ACER update on Brexit implications for REMIT

31/01/2020

The United Kingdom (UK) leaves the European Union today. However, until 31 December 2020, the so-called transition period applies. During the upcoming eleven months the UK will become a third country, but the EU rules will continue to apply, including the Regulation on wholesale energy market integrity and transparency (REMIT).

During the transition period, Market Participants registered in the UK do not need to register yet in one of the remaining 27 Member States. They are also obliged to report UK REMIT data to ACER as specified in the REMIT Implementing Regulation and the ACER guidance.

There is no indication that the transition period will be extended. Therefore, as of January 2021 UK market participants willing to continue entering into transactions or placing orders to trade in the European Union's wholesale energy markets will have to register in one of the remaining 27 EU Member States.

In the coming eleven months, ACER will continue monitoring the application of EU law to/in the UK and will closely monitor developments in preparation for the end of the transition period. ACER will also engage and provide input as necessary with/to the European Commission.