interests of companies and consumers.
How to ensure market transparency and integrity?
Multiple actors cooperate and contribute in ensuring and delivering the transparency and integrity of wholesale energy market under REMIT. These include ACER, national regulatory authorities (NRAs), persons professionally arranging transactions, market participants, or any person observing potential market abuse.
All these actors can notify a potential REMIT breach observed either in the analysis of REMIT data, continuous market monitoring, or in their daily practice.
Anyone can notify suspicious behaviour under REMIT through the Notification Platform.
What’s the role of ACER?
ACER is legally mandated to collect all relevant trading data in wholesale energy markets, to surveil the European wholesale energy markets, and to coordinate the follow-up of any possible REMIT breach to ensure consistency at European level.
Cycle of REMIT activities (under ACER and NRAs):
- Define data collection standards
- Collect REMIT Data