ACER's recommendations on the records of wholesale energy market transactions to the European Commission

On 23 October 2012 as well as on 26 March 2013 ACER published 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).  

  

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, have been 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. 
   
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.   
   
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 such recommendations as a complement to the recommendations of 23 October 2012. 
   
The purpose of the recommendations was to assist the Commission in the preparation of the implementing acts. It was important that ACER made its recommendations 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.   
 
   
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. Responses received were taken into account as much as possible. 
 
Following the public consultations on recommendations, ACER sent its recommendations to the Commission. The recommendations were also made available to the European Parliament and the Council. 
   
All recommendations are published on the REMIT Portal