On December 28, 2011, EU Regulation no. 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT) entered into force for all EU member states.
The goal of this Regulation is to establish shared European-wide rules for the integrity and transparency of wholesale energy markets in order to prevent abusive practices. Specifically, REMIT introduces at European level specific rules for the oversight of wholesale energy markets aimed at:
- Defining abusive practices, with respect to market manipulation (or attempted manipulation) and use of insider information (insider trading);
- Banning the aforementioned abusive practices in wholesale energy (electricity and gas) markets;
- Identifying and countering cases of market manipulation (or attempted manipulation) and insider trading via an insider trading monitoring system of European energy markets;
- Taking appropriate verification and control actions, providing that national regulatory authorities have specific powers of investigation, enforcement, and sanction.
The enforcement of REMIT is delegated to the Agency for the Cooperation of Energy Regulators (ACER) and to the national regulatory authorities (in Italy, Autorità per l’energia elettrica, il gas e il sistema idrico), in cooperation with each other, and with other national and European authorities (such as, financial and antitrust authorities).
European Commission Implementing Regulation
On January 7, 2015 European Commission’s Implementing Regulation (EU) No. 1348/2014 came into force. It identifies the information on wholesale energy products and key data that market participants are required to report to ACER, as well as how and when to comply with this reporting requirement.
For more information, please refer to the website of the Agency for the Cooperation of Energy Regulators-ACER: