European Parliament adopts revised REMIT to combat energy market manipulation

Article summary

The European Parliament has adopted the updated Regulation (EU) 1227/2011 (Regulation on Wholesome Energy Market Integrity and Transparency (REMIT)) to tackle energy market manipulation by strengthening the transparency of financial markets and provisions on reporting and monitoring to protect consumer from market abuses. These measures aim to better protect energy bills from potential short-term market price fluctuations. The Regulation will task the Agency for the Cooperation of Energy Regulators (ACER) with adopting decisions on inspections, requests for information and authorisations of information Platforms and Registered Reporting Mechanisms. ACER will be able to enforce penalties for non-compliance during its investigations. Once REMIT is formally endorsed by the Council of the EU, it will enter into force.