The Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 1227/2011, REMIT) provides an EU framework for ensuring the transparency and integrity of the European wholesale energy markets and deters market participants from manipulating the market. It has also an important role in protecting the interests of companies and consumers and ensuring trust in energy markets.
The EU Agency for the Cooperation of Energy Regulators (ACER) on the 17th of April 2024, in the Official Journal of the European Union published the revised Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 2024/1106) which enters into force on the 7th of May 2024, to better protect the EU citizens and businesses from energy market abuse. For a short overview on the revised REMIT, see here.
Before EU Regulation 2024/1106 enters into force, ACER responds to questions (in an open letter) from stakeholders to help them comply with their reporting obligations. Open letter provides what ACER expects from reporting parties and an overview of the main changes the revised REMIT brings in terms of data reporting and notification obligations e. g.:
- what has changed in the definition of 'Organise Marketplace' and when should they start reporting data related to the order books;
- how market participants that are resident or established in a 'third country' (outside the EU) should provide information about their designated representative in the EU;
- how market participants should notify their usage of algorithmic trading.
What are the next steps?
- The revised REMIT was adopted by the European Parliament on the 29th of February 2024 and by the Council on the 18th of March 2024. It will enter into force on the 7th of May 2024.
- ACER and the European Commission will host a workshop (on the 11th of June 2024) to discuss the implementation of the revised REMIT and its main implications. Register here.
- Till the 31th of December 2024, ACER will update its guidance to National Regulatory Authorities (NRAs) and reporting parties on the application of REMIT to reflect the new legal framework. ACER encourages stakeholders' active involvement in both the implementation of the revised REMIT and in the creation of ACER guidance documents.
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