The Regulation on Wholesale Energy Market Integrity and Transparency (REMIT) establishes the EU framework to prevent market abuse and ensure transparency in wholesale electricity and gas markets. It prohibits insider trading and market manipulation and applies to both physical and derivative contracts, whether traded bilaterally or on organised venues.
REMIT covers a wide range of market participants, including producers, suppliers, traders, transmission system operators, and energy exchanges.
The current version, as amended by Regulation (EU) 2024/1106 (commonly referred to as REMIT 2), entered into force in May 2024. It introduces stronger enforcement rules and expands the regulation’s scope in response to evolving trading practices and market integration.
Key obligations include:
– Public disclosure of inside information
– Registration of market participants in national registries
– Transaction and fundamental data reporting to ACER
– Prohibition of insider trading and market manipulation
2024 Revision Highlights (REMIT 2)
– Broader scope of reportable contracts, including LNG, storage, and balancing products
– Rules on algorithmic trading and requirements for third-country entities
– Authorisation of platforms used for disclosure and reporting
– Enhanced cooperation between ACER and national regulatory authorities
– Harmonised fine thresholds across Member States
Implementing Regulation
REMIT is complemented by Commission Implementing Regulation (EU) No 1348/2014, which sets out detailed rules for data reporting.
It specifies:
- What transaction and fundamental data must be reported to ACER
- The role of Registered Reporting Mechanisms (RRMs)
- Standard formats and timelines for reporting
The implementing regulation ensures consistent data collection across the EU and supports ACER’s ability to monitor market behaviour effectively.
Reporting Framework
To ensure consistent implementation, ACER maintains:
– The Transaction Reporting User Manual (TRUM) – detailed guidance on data formats and reporting standards
– The Manual of Procedures (MoP) – technical specifications for submissions
Who is affected
REMIT applies to:
– Market participants trading electricity or gas in the EU
– Operators of physical and financial energy products
– Energy exchanges and organised trading platforms