The EU Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) (Regulation No. 1227/2011) entered into force on 28 December 2011 for all members Countries of the European Union.
The Regulation is aimed at establishing a set of common rules at European level to prevent abusive practices in wholesale energy markets. REMIT introduces specific EU rules to monitor the wholesale energy markets aimed at:
- defining abusive practices, with regard to market manipulation (or attempts to engage in market manipulation) and insider trading;
- prohibiting abusive practices in the wholesale energy (electricity and gas) markets;
- identifying and addressing cases of market manipulation (or attempts to engage in market manipulation) and insider trading through a monitoring system of the European energy markets;
- adopting appropriate measures to verify and monitor the above markets, providing the national regulatory Authorities with specific powers to enforce rules, investigate and sanction misconducts.
The implementation of REMIT is entrusted to the Agency for the Cooperation of Energy Regulators (ACER) and the national regulatory Authorities (in Italy the Autorità di Regolazione per Energia, Reti e Ambiente (ARERA) in cooperation with each other and with other national and European Authorities (financial and antitrust authorities).
Commission implementing regulation
Entered into force on January 7th 2015, the Commission Implementing Regulation (EU) No 1348/2014 defines the details of reportable wholesale energy products and fundamental data and establishes appropriate channels for data reporting, including defining timing and regularity of data reports.
For further information:
Obligation to publish inside information – REGULATION (EU) No 1227/2011 (on wholesale energy market integrity and transparency).
In compliance with the provisions of Article 4 of Regulation (EU) No 1227/2011, if present, the latest update of the planned unavailability equal or greater than 100MW for the Production Unit (UP) refering to Green Network Group is reported.