ACER has published its Recommendations to the European Commission on the records of wholesale energy market transactions for the data collection under Regulation (EU) No 1227/2011 of the European Parliament and of the Council on wholesale energy market integrity and transparency (REMIT).
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Efficient market monitoring at EU level is vital for detecting and deterring market abuse on wholesale energy markets. Regulation (EU) No 1227/2011 tasks ACER with carrying out this monitoring as it has both a Union-wide view of electricity and gas markets and the necessary expertise on the operation of electricity and gas markets and systems in the Union.
Data collection under REMIT, including the records of transactions to be provided by market participants to the Agency, will have to be defined by the Commission by means of implementing acts. According to REMIT, ACER may make recommendations to the European Commission as to the records of transactions, including orders to trade, which it considers are necessary to monitor effectively and efficiently wholesale energy markets under REMIT. These Recommendations were provided to the Commission on 23 October 2012 and are made public today. They were also made available to the European Parliament and the Council.
On 23 October 2012, the Agency provided the Commission with its Recommendations on the Records of Transactions, including orders to trade, which it considers necessary to effectively monitor wholesale energy markets. The recommendations were consulted with relevant stakeholders, including ESMA, national financial market authorities and competition authorities. Responses received were taken into account as much as possible.
In its recommendations of 23 October 2012, the Agency indicated its intention to also develop recommendations on the REMIT records of transactions and implementing acts for balancing market contracts and transportation contracts and to consult relevant stakeholders ahead of their adoption. Following additional consultations with ENTSO-E and ENTSOG, the Agency provided the Commission on 26 March 2013 with its recommendations on the records of transactions for balancing market contracts and transportation contracts. These recommendations complement the Agency’s recommendations from 23 October 2012.
The purpose of the recommendations is to assist the Commission in the preparation of implementing acts to be adopted in accordance with REMIT. It is important that ACER makes its recommendations to the Commission as the Agency will be the primary user of the data collected and will be responsible for managing the reporting framework. The Agency considers its recommendations as a sound basis for the development of the REMIT records of transactions and implementing acts. The recommendations were also made available to the European Parliament and the Council.
REMIT requires ACER to consult interested parties before making recommendations to the European Commission. On this basis the Agency consulted with interested parties in preparing the recommendations to the European Commission, in particular with National Regulatory Authorities, financial supervisory authorities in the Member States, national competition authorities and ESMA.
Following the public consultation on recommendations on the records of transactions, ACER has sent its recommendations to the Commission as to the records of transactions, including orders to trade, which it considers are necessary to effectively monitor the wholesale energy market. The purpose of the recommendations is to assist the Commission in drafting the REMIT implementing acts according to Article 8 of the Regulation.
