REMIT refers to Regulation (EU) 1227/2011 of 28 December 2011 on wholesale energy market integrity and transparency, aiming to prohibit the market manipulation and the trade based on inside information in the wholesale energy markets.
- granting Agency for the Cooperation of Energy Regulators' (ACER) responsibilities on coordination of investigations to the Energy Regulatory Board (ECRB), and,
- excluding central data collection by ACER.
This page outlines the aims, roles and responsibilities of REMIT Regulation. It also presents the Energy Community REMIT market participants registry.
Aims and target groups of REMIT
Aims and target groups of REMIT Regulation
Any market participant entering into transactions with wholesale energy products or expressing interest to enter into such transactions through orders to trade in Energy Community Contracting Parties is bound by REMIT provisions.
Defining market participants and obligations
Article 2(7) of REMIT Regulation defines market participants as persons, including transmission system operators, who enter into transactions, including the placing of orders to trade, in one or more wholesale energy markets.
In the name of transparency, market participants are prohibited from trading based on inside information and market manipulation and required to respect the following prohibitions and obligations:
- Prohibitions of market abuse;
- Obligation to publish inside information;
- Obligations to notify the ECRB and the relevant national regulatory authority when applying certain exemptions.
Defining wholesale energy products
Article 2(4) of REMIT Regulation defines the wholesale energy products as following:
- the contracts for the supply of electricity or natural gas where the delivery is in the Contracting Parties;
- the contracts relating to the transportation of electricity or natural gas in the Contracting Parties; and
- the contracts for the supply and the distribution of the electricity or the national gas for the use of final customers whose annual technical capability to consume (i.e., consumption at full use of that customer’s production capacity during the year) is greater than 600 GWh.
Registering market participants
Registering market participants
Each market participant entering into transactions with wholesale energy products or expressing interest to enter into such transactions through orders to trade has to register with the national regulatory authorities in the Contracting Party where the delivery of the wholesale energy products takes or will take place, prior to entering the wholesale transaction.
A market participant can register only with one Contracting Party national regulatory authority.
Roles and requirements
Article 9 of REMIT Regulation lays down the roles and requirements for registration of market participants.
- For the purpose of registration, national regulatory authorities are to provide the interested market participants a registration form similar to the one developed by ACER;
- The national regulatory authorities are obliged to have a dedicated section on their website, where the list of registered market participants are displayed;
- ECRB, in return, is to make available an online compilation of all national registrations in the Energy Community Contracting Parties (see section below).
The ECRB provides the Contracting Parties guidance to foster REMIT Regulation understanding and to facilitate its timely implementation. Also, ACER has released a series of guidance on REMIT application and implementation. Supplementing ACER’s REMIT guidance, ECRB attempts to address issues which have been identified as part of the ongoing implementation process, and/or, lack sufficient coverage.
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Role of Energy Community Regulatory Board
Article 16 of REMIT Regulation equips the ECRB with a dual role of facilitating and enforcing the REMIT implementation.
Facilitating REMIT Regulation implementation
In order to support the implementation of REMIT Regulation, ECRB is responsible for:
- developing guidance, procedures and templates to be used consistently by all national regulatory authorities of Energy Community Contracting Parties;
- establishing a central register of market participants, consisting of all Energy Community Contracting Parties;
- facilitating national regulatory authorities in carrying out tasks under REMIT in a consistent manner;
- facilitating the cooperation and coordination of the national regulatory authorities of Energy Community Contracting Parties at the regional level with regards to monitoring of activity that has cross-border impact;
- monitoring and reporting on the implementation of REMIT.
Enforcing REMIT Regulation implementation
Should ECRB take the preliminary view that a national regulator fails to comply with REMIT Regulation provisions, it has the right to:
- request additional information from the potentially affected regulator(s),
- request commencement of an investigation by the potentially affected regulator(s), and
- establish an investigatory group consisting of regulators from potentially affected parties in case it is considered that a suspected breach has or has had a cross-border impact.
National regulatory authorities' role
Pursuant to REMIT Regulation, national regulatory authorities of Energy Community Contracting Parties are obliged to:
- monitor trading activity in wholesale energy products to detect and prevent trading based on inside information and market manipulation in their national market;
- ensure that the prohibitions of insider trading and market manipulation are applied;
- cooperate at the regional level via the ECRB in carrying out the monitoring of wholesale energy markets;
- establish and update on the regular basis the national registers of market participants, and transmit the information in their national registers to ECRB;
- submit a report to the Secretariat on their activities under REMIT Regulation;
- take all necessary measures to prevent any misuse of, and unauthorised access to, the information maintained in their systems;
- without delay inform the ECRB and the Secretariat in as specific a manner as possible where they have reasonable grounds to suspect that acts in breach of REMIT Regulation are being, or have been, carried out either in that Contracting Party or in another Contracting Party;
- inform the national competition authority, the Secretariat and the ECRB where they have reasonable grounds to suspect that acts are being, or have been, carried out on the wholesale energy market which are likely to constitute a breach of competition law;
- upon ECRB’s request for information or request for commencing the investigation under Article 16 of REMIT Regulation, immediately take the necessary measures to comply with that request. Alternatively, it should notify ECRB in detail if it refuses to act on the request in accordance with Article 5(2) of REMIT Regulation;
- participate in an investigatory group convened by ECRB, rendering all necessary assistance.
Energy Community REMIT Market Participants Registry