REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) provides an EU framework for the transparency and integrity of energy markets and aims to deter market participants from manipulating the market. It plays an important role in protecting the interests of companies and consumers and ensuring trust in energy markets.

To ensure the REMIT Regulation keeps pace with evolving market dynamics, the European Commission launched a legislative proposal for its amendment in March 2023. A year later, the European Parliament and the Council adopted the new REMIT Regulation.

What is the REMIT Quarterly?

The REMIT Quarterly is ACER’s main channel of communication with stakeholders on REMIT-related matters, providing updates on ACER’s REMIT activities.

The 36th edition covers the first quarter of 2024 and features:

• ACER and European Commission joint workshop on REMIT II implementation (11 June 2024). Register for free here.
• Further details on the implications of the revised REMIT Regulation (published on 17 April 2024 in the Official Journal of the European Union).
• Report on a REMIT breach in the Italian gas market, where the national energy regulator ARERA imposed a €940,000 fine on ENET Energy S.A.
• Updated overview of the sanction decisions under REMIT for 2024, with 361 cases under review at the end of the first quarter.
• Statistics for Registered Reporting Mechanisms’ (RRMs’) contingency reports.
• Overview of trading on organised market places in the first quarter of 2024.
• Other REMIT updates.

Access the 36th issue of the REMIT Quarterly.

Access all issues of REMIT Quarterly.

The revised Regulation on Wholesale Energy Market Integrity and Transparency (EU Regulation 2024/1106), published today in the Official Journal of the European Union, enters into force on 7 May 2024. Ahead of this date, ACER addresses (in an open letter) several questions from stakeholders to help them comply with their reporting obligations under the revised REMIT.

What is REMIT?

Europe has an EU-wide legal framework (generally called ‘REMIT’) designed to prevent and protect consumers and business against market abuse in the European electricity and gas markets. The revised REMIT takes effect from 7 May 2024. For a short overview on the revised REMIT, see here.

Why is the ACER open letter on the revised REMIT relevant? 

The ACER open letter provides an overview of the main changes the revised REMIT brings in terms of data reporting and notification obligations e.g.

• what has changed in the definition of ‘Organised Marketplace’ and when should they start reporting data related to the order books;
• how market participants that are resident or established in a ‘third country’ (outside the EU) should provide information about their designated representative in the EU;
• how market participants should notify their usage of algorithmic trading.

The letter also sets out what ACER expects from reporting parties once the amended regulation enters into force.

The letter should be of interest to all stakeholders involved in data reporting or that have notification obligations under REMIT: market participants, Registered Reporting Mechanisms (RRMs), Inside Information Platforms (IIPs), Organised Marketplaces (OMPs) and Persons Professionally Arranging or Executing Transactions (PPAETs).

What’s next? 

• The revised REMIT was adopted by the European Parliament on 29 February and by the Council on 18 March 2024. It will enter into force on 7 May 2024, twenty days after its publication in the Official Journal (which happened today).
• ACER and the European Commission will host a workshop (11 June) to discuss the implementation of the revised REMIT and its main implications. Register here.
• By the end of 2024, ACER will update its guidance to National Regulatory Authorities (NRAs) and reporting parties on the application of REMIT to reflect the new legal framework. ACER encourages stakeholders’ active involvement in both the implementation of the revised REMIT and in the creation of ACER guidance documents.

Following an extensive consultation with stakeholders on improving REMIT data reporting, ACER publishes today the updated:

• Transaction Reporting User Manual (TRUM) and its Annexes; and

• FAQs on REMIT transaction reporting.

In autumn 2023, ACER organised online roundtable meetings on REMIT transaction reporting and consulted with the Associations of Market Participants (AEMPs), Organised Market Places (OMPs) and Registered Reporting Mechanisms (RRMs).

With the updated guidance documents, ACER aims to further improve data reporting under REMIT to ensure the integrity and transparency of the European energy markets.

What’s new in the TRUM and its Annexes?

The amendments mainly focus on providing guidance on the reporting of transactions related to liquified natural gas (LNG), Power Purchase Agreements (PPAs), and reliability options. The new Annex VIII to the TRUM has been introduced to further facilitate the reporting of LNG supply contracts under REMIT.

As a result of the consultation process, the updated TRUM introduces inter alia:

• New contract types applicable for the reporting standard and non-standard contracts related to PPAs and LNG; and

• LNG as a new energy commodity.

What else?

• Annex II: new examples of spot-type LNG transactions and non-standard contracts on reliability options.

• Annex IV: additional clarification on the reporting of the Unique Transaction Identifier (UTI) and Contract ID in relation to transactions concluded bilaterally.

• Annex VI: references to discontinued exercises have been removed.

• New Annex VIII: details the different types of contracts related to LNG and how to report them.

What’s new in the FAQs on REMIT transaction reporting?

Intended to provide guidance and clarifications on transaction reporting scenarios, the 16th edition of the FAQ document includes:

• guidance on the reporting of transactions related to local flexibility products; and

• clarifications on the reporting of gas transportation contracts related to capacity conversion and capacity upgrade.

What are the next steps?

Reporting parties are expected to comply with the updated transaction reporting guidance within 6 months of its publication on the ACER website.

The reporting of the new values (i.e. energy commodity and contract types) will start after ACER and RRMs carry out the technical implementation, as the new data fields require updates in the REMITTable1 and REMITTable2 electronic formats.

To ensure a smooth and timely process, ACER will coordinate with the RRMs through the established channels and inform stakeholders in due time when the reporting of the new values starts.

All documents are available in the REMIT Knowledge Base.

ARERA, the Italian energy regulator, has imposed a €940,000 fine on ENET Energy S.A. (ENET) for sending false and misleading signals on the Italian gas market.

According to ARERA’s decision, on a single trading day in 2022, ENET nominated very high volumes of gas storage capacity (i.e. over-nomination), both for injections  and for withdrawals. This, together with ENET’s trading activity, sent false and misleading signals regarding the overall system imbalance, prompting the gas Transmission System Operator (TSO) Snam Rete Gas S.p.A. (Snam) to trigger balancing actions to ensure the system’s stability.

Under the REMIT Regulation (EU) No 1227/201, practices that distort the energy market are strictly prohibited. This includes the use of any fictitious devices (in this case a misuse of the over-nomination mechanism) or deceptive actions designed to mislead market participants about the true state of supply, demand, or prices of wholesale energy products.

ARERA found that ENET’s conduct breached Article 2.2.a.iii and Article 5 of REMIT Regulation. ACER welcomes this decision by ARERA, promoting the transparency and integrity of the Italian gas market.

Access ARERA’s Decision (in Italian).

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

Check the ACER REMIT Guidance (6th 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.

CRE’s Dispute Settlement and Sanctions Committee (CoRDiS) has imposed a EUR 500,000 fine on Engie for insider trading on the French wholesale electricity market and for failing to publicly disclose inside information in an effective and timely manner.

REMIT Regulation (EU) No 1227/201 prohibits insider trading in Europe’s wholesale energy markets and establishes rules for the obligation to publish inside information.

Between 1 January 2019 and 31 December 2020, Engie breached Articles 3 and 4 of the REMIT Regulation on several occasions:

• Breach of the prohibition of insider trading by:
  • Carrying out trading operations based on inside information (234 times); and
  • Disclosing inside information outside the normal scope of the exercise of their duties (1 time).
• 22 instances of failing to publicly disclose, in an effective and timely manner, inside information related to the unavailability of their electricity generation facilities.

Insider trading, along with the failure to publicly disclose in an effective and timely manner inside information, severely compromises the integrity and transparency of the EU electricity market.

ACER welcomes this decision of the French energy regulatory authority promoting the transparency and integrity of the French electricity market.

Access the Decision and CRE’s press release (both in French).

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

Check the ACER REMIT Guidance (6th edition) for more information on the types of trading practices which could constitute market manipulation under REMIT.

Additional material on enforcement decisions under REMIT is accessible in the REMIT Quarterly reports that ACER publishes each quarter.

REMIT (Regulation on Wholesale Energy Market Integrity and Transparency) provides an EU framework for the transparency and integrity of energy markets and deters market participants from manipulating the market. It has an important role in protecting the interests of companies and consumers and ensuring trust in energy markets.

What is the REMIT Quarterly?

The REMIT Quarterly is ACER’s main channel of communication with stakeholders on REMIT-related matters, providing updates on ACER’s REMIT activities.

The 35th edition covers the fourth quarter of 2023 and features:

• A summary of the 7th REMIT Forum (5 December 2023), which focused on the REMIT revision (trialogue results were published in 2023).

• An analysis on the hydrogen wholesale market, looking at relevant developments in light of the envisaged expansion of ACER’s market surveillance mandate to hydrogen and renewable gases.

• The statistics for Registered Reporting Mechanisms’ (RRMs’) contingency reports.

• An updated overview of the sanction decisions under REMIT for 2023, with 379 cases under review at the end of the fourth quarter.

• An assessment of the operation and transparency of different categories of market places and ways of trading in 2023, analysing:

  • trends in data reporting;

  • statistics on REMIT and Single Intraday Coupling (‘SIDC’) transaction records; and

  • trading on organised market places.

• Other REMIT updates.

Access the 35th issue of the REMIT Quarterly.

Access all issues of REMIT Quarterly.

ACER published today the minutes from its 2023 REMIT Roundtables.

On 15 and 16 November 2023, ACER hosted a series of Roundtable meetings on REMIT data reporting and transparency within wholesale energy markets. Joint and individual sessions took place, bringing together a diverse group of ACER’s stakeholders, including representatives from Associations of Energy Market Participants (AEMPs), Organised Market Places (OMPs), and Registered Reporting Mechanisms (RRMs).

What were the main discussion points?

• Ongoing REMIT activities: emphasis was placed on the continuous improvement in REMIT data quality and the exponential growth of data received. Strategies for addressing related challenges and enhancement measures were also discussed.

• Consultation on the REMIT transaction reporting guidance: this year's consultation addressed the updated transaction reporting guidance, focusing on clarifying the reporting of specific transactions and the introduction of a new Annex to the Transaction Reporting User Manual (TRUM) on the reporting of LNG supply contracts.

• Revision of the REMIT data reporting framework: the discussion around this forward-looking topic focused on aligning regulatory practices with the evolving landscape of the energy market.

For more details on the topics that were discussed, check out the minutes of each Roundtable meeting:

Associations of Energy Market Participants (AEMPs).

Organised Market Places (OMPs).

Registered Reporting Mechanisms (RRMs).

ACER launches today an open call to renew the list of European associations of energy market participants that will be involved in the next REMIT roundtable meetings (to be organised in 2024 and 2025).

Why should you apply?

The REMIT roundtable meetings are hosted by ACER at least once per year to share and discuss views and best practices on REMIT data collection, as well as to consult on material updates of the REMIT reporting guidance and other compliance issues.

ACER will target some meetings specifically to European associations of energy market participants, which will focus on transaction reporting guidance and data quality with some discussion on the potential future revision of the REMIT Implementing Regulation. ACER is seeking representatives of European associations of energy market participants to take part in these debates. 

Representatives can express their interest by registering online by Friday 19 January 2024. Submissions received after the deadline will not be considered.

Further information about the dates, formats and draft agendas of the meetings will be provided to registered participants in due course.

Read more in the call.