05.12.2023 – 7th REMIT Forum: Improving integrity and transparency in wholesale energy markets
ACER is convening the 7th REMIT Forum to discuss the Regulation of Energy Market Integrity and Transparency.
The 2023 REMIT Forum delves into the anticipated alterations from the REMIT revision. During 2021 and 2022, various factors, including diminished gas supply and Russia’s actions towards Ukraine, caused a spike in European energy prices. The global economic rebound post-COVID-19 further intensified energy demand, pushing prices higher.
In light of these events, the European Commission introduced two legislative initiatives in March 2023:
- A revision to REMIT.
- An overhaul of electricity market design guidelines.
The proposed changes to REMIT seek to synchronize the regulation’s scope with the shifting market landscape. Notable modifications encompass:
- Broadening data reporting to include new electricity balancing markets, joint markets, and automated trading.
- Extending REMIT’s market abuse rules to cover wholesale energy products classified as financial instruments.
- Overseeing entities like RRMs and PPATs.
- Standardizing penalties across National Regulatory Authorities.
- Bolstering collaboration between energy and financial regulators, ACER and ESMA, to ensure a solid regulatory structure for derivative wholesale energy products.
- Amplifying ACER’s supervisory role over RRMs and IIPs to enhance inside information gathering and market clarity.
- Elevating ACER’s role in intricate cross-border scenarios with a European context, fortifying market trustworthiness.
- Indefinitely extending ACER’s authority concerning the Liquefied Natural Gas (LNG) price evaluation and benchmark.