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.
ACER creates a cross-border investigatory group (Sept 2022)
High prices and high volatility on the wholesale energy markets has led ACER and National Regulatory Authorities (NRAs) to reinforce their scrutiny of the behaviour of market participants, including non-EU companies, on the wholesale energy markets to:
- detect market manipulation that may have contributed to the current market situation and manipulative behaviours that may have emerged since the beginning of the energy crisis (due to the high price volatility);
- identify potential situations of inaccurate or misleading information provided to the market and/or insider trading.
In September 2022, ACER and 3 NRAs established a cross-border investigatory group.
Its aim is to coordinate and strengthen the efforts on fact-finding and evidence gathering.
The investigatory group will be closed when sufficient evidence is gathered to pursue a case or if NRAs conclude on the absence of a REMIT breach.
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