ACER welcomes NRAs’ REMIT enforcement and calls for targeted improvements in surveillance by trading intermediaries
ACER welcomes NRAs’ REMIT enforcement and calls for targeted improvements in surveillance by trading intermediaries
What is it about?
Europe has an EU-wide framework (called 'REMIT') to detect and deter market manipulation and abuse in wholesale energy markets. This framework counts on many parties collecting and monitoring data, all working together to ensure the integrity of Europe’s wholesale energy markets. National energy regulators are responsible for REMIT enforcement.
Today, ACER publishes its annual reports on energy market surveillance, covering:
The preparedness of persons professionally arranging transactions (PPATs) to detect and report suspicious behaviour. PPATs are trading intermediaries such as energy exchanges, organised market places (OMPs) or brokers, who arrange or facilitate transactions in wholesale energy products.
National regulatory authorities’ (NRAs’) analysis of suspicious transaction and order reports (STORs) submitted by PPATs, their enforcement actions and penalties.
Both reports are mandated by the 2024 revised REMIT Regulation, which expanded PPATs’ obligations for monitoring trading activity and reporting suspected market abuse to ACER and to the relevant national regulator.
What are ACER’s key findings?
ACER highlights the important role of PPAT market surveillance and NRA enforcement under the REMIT framework.
ACER’s analysis shows that PPATs’ structural compliance with their REMIT obligations is improving. However, their market surveillance still needs to be strengthened to ensure fair, transparent and well-functioning wholesale energy markets across the EU.
ACER encourages PPATs to review and improve surveillance arrangements, systems and procedures, working in particular on the quality, completeness and timeliness of suspicious transaction and order reports (STORs) submitted via ACER’s Notification platform.
ACER also found that the number and quality of STORs submitted by PPATs in 2025 increased significantly, reaching 204 reports - double the previous year’s figure. In parallel, NRAs made steady progress in screening, prioritising and closing cases.
For PPATs, ACER identified key areas in their surveillance practices where further improvements are needed:
- Strengthen functional independence and professionalisation of surveillance teams, including through appropriate training.
- Reduce reliance on basic monitoring tools in favour of more targeted ones.
- Expand surveillance coverage to potential breaches under REMIT Articles 3 and 4 (in addition to Article 5), across all markets and products.
- Enhance proactive engagement with market participants.
- Ensure timely and complete reporting of suspicious behaviour, focusing on effectiveness rather than formal compliance alone.
For follow-ups by national regulators, ACER recommends:
- Strengthening PPATs’ analysis of market behaviour by providing more detailed assessments of market participants’ conduct and its impact on the market.
- Further enhancing NRAs’ capacity (staff and IT resources) to manage the growing volume and complexity of cases.
- Maintaining and expanding engagement between NRAs and PPATs to further improve reporting quality.
- Ensuring timely communication with ACER to support effective coordination and case handling.
What's next?
Don’t miss the ACER-European Commission REMIT event on 11 June. Register here.