REMIT introduces a sector-specific legal framework for the monitoring of wholesale energy markets. The objective is to detect and to deter market manipulation. For the first time, energy trading will be screened at EU level to uncover abuses.
Market integrity and transparency are essential for well-functioning energy markets and for promoting the confidence of market participants and final consumers.
Once REMIT is fully implemented, ACER will
- be responsible for collecting and analysing wholesale markets and other relevant data to identify possible instances of market abuse.
- will notify the concerned National Regulatory Authorities (NRAs).After an initial assessment and when there is ground to believe that abusive behaviour has actually occurred.
National authorities in Member States will have to carry out investigations and put in place penalties to help to stop and to prevent market manipulation.
This is a complex and delicate task because it deals with complex traded products and markets and, because monitoring should be conducted in a vigilant manner without however unduly interfering with the working of energy markets.
To help NRAs in the implementation of REMIT, ACER has produced a
non-binding Guidance. ACER has also provided
information and tools to help market participants fulfil their new obligations under REMIT.
