ACER’s REMIT Quarterly provides updates on the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) and related activities, helping stakeholders stay informed on developments that enhance transparency and integrity in the EU energy markets. 

What is in the latest REMIT Quarterly?

The 40th edition covers the first quarter of 2025 and marks a decade of progress in centralised EU-wide data collection, which is essential to ensure transparent and fair wholesale energy markets.

This edition includes:

• Updated Q&As on REMIT, which help market participants better understand new obligations under the revised Regulation.
• Overview of 405 potential breach cases under review, along with recent enforcement actions in Spain and France addressing market manipulation.
• Latest improvements in market surveillance, including updated data-sharing statistics, new Energy Identification Codes (EICs) and broader reporting coverage (now including 15,560 standard contracts and 74 organised marketplaces).
• Comparison of Q1 2025 trading activities with Q1 2024, highlighting key market trends and transparency gains.
• Ongoing monitoring of Inside Information Platforms (IIPs), focusing on compliance, data accessibility and improving the effectiveness of public disclosures.

What else is new? 

• ACER’s new REMIT Data Reference Centre. Check out the infographic on the first REMIT data released for Q1 2025. Want to know how you can apply the data? See practical examples of how analysts and policymakers can explore market shifts using the ACER REMIT Data Reference Centre. 
• ACER’s brand new Inside Information Access Point. This is a single gateway for inside information that is currently published across 23 platforms.
• Interested to find out more about these new tools? Join our webinar (11 June 2025).

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is the EU framework that aims to prevent wholesale energy market abuse and support fair competition. When the regulation was revised in 2024, ACER was tasked with:

• establishing a REMIT Data Reference Centre to house information on EU wholesale energy market data; and with
• creating a single Inside Information Access Point. 

ACER’s new REMIT Data Reference Centre provides access to key data reported under REMIT in one place. This marks a significant step toward increasing transparency in EU wholesale energy markets and offering insights to market participants, analysts and researchers. 

The first release includes nine datasets, accessible via ACER’s CHEST application. Users can explore the data interactively online, apply custom filters, and export selected results for further analysis.

This is first time REMIT data is being made available in a downloadable, aggregated, and harmonised format. Unlike previously published data (such as those featured in ACER’s REMIT Quarterly and Monitoring Reports), these are complete datasets, offering users a more comprehensive and usable view of market activities. 

Today’s launch of the ACER REMIT Data Reference Centre is a first step. ACER plans to expand the application with additional datasets and new features in future updates, further reinforcing ACER’s role as a reference centre for wholesale energy market transparency.

These 9 datasets provide insights into trading from January to March 2025. The next update (covering data from April to June 2025) is expected by mid-September. 

The datasets are grouped into the following categories:

Electricity markets datasets:
   1.    Intraday trading
   2.    Day-ahead trading
   3.    Long-term trading
   4.    Bilateral trading including Power Purchase Agreements (PPAs)
Natural gas markets datasets:
   5.    Within-day and Day-ahead trading
   6.    Long-term trading
   7.    Bilateral trading
LNG markets dataset:
   8.    LNG trading
Market participants dataset:
   9.    Market participant categorisation

All datasets are available for download in CSV format and are described in detail in the accompanying Catalogue.

Curious how you can apply the data? See practical examples of how analysts and policymakers can explore market shifts using the ACER REMIT Data Reference Centre. 

Check out the infographic on the first REMIT data released for Q1 2025.

Under REMIT, ‘inside information’ refers to non-public information related to energy market participants or their assets (e.g. outages) that, if made public, would be likely to significantly affect the prices of wholesale energy products. Market players are obliged to disclose such information in a timely way, via Inside Information Platforms (IIPs), to ensure fair and transparent market conditions. IIPs are online platforms, approved by ACER, where market participants disclose inside information. 

ACER’s new Inside Information Access Point serves as a single gateway for inside information that is currently published across 23 approved IIPs, making it easier for market players to check and compare inside information. Better access to planned maintenance and unplanned disruptions of energy assets enhances public understanding of EU energy market dynamics and may support more coordinated asset management by operators and policymakers.

The ACER Inside Information Access Point can also help facilitate the fulfilment of the new REMIT obligations for persons professionally arranging or executing transactions (such as energy exchanges, brokers and capacity allocation platforms). These entities must notify ACER and the relevant national regulatory authorities (NRAs) of any potential breaches caused by a market participant’s failure to disclose inside information. 

What kind of inside information is available?

The ACER Inside Information Access Point collects and displays a range of inside information, including:

• Planned and unplanned downtimes of energy assets likely to significantly affect the prices of wholesale energy products.
• Service interruptions across production, transmission, and consumption infrastructure.
• Outages and maintenance events of both gas and electricity assets.

Users can filter and export inside information data collected by ACER on a given day. ACER plans to continue developing its Access Point, adding new functionalities and improvements to further support market transparency and oversight.

The Access Point is not intended for real-time trading decisions, as its dataset is refreshed daily rather than continuously. Market participants should continue to consult individual Inside Information Platforms for real-time publications of REMIT inside information.

The EU-wide framework that protects consumers and businesses from energy market manipulation and insider trading is commonly known as REMIT. This highly sophisticated framework involves many parties collecting and monitoring data, all working together to ensure the integrity of Europe’s wholesale energy markets. Ultimately, national regulators are enforcing REMIT.

For the first time, ACER publishes two reports on energy market surveillance, concerning:

• Persons professionally arranging transactions (PPATs): Analysing their preparedness to detect and report suspicious energy market activities.
• National energy regulatory authorities (NRAs): Focusing on their analysis of suspicious transaction and order reports (STORs) submitted by PPATs, their enforcement actions and penalties.

Both reports are mandated by the revised REMIT Regulation (2024) which introduces new obligations for these trading intermediaries (called PPATs under the REMIT framework) and for ACER to report on the follow-ups by the national energy regulators. 

What are ACER’s key findings and recommendations?

ACER identified the following areas for improvement in some PPATs’ surveillance practices:

• Absence of a formal surveillance function.
• Undisclosed conflicts of interest by employees.
• Undefined or unformalised market surveillance procedures to 'detect, analyse, notify and deter' as required by REMIT.
• Lack of surveillance IT system.
• Undue influence by management on the content or submission of suspicious transaction and order reports.

To address these gaps, ACER suggests:

• Structural separation: REMIT surveillance functions should be clearly separated, whether internal or outsourced, with specialised staff and tools to reduce conflicts of interest and improve performance.
• Client interaction procedures: These processes need to be updated or enhanced to ensure effective monitoring.
• Use professional and certified tools: Where possible, PPATs should use certified systems tailored to their needs, as generic tools may not be effective.
• Increase monitoring coverage: Surveillance systems should monitor all tradable products to detect cross-product manipulation.
• Regular audits: Surveillance functions should be audited more frequently, with a focus on data security and information management.

Read the report.

ACER reviewed the suspicious transactions and order reports submitted by PPATs in 2023 and 2024. Overall, their quality was satisfactory, providing enough information to assess potential breaches of REMIT on the EU wholesale energy markets.

To further improve the quality of this reporting and reinforce national regulators’ capacity to analyse the suspicious reports they receive, ACER encourages national regulatory authorities to:

• Strengthen cooperation by maintaining or establishing regular discussions with PPATs to continuously improve the STOR quality.
• Ensure adequate resources by providing adequate personnel (e.g. case handlers) and tools to manage the growing number of REMIT cases.
• Promptly communicate with ACER by notifying ACER when investigations on potential REMIT breaches are initiated and providing timely case updates to ensure a coordinated enforcement across the EU.
• Streamline case management by promptly rejecting reports of potential REMIT breaches which, upon initial review, are deemed irrelevant or that can be de-prioritised.

Read the report.

The EU Agency for the Cooperation of Energy Regulators (ACER) has submitted its response to the European Commission’s public consultation on the functioning of the commodity derivatives markets, with a focus on the interplay between energy and financial market regulation. 

ACER believes that it is of importance to add sector-specific context to the consultation with respect to the functioning of wholesale energy markets and the specifics of Regulation No 1227/2011 on Wholesale Energy Market Integrity and Transparency (REMIT). The fundamental differences between financial and energy markets are the reason why Europe has (since 2011) a dedicated and highly successful energy-sector specific framework to ensure open and fair competition in Europe’s wholesale energy markets. 

ACER’s input to this consultation draws on many years of experience of national energy regulators enforcing REMIT, and ACER as the EU energy regulatory agency, protecting consumers and citizens from energy market manipulation and abuse (through its monitoring activities). It outlines the evolution of the REMIT framework with the revised Regulation (2024), including ACER’s evolving role as a wholesale energy market data reference centre.

Put simply, ACER’s position is that European consumers and businesses benefit enormously from the sophisticated EU-wide (REMIT) framework that protects energy markets from abuse. REMIT plays a crucial role in ensuring fairness, transparency and integrity of the wholesale energy market and as such should be the starting point for any further enhancements.

ACER’s response covers different aspects of the consultation, including:

• data aspects;
• position limits, management and reporting; and
• supervisory cooperation.

ACER recommends building on what already works well under REMIT and financial legislation, and to further strengthen the cooperation with the EU Securities and Markets Authority (ESMA) in areas such as data sharing, notifications to energy and financial regulators, coordination mechanisms and best practices exchange.

The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) is the EU framework that aims to prevent wholesale energy market abuse and support fair competition. The regulation was amended in 2024 to ensure the regulatory framework keeps pace with evolving market dynamics.

Now, ACER has updated its Questions & Answers (Q&As) on REMIT to incorporate the changes introduced in the amended regulation. 

The Q&A document (first published in 2011) summarises frequently asked questions about REMIT and their answers. It provides market participants and other stakeholders with information on REMIT definitions, market participant obligations, transaction reporting, and more.

What’s new in the updated Q&As?

This 30^th edition aims to align the document’s legal references with the revised regulation and clarify key concepts, including:

• new obligations for third-country market participants;

• order book reporting by organised marketplaces; and

• the expansion of REMIT’s scope to include new products (such as energy storage and hydrogen). 

The revised Q&As provide clearer explanations of reporting and compliance aspects, helping market participants to better understand the new requirements.

For additional questions about REMIT implementation and data reporting, stakeholders are encouraged to:

• check ACER guidance documents; or

• submit their queries via the REMIT query form.

The fine imposed on Energi Danmark A/S (Energi Danmark) is based on a report made by the Danish energy regulatory authority (Danish Utility Regulator, DUR) in March 2024, which was referred to the Danish State Prosecutor for Serious Economic and International Crime. 

This penalty comes under the REMIT Regulation (EU) No 1227/2011, which prohibits market manipulation and seeks to protect the integrity and transparency of the EU’s wholesale energy markets.

According to energy regulator (DUR) and the Danish state prosecutor, the misconduct, which took place on 3 January 2020, included five cases of electricity market manipulation and one attempt to do so in violation of Article 5 of REMIT. Through its behaviour, called 'cross-zonal capacity hoarding', the company acquired all, or a significant share of, the capacity available on an electricity transmission connection between two bidding areas by trading with itself. In this way, Energi Danmark prevented other market participants from using the capacity, thereby creating or increasing a price difference between the two bidding areas. 

DUR estimated the financial gain from the conduct at DKK 80,693 (approximately EUR 10,800). The prosecutor fined Energi Danmark 380,000 DKK (approximately EUR 50,900), which Energi Danmark has accepted to pay. 

In December 2018, Energi Danmark had already agreed to pay a fine of DKK 750,000 (approximately EUR 100,500) for violating the same REMIT regulation prohibition of market manipulation, which DUR emphasised as an aggravating circumstance in its report. 

The EU Agency for the Cooperation of Energy Regulators (ACER) welcomes this third decision related to the hoarding of cross-border electricity transmission capacity in Denmark. ACER emphasises the importance of vigorous enforcement to enhance public trust in the EU’s electricity markets and protect European consumers from market abuse.

Access DUR’s press release (in Danish).

Access ACER’s Guidance Note on cross-zonal capacity hoarding. Also check the ACER REMIT Guidance (6.1^st edition) for more information on the types of trading practices which could constitute market manipulation under REMIT.

See the latest table of REMIT breach sanction decisions adopted by national regulatory authorities.

Interested in further information on enforcement decisions under REMIT? Check out ACER’s REMIT Quarterly reports.

On 20 January 2025, the Dispute Settlement and Sanctions Committee (CoRDiS) of the French energy regulatory authority (CRE) imposed an €8 million fine on Danske Commodities A/S and a €4 million fine on Equinor ASA for manipulating annual capacity auctions at the virtual interconnection point between France and Spain (PIR Pirineos) in 2019 and 2020.

These penalties come under the REMIT Regulation (EU) No 1227/2011, which prohibits market manipulation and seeks to protect the integrity and transparency of the EU’s wholesale energy markets.

In its decision, CoRDiS found that Danske Commodities A/S, in collusion with Equinor ASA, had booked higher volumes of transmission capacity than those offered in the first round of PRISMA annual gas capacity auctions for PIR Pirineos in July 2019 and July 2020. This was done without the intention of acquiring such capacity, sending false or misleading signals regarding the demand for annual gas transmission capacity from France to Spain via the PIR Pirineos interconnection point.

The investigation revealed that the objective of this behaviour was to create market congestion and prevent the application of multipliers to the prices of gas transmission capacities on the infra-annual market, which are meant to incentivise the booking of annual transmission capacities. By placing non-genuine offers in the first round of auctions for annual gas transmission capacity and creating congestion, Danske Commodities A/S and Equinor ASA prevented the application of multipliers, reducing the price of gas transmission capacities on the infra-annual market and setting the market price at an artificial level.

CoRDiS considers this behaviour a violation of REMIT Article 5, which prohibits actions that give or are likely to give false or misleading signals about the supply, demand, or price of wholesale energy products, or which secure or are likely to secure the price at an artificial level.

ACER welcomes this first REMIT decision of 2025 and appreciates CRE’s continued efforts to strengthen market integrity.

Access the CoRDiS decision, CoRDiS' press release and CRE's press release (all in French).

See the latest table of REMIT breach sanction decisions adopted by national regulatory authorities.

Check the ACER REMIT Guidance (6.1st edition) for more information on the types of trading practices which could constitute market manipulation under REMIT.

Interested in further information on enforcement decisions under REMIT? Check out ACER’s REMIT Quarterly reports.

ACER’s REMIT Quarterly provides updates on the Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) and related activities, including insights into the 2024 revision of the REMIT Regulation to help stakeholders stay informed on changes that enhance transparency and integrity in the European energy market.

What is in the latest REMIT Quarterly?

The 39th edition covers the fourth quarter of 2024 and includes:

• ACER’s work on data reporting following the revised REMIT.
• Key takeaways from two joint roundtable meetings (26 and 28 November 2024) with Registered Reporting Mechanisms (RRMs), Inside Information Platforms (IIPs), Associations of Energy Market Participants (AEMPs) and Organised Market Places (OMPs), which discussed the upcoming revision of the REMIT Implementing Regulation, and shared updates on data reporting guidance.
• Minutes of the 3rd and 4th Expert groups’ meetings on Wholesale Energy Market Data Reporting and on Wholesale Energy Market Integrity and Transparency.
• Obligations for hydrogen market participants to disclose inside information.
• Updates on guidance documents on REMIT transaction reporting and trends in data reporting, including top 5 reporting entities.
• Overview of REMIT breach cases in 2024, with 390 cases under review at the end of Q4.
• Summary of 2024 trading activities on Organised Market Places.

The Comisión Nacional de los Mercados y la Competencia (CNMC) has imposed a €6 million fine on GESTERNOVA S.A. and a €1.5 million fine on AXPO IBERIA for manipulating the Spanish electricity market between 30 September and 30 December 2022.

These penalties come under the REMIT Regulation (EU) No 1227/2011, which prohibits market manipulation and seeks to protect the integrity and transparency of the EU’s wholesale energy markets.

In its decisions, CNMC found that GESTERNOVA S.A. and AXPO IBERIA had breached Article 5 of REMIT by manipulating the continuous intraday market by:

• Giving false or misleading signals regarding the supply of wholesale energy products, through behaviour known as ‘quote stuffing’.
• Issuing (and also withdrawing in AXPO IBERIA’s case) non-genuine orders to be in an advantageous position to execute cross-border sales with France.

CNMC’s investigation revealed that GESTERNOVA S.A. and AXPO IBERIA, in multiple sessions of this period, issued (or also withdrew in AXPO IBERIA’s case) non-genuine sell orders by using algorithmic trading with the goal of monopolising the order book queue for the D+1 product. Their behaviour blocked other market participants’ orders from being accepted in the order queue. Consequently, at the start of the trading session, one or more of GESTERNOVA S.A.’s and AXPO IBERIA's sell orders were prioritised at the top of the order book, ready to be the first matched once additional capacity would become available at the interconnection with France.

CNMC considers the behaviour as “quote stuffing” (defined in 6.1st edition of ACER REMIT Guidance as entering a large number of orders to trade and/or cancellations and/or updates to orders to trade so as to create uncertainty for other participants, slowing down their process, and/or to camouflage one’s own strategy).

ACER welcomes the rigour of CNMC’s enforcement with these third and fourth CNMC market manipulation decisions this year.

Access the GESTERNOVA Decision and AXPO Decision, together with CNMC’s GESTERNOVA press release and AXPO press release (both in Spanish).

See the latest ACER table of REMIT breach sanction decisions adopted by national regulatory authorities.

Check the ACER REMIT Guidance (6.1st edition) for more information on the types of trading practices which could constitute market manipulation under REMIT.

Interested in further information on enforcement decisions under REMIT? Check out ACER’s REMIT Quarterly reports.

Check out ACER latest guidance on REMIT and LNG data reporting, updated in December 2024 to align them with the revised REMIT Regulation.