Ljubljana, 17 April 2024
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.
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 ‘Organise 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.
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.
- 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.