Closure of a REMIT cross-border investigatory group set up during the energy crisis
What is it about?
ACER and the national regulatory authorities of Austria, Germany and the Netherlands have closed the cross-border investigatory group established in 2022.
This group was set up under REMIT (the EU framework to prevent energy market abuse, ensuring transparency and integrity) in response to the exceptional conditions during the energy crisis – unprecedented high prices, high volatility, and scarce electricity and gas supplies – to enhance monitoring and detection of potential market abuse.
The group aimed to strengthen coordination and support evidence gathering in a complex case involving multiple potential REMIT breaches in the wholesale gas market.
The case spanned several countries. ACER initiated the process by sharing a preliminary report with the relevant regulators, based on suspicious patterns flagged during its EU-wide market surveillance. The national regulatory authorities of Austria, Germany and the Netherlands have worked closely together in their investigatory activities, and coordinated on which national regulatory authorities would take on the lead in a formal investigation and which ones would assist. The Dutch regulator provided assistance in the investigatory activities.
The coordination of investigative activities and the collection of the necessary evidence have led to the following outcomes:
Austria: The Austrian regulator identified several potential REMIT breaches and submitted two formal investigation reports to the national enforcement authority. However, the authority decided not to pursue the case further.
Germany: The German regulator opened a formal investigation into another potential REMIT breach involving the same market participant. This investigation is ongoing, and cooperation will continue under a lighter, more flexible arrangement.
As the main objectives were met (sufficient evidence was gathered to pursue the case at the national level), this group has now concluded its work.
What happens next?
This effort underscores the importance of strong investigatory and enforcement powers at national level to uphold market integrity. ACER and national regulators continue to cooperate closely to support the effective enforcement of REMIT.
Neither ACER nor the NRAs can comment on past or ongoing REMIT investigations.
Roles of ACER and national regulators under REMIT
ACER’s role: ACER monitors wholesale energy markets across the EU, collects data, issues guidance, and coordinates national regulatory authorities’ activities to ensure a coherent application of REMIT and an effective approach to tackling market abuse. A cross-border investigatory group is an administrative arrangement established by ACER to coordinate investigations by NRAs into a potential market abuse case under REMIT. As of May 2024, under the revised REMIT regulation, ACER can also conduct investigations into certain cross-border cases.
National regulatory authorities: National regulators are responsible for investigating suspected cases of insider trading or market manipulation and enforcing REMIT through sanctions and remedies defined by national law.
Access the table of REMIT breach sanction decisions adopted by national regulators.