EA Ireland

Anticipating Transparency: Upcoming REMIT Updates

As the energy market prepares for change, amendments to the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) are on the horizon. This regulation is designed to increase the transparency and stability of the European energy markets while combating insider trading and market manipulation. The amendments include updates to definitions of market manipulation, a new Inside Information Platform (IIP), new responsibilities for Agency for the Cooperation of Energy Regulators (ACER) , National Regulatory Authorities (NRAs) and new requirements for market participants, all set to roll out within two months.

These updates promise to simplify compliance and strengthen regulatory oversight. Central to these changes is the launch of a dedicated electronic access point for reporting inside information. This platform, due to be unveiled by ACER, aims to encourage accessibility, and improve regulatory efficiency by publishing data on such things as the unavailability of the transmission system or the unavailability of power generation units.

ACER has also been given enhanced investigatory powers, allowing them to investigate market participants for market abuse. However, they have not been given sanctioning powers, this can still only be done by the NRAs, although penalties may apply for non-compliance with ACER investigations.

One key update is that market participants, will need to appoint representatives in active Member States they are trading in. These representatives, while vital for compliance, will not need a physical office, unlike originally proposed, offering some flexibility.

The EAI recognises the significance of these updates and the importance of market regulation. We are actively engaging members to ensure readiness. Our next meeting, aimed at enhancing member understanding of the updates, will be held once the new regulation has been implemented. Notification of the next meeting will be circulated in May and all members are welcome to join!

These changes mark a positive step towards transparency and integrity in energy markets. The forthcoming REMIT updates promise a more accessible and accountable energy landscape. With streamlined compliance, stricter enforcement, and flexible requirements, stakeholders can expect fairer and more efficient markets.