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REMIT Regulation Adopted in First Reading by the Council

The Council has adopted today, 10 October 2011, the proposal for a regulation on wholesale energy market integrity and transparency, so-called REMIT Regulation.

See previous posts published on this blog on the proposal HERE.

As summarised in the press release published by the Council (available HERE), the main purpose of the regulation is to :

"set up a framework for monitoring wholesale energy markets in order to effectively detect and deter market abuse and manipulation, thereby ensuring the integrity and transparency of those markets. The central element of this framework is the establishment of a market monitoring function at European level, a task which will be carried out by the Agency for the Cooperation of Energy Regulators (ACER)."

The regulation will be published in the Official Journal of the EU in the coming weeks, and will enter into force on the twentieth day of its publication.

Comments

When it comes to facts nobody in Europe knows yet how to apply REMIT. There are so many general clauses therein that only practice can explain their true meaning. Some clues can be find here:
http://www.emissions-euets.com/energymarket/911-energymarket/144-what-precisely-electricity-generators-should-publish-as-inside-information-under-remit-regulation