About REMIT

ACER (the energy regulators’ EU agency) and the national (energy) regulatory authorities protect energy markets from abuse, building trust that energy markets work well for businesses and citizens. It is important that wholesale energy markets function well and that prices are determined in a fair way. 

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) came into force in 2011 to support open and fair competition in the European wholesale energy markets.

The revised REMIT (which takes effect from 7 May 2024) introduces new measures to better protect the EU citizens and businesses from energy market abuse. How?

• The revised REMIT brings a closer alignment of the EU rules on transparency and integrity of energy markets with those in the financial markets.
• The scope of REMIT is expanded. For example, it now also covers energy (electricity and gas) storage, and the market abuse provisions under REMIT also apply to financial instruments.
• ACER regular surveillance scope is expanded to EU platforms covering electricity balancing markets and more information is provided about algorithmic trading.
• The REMIT reform creates a new setting for investigations and enforcement. ACER has been granted investigatory powers in cross-border cases (involving 2 or more Member States). These powers complement the national regulators’ investigatory powers with ACER and the National Regulatory Authorities (NRAs) working closely together.
• Enforcement continues to be at national level. The power to impose fines for infringements of the REMIT prohibitions or the substantive obligations included in the regulation will remain in the hands of the Member States. ACER’s enforcement powers are limited to ACER being able to carry out our investigations or compliance with our requests for information e.g. if a party inhibits our onsite inspection or fails to provide the requested information then ACER can impose a fine. ACER has also been tasked with adopting decisions to approve the authorisations and the withdrawal of authorisations of Inside Information Platforms (IIPs) and Registered Reporting Mechanisms (RRMs).
  • ‘Inside Information Platforms (IPPs)’ are internet-based platforms where market participants can publish inside information. With the revised REMIT it will be mandatory to use IIPs for the disclosure of inside information.
  • ‘Registered Reporting Mechanisms (RRMs)’ are entities that have the authority to submit data and transaction information to ACER on their own behalf (their own data) and/or report data of other market participants (in which case they provide a service). There are about 140 RRMs (see the list of RRMs). Authorisation is only available to RRMs that were founded within the European Union.
  • ACER will also develop and operate a platform serving as a sector-specific electronic access point for inside information that is disclosed, as well as a digital reference centre of information on EU wholesale energy market data.

See the ACER Open letter which addresses questions from stakeholders to help them comply with their reporting obligations under ‘Revised REMIT’.

​Multiple actors cooperate and contribute in ensuring and delivering the transparency and integrity of wholesale energy market under REMIT. These include ACER, national regulatory authorities (NRAs), persons professionally arranging transactions, market participants, or any person observing potential market abuse.

All these actors can notify a potential REMIT breach observed either in the analysis of REMIT data, continuous market monitoring, or in their daily practice.

Anyone can notify suspicious behaviour under REMIT through the Notification Platform.

ACER is legally mandated to collect all relevant trading data in wholesale energy markets, to surveil the European wholesale energy markets, and to coordinate the follow-up of any possible REMIT breach to ensure consistency at European level.

Cycle of REMIT activities (under ACER and NRAs):

• ​​​​​​Define data collection standards
• ​​​Collect REMIT Data 
• ​​​Assess 
• ​​​Detect 
• ​​​Notify 
• Coordinate​
• Investigate 
• ​​​Penalise 
• ​​​Deter​

ACER creates a cross-border investigatory group (Sept 2022)

High prices and high volatility on the wholesale energy markets has led ACER and National Regulatory Authorities (NRAs) to reinforce their scrutiny of the behaviour of market participants, including non-EU companies, on the wholesale energy markets to:

• detect market manipulation that may have contributed to the current market situation and manipulative behaviours that may have emerged since the beginning of the energy crisis (due to the high price volatility);
• identify potential situations of inaccurate or misleading information provided to the market and/or insider trading.

In September 2022, ACER and 3 NRAs established a cross-border investigatory group.

Its aim is to coordinate and strengthen the efforts on fact-finding and evidence gathering.

The investigatory group will be closed when sufficient evidence is gathered to pursue a case or if NRAs conclude on the absence of a REMIT breach.