European Commission Proposes Legislation on Energy Market Integrity and Transparency

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Now that the European Commission has published its proposed Regulation on energy market integrity and transparency (REMIT), energy-sector participants are encouraged to become familiar with new reporting requirements designed to increase consumer and industry confidence in the wholesale energy markets.

On 8 December 2010, the European Commission (EC) published its proposed Regulation on energy market integrity and transparency (REMIT). The aim of REMIT is to increase both consumer and industry confidence in the wholesale energy markets. The EC believes that REMIT will address the issue of unfair trading, a practice which currently undermines public trust in the market and could lead to short-term volatility in energy prices as well as long-term rises in energy prices.

The EC drafted REMIT following a public consultation during the summer of 2010, after having sought views on the subject at both the European Gas Regulatory Forum in January 2010 and the European Electricity Regulatory Forum in December 2009. As per Article 1 of REMIT, rules will be established to prohibit “abusive practices on wholesale energy markets coherent with those applying to financial markets”.

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