REMIT investigations

The revised Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) grants ACER new powers to investigate cross-border cases in the European wholesale energy markets.

ACER is empowered to investigate breaches of:

• market manipulation;

• insider trading;

• disclosure of inside information;

• data reporting obligations;

• activities by persons professionally arranging or executing transactions.

To conduct these investigations, ACER is authorised to:

• request information;

• perform on-site inspections;

• take statements.

The new cross-border investigative powers complement those of the National Regulatory Authorities (NRAs). ACER has jurisdiction over acts involving wholesale energy products for delivery in at least two Member States. ACER will actively cooperate with relevant NRAs when exercising its investigative powers.

ACER may start an investigation after consulting with the relevant NRAs, who can object if they are investigating or have already investigated the same facts.

When concluding an investigation, ACER will compile a conclusive report. If a breach is identified, ACER will notify the relevant NRAs and recommend necessary measures.

Within three months of receiving the investigation report, NRAs are required to inform ACER, and if necessary, the European Commission, on which measures they deem essential to implement.

To set up these new processes, ACER is enhancing cooperation with stakeholders, by:

• identifying best practices;

• selecting specialised IT tools that can effectively gather, analyse, and manage evidence for investigations;

• investing in talent acquisition;

• updating existing processes defining the relationship with NRAs to ensure cooperation and consistency on previous REMIT cases;

• enhancing ACER’s Notification Platform to facilitate reporting on suspected REMIT breaches.

Following the entrance into force of the revised REMIT Regulation (7 May 2024), ACER can start investigating potential REMIT breaches. Its powers do not apply retrospectively.

To deliver on the new tasks, ACER is setting up a new REMIT Investigations Department, which will become operational from 2025 onwards. The recruitment of new specialised staff will take place between 2025 and 2027.

ACER’s cross-border investigations will start in Q4 of 2026. It is estimated that completing an investigatory report could take a few years.